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GateHub wallet is a versatile tool offering a combination of trading and storage facilities for crypto users. It uses Ripple (XRP) as its primary digital asset but lets users trade in a number of other popular coins. In this GateHub wallet review, we have taken a closer look at its features and find out that it is not safest option out there. Therefore, we would not recommend it. The specific details why it is not a recommended wallet and how you can find a safer option are listed below.
What is Gatehub Wallet?
To begin with, let us find out, what is GateHub wallet? GateHub, which was founded in 2014 is a crypto exchange and wallet service provider based in the UK. The exchange uses Ripple (XRP) as its primary digital asset but lets users trade in a number of other popular coins. It accepts cash deposits using a variety of payment services such as bank and SEPA transfers.
Gatehub wallet compatibility
Gatehub is compatible with:
What wallet type is Gatehub ?
- Open source
- Hot wallet
What cryptocurrencies does the Gatehub wallet support?
- Ethereum Classic
What fees does Gatehub wallet have?
There are no Gatehub wallet fees for sending or receiving funds, other than the standard blockchain network fees (miner’s fees). But when using the wallet for trading, there are some fees you need to pay as outlined in the table below:
|SEPA withdrawals||€1 to €8 depending on amount|
|SEPA transfer return||0.25% (€5 minimum fee)|
|SEPA transfer trace||€30|
|International wire deposit/withdrawal||0.1% ($15 min, $130 max)|
|International wire transfer return||0.25% ($50 min fee)|
|International wire transfer trace||$35|
How to open your Gatehub Wallet account
To get started, let’s learn how to open GateHub wallet
Step 1: Go to the official GateHub website
Step 2: Click “Sign up”
Step 3: Enter your email address and set a password for your wallet. Tick the “I’m not a robot” box and accept terms and conditions
Step 4: Once you do that, you will see your 32-character recovery key. Write it down or download it to your device
Step 5: After you save the recovery key, check your email and click the “Activate” button
Step 6: When you sign in to your account, select your account type
Step 7: Enter your mobile number
Step 8: You will receive a verification code on SMS. Enter it into the box marked GHV and click “Continue”
Step 9: Create a public username
Step 10: Upload a photo or skip the step
That is how to open a wallet on GateHub. You can adjust security settings later, for instance, setting up two-factor authentication.
How do I add cryptocurrencies to Gatehub Wallet?
Next, let us find out how to add currency to GateHub wallet:
Step 1: On the left side of your app, select “Wallet”
Note that the default currency is Ripple (XRP). You can only enable the wallet by depositing a minimum balance of 20XRP which cannot be spent.
Step 2: Find your GateHub wallet address by scrolling down and checking next to the “Deposit/Receive” button.
Copy it and use it to send yourself funds if you are holding XRP on any other wallet
That is how to transfer Ripple to GateHub wallet. Use the same procedure when learning how to transfer Ethereum to GateHub wallet or how to transfer Bitcoin to GateHub wallet. Note that to use fiat money to fund your account, you first need to verify your identity.
How to send payments on Gatehub wallet?
Next, we will find out how to send payments on GateHub wallet:
Step 1: Once again, click on “Wallet” on the left side of your app
Step 2: Select “Send Payment” and then tap “Instant”
Step 3: Enter your password
Step 4: Select the crypto you want to send and enter the amount
Step 5: Enter the recipient’s wallet address
Step 6: Check all transaction details and then click “Confirm”
How do I receive payments on Gatehub wallet?
To receive payments on GateHub:
Step 1: Select “Wallet” on the left side of your app
Step 2: Scroll down and find your GateHub wallet address nest to the “Deposit/Receive” tab
Step 3: Copy the address and send it to your counterparty and wait for the payment to reflect in your account.
How safe is Gatehub Wallet?
There are a number of GateHub safety features that are worth noting. Take a look:
🔒 Two-Factor Authentication (2FA)
Every time there is a wallet log-in attempt, you will get a verification code on phone. You cannot log in without this code, which provides an additional layer of protection other than your password.
🔒 Open Source Code
The code for the GateHub wallet is open source, meaning that anyone can audit it. This provides transparency into its design and also makes it easy to identify bugs.
🔒 Device Verification
GateHub wallet will require verification any time you attempt to log in using a new device or even a different IP address. This will require that you re-confirm your email address and provide an opportunity to take action in case you are not the one attempting to log in.
🔒Private Key Storage
The company stores your private key GateHub wallet on a different server than the one which hosts the main platform.
In spite of the above security measures, GateHub wallet is not safe and has in fact fallen victim to malicious attackers in the past (August 2017). At the time, GateHub explained that due to transaction irreversibility, it could not refund users losses. This highlights the importance of using a regulated platform such as Coinbase for digital asset services.
Coinbase operates under the strict oversight of various regulators in multiple jurisdictions including:
- The UK – Financial Conduct Authority (FCA)
- The US – Financial Crimes Enforcement Network (FinCEN)
- Cyprus – Cyprus Securities and Exchange Commission (CySEC)
- Australia – Australia Securities and Investments Commission (ASIC)
- Europe – Markets in Financial Instruments Directive (MiFID)
Compliance with regulatory authorities means that the platform adheres to more stringent security measures and is liable for user safety. As such, it is a safer alternative to non-regulated platforms.
Gatehub Wallet Pros and Cons
Take a look at the top GateHub pros and cons.
Gatehub Wallet vs. other wallets – how does it compare?
BTC.com is a highly versatile platform that offers support for multiple languages and is compatible with a wide range of devices and platforms. It also offers multiple options for sending payments, including syncing with contacts, which is absent on GateHub. Similarly, GateHub supports fewer platforms and language options. But GateHub supports more coins that the former which only supports Bitcoin.
- Security Features
BTC.com has better security features than GateHub. For starters, it uses HD algorithms to generate new wallet addresses for every transaction. Second, it gives users full custody of their private keys. GateHub on the other hand stores users’ private keys on a centralized server.
- Funds Storage
Xapo is inherently less vulnerable to security attacks than GateHub as it stores most of its user funds in deep cold storage vaults as opposed to the latter’s hot wallet storage. It also uses private key segmentation to reduce the chances of compromise in the unlikely case of a malicious attack on its vaults.
Both GateHub and Xapo require lengthy sign-up procedures and verification before use. But Xapo offers convenient use thanks to the availability of a Visa card. This makes it easy for users in some parts of Europe to use their cryptocurrency for payments and make withdrawals at ATMs.
Coinbase emerges the clear winner from this comparison. Not only is it the only regulated platform highlighted, but it also has more functionality for users. It allows traders both new and experienced to make the most of crypto trading, offers exchange functionality and ensures user safety.
As a web wallet, it is available on the official GateHub website.
You could use your 32-character recovery key to restore your wallet and funds.
If you have access to your wallet, go to Account Settings>Security and select Change Login Password. However, if you have forgotten the password, click “Forgot Password” on the login page and then type email address and select “Recover.” On the email you receive for “Password Recover Request” click “Reset Password.” On your app, enter the recovery key and new password and click “Reset.”
If you are still in the registration process, close the account and restart the process. If you have already completed the process and have funds in the account, contact customer support.
When your account is pending, it means that the verification request is still waiting for review and is yet to be approved or rejected.
The GateHub verification team may reject your account if you fail to fulfil one or more KYC requirements. However, the rejection is not final and you will receive an email explaining what you can do to get approval.
The time varies depending on the number of new users. To avoid having your verification rejected and repeating the process, upload documents that meet all the required criteria.
Whenever you try to access your account from an unknown device, GateHub sends an automated email message for authorization. Check your email for this message to authorize access.