Gemini Review 2023 – Read why it is a good choice for Crypto
Gemini Review: A Complete Platform Overview
Gemini is for you if you are a beginner looking for a secure crypto exchange to place buy or sell crypto without any complexity. Gemini is one of the few regulated & highly secured cryptocurrency exchanges in the crypto world. This Gemini review platform shows why it is considered one of the best crypto exchanges and why it is a good choice for beginners and advanced traders alike.
Gemini Exchange Summary
|Headquarters||New York, U.S.|
|Supported Fiats||USD, AUD, CAD, EUR, GBP, SGD, HKD|
|Supported Countries||USA (except Hawaii), Canada, Hong Kong, Singapore, South Korea, the UK|
|Transaction Fees||$0.99 to $2.99|
|Trading Options||Spot Trading, Margin Trading|
|Application||iOS & Android|
|Customer Support||Email, Phone|
The Gemini crypto exchange was started by the Winklevoss twins (Cameron Winklevoss and Tyler Winklevoss). We can recognize those names. Winklevoss twins rose to fame in 2004 after they sued Mark Zuckerberg over Facebook. They created ConnectU, the predecessor of Facebook. It was launched in 2014 and is based in New York, New York, meaning it is one of the few among other leading crypto exchanges that the US Specifically regulates. It is regulated by the New York State Department of Financial Services (NYSDFS).
It has more than 20 cryptocurrencies, including its digital asset, Gemini Currency (GUSD – also known as the Gemini Dollar). You can place a web order and store Gemini sign cryptocurrency. It is available in almost all US states, Canada, Hong Kong, Puerto Rico, Singapore, South Korea, and the UK. Many popular crypto exchanges do not have such an extensive reach.
Through Gemini’s partnership with Samsung, cryptocurrency exchanges power the Samsung blockchain. Customers in the US and Canada can connect their Samsung blockchain crypto wallet to the Gemini app for crypto trading currencies.
The Gemini supports Bitcoin and Ethereum. This is likely because Gemini wants an institution-friendly and highly reliable cryptocurrency exchange. Many new cryptocurrencies are yet to prove themselves for a long time. Thus, buying Bitcoin is relatively easy compared to other leading exchanges that don’t. If Gemini were forced to destroy the asset, it would make the platform appear less sophisticated and mature.
Gemini is also an ideal trust company for crypto users who want to make many daily trades and see themselves earning interest. Professional and more experienced investors and cryptocurrency traders will certainly enjoy some enhanced account security and advanced trading features to protect Gemini, fiat currencies, and digital currency deposits. This should give them more confidence to put large sums online that they need to trade on a larger scale, which some active traders make daily. In addition, new and experienced traders can earn interest on cryptocurrencies through crypto staking.
Gemini Review 2023 – Overview of the Platform
Gemini Review: History to Advancements
The History of Gemini Exchange
Cameron and Tyler Winklevoss are the chief proprietors of the Gemini exchange. The Winklevoss twins are famous for winning the $65 million settlement against Mark Zuckerberg when they alleged that Mark stole their idea of creating Facebook when the three of them were students at Harvard University. This incident is portrayed dramatically in the movie “The Social Network.”
According to a report in The New York Times, the twins invested some jackpot money in Bitcoin and Ether in their initial days, which later made them billionaires by 2017. A part of the same jackpot was utilized to create Gemini.
Global Augmentation of Gemini
Though launched in January 2015, the exchange went live for US users in October 2015. In mid-2016, the exchange went international, incipiently in the UK and Canada. The exchange soon became a top brass in the crypto world by expanding in Hong Kong, Singapore, South Korea, and Japan to sustain the expanding population of Asian crypto investors. Today it is prevalent in over 50 countries worldwide and used by advanced investors and new investors as well. The Gemini proposed a first-generation day-to-day Bitcoin auction in September 2016 and an Ether auction in July 2017.
Gemini Nifty: The Nifty Marketplace
Gemini’s Nifty Marketplace is an NFT Marketplace which is a blockchain-based platform that invites users to trade in the most in-demand collectibles and NFTs today. This includes works created by famous artists such as Kenny Scharf, Jon Burgerman, CryptoKitties, Trevor Jones, and Cey Adams.
