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GateHub is newly established cryptocurrency exchange claims to be based in the United Kingdom. The broker has a special focus on the altcoin Ripple – (XRP). It also facilitates Bitcoin, Ethereum trading against USD, EUR fiat currency. The GateHub Fifth is the platform that is developed where BTC, ETH, ETC, and REP bought on the Ripple based network. GateHub also offers its traders Two-factor authentication on bank transfers. However, there are many positives and negatives of GateHub and there will be discussed in this GateHub review.
The broker supports all major fiat currencies as a payment method. These fiat currencies are USD, EUR, CNY, and JPY. A bank transfer and SEPA transfer are also supported. The trading fees at GateHub are relatively competitive. It charges around 0.3% on every transaction depending upon the type of financial instruments. These are what the other cryptocurrency exchanges charges and acceptable. However, many brokers accept transaction fees as low as 0.10% and some does not charge at all. The trading platform offered is web-based easy to use and include many charts and indicators. It also supports all mobile operating systems. The broker also offers electronic wallet service and notes all the transactions on the public Ripple ledger. Sadly, Ripple based platform need some XRP as fixed deposits, in this case, it’s 20 XRP.
Here are some of the negatives of GateHub. The cryptocurrency exchanges are not regulated yet. It is based on the offshore locality of the United Kingdom. Another thing is there are many transfer fees are charged. Like for BTC of 0.00053 BTC, Ethereum of 0.011 ETH, fiat currencies of 0.1% and $15 for international wire deposits. As good as SEPA are free of charge. Sadly, the broker does not offer margin trading. It means it does not offer leverages and no one could make a profit out of it. Nevertheless, the broker GateHub has received many negative reviews and feedbacks. Also, it is called a scam by many traders. As said earlier the broker sites down all the transactions on public ripple ledger and it is not acceptable. In the year 2017 GateHub was hacked and above $5 million were stolen. And there is very much concern over securities of client’s funds at GateHub.
Is GateHub scam or legit?
The broker GateHub is situated on the offshore and is unregulated. It has been hacked previously and reported as a scam. A web trader platform offered with several fees applied. Also Ripple based ledger is open and details of traders are available to everyone. Also, high charges are applied to each transaction, therefore, it is a potential crypto fraud.