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AdamM

Gatehub is broken, stay away

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Good afternoon,

I've been using gatehub since I got into the crypto game and was pretty green at the start and have since learnt a lot, from people here and elsewhere.  I really liked that gatehub,  which I used in combination with flash-fxallowed a fast and smooth way to enter the market with fiat from AUD to USD with minimal fees being applied from fiat to crypto.  Though after time I started looking more closely at things I started to see everything with eyes wide open.  I would not recommend gatehub to anyone, I think it's broken and the reasons are simple.

1. Low trade volumes resulting in much higher prices

2. Exorbinately high prices on transferring fiat to another exhange

3. Exchange lock in due to issues in 1 & 2, you're stuck on gatehub and can't get free without taking a serious hit to the bottom line.

I've been planning my move for a while now and was waiting for an ideal time to do it, I was hoping that the prices might get close to each other though after weeks they never did.  Today I resigned myself to move everything to bitstamp and looked at my options to try and make the move with the least cost, crypto vs USD.  Unfortunately the difference in crypto prices gatehub vs bitstamp meant that USD transfer was my only option.  I was advised by flash-fx that there was a 2% cost of transfer, why is the rate so high when they're using XRP to send the funds?  My test run with 1 USD actually showed the rate was 3%, still better than the crypto price difference unfortunately.  So I geared up to move more over only to find the rate was now 5.9%.  Shocked and disgusted I made the move anyway.  I've copped a pretty big whack to get to an exchange with good trading volumes, hopefully others read this and take the warning to stay away.

As of writing, 24 hour trade volumes on gatehub, BTC 16.49, ETH 266.9 & XRP the highest but still very very low at 2.82 Million.  The volumes are so low that the prices are never ever close to market rate.  See screenshots below for everything discussed here.  Some days the volumes are half that amount or below.

Here's the big whack I took too in the transaction linked below.  Why is gatehub charging so much?  USD is USD and sending over XRP is practically free.  It's crazy.  I'm going to escalate with GH and hope to recover something if possible I'll probably wait a month or two before I get no assistance such is the quality of support there.

https://xrpcharts.ripple.com/#/transactions/54D70DC0E333844CEEC0F3F1DEAE91112F0C9D1FA88AF244943195AA8EAC86EE

Anyways, greener pastures and all that... onto Bitstamp I go.

 

 

 

exchange eth difference.JPG

exchange xrp difference.JPG

transfer.JPG

rip.JPG

Edited by AdamM

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Hi @AdamM, sorry you've had this experience

tbh it's the same experience i've had, and can no longer recommend gatehub to users who want to move any more money around than pocket change

(altho tbh even pocket change incurs fees)

i do not think gatehub should be used at all, ever, for trading and moving in/out funds regularly, stick to bitstamp they have an excellent reputation

gatehub vols and prices are ridiculous and their support lacking (altho the guys there are very friendly and are trying hard)

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I think before using Gatehub you had to understand what was going on.

  • Gatehub is basically a UI. It interacts with Ripple network, so you are actually trading IOUs on XRP ledger. The volume is not related to gatehub but to XRP ledger volume.
  • There are multiple ways to get funds out. You can also buy on XRP ledger USD/BTC of Bitstamp and withdraw them there for free.
  • Also the SEPA from gatehub is basically free, I don't see why you say 2%,5.9% ad so on...
  • The funds don't "move using XRP"...

To let us help you you should tell us which IOUs you have and where you want to move them. 

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I use Rippex wallet to trade and move my IOU's to Gatehub

Having an account on Bitstamp and Gatehub makes for some GREAT arbitrage opportunity!!! :)     Just wish we could close the LOOP!!!!

I have had NO problems with Gatehub or Bitstamp 

Edited by pucksterpete

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1 hour ago, Noodles said:

hi guys, as your knowledge is safe to continue to store my xrp on gatehub

yes xrp is safe, gatehub is a good way to buy (at high rates) and hold xrp, but thats it

1 hour ago, panmores said:

GateHub offers the finest online storage wallet, but for trading you're better off at other exchanges, GateHub simply lacks the liquidity.

correct

Edited by zerpdigger

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@AdamM I think GateHub is a ripoff. I am having the same issue.

 

1. First ZERO liquidity

2. There is something wrong with the XRP Fee.

I test change 5 USD into XRP @ 0.224132

XRP Change       22.3083

XRP Fee              -0.0395

I should end up with  22.2688 XRP, instead i got  21.3747 XRP which represent an XRP Fee of 0.9336.

I am definitely moving to Bitstamp. I have a long term goal but also i like to minimize cost also.

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So if GateHub has bad liquidity that means the XRP Ledger itself has bad liquidity.

Why does the XRP Ledger have bad liquidity - is it because the interfaces to it like GateHub are badly designed? Would people still use Polo, Kraken etc. over GateHub even if GateHub had decent liquidity?

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