The safest and easiest platform to buy, sell, store, and exhibit NFT art is the Nifty Marketplace powered by the Gemini exchange.
How Trades Happen on Gemini
Except for when the site undergoes maintenance, the exchange remains functional 24 hours a day and 7 days a week. Such maintenance windows are occasional.
Like other online brokers, the Gemini trading platform provides one with the best obtainable market price when a standard web order occurs. Gemini offers various limit orders like immediate or-cancel (IOC), maker-or-cancel (MOC), and auction-only (AO).
Unlike its competitor Kraken, Gemini doesn’t provide features like margin trading and short trading for its users. To trade, the users must connect to bank accounts and make a wire transaction or an ACH deposit from a bank. The exchange allows transferring popular coins from the best crypto wallets to a Gemini account and the other way around. To add crypto coins to a Gemini account, the users must procure a secure deposit address on the platform and then initiate the transaction of sending digital assets from the wallet to the deposit address.
Gemini Exchange Unique Features
Some people may take issue with the exchange selection of crypto assets. While this is understandable, it takes away from the fact that what Gemini offers in rich supply are exchange characteristics.
Gemini is a highly regarded platform for those starting with cryptocurrency, thanks to its user-friendly app and helpful educational resources through Cryptopedia. While its trade fees for trades outside its advanced trading platform can become costly, it is still a simple and convenient way for anyone to learn about cryptocurrency.
If we are looking for a Gemini cryptocurrency exchange that works as beautifully as it looks, then do not go beyond Gemini. During our Gemini crypto exchange review, we can say big blocks of explicit text that things are a bit obnoxious, but they have to accept that this makes using a crypto exchange breeze. If all we want to do is buy crypto exchange without the hassle, it won’t be better.
Gemini Mobile App
Gemini Mobile App
The introduction of Gemini’s mobile app gives mobile users an easier and more direct experience of everything the best cryptocurrency exchange Canada offers than the desktop version. The mobile application, also suitable for Gemini pay (Gemini Pay is a feature that helps one to use cryptocurrency payment methods), offers a simple mobile user experience avoiding complex crypto trades. Buying BTC or ETH with it is easy to click for a minute or two, and we are good to go. Gemini now supports Google pay and Apple pay to buy popular cryptocurrencies. The payment method is live on the Gemini app.
Easy Crypto Payments With Gemini
Flexa, a crypto payment processor, created considerable waves in the blockchain industry. It partnered with retailers such as Gametop, Nordstrom, Home Depot, and Whole Foods to accept crypto payments – a major adoption milestone for digital currencies. Gemini recently partnered with Flexa, enabling Gemini customers to easily spend cryptocurrency from the comfort of the Gemini wallet (hot wallet), which is a crypto-hot digital wallet that keeps the money secured.
Gemini is a reputable cryptocurrency exchange known for its exceptional security, making it a popular choice among users. Based in the United States, it offers a user-friendly platform, especially for those who frequently trade popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Zcash.
Gemini Offers Unbeatable Customer Service
Gemini prides itself on providing excellent customer service, and they have an amazing customer service team. The Gemini platform is filled with helpful tidbits that should solve our questions. Still, if we need a more personal touch, we can usually expect a reply by email on the same day (during American business hours). They also offer an additional way to contact Gemini New York Department via the New York Customer Service center.
Pros of Gemini Exchange
Let’s take a look at the Gemini Pros that the exchange has to offer:
- Additional Security Measures – Only a small percentage of cryptocurrency are held online at Gemini. Most crypto exchanges operate offline to minimize potential harm from the hack. However, this does not mean one should store cryptocurrencies for a long time on Gemini for security purposes.
- US Dollar deposits are insured by the Federal Deposit Insurance Corporation, and all funds are based in New York City and secured in a chartered bank.
- Fully registered and compliant with banking standards. Hence, Gemini makes it suitable for institutional customers as well as individuals.
- Professional and high-end service.
- You can join the waitlist for the Gemini Credit Card, which will be launched soon.
