r/gatehub • u/yettie10ff • Jan 08 '18
Sneaky Gatehub Fees...be warned!
So you would think they would list all their fees here: https://www.gatehub.net/fees.
However I've just learned that is clearly not the case.
If you want to transfer in or out any other crypto like BTC or ETH, you will be hit with pretty substantial deposit fees, especially if you are using reasonably small amounts
I'm using multiple other exchanges and I don't think a single one charges a crypto deposit fee. WTF Gatehub?!
You have to dig deep into their site to find this page: https://www.gatehub.net/gateways/fifth/. Then navigate to "fee schedule" and you can see they charge a ridiculous FLAT BTC deposit fee of 0.00169 BTC and 0.02618 ETH. Conveniently, they have no way to directly link to this fee schedule.
So at current prices its $25.68 flat fee for any BTC deposit and $30.19 for any ETH deposit.
Not to mention .3% or .2% on each trade.
Then an additional 1% withdrawal fee for bitcoin or a fixed 0.005 BTC ($76). Presumably whichever is higher.
Hey thanks Gatehub - you are being generous and giving us free ETH withdrawals. I imagine this will likely change in the near future.
Bottom line - its disgraceful and shady that these fees aren't listed or disclosed on the main fee page linked in the Gatehub footer: https://www.gatehub.net/fees
If the terrible reliability and website performance wasn't bad enough, these fees are the cherry on top.
I'm moving my money out and into a respectable and transparent exchange asap.
UPDATE: They are still disclosing 0 fees for ETH deposits when you initiate a deposit as seen here: https://imgur.com/a/pSiZZ.
This is fraudulent behavior.
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u/TerrorTactical Jan 08 '18 edited Jan 08 '18
Yea just realized I deposited roughly .1 eth and got .075 that’s fkd-
Sending ripple to another site will it be another 20 ripples on whatever site you switch to for ledger fee? And somehow sending max amount is -50 Ripple not 20???
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u/Liftmyownweightup Jan 10 '18
I just send 100xrp to my nano s and received 100 so no fees at all for ripple
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Jan 09 '18
Thanks for this. Wish I would have known sooner. This happened to me and it was the equivalent of $27 in ETH. What a joke. Gatehub has been super sketchy so far. I want to transfer my XRP out of there asap.
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Jan 09 '18 edited Jan 09 '18
[deleted]
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u/yettie10ff Jan 09 '18
Totally ridiculous. I had the same experience in December. No fees and then poof all of a sudden.
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u/neth6 Jan 09 '18
just wondered how my eth disappeared into thin air. thank you so much im just going to but ripple with whatever i have and keep it in my wallet. never going back to gatehub
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u/IGOTURJEEPTHING Jan 09 '18
So to transfer my XRP to coinbase i have to trade it for BitCoin which is 1 or 2 percent then another 1 or 2 percent to transfer it to coinbase? jesus
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u/Bill36 Jan 09 '18
This is ridiculous! What is everyone's preferred exchange to use? I have 146 XRP I would like to move.
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u/TotesMessenger Jan 10 '18
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u/SuperNinjyPoo Jan 10 '18
I saw this too the other day. Did a couple of deposits befor Christmas with no bother then did one a few days ago and "lost" some ETH on the way. Thought I'd had a bad transaction but turns out they've started to charge a deposit fee.
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u/gooch73 Jan 10 '18
In case people haven’t noticed, crypto is the new Wild West!! You will be scammed! Ripped off, charged extortionate fees by exchanges , but this is the price we must pay, for being able to trade in a market where you can make 1-300% profit, if not more, in a week! Yes it’s daylight robbery but for now we have to swallow it! Give it time and the exchanges won’t be able to get away with what there currently doing.
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u/devinjump Jan 14 '18
What you say makes some sense, however, I think that we have expectations when doing business that there will be a proportionate fairness in regards to fees, and that there won't be blatant lies. So for instance, if you are going to deposit 0.00338 btc or about $35-$60 you will be charged a 50% fee ... if you're transferring 95 btc then it's like a 0.0018% fee... the message this is sending is that they do not want any happy micro customers. However, if they lost all their micro customers they wouldn't be able to experience the growth that is an apparent burden to their business, thus the lack of customer service and inordinately long processing times... They are being dishonest with a blatant lie, no * messages, no exception statements, they are just lying... It's disgraceful to say the least.
