Ripple is real-time settlement network, connecting the global banks and making cross border direct payment done within seconds, aiming to disrupt current payment network. All of the payments and trades are carried through ripple gateway, which could be banks, money service businesses, currency exchanges, or any other financial institution. It eliminates the unnecessary steps and revolutionize the traditional way how money market is operating.
Money could be saved at the trusted gateways, the network makes sure the safety of your assets or coins. Even traders can come to ripple platform to trade the popular coins, fiat, or assets like BTC, ETC, ETH, REP,Precious metals, CNY, EUR, JPY etc.
Gatehub is Ripple's main wallet. I will review gatehub.net as follows.
Before taking advantage of the full function of gatehub.net, the first thing to do is to update your profile with personal ID, proof of residency etc to get the account fully verified by gatehub.net. You can carry out any activity, like connecting a gateway,deposit, withdrawal, trading etc. It is fast and efficient.
You could see the wallet net worth on the top and each balance kept in every gateway in wallet page as above:
You could send any supported currency payment like Ripple, BTC, CNY, ETH, JPY USD etc through personal way like email, wallet name or ripple address. The ripple network can process it instantly and get it reached to recipients with the desired currency. Even you don't have the currency in the wallet, you are still able to send it and the network could exchange to the currency automatically.
Gatehub.net ripple wallet has implemented strict security measures, like 2-step verification (Google and email Authentication) to make sure no unauthorized access can happen. Furthermore, There are detailed records of signed-in devices and access log with IP address and used browser. Besides that, all of the communication and data are encrypted. No one have chance to steal them. Before doing trading or sending payment, the wallet password is required to make sure the wallet owner is operating it.
The trade page includes all of the required elements as other professional exchanges. There are price chart, order book, order depth and recent activity etc here. You could trade fiat, cryptocurrency, precious metals etc. You could trade any currency or metals pair from any gateway included the unconnected one, from which you cannot deposit or withdraw funds. However, it is easy to connect them. You just need to input the gateway's name and ripple address to finish the connecting process.
One difference is that the trading pair is not fixed as other exchanges. You could trade CNY from RippleChina gateway to XRP (CNY/XRP) or XRP to CNY from RippleChina (XRP/CNY). The price for XRP/CNY is 0.2426 and for CNY/XRP it could be 4.12. Traders could freely switch them according to their requirements.
Even for the same currency there are some spread between different gateways, which act like exchanges. Traders could trade CNY RippleChina to CNY Ripple Fox. It is due to the different popularity or service satisfaction for each gateway. Therefore, the price could vary a bit. Users are easily moving funds or doing arbitrage between them in single one page of the ripple wallet.
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There are mini price chart for each trading pair on the tap of markets, visual statistics on the tap of stats, which is showing assets distribution and price chart for a few popular currency pairs.
Reference: CoinOur.com
Great article! Thanks for this!
Thanks, I am setting up a wallet and wanted to do some checking first.
Does anyone know why BTC and ETH prices are inflated (around 10%) on Gatehub? Seems silly to buy here and great to sell. By the way, this has been the case for at least 3 months. @gatehub @coinour