- It offers a crypto hot wallet with high-security storage.
- Great Customer Service. There are a blog and a long question to deal with the issues. When none of these informative articles are enough, complaints and problems are dealt with using email or by submitting a Gemini support ticket. The exchange usually reacts in a matter of hours rather than days.
- Well-designed, It has a user-friendly interface that makes it suitable for beginners and more advanced traders.
- Shopping on social media for Gemini, Bitcoin, and Ethereum is easy thanks to its user-friendly basic platform buy-and-sell crypto options. The crypto exchange also has a more advanced trading market. This also makes Gemini, among many other exchanges, great for users with different trading experience levels.
- Earn crypto rewards and interest with Gemini Earn as you save crypto with Gemini.
- Reduction in fees for the exchange of other assets. Cryptocurrency, bank, and wire deposits are also free. Moreover, there is nothing like a withdrawal fee for the first 30 cryptocurrency withdrawals made each month.
Cons of Gemini Exchange
- A lot of information is required to register it. The founders, the Winklevoss twins, have tried to make their exchange possible. This, unfortunately, means accumulating and processing personal data on a secure beginner-friendly platform.
- Often goes offline at extremely high volumes. However, it is more likely that outages are below overloaded servers in any form of cryptocurrency market manipulation.
- A limited selection of funding methods.
- A limited selection of coins is available for purchase.
Account Verification Process
Since the cryptocurrency platform confirms existing cyber security regulations, verification is necessary to establish a personal finance account. At this point, there are three steps to confirm our identity: linking a mobile phone number for two-factor authentication, linking a bank account, and finally, submitting documents to verify our address and personal information.
The process of verification is an important part of the process of setting up a personal account. To make it as easy as possible for new users listed all the steps below.
Create and verify a Gemini account
- First, go to Gemini.com.
- Click “Register” at the top of the page.
- If we are happy with the terms of these documents, after this, click on the link “Create my account.”
Fill in your phone number on the next page. It is important to use our correct number because it is part of the verification process. We will be sent a code to our phone to check our real number as part of the two-factor authentication. We must enter it in the corresponding box.
- The next step is to link your bank’s savings account details to our exchange account. This will add US dollars to our fast and easy-to-use in the future. Just fill in the answers to the questions when asked.
- After adding our bank account, we will need to verify our identity. It involves the submission of various forms of documentation. It is standard for “know your customer” and compliance checks, but there is no doubt that some potential customers will be barred from signing up.
- Gemini wants both a photo ID and proof of address from new customers. They are quite strict on the forms of photo ID they accept – just one passport will suffice. However, they accept somewhat different forms of proof of address. These include a full-page scan of a utility bill, bank statement, cable bill, driver’s license, and mobile phone or Internet bill.
- It will take one to three days to thoroughly verify our deposit. Some Gemini features will be available while they follow us. These include depositing in various other cryptocurrencies and block trading between different pairs. However, withdrawals and deposits in FDIC insurance are disabled until the account is verified.
Deposits Methods and Withdrawals Options Available
Now, as per the latest update while our review, it now accepts a fiat currency (USD deposits only) as well as various crypto digital assets such as BTC, ETH, LTC, BCH (Bitcoin cash), BAT (Basic Attention Token), Link, GUSD (Gemini Dollar), USDC (USD Coin), and more coins than the average crypto exchange. Gemini accepts deposits made by ACH (automatic clearing house) in the United States and transfers the wire elsewhere, like Canada, Hong Kong, Singapore, the Republic of Korea, etc.
It accepts deposits in Bitcoin, Ether & other popular currencies, which are available for crypto trading. No other deposit or withdrawal methods are currently accepted for buying/selling crypto.
Therefore, the deposit methods and withdrawal channels of the company are as follows:
- Debit Card/Credit Card: Accepted cards are Visa, MasterCard, and American Express.
- Local banks’ money transfers from American banks.
What are the Gemini charges?
All the accepted payment methods, like wire & bank transfer, are completely free to deposit on behalf of the company. In addition, Gemini charges users to pay a network fee for either crypto Bitcoin/Ethereum deposits. However, this is similar to creating any other transaction on the digital currency network.