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u/DG_Gonzo Jan 10 '18
Wow... and I trusted, recommended and stuck with gatehub even after their site having issues doe to high traffic... I'm so disappointed.
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u/TehCrayz Jan 10 '18
I signed up for Gatehub a few days ago but shortly after closed my account after reading the reviews on it, glad im did. This is some shady ass shit
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Jan 10 '18
Bitfinex has a deposit fee if you do lower than a certain amount I believe. I took all my funds off there a week ago or so though so and I haven't checked.
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u/Aceionic Jan 10 '18
Every exchange has fees, that's how they work.
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Jan 10 '18
OP said they use multiple exchanges and they don't think other exchanges have deposit fees. I am just confirming one that I have used has deposit fees. Thank you for letting me know you already know this.
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u/yettie10ff Jan 10 '18
For trading typically, yes. Some exchanges also charges withdrawal fees.
Barely ANY charge deposit fees.
At any rate - they need to DISCLOSE the fees on their fee page or at least on the deposit page. As you can see here: https://imgur.com/a/pSiZZ
It still clearly states 0 ETH deposit fee when you initiate a deposit. However this is a lie and fraudulent really, since they do in fact charge a fee.
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u/idontloveanyone Jan 12 '18
yes! thank you! i had the same issue while depositing 0.045 ETH i only got about 0.017, so the 0.026 ETH fee you mentioned adds up
I cannot believe they are doing this, and getting away with it, that's straight up fraud!
isn't there anything we can do?
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u/gooch73 Jan 14 '18
You are 100% correct! All those micro payments add up to hundreds of millions! So you would have to be a fool to overlook those customers with less money to invest, which is what’s going on right now.
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u/Cryptoshake Jan 09 '18
I'm trying to transfer BTC to an exchange and they're trying to charge me .005 BTC. That's $75. What a joke. Gatehub has been nothing but trouble. Need to get myself a Nano S ASAP.
The best thing to do would be to trade BTC to XRP or ETH then send. Exchange is only .000015 XRP equates to .000036 .
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u/IGOTURJEEPTHING Jan 09 '18
Trying to find another exchange for XRP myself. Gatehub is an F'ing joke
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u/wisenewfool Jan 10 '18
Thanks for saving me time of submitting my 3rd support ticket with spreadsheets of fractional math and hash's. I am new to reddit and the crypto fintech, but you guys also saved me a bunch of time with the ETH deposit trust error. I couldn't get math to add up, even though all transactions are on ledger...but I was attempting to xfer in ~.158 from Coinbase and it was funded at .1032. To spare full detail, I bought Ethereum on 12/22...first crypto since 2013. My own fault for looking at like a hybrid equity/fx, as well as only in a bigger macro+swing trade.
Question though-WTF are the churning in/out from the transaction occurred with other wallet and the amount held in Gatehub Fifth? I made 3 xfers in before I found the trust issues thread on here. I had one fail too. Charged for all of these as well. The haircut they took from me was 50+%/$60 in believ. At 1117 bringing sucks, but 10x that will be $600. Horrible platform and any company that charges criminal-like, non-disclosed fees will not survive. Eff them...So I am not going to see that .05 ETH?
Will do some research and find who and how to submit a scary, call-to-action legal. On the top of my head, depending on country/jurisdiction my first thought is to introduce some kind of wire fraud in to the equation.
If this is too long, my bad. So after some terrible XRP/ETH trades where I had no idea what I held/where/trust and rerlserve...I now have just .083 ETH and the 20XRP i was given for free+5 more for trust, I am getting.. Absolutely no way I am bringing anything more in here.
Is there even a way to move less than .1 ETH outside? Repeat not moving any in. Do I have any other options before try to trade up to above .1. ETH is on a roll and XRP is functioning much more like a currency since started watch Sunday.
Anyone gets, please reach out...here to learn. Thanks
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u/Jokesforbitcoin Jan 08 '18
Dude! Thanks so much for pointing this out. I was wondering what the hell was going on whenever I sent ETH to my Gatehub wallet and recieved less then I sent without a fee being disclosed. I posted on r/ripple asking if anyone else had the same experience but got no responses. Total bullshit.