Guide - Sending Ripple (XRP) from Poloniex to Gatehub

evo

Site Admin
Apr 2017
Seattle
#1
This is a how to guide for sending Ripple (XRP) from Poloniex to Gatehub. I'm writing this guide for those who are very new to cryptocurrency, and I will take the time to expand on each step that is happening throughout the process.

Generally speaking, hosted wallets should be for long term holding of your cryptocurrency, and exchanges should be for short term trading of your cryptocurrency. I do not recommend storing your long term positions on the Poloniex exchange. It's ok to hold funds in your exchange wallets because you can make immediate buy/sell trades in real time, but exchanges store your funds differently than a dedicated hosted wallet service and security should be a priority if you're not actively trading short term positions or swing trading on a regular basis.

Step 1 - Create a Gatehub Account

There are different hosted wallet services. Coinbase is a hosted wallet, however they don't currently offer Ripple wallets. For a hosted Ripple wallet, Gatehub is currently the best option. They are European based and are connected/backed by Ripple.

Go to Gatehub and sign up for an account. You're going to want to go through the verification process, where you provide your name, address, and verification documents. After you have submitted everything, the verification process can take a day or two for approval. Once you're fully approved, Gatehub should credit your Ripple wallet with 30 XRP. This is very important, because Ripple requires a one-time 30 XRP deposit within the wallet to activate the wallet address. If for some reason you've been verified and your Ripple wallet still shows a zero balance, contact Gatehub's support and they should credit your Ripple wallet with 30 XRP to activate the wallet address.

Step 2 - Transfer Ripple from Poloniex to Gatehub

Once you're verified with Ripple, and your Ripple wallet is showing 30 XRP, you can send Ripple from your Poloniex wallet to your Gatehub wallet.

To receive Ripple to your Gatehub account, you're going to need the wallet address to send it to. When you're logged into Gatehub, go to the Wallet page to see your Ripple wallet/balance. Click the Deposit/Receive button and a Deposit Funds module will be displayed. Choose the Ripple option on the far left, and here you'll find your Ripple wallet address. This is the account number that will receive the Ripple.


To send to this address, go to your Poloniex account to send the Ripple over to Gatehub. Within Poloniex, go to the Deposits & Withdrawals page, where you'll see a list of your wallets and positions. To send Ripple, go to your XRP (Ripple) wallet and click Withdraw, which will expand allowing you to send Ripple. For the Address field, enter your Gatehub Ripple wallet address. For the amount, choose how much Ripple you want to send from your Poloniex wallet to your Gatehub wallet. Verify the Gatehub wallet address is 100% correct, and click Withdraw. Poloniex will ask for your 2 Factor Authentication and verify the withdrawal via email to complete the transaction. Poloniex will charge a very small fee to send the Ripple.


You can see the status of your withdrawal by going to your Withdrawal History page. If you do not have 2 Factor Authentication and Email Verification enabled, Poloniex may review the withdrawal transaction and create a Poloniex support ticket to have you manually verify, therefore I recommend setting these things up so withdrawals from Poloniex complete within minutes.

Keep in mind that Poloniex has daily withdrawal limits, based on your profile verification status. You can store more than your limits within your Poloniex account, but you're limited to daily withdrawals. If you purchased more Ripple than your daily withdrawal limit, you will need to login to Poloniex every day to continue withdrawing until you've transferred everything to your Gatehub wallet.

When you login to your Gatehub wallet, you should see your Ripple deposit sent from your Poloniex wallet. Your Ripple is now being stored, safely and securely, within your Gatehub wallet.

Questions

For questions, comments, feedback, or general thoughts, post up a reply within this thread, and I'll respond as I read them.
 
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#2
Can I purchase XPR on Poloniex, and transfer that XPR to Gatehub in order to activate the wallet? In other words, I have no funds in Gatehub to meet the 20XPR threshold to activate the wallet. Since Gatehub gives me a address to receive XPR, can I just use my existing XPR from Poloniex as the activation fee by transferring it from Gatehub to XPR?

Thank you kindly!
 

evo

Site Admin
Apr 2017
Seattle
#3
Can I purchase XPR on Poloniex, and transfer that XPR to Gatehub in order to activate the wallet? In other words, I have no funds in Gatehub to meet the 20XPR threshold to activate the wallet. Since Gatehub gives me a address to receive XPR, can I just use my existing XPR from Poloniex as the activation fee by transferring it from Gatehub to XPR?
In theory, yes, you should be able to send some XRP from Poloniex to Gatehub to activate your Gatehub wallet. That's what I did when I setup my Rippex wallet, I sent 20 XRP over to activate the wallet, and then followed it with larger XRP transfers.

While the Ripple Network requires 20 XRP to activate your Ripple wallet address, Gatehub seems to lock in 30 XRP, as it wouldn't let me fall below that balance when I transferred my XRP from Gatehub to Rippex wallet.

And while not required, I think if you verify your Gatehub account, Gatehub will automatically deposit 30 XRP into your Ripple wallet to activate it. That's what they did for me... I created an account on Gatehub, went through all the steps of uploading documents to verify my account, and once I was verified, Gatehub automatically put 30 XRP into my Ripple wallet. This could be why I wasn't allowed to transfer that last 30 XRP when I moved my Ripple (XRP) to my Gatehub wallet.

The most important thing though is to do a small transfer from Poloniex to Gatehub, or any wallet for that matter, after you send your first 20 XRP to activate your wallet. After your wallet is activated, try sending 100 XRP just to see it go through successfully before sending large amounts of XRP. Because you don't want to lose your Ripple and have to go through the headache of trying to get nonexistent support to a lost transfer.