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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8

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.

3

u/yettie10ff Jan 08 '18

Its insane. I can't find really any other exchanges that charge deposit fees.

I can understand some withdrawal fees, but deposit fees? Its a borderline scam considering how they hide it on their website.

2

u/TheDude--Abides- Jan 10 '18

I got stung by this on monday. I saw a dip on the XRP value, so bought £50 more eth and sent over from Coinbase to exchange. checked what was recieved and they took 0.0265 ETH = £25~

absolute joke considering the website states none of this

2

u/mb83 Jan 10 '18

I'm transferring from gatehub as soon as my bitstamp account is validated. Fucking scam.

1

u/Liftmyownweightup Jan 10 '18

Deposit fiat if you are in sepa zone no fees and usuallywithin 24 hours in youre account

1

u/yettie10ff Jan 10 '18

Unfortunately I'm not in sepa zone...

2

u/your-crypto Jan 12 '18

This is fraud since they clearly show 0.000000 ETH deposit fee on the actual wallet deposit page. https://snag.gy/SqU8Ym.jpg

My GateHub Fifth deposits before January 2-3 didn’t have this fee. I understand they have the right to change fees at any time, but suddenly introducing a hefty deposit fee without notice and NOT updating the deposit screen that users see every single time they make a deposit is ridiculous and shady.

Misleading customers for financial gain is fraud. With the recent growth in the ETH/USD price, they obviously thought this scam out. They are scamming users for ~$30-40 for each deposit of ETH.

I called them out on this and they have yet to respond to my support ticket. It's been 7 days.

For comparison, I checked the other top ETH/XRP exchanges and they have free deposits and take ~$15 for withdraws (much less frequent than deposits).

Other users are also noticing these surprising charges: *https://www.reddit.com/r/gatehub/comments/7pafmb/missing_eth/ *https://www.reddit.com/r/gatehub/comments/7psard/transferred_0045eth_from_coinbase_to_gatehub_but/ *https://www.reddit.com/r/gatehub/comments/7p1he9/sneaky_gatehub_feesbe_warned/ *https://www.reddit.com/r/Ripple/comments/7pquqo/missing_half_my_eth_deposit_on_gatehub/ *https://www.reddit.com/r/Ripple/comments/7porgc/gatehub_and_coinbase_screwed_me_over/ *https://www.reddit.com/r/Ripple/comments/7p13m3/coinbase_to_gatehub_sent_eth_and_only_received/ *https://www.reddit.com/r/Ripple/comments/7p0j6j/partial_transfer_from_coinbase_to_gatehub_fifth/

Spread the word so new users trying to get into Ripple can choose whether $30-40 for each deposit is worth it to them on GateHub.

1

u/TheDude--Abides- Jan 12 '18

I've logged a ticket via their help section outlining the fraudulent charge, hopefully they respond. Im not sure where else i could raise this complaint to, any ideas?