Cryptocurrency is currently the talk of the town. Slowly and steadily, the virtual currency is finding its way to nearly every industry there can ever be.
To be more precise, according to the Investment Bank, the total market capitalization of cryptocurrency increased by a record 3,363% in 2017.
Gatehub has not been left behind when it comes to the growth of the sector. The company is providing a financial digital currency platform based on Ripple.
The primary goal of the Ripple Network is to have a platform that provides smart contracts in the much anticipated fintech (financial technology) development.
Here is a detailed Gatehub review that will address some of the key issues relating to cryptocurrency wallets. The issues revolve around legitimacy, the safety of use, and some pros and cons of Gatehub.
Let’s dive right in!
An Overview of Gatehub
What is Gatehub?
Gatehub is a digital wallet operating a built-in exchange that permits its users to exchange, store, or send cryptocurrencies.
Started in 2014, Gatehub is a UK-based company whose wallet is supported in Australia, Canada, the UK, the European Union, and the US.
The wallet uses industry standard algorithms to encrypt every password and private key used on the platform.
Gatehub has no limits as to storing and withdrawing funds, and it’s compatible with a good number of currencies, including the USD, CNY, JPY, BTC, and Ripple.
Gatehub also provides a platform for coin-to-coin exchange on the Ripple Network.
Ripple is meant to disrupt the entire payment system through the facilitation of real-time cross-border direct payments and connecting global financial institutions.
The Ripple Network offers a gateway for accepting deposits in form of a currency and issuing balances in the distributed Ripple ledger.
In addition, the platform allows users to send supported currency payments through personal channels such as a ripple address, an email, and a wallet name.
Key Gatehub Features
A sneak peek at some of the features of this wallet revealed the following:
- It has a two-factor authentication
- It offers instant payments
- It operates on both iOS and Android platforms
- It provides market depth charts
Is Gatehub Safe and Legit?
This is one of the questions that need answering and, thus, why I decided to do a review on Gatehub – perhaps it explains why they’re the first items on this review.
This platform has received some negative publicity in the recent past.
To start us off, Gatehub is a legitimate cryptocurrency wallet currently being used by thousands of virtual money users.
The negative reviews resulted from a security incident that occurred back in 2017 that had some unconfirmed reports of clients losing some coins in their portfolios (GateHub however claims that no such coin loses occurred despite the hack). The 2017 hacking has since become one of the biggest nightmares for the company.
As a matter of fact, the incident left some reviewers convinced that Gatehub was a total fraud.
Some users of the platform have also raised concerns regarding the response time of the customer support team, delayed transactions, and slow ID verification.
Despite having social media pages on Facebook, Twitter, and LinkedIn, they seem not be utilizing these platforms that much. Well, at least, not to respond to customer queries on a timely basis – GateHub rejoinders this by stating that their customer response time has improved significantly.
Hey, thanks for the review 👏. We would like to correct you on a few things: 1. We don't charge deposit fees 2. Our tickets are now resolved in less than a day and our social media is very active 3. The hack didn't affect our users: https://t.co/eBOm0PskiL
— GateHub (@GateHub) September 13, 2018
Gatehub maintains proper security records of its users. This includes the user browser information, access log with IP addresses, and signed-in devices at any given time.
The wallet also offers a two-step verification process, which includes email authentication and Google authentication.
All Gatehub wallet users are required to have a wallet password, and all the data and communication in the wallet is encrypted to prevent physical theft or hacking.
These security controls are what make this wallet one of the most secure pieces of tech for holding cryptocurrency.
Perhaps the 2017 hacking that led to the loss of millions from the platform is one of the main reasons why the security levels on Gatehub are now much more improved in comparison to its earlier days.
How to Use Gatehub
After addressing the security concerns about this wallet, I felt that this would be vital for anyone who has read this review thus far. If I did not lose you at the 2017 hacking point, then here is what you need to know about using this wallet.
This section of the Gatehub wallet review will take you through the registration and the verification process of the platform.
For you to get started on Gatehub, you have to sign up for your wallet and wait for it to be verified. The verification notification comes via email; ensure that you have access to the email address you provided when signing up.
After receiving the verification, you will have to activate your wallet by depositing Bitcoin or Ethereum in it.
If you need to send coins, you will have to type in the Recipient’s Ripple address, name, or email address. Click the “send” button to instantly send payments or exchange currencies in the Ripple Network.
Gatehub Verification Process
For you to enjoy the full benefit of being a member of the Gatehub Community, you will need to have a verified account.
The process may require you to prove your residency status, provide a personal ID, and have an up-to-date profile on the platform.
After providing the required verification details, your wallet will be verified in a matter of seconds and you can start trading, withdrawing, depositing, and connecting a gateway.
The wallet charges 0.00 BTC for Bitcoin-related deposits, 0.00 ETH for Ethereum deposits and 0.1% for deposits in fiat currency.
Deposits relating to international wire attract a minimum fee of $15.
Most withdrawals of crypto coins on the platform are free, but not for all the coins. These fees are subject to regular changes.
My Rating of Gatehub Wallet
- Ease of Use – 4.0/5.0 Stars
- Fee – 3.5/5.0 Stars
- Customer Support – 3.0/5.0 Stars
- Trust – 3.5/5.0 Stars
- 3.5/5.0 Stars
Reason for the Rating
- Ease of Use – Both the interface of the wallet and the website are user-friendly.
- Fee – Gatehub’s fees are slightly higher than other platforms.
- Customer Support – Gatehub customer service remains poor despite having multiple communication channels.
- Trust – This should be the biggest challenge the company needs to navigate past. The platform is marred with negative reviews and fraud accusations.
- Accepts cash transactions
- Offers a fair amount of altcoins
- Nice and simple interface
- A two-step verification process boosts the security of the wallet
- Higher transaction fees
- Hacking history
Generally, Gatehub is a decent wallet for beginners – not only does the platform support multiple currencies, but it also stores fiat currencies.
Despite the negative reviews, the platform continues to serve the masses. Hopefully, they will weather this storm in due course.
Was this Gatehub review helpful to you? If so, what are your thoughts about this wallet now that you have read this review? Let’s keep learning from each other in the comments section.