Gemini Exchange Review: A Complete 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 Gemini cryptocurrency exchanges in the crypto world.
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 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. It is regulated by the New York State Department of Financial Services (NYSDFS).
It has more than 20 cryptocurrencies, including its own digital asset called Gemini Currency (GUSD – also known as Gemini Dollars). You can place an order and store Gemini sign cryptocurrency. It 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, 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 USA. 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 and more experienced traders will certainly enjoy some enhanced security and unique features to protect both 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 every day.
Gemini Review – Overview about 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. The Gemini proposed a first-generation day-to-day Bitcoin auction in September 2016 and Ether auction in July 2017.
How Trades Happen on Gemini
Except for the times during which 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 provides one with the best obtainable market price when a standard order occurs. The exchange also 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 have to connect to bank accounts and make a wire transaction or an ACH deposit from a bank. The exchange offers the facility of transferring coins from the best crypto wallets to a Gemini account, and the other way round. To add crypto coins into a Gemini account, the users are required to procure a secure deposit address on the platform and then initiate the transaction of sending 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.
If we are looking for a Gemini cryptocurrency exchange that works as beautifully as it looks, then do not go beyond Gemini. During our 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 exchange 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 best cryptocurrency exchange Canada has to offer than the desktop version. The mobile application, also suitable for Gemini pay (Gemini Pay is a feature that helps one to use for cryptocurrency payment methods), will suit our needs as long as we do not want to see 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 cryptocurrencies. The payment method is live on the Gemini app.
Easy Crypto Payments With Gemini
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 (hot wallet) which is a crypto hot digital wallet.
Gemini Offers Unbeatable Customer Service
Gemini prides itself on providing excellent customer service. And they really mean amazing customer service provider. Gemini 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 Service 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 (i.e., cold storage).
- 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. 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 a high security storage.
- Great Customer Service. 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 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, Winklevoss twins, have tried to make their exchange possible. This, unfortunately, means to accumulate and process personal data on the secure 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 available for purchase.
Account Verification Process
Since the cryptocurrency platform confirms to existing 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. We must enter it in the corresponding box.
- The next step is to link your bank 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, 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 different cryptocurrencies and block trading between different pairs. However, withdrawals and deposits in FDIC insured 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, 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, Republic of Korea, etc.
It accepts deposits in Bitcoin, Ether & other cryptos, which are available for trading. No other deposit or withdrawal methods are currently accepted for buy/sell 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 transfer 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 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 & review, the fee structure is slightly different from those offered on other crypto 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, fees of direct trading 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 Gemini’s web based platform or mobile application. The transaction fee structure 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 advanced trading platform charges 0.001 BTC when you withdraw Bitcoin. Ethereum withdrawal fee is also negligible.
Ways to invest with Gemini
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 following cryptocurrency assets are offered by the platform: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Zcash, Filecoin, and Dogecoin. For competent traders, the exchange provides an exceptional platform called the Gemini Active Trader. 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 up to 7.40% APY. The Gemini Earn feature facilitates day-to-day interest payment. 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%
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 wallet storage can store coins/tokens securely by using the Gemini Hot wallet and the institutional cold storage function of the exchange. Online hot wallet is an online storage system to hold crypto assets, whereas the Cold wallet is based on offline storage protocols. The customers going for the institutional cold storage feature known as the Gemini Custody are provided with various facilities like no charge setup, $200 million insurance, intraday withdrawals, immediate liquidity, and 24/7 customer support.
Numerous knowledge resources for novice crypto traders or curious investors are available on Gemini in the form of its blog and the Cryptopedia platform. The blog offers helpful insights on industry, financial products, and user interface/technical issues. The Cryptopedia platform is vast in terms of 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?
The process of transferring cryptocurrencies on Gemini is quite expeditious, sometimes taking less than an hour. The comprehensive time taken to complete a transaction basically 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
Gemini is for the people who are more concerned about 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 the low fees. It is a completely reliable broker who has put various means of protection for his clients.
The Gemini cryptocurrency exchange trading platform is suitable for a wide variety of crypto investors and traders (We do not encourage anyone or give investment advice). 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 copyright website of Gemini offers high-level security.
FAQs (Frequently Asked Questions)
Here are some of the most common questions users and prospects ask about Gemini.
Is Gemini regulated?
Yes. Gemini is a cryptocurrency exchange that is being regulated.
How does Gemini sign?
Gemini transaction transfers dynamic maker-taker Gemini fees on all trading cryptocurrency 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 on the company website before being allocated an active deposit.
Is the Gemini’s platform 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.
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 exchanges and the first licensed that any cryptocurrency merchant can use.