As per our detailed technical analysis and review, Gemini’s fees are structured slightly differently from those offered on other crypto exchanges. The fee schedule depends on a 30-day trading volume. The fee structure includes six tiers of fees which include transfer fees. These range from light traders to huge amounts of crypto and ether. Every day at UTC, each cryptocurrency trading pair’s direct trading fees are reset.
There is a facility fee of 0.50% below the market rate. To find the convenience fee amount, multiply 0.50% (1.005) by the amount of the currency you want to buy. There are flat wire transfer fees for orders placed through Gemini’s web-based platform or mobile application. The mobile fee structure also includes a convenience fee. The transaction fee schedule ranges from $0.99 to 1.49% of our order price, as shown in the chart below.
Transaction fee range with Maker-Taker Fee Model
With this Gemini exchange review, it’s understood that Gemini uses a maker-taker fee model for its crypto trading fees. Every order made can be subjected to both maker and taker fees. If a trader places an order that is partially filled immediately, they will be charged a taker fee. The remainder of the order will rest on the order book, and the trader will be charged a maker fee when it is completed. Other fees, such as transaction fees, may be charged within reason.
For those who wish to detain crypto with Gemini (i.e., cold storage), there is a 0.40% fee for customers with assets over $1 million. Gemini’s advanced trading platform charges 0.001 BTC when you withdraw Bitcoin. Ethereum withdrawal fee is also negligible. Withdrawing crypto to an external wallet can have Gemini charge its users a dynamic or flat fee. The aforementioned fee structure highlights how fees such as the Gemini ActiveTrader fees are levied on traders.
Ways to invest with Gemini
Crypto investing reaps great Crypto Rewards! Gemini has a series of cryptocurrency investing opportunities for traders of different experience levels.
Cryptocurrencies and ERC-20 tokens
Though its crypto selection is limited compared to its competitors, the Gemini offers up to 30 ERC-20 tokens (virtual assets created from pre-existing blockchains). The platform offers the following cryptocurrency assets: Bitcoin, Ethereum, Litecoin, BCH, Zcash, Filecoin, and Dogecoin.
The Gemini crypto exchange provides an exceptional platform in the form of the Gemini ActiveTrader Platform with advanced charting tools for competent traders who deal in advanced trading. The Gemini ActiveTrader interface is an easy-to-use and user-friendly platform. Some other technical features offered by the exchange are Gemini Dollar, Gemini Clearing, and Gemini Pay.
By lending cryptocurrency assets to warranted financial companies, one can earn interest up to 7.40% APY. The Gemini Earn feature facilitates day-to-day interest payments. The interest rate is different for all cryptocurrencies, for instance:
- Bitcoin: 2.05%
- Ethereum: 3.05%
- Litecoin: 4.05%
- Dogecoin: 2.25%
- Filecoin: 7.40%
Apart from earning crypto rewards on interest, traders can earn crypto rewards on crypto holdings as they can transfer any purchased crypto to Gemini Staking. Gemini Earn and Gemini Staking, are great ways to earn interest with passive income.
Gemini Earn Program
The Exchange claims that the Gemini Earn feature can be used as soon as one opens an account and completes a transaction in cryptocurrencies. Combined trading balance and Gemini Earn balance can be easily accessed on both mobile and web platforms. The interest rates charged by the exchange are as per the fee schedule displayed on their website.
With the Gemini Credit Card, traders can earn rewards and interest in various cryptocurrencies such as Bitcoin and Ethereum. There is no annual fee levied on the Gemini Credit Card, so trade away. The rewards are instantly reflected upon purchases or offers, not a month later.
The Gemini wallet storage can store cryptocurrency coins/tokens securely by using the Gemini Hot wallet and the institutional cold storage system of the exchange. The Online hot wallet is an online storage system for crypto assets, whereas the Cold wallet is based on offline storage protocols when not actively trading.
