Gateway Hub a Misleading Ripoff

[Trippy]

The figures below are for demonstration purposes and don't reflect current market values.

I'm a member of a few exchanges, so if I'm converting cryptos I want to know which one offers the best rates. I'm new to Gatehub and have exchanged Bitcoin for XRP a few times now. The first few times I felt that something was odd each time in that I got less zerps than I had expected. Today I figured out what was going on and am peeved, to put it mildly.

E.g. I have .0465 BTC on Gateway Hub.

Another gateway is offering 290 XRP for those 0.0465 BTC.

I check on Gateway Hub, go to the "exchange" tab, select to exchange BTC for XRP and press the "all available" button. Cool, Gateway Hub is offering 295 XRP for those same 0.0465 BTC! I enter password, press unlock and confirm order.

The transaction goes through.

I check my XRP balance and something's odd. My balance has only increased by 274.35 XRP. WTF?!

Checking over the details of the order it turns out that when clicking the "all available" button, Gateway Hub does some stupid rounding and the figure that it spits out is for 0.05 BTC giving 295 XRP. Or for 0.0465 XRP you only get 274.35 XRP. When you place the order it seems that you're getting 295 XRP for your 0.0465 BTC, but you're really only getting 274.35. (i.e. you're selling your 0.0465BTC at the rate of 295 XRP per 0.05 BTC.

Totally scheizen deceptive!

Wondering if anyone else has been ripped off like this?

[iyodoe]

you are being charged 0.2% for the transaction hence less XRP

[BAX]

12 minutes ago, Trippy said:

The figures below are for demonstration purposes and don't reflect current market values.

I'm a member of a few exchanges, so if I'm converting cryptos I want to know which one offers the best rates. I'm new to Gatehub and have exchanged Bitcoin for XRP a few times now. The first few times I felt that something was odd each time in that I got less zerps than I had expected. Today I figured out what was going on and am peeved, to put it mildly.

E.g. I have .0465 BTC on Gateway Hub.

Another gateway is offering 290 XRP for those 0.0465 BTC.

I check on Gateway Hub, go to the "exchange" tab, select to exchange BTC for XRP and press the "all available" button. Cool, Gateway Hub is offering 295 XRP for those same 0.0465 BTC! I enter password, press unlock and confirm order.

The transaction goes through.

I check my XRP balance and something's odd. My balance has only increased by 274.35 XRP. WTF?!

Checking over the details of the order it turns out that when clicking the "all available" button, Gateway Hub does some stupid rounding and the figure that it spits out is for 0.05 BTC giving 295 XRP. Or for 0.0465 XRP you only get 274.35 XRP. When you place the order it seems that you're getting 295 XRP for your 0.0465 BTC, but you're really only getting 274.35. (i.e. you're selling your 0.0465BTC at the rate of 295 XRP per 0.05 BTC.

Totally scheizen deceptive!

Wondering if anyone else has been ripped off like this?

Well it depends if you are placing limit orders or market orders!

If you are placing limit order you should be getting what is saying, but when is market order it means you buy at market and you dont care about the price!

Market orders depends on the market conditions at the time when you execute them and market conditions are changing very fast!

 

[T8493]

Gateways don't "offer" you a price. Actual price is determined by other market participants on RCL.

 

If you want "guaranteed" price, you should use the Trade option where you can place limit orders. Did you use this option?

 

[Trippy]

Just now, BAX said:

Well it depends if you are placing limit orders or market orders!

If you are placing limit order you should be getting what is saying, but when is market order it means you buy at market and you dont care about the price!

Market orders depends on the market conditions at the time when you execute them and market conditions are changing very fast!

 

This has nothing to do with market orders. You didn't really read my post.

[Trippy]

Just now, T8493 said:

Gateways don't "offer" you a price. Actual price is determined by other market participants on RCL.

 

If you want "guaranteed" price, you should use the Trade option. Did you use this option?

 

You didn't read my post either.

[Trippy]

4 minutes ago, iyodoe said:

you are being charged 0.2% for the transaction hence less XRP

Nothing to do with the fee. You didn't read my post.

[T8493]

2 minutes ago, Trippy said:

You didn't read my post either.

Which part of your post did I miss?

[Trippy]

Just now, T8493 said:

What part of your post did I miss?

The post is very clear. Read it, don't just assume.

[T8493]

3 minutes ago, Trippy said:

The post is very clear. Read it, don't just assume.

Which of my assumptions was incorrect?

EDIT: you should post transaction id.

[BAX]

Just now, Trippy said:

This has nothing to do with market orders. You didn't really read my post.

You should read carefully when using some system and I think when you use this function "Exchanging"  is pretty much MARKET ORDER!

The system goes and buys Market instead of you , so you dont have to watch bids and offers and to place limit orders yourself and even if you place limit orders there is no garantee that they will be ever executed!

I hope that helps!

I did read your post!

[Trippy]

Just now, T8493 said:

Which of my assumptions was incorrect?

I can see that this post has been a big waste of time! Oh well, hopefully it will serve as a warning to others.

In short, don't press the "all available" button. It makes you think you're getting more than you eventually get.

[Trippy]

Just now, BAX said:

You should read carefully when using some system and I think when you use this function "Exchanging"  is pretty much MARKET ORDER!

The system goes and buys Market instead of you , so you dont have to watch bids and offers and to place limit orders yourself and even if you place limit orders there is no garantee that they will be ever executed!

I hope that helps!

I did read your post!

It's got nothing to do with market orders. It displays a rate which is based off a rounded figure, making you believe you're getting more than you actually do.

[Roborovskii]

Don't use the "exchange" tab. Use the "trade" tab instead and place your orders. Gatehub (not gateway hub) is not particularly deep in its orderbooks, so direct exchange will not get you the optimum rates. If you exchange larger amounts, it would be even worse.

[Trippy]

Just now, Roborovskii said:

Don't use the "exchange" tab. Use the "trade" tab instead and place your orders. Gatehub (not gateway hub) is not particularly deep in its orderbooks, so direct exchange will not get you the optimum rates. If you exchange larger amounts, it would be even worse.

Once again, got nothing to do with optimum rates, market orders. Damn, I didn't want to show the screenshot but I think I'm going to have to. I know bogus dealings when I see it.

Getting stupid screenshot so that peeps will stop stating obvious stuff...