If Bitcoin made news worldwide in 2017, with its soaring prices, it was Ripple that gave the year the perfect ending with a blast. Ripple, the only currency that gained more than 36,000% gain in just one year, became one of the most popular and demanded currency of 2017. Bitcoin gained over a thousand percent, but Ripple overshadowed it in every way. Ripple became so popular that people who had never invested in cryptocurrency started with Ripple (XRP) and learned about cryptocurrency through Ripple alone. Such was the power and popularity of the coin.
Review of GateHub
To store Ripple, where many users preferred online exchanges, many others downloaded offline wallets, and many also tried their hands on online wallets. One of them is GateHub. GateHub wallet is specifically designed to store cryptocurrencies, and crypto-assets. Here, you can send or receive payments using Ripple (XRP).
Is GateHub Safe/Secure?
When it comes to storing an asset online, or digitally, the foremost concern is security. But for GateHub users, the platform overall is safe and secure. You will always find mix reviews online, but most of the users so far have been satisfied with the performance of GateHub Wallet. They are able to access their crypto-assets any time and can send or receive payments with one click. Thereby making GateHub a reliable platform.
When the users Sign-up on GateHub, they receive an email with the recovery key. You can either download that recovery key on your desktop securely, or you can copy it. Further instructions are sent to you on the email that you used to sign-up. In that e-mail, you will be asked to activate your account on GateHub. Once you confirm that, your account will start.
Next requirement for you is to fill out some information like if you are an individual trader or you are a part of some company, and so on. After filling these details, you now have access to your wallet, that looks something like this –
You can see the side panel with options like – Home, Wallet, Trade, Exchange, Analytics and Help. You can also see your current XRP balance, your wallet address, and orders that you place to trade.
GateHub vs Kraken
There are number of differences between GateHub and Kraken, and some of the noteworthy differences are as follows –
- GateHub is the hosted wallet for Ripple, while Kraken is a crypto-wallet in general, used to store multiple cryptocurrencies. GateHub is best to store XRP.
- Kraken is not beginner friendly, while GateHub is fairly easy to use, and beginner friendly in nature.
- Kraken has one of the lowest transaction fees on the entire cryptocurrency network, GateHub charges more than Kraken in some cases. Rest, the fees exactly depends and varies from currency to currency as well.
- The interface of Kraken wallet is not as simple as that of GateHub. The GateHub wallet interface is the one shown in the image above, while Kraken’s advance wallet looks like this –
GateHub vs Bitstamp
Bitstamp is another famous name when it comes to cryptocurrency wallets that are reliable and trustworthy. Bitstamp has gained a lot of popularity among users in recent time, and it has great customer support as well. However, here are some features where GateHub and Bitstamp differ from each other –
- While some users argue that Bitstamp is better for moving Ripple and storing your crypto-assets, GateHub is simpler to use. Bitstamp is better in functionality because of the liquidity. Liquidity allows transactions to happen a lot faster. At GateHub, it takes some time for a transaction to get validation, hence it might not be as quick and fast as Bitstamp.
- GateHub is a wallet, while Bitstamp is an exchange. That is where the whole difference lies. People who want to store their crypto-assets for long-term will prefer a wallet over an exchange, because of the vulnerabilities associated with an exchange. Exchanges have always been at the target of hackers and malware attackers. Mt Gox is a popular example of a loss that people suffered. Hence, GateHub takes the prize on this one!
- At lower volumes, the fees of Bitstamp is higher, and it trades only in BTC and government-issued currency (FIAT currency), while GateHub trades in Ripple, and has constant fees, no matter the volume of trade.
- Here is a small overview of how Bitstamp can be synced easily with your hardware wallet like Trezor.
Here is the fees structure of GateHub. As you can see, it charges 0.2% on Ripple transactions as fee and account set-up is free.
Pros and Cons of GateHub
The Pros are –
- GateHub is a Ripple hosted wallet.
- It is not an exchange, hence secure and safe.
- It supports other coins too and is best one to store Ripple.
The Cons are –
- Transactions might be slow because of high traffic and low liquidity.
- The network is clogged and the support isn’t as effective as it should be.
Currencies that You can Buy/Sell or Margin Trade
GateHub supports many cryptocurrencies that you can buy/sell and margin trade in – Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), Ethereum Classic (ETC), Dash (DASH), Quantum (QAU), XauCoin (XAU) and Augur (REP).
The FIAT currencies that it supports are – US Dollars (USD) and European Euro (EUR).
Only the verified accounts can deposit or withdraw money from GateHub. To activate your account, you will first need to deposit 20 XRP (Ripple coins) in the wallet, before you proceed with making any other deposits. The Accepted Payment Methods on GateHub include – wire transfers if you are an international resident. If you reside in Europe, you can make a direct transfer using your bank account. Third party transfers like PayPal or other means are not permitted. Only those transfers will be accepted where the bank account name will be registered in the name of the account-holder on GateHub. Otherwise, the payment will be declined.
Availability of Funds
Availability of Funds in your GateHub wallet depends upon a lot of factors. If you are making the first Ripple transaction, it will take around 24 hours to process, and for your wallet to become activated. A normal Ripple (XRP) transaction will process within a couple of hours, but the FIAT transaction can take time, depending on your bank. Typically a bank transaction takes 1 to 3 working days, and for international wire transfers, it takes almost a week to get processed.
The lower limit is $50 or €10, which is the minimum balance that should be deposited, while there is no upper limit, mentioned anywhere on the GateHub website.
Customer Support of GateHub is active and reliable. You can submit a request on their support forum, with the details of your transaction and complete information, and they will contact you.
Meta Description: GateHub is a hostel Ripple wallet, popular for storing and trading Ripple with other currencies. It supports many cryptocurrencies and FIAT currencies. It is based in Europe and has an active customer support
Tags: GateHub, GateHub Wallet, Kraken Wallet, Bitstamp Wallet, GateHub vs Kraken, GateHub vs Bitstamp, GateHub fees, GateHub Ripple, GateHub safe, GateHub Secure, GateHub Customer Support