Gemini Exchange Review: A Platform Overview
If you are a beginner and looking for a secure crypto exchange to place buy or sell orders for cryptocurrencies without any complexity, then Gemini is for you. Gemini is one of the few regulated & highly secured cryptocurrency exchanges in the world.
Gemini 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 crypto exchanges that the U.S. Specifically regulates. Gemini Exchange is regulated by the New York State Department of Financial Services (NYSDFS).
Gemini exchange has more than 20 cryptocurrencies, including its own digital asset called Gemini Currency (GUSD). You can place an order and store Gemini sign cryptocurrency. Gemini exchange is available in almost all US states, as well as Canada, Hong Kong, Puerto Rico, Singapore, South Korea, and the UK.
Through the Gemini partners with Samsung, crypto exchanges power the Samsung blockchain. Customers in the US and Canada can connect their Samsung blockchain wallet to the Gemini app for trading currencies.
The Gemini currency only 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. If Gemini were forced to destroy the asset for any reason, it would make the platform appear less sophisticated and mature.
Gemini is also an ideal trust company for users who want to make many trades every day. Professional traders will certainly enjoy enhanced security features to protect both their Fiat 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 professional traders make every day.
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|
|Deposit Fees|| |
|Transaction Fees||$0.99 to $2.99|
|Transfer limits|| |
|Trading Options||Spot Trading, Margin Trading|
|Trading Minimum|| |
|Application||iOS & Android|
|Customer Support||Email, Phone|
Gemini Review – Overview about the Platform
Gemini Exchange Features
Some people may take issue with the exchange selection of digital assets. While this is understandable, it takes away from the fact that what Gemini offers in rich supply are exchange characteristics.
If we are looking for a cryptocurrency exchange that works as beautifully as it looks, then do not go beyond Gemini. During our Gemini Exchange review, we can say big blocks of explicit text that things like are a bit obnoxious, but they have to accept that this makes exchange using a breeze. If all we want to do is buy cryptocurrency without the hassle, then it really won’t be better than this.
Gemini Mobile App
Gemini Mobile App
The introduction of Gemini’s mobile app gives us an easier and more direct experience of everything Exchange review has to offer than the desktop version. The mobile application will suit our needs as long as we do not want to see complex trades. Buying BTC or ETH with it is easy to click for a minute or two, and we are good to go.
Easy Crypto Payments
Earlier this year, a crypto payment processor called Flexa 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.
Unbeatable Customer Service
Gemini prides itself on providing excellent customer service. And they really mean amazing customer service. Their platform is filled with helpful tidbits that should solve our question, but if we need a more personal touch, we can usually expect a reply by email on the same day (during American business hours). And they also offer an additional way to contact them via the New York Customer Support center.
Pros of Gemini Exchange
- Additional Security Measures – Only a small percentage of cryptocurrency are held online at Gemini. Most are conducted offline to minimize potential harm from the hack. However, this does not mean that we should store our cryptocurrency 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 secured in the chartered bank.
- Fully registered and compliant with banking standards. This makes it suitable for institutional customers, as well as individuals.
- Professional and high-end service.
- Great Customer Support. There are a blog and a long question to deal with the issues. When none of these things are enough, complaints and problems are dealt with using email. The exchange usually reacts in a matter of hours rather than days.
- User friendly and well designed. It has a simple interface that makes it suitable for beginners and more advanced users.
- Shopping on social media for Gemini Bitcoin and Ethereum is easy to do thanks to its user-friendly basic buy and sell options. The exchange also has a more advanced market. This also makes Gemini and ether exchange great for users with different experience levels.
- Reduction in fees for the exchange of assets. Cryptocurrency, bank, and wire deposits are also free. What’s more, there is nothing like Gemini exchange withdrawal fee for the first 30 withdrawals made each month.
Cons of Gemini Exchange
- A lot of information is required to register it. The founders, Winklevoss twins, have tried to make their exchange possible. This, unfortunately, means accumulating a lot of personal data on the platform.
