Gatehub - XRP Cash out to GBP (Sterling) - UK Bank Account

[NewtonsOyster]

Hi,

Newbie question on Gatehub and XRP. Please go easy on me!

With BTC there are several sites where I can buy and sell using UK bank transfer (and store in a desktop wallet.)

I signed up to Gatehub, and I can find several places to purchase XRP using UK bank transfer but not sell (unless I am missing something). And I guess if I purchase via those sites and I use my gatehub Ripple wallet address they will be stored there?

Where I am a little confused is in cashing out XRP from Gatehub to my UK bank. I understand that Gatehub has no option to transfer direct to GBP/a UK bank, so what is the best option? Should I transfer/trade/exchange (whatever it is called!) the XRP to BTC within gatehub and then sell those BTC using the above mentioned sites. If so how do I do this? Or do I cash out to USD or EUR, and if so can I provide my UK bank details to do this. Who sets the USD/EUR to GBP rate in this case and what would be the cost?

Again, apologies for the newbie questions, and many thanks in advance for any replies.

Newt

[NewtonsOyster]

Many thanks papa.

I had read that but the guide is focused on purchasing. I guess you are implying that selling is the same, although it's not immediately clear.

So, basically, for purchasing through Gatehub I am stuck with SEPA transfers in EUR, which incurr charges....to a UK company! Then into XRP. And in reverse obviously for selling!

I can avoid all that for purchasing using other companies that use the UK faster payment system to do immediate free GBP transfers (less than 10 minutes). I do this for BTC and I can place an order, do the bank transfer online, and see the currency in my desktop wallet within minutes. Less than five minutes end-to-end and without keeping GBP anywhere other than in my own UK bank account. Selling is much the same. It's a shame as it looks like, at present, selling my XRP will be much more complicated.

Thanks again

Newt

[kizloc]

The Idea of Ripple as the bridging currency but unable to convert/trade to GBP £ is stupid, Gatehub need to make this a option in their wallets.

Edited May 16, 2017 by kizloc