terrible gatehub exchange rates

[cryptodanny]

I recently loaded some etherium into gatehub that i bought at 743 per coin on GDAX  my initial cost was $8,500.  when i got onto gatehub and exchanged it into ripple...the exchange price for etherium was $568 on their website.  This is absolutely terrible.  I basically got 6,371 xrp for $8500.   this comes out to 1.33 per xrp when the current rate is about 1.18.  anyone else experience this???  their fees can't really be over 10% right? 

[Vivino]

I had a bad surprise when I bought some in Cex.io

There is a "rule". If you buy directly at the market price, they charge you a LOT (like 10%), but if you place and order, they only charge you 0,2%

Of course, the market option is displayed first ...

Did you place an order or did you bought directly from the market ?

[cryptodanny]

well i bought my etherium on gdax and bought it at market....was $743 per coin or 11.4 total ether.   

i loaded the 11.4 coins into gatehub....and just used their exchange feature.  it gave me 6,371.  

In their exchange feature i don't think there is an option to put an order or do market price....is there a way around the ridiculous fees?

 

Can I use the "Trade" feature for this same exact exchange?

Edited December 28, 2017 by cryptodanny

[cryptodanny]

I just tried to use the trade feature on gatehub.  the current price is 1.14 per xrp.  it wants to trade at a rate of 1.25.  that about 10%  I don't understand.....

[mrcarrot]

I've had this same issue on Hitbtc.com and refuse to use them.  I wanted to purchase 50,000 DENT with my ETH.  If I purchased using their LIMIT or SCALED options, it was going to charge me .05 ETH (~$35 with ETH @ $700), but if used their MARKET option, it would be .00165 ETH (~$1.15 with ETH @ $700).

Also, you might see a difference between the current market rate and what people on that exchange are willing to sell for.  You have to look at the order book to see what price you're getting.  I wouldn't recommend using the MARKET option unless you see a lot of sell orders for the price you want to pay.  If you're buying 14,000 XRP and the order book only has, say, 10,000 XRP for the price you want, the MARKET option will buy at a higher price to fill your order, ultimately giving you fewer XRP for the price you're after.

[at3n]

The exchange rates offered by the Gatehub "Exchange" and "Trade" interfaces are not set by Gatehub, and their fees are minimal, 0.2%.

On Gatehub you're trading at the market rates on the XRP Ledger. Gatehub just provides a nice user interface to interact with the XRP ledger.

It does happen, especially recently, that exchange rates for Gatehub-issued IOUs on the XRP Ledger are very different to other exchanges. This seems to be mainly caused by the fact that most trading of Gatehub IOUs is done using the Gatehub website, which has been overwhelmed by the increased volume of users recently. As a result, deposits are taking longer, and sometimes trades just fail to go through, so not as many trades are happening overall, so the market rates are not catching up with the bigger exchanges for a while.

Before you make the trade, you know what price you're going to get, it's completely transparent, so please don't blame Gatehub if you've been stung by them. It's a pain, but if the Gatehub rates are unacceptable at the time, you have the option to send your ETH to another exchange with better rates and buy XRP there. Even look at the Shapeshift.io and Changelly rates and fees and see if they work out better. You could go ETH.Gatehub --> Shapeshift --> XRP sent back to the same Gatehub wallet.

Just the way it is unfortunately.