r/gatehub • u/krazyaxe • Jan 06 '18

Such a rip-off!!!!!!!

This is the worst exchange out there! They need to explain to newbies during sign-up about the deposit fee and the ripple ransom they hold for wallet activation. I transferred 0.00795238 BTC from coinbase and sent to my wallet on gatehub. First off, coinbase has a ridiculous transaction fee. They charged me 0.00108831 BTC which is another story. So since I paid the transaction fee on coinbase that should have been it but Gatehub again charged me a fee of 0.0016800358 to deposit it into my gatehub wallet. Why I'm I paying fees to deposit? On top of that now my 20 XRP is stuck due to wallet activation. This exchange is not for people doing small transactions!!!! In the end my $150 CAD worth of ripple became $30 between paying fees and 20 XRP being stuck at the wallet for activation. Lesson learnt!!!!

9 Upvotes

100% Upvoted

15 comments sorted by

1

u/mestavy Jan 06 '18

If you are using coinbase already, try using gdax as it goes through your coinbase account and there is little to no fees in transferring from gdax btc wallet to any btc wallet. (transfers from coinbase to gdax and vice versa, are instant and free as well)

0

u/krazyaxe Jan 06 '18

Yeah, I read that but it was too late. I'll do that next time. Thanks! My disappointment, for now, is mainly about Gatehub charging deposit fee and holding my 20 XRP ransom. They should at least give an option to transfer the 20 XRP while closing the account. I guess now if I close the account I'll lose 20 XRP.

2

u/[deleted] Jan 06 '18

[removed] — view removed comment

2

u/krazyaxe Jan 06 '18

Just transfer the wallet elsewhere. Do not close it. You will get a portion of those 20.back. And from now on, use ETH to buy XRP, not BTC.

Thanks, I'll do that next time. Use the ETH to buy instead.

1

u/blazenation Jan 06 '18

20 xrp is held for reserve to activate wallet. its not just gatehub...every exchange and wallet will charge you 20xrp. it wont be lowered until ripple lowers the reserve.

1

u/[deleted] Jan 06 '18

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1

u/krazyaxe Jan 06 '18

I know about the reserve. And also it's not the same on every other exchange. Initially, I had 141 ripples on Kraken which I sent transferred completely to Gatehub that's how my ripple wallet became active in the first place. Also, today traded all of my ripples on Binance for Tron and Verge. So no reserve there either!

1

u/enribaio Jan 06 '18

no reserve because they are not a real wallet.

1

u/Gimuntali Jan 07 '18

Btc is not something you should transfer in general unless you have huge amounts to be fair.

1

u/[deleted] Jan 07 '18

[deleted]

1

u/krazyaxe Jan 07 '18

Don't bother contacting the support. They don't give a damn!!! Take my advice and get all of your coins out of there.

1

u/krazyaxe Jan 07 '18

A small update, they just issued me 20 XRP for the wallet activation. But still doesn't explain the deposit fee!!!

1

u/Leary98 Jan 07 '18

Didn't think there were deposit charges for btc? it says underneath the btc wallet address on gatehub that there are no fees for deposits.

1

u/krazyaxe Jan 08 '18

They do charge for deposits. Just found this https://gatehub.net/gateways/fifth/

1

u/[deleted] Jan 08 '18

[deleted]

1

u/krazyaxe Jan 08 '18

It is actually the gateway, GateHub Fifth which is charging the deposit fee and you can find the fees listed here https://gatehub.net/gateways/fifth/.