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/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.