The customers, such as institutional investors, going for the institutional cold storage feature known as the Gemini Custody are provided with various facilities like no-charge setup, $200 million digital asset insurance, intraday withdrawals, immediate liquidity, and 24/7 customer support. The online hot wallet is insured against thefts, security breaches, or fraudulent transfer schemes, even if a small portion of crypto is stored. Crypto traders are also welcome to free withdrawals when transferring funds from Gemini Exchange to Gemini Custody.
Numerous knowledge resources for novice crypto traders or curious crypto investors are available on Gemini in the form of its blog and the Cryptopedia platform. The blog offers helpful insights into the industry, financial products, and user interface/technical issues. The Cryptopedia platform is vast in crypto educational resources, containing around 300 articles on various technical topics like Non-Fungible Tokens (NFTs) and Bitcoin. The Platform also provides multiple videos and webinars on contemporary crypto themes like:
- Intro to Crypto webinar
- Intro to Ethereum webinar
- Crypto 201 webinar
How fast does Gemini send your coins?
Transferring cryptocurrencies on Gemini is quite expeditious, sometimes taking less than an hour. The comprehensive time taken to complete a transaction depends on the type of cryptocurrency one is engaged in.
For example, the coins are made available as soon as 15 verifications are processed on the Bitcoin Cash network to transfer bitcoin cash from one Gemini account to another. This process usually takes around 2 to 3 hours.
Our Verdict on Gemini
Our Gemini review shows why the crypto exchange platform is a great choice for people who are concerned about being liable for a security breach. It is a highly secured and regulated exchange by the NYSDFS. Traders who are US citizens should consider Gemini for Bitcoin & Ethereum crypto trading services with low trading fees. It is a completely reliable broker who has put various means of protection for their clients. Crypto enthusiasts have shared positive reviews on this crypto exchange and laud it for its plethora of market-leading features.
The best crypto exchange trading platform Gemini is suitable for a wide variety of new crypto investors and traders (We do not encourage anyone or give crypto investment advisory or brokerage services to trade in particular stocks. Please visit a financial institution or an investment advisor for a precise consultation). Suppose we picked up that this is not ideal for those who want to switch to different cryptocurrency exchange reviews but is great for large trading volumes and one-off purchases. This is because the copyright website of Gemini offers high-level security features.
FAQs (Frequently Asked Questions)
Here are some of the most common questions users and prospects ask about Gemini.
Is Gemini Safe?
Gemini is one of the most secure exchanges and the first licensed crypto platform that any cryptocurrency merchant can use. The security features enabled on the platform leave no room for any attacks or thefts. There are secure wallet storage systems to keep your money safe.
Is Gemini Regulated?
Yes. Gemini is a cryptocurrency exchange that is being regulated by the New York State Department of Financial Services (NYSDFS).
How Does Gemini Sign?
Gemini transaction transfers dynamic maker-taker Gemini fees on all trading crypto and deposit/withdrawal transactions.
How Do I Deposit In A Gemini Deposit?
Gemini accepts cryptocurrency (ETH and BTC) and (in USD) fiat money deposits. Traders can opt for debit card/credit card deposits. The exchange accepts Visa, MasterCard, and American Express. Money transfers from American Banks are also accepted.
How Do I Withdraw Money From The Gemini Account?
Gemini accepts withdrawals in Cryptocurrency, Ethereum, and US Dollars. Traders can navigate to the Withdrawals page and follow the steps to withdraw the cryptocurrency of choice. Additionally, the trader can initiate a Bank Transfer (ACH) withdrawal (domestic) or a wire transfer to the bank account to withdraw fiat currency such as US Dollars.
How Do I Open A Deposit With The Gemini Website?
It is easy to open a deposit with the Gemini website. The user is expected to fill out an online form. Then the applicant will have to go through a thorough KYC verification on the company website before being allocated an active deposit.
Is Gemini Reliable?
As per our review, the credibility of the Gemini sign cannot be questioned in any way. Gemini is an excellent advanced platform with high-security features that aim to keep your crypto safe and secure.
Is Gemini A Scam?
No. Gemini is a legitimate exchange and not a scam. It stands on record that Gemini has never been hacked nor flagged for any sort of theft, such as employee theft. The exchange’s security features ensure to keep the traders’ money is safe.