- Often goes offline at extremely high volumes. However, it is more likely that outages are below overloaded servers in any form of market manipulation.
- A limited selection of funding methods.
- A limited selection of coins available for purchase.
Gemini Exchange Account Verification
Since the Gemini exchange platform conforms to existing regulations, verification is necessary to establish a personal account. At this point, there are three steps to confirm our identity: linking a mobile phone number for two-factor authentication, linking a bank, and finally, submitting documents to verify our address and personal information.
The verification process 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 personal 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. We must enter it in the corresponding box.
- The next step is to link your bank account details to our Gemini 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, and mobile phone or Internet bill.
- It will take one to three days to thoroughly verify our deposit. Some features will be available while they follow us. These include depositing in cryptocurrencies and trading between different pairs. However, withdrawals and deposits in FDIC insured are disabled until the account is verified.
Deposits Methods and Withdrawals Options
Now, as per the latest update while our Gemini review, it now accepts a fiat currency (USD deposits only) as well as various crypto digital assets such as BTC, ETH, LTC, BCH, BAT, Link, and others. Gemini accepts deposits made by ACH (automatic clearing house) in the United States and transfers the wire elsewhere like Canada, Hong Kong, Singapore, South Korea, etc. It accepts deposits in Bitcoin, Ether & other cryptos, which are available for trading. No other deposit methods are currently accepted for buy/sell.
Therefore, the deposit methods and withdrawal channels of the company are as follows:
- Credit/Debit Card: Accepted cards are Visa, MasterCard, and American Express.
- Local banks transfer from American banks.
What are the Gemini charges?
All the payment methods like bank transfer & wire transfer are completely free to deposit on behalf of the company. In addition, users will have 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 analysis & Gemini review, the Gemini exchange fees are slightly different from those offered on other crypto digital assets exchange platforms. They depend on 30-day trading volume. There are six tiers of fees. These range from light traders to huge amounts of crypto and ether. Every day at UTC, trading fees are reset for each trading pair.
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 is also a flat wire transfer for orders placed through their web or mobile application. The transaction fee ranges from $0.99 to 1.49% of our order price, as shown in the chart below.
Transaction fee range
While Gemini exchange review, Gemini uses a maker-taker fee model for its trading fees. If a trader places an order that is partially filled immediately, then he/she 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. 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 trading platform charges 0.001 BTC when you withdraw Bitcoin. Ethereum withdrawal fee is also negligible.
Gemini Review: Our Verdict
Gemini is for the people who are more concerned about security. It is a highly secured and regulated exchange by the New York State Department of Financial Services (NYSDFS). Traders who are US citizens should consider Gemini for Bitcoin & Ethereum trading services with the lowest trading fees. It is a completely reliable broker who has put various means of protection for his clients.
The cryptocurrency platform is suitable for a wide variety of investors and traders. If we picked up that this is not ideal for those who want to switch to different cryptocurrency exchange reviews but is great for large volumes and one-off purchases. This is because the Gemini copyright website provides high-level security.
Here are some of the most common questions users and prospects ask about Gemini.
Is Gemini regulated?
Yes. Gemini is a regulated cryptocurrency exchange.
How does Gemini sign?
Gemini transaction transfers dynamic maker-taker fees on all trading and deposit/withdrawal transactions.
How do I deposit in a Gemini deposit?
Gemini accepts cryptocurrency (ETH and BTC) as well as (in USD) fiat money deposits.
How do I withdraw money from the Gemini account?
Gemini accepts withdrawals in crypto, Ethereum, and 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 an online form. Then the applicant will have to go through a thorough KYC verification process on the company website before being allocated an active deposit.
Is the Gemini platform reliable?
As per our review, the credibility of the Gemini sign cannot be questioned in any way. Gemini is an excellent platform with high security.
Is Gemini a scam?
No. Gemini is a legitimate exchange and no scam.
How safe is the Gemini Platform?
Gemini is one of the most secure platforms and the first licensed that any cryptocurrency merchant can use.