Cryptocurrency Exchange

Gemini exchange Review 2022: Why it is still a relevant exchange despite market turmoil?

Author: Sohrab Khawas

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    Introduction

    Cryptocurrency is the future of money. If relevant exchanges don’t provide a conducive, secure, and convenient environment for consumers to invest in cryptocurrency, the industry will fail. That is the main motive behind creating Gemini Exchange – a U.S based cryptocurrency exchange. Today let us have a detailed review of Gemini 

    Overview

    Official Web Addresshttps://www.gemini.com/
    HeadquartersNew York, United States
    Country of OriginUnited States
    FounderCameron Winklevoss, Tyler Winklevoss
    Founding Year2015
    Exchange TypeCentralized
    Trading OptionsSpot trading
    Trading feesMaker Fees – 0.20 – 0.00% & Taker Fees – 0.40-0.03%
    Trading pairs20+
    Native TokenGemini Dollar (GUSD)
    Deposit methodsACH, Wire Transfer, Credit/ Debit Cards, Apple/ Google Pay, Cryptos
    Deposit feesZero
    Withdrawal methodsACH, Wire transfer
    Withdrawal feesDepends on cryptocurrency
    Supported Countries60+
    Restricted countries7+
    Supported Fiat currenciesUSD, AUD, CAD, EUR, GBP, SGD, and HKD
    Mobile AppAvailable on Google & Apple App Store

    What is Gemini Exchange?

    Gemini is a centralized, NYFDS-licensed cryptocurrency exchange founded in 2015 by Winklevoss Brothers (Tyler Winklevoss & Cameron Winklevoss). Winklevoss brothers are famous for the lawsuit against Mark Zuckerberg for stealing their Facebook idea. 

    Winklevoss brothers started the company to provide a safe and compliant exchange to store and trade cryptocurrencies.  Gemini is founded on four pillars – product, security, license, and compliance– to gain users’ trust. Gemini has its own stablecoin Gemini Dollar (GUSD). 

    Gemini is also the world’s first cryptocurrency exchange and custodian to complete SOC 1 Type 2 & SOC 2 Type 2 examinations. 

    Gemini serves

    • Individual traders to buy, sell and store digital assets 
    • Corporations to acquire and store digital assets as well as incorporate them into their business
    • Fund Managers & ETF issuers for fund solutions
    • Wealth & Asset Managers – to provide digital solutions 
    • Hedge funds & liquidity providers – to trade cryptos

    The institutional products offered by Gemini include

    • Gemini BITRIA – Digital Asset Custodian for Wealth & Asset Managers
    • Gemini Prime – Prime Brokerage Services
    • Gemini Custody – Custody solutions
    • Gemini Clearing – Gemini acts as a confirming third party in pre-arranged transactions, helping ensure timely Settlement while mitigating counterparty risk
    • Gemini Settlement – Gemini acts as 3rd party for Crytpo trade Settlements
    Gemini Exchange Homepage

    Features

    • Gemini Exchange – Easy on the eye trading platform where users can buy, sell and hold cryptocurrencies. It provides clean market trends and can manage your portfolio very smoothly
    • Trading fees – Trading fees for high volume traders based on 30-day trading volume – Maker fees (0.20-0.00%) & Taker fees (0.40-0.03%). For stable coin trading 0.00% maker fees & 0.01% Taker fees. No fees for deposit. However, a convenience fee is charged for debit & Paypal deposits. 
    • Active Trader – A trading platform best suited for active and advanced traders where they can execute orders in microseconds. It is also optimized for mobile browsers making it travel-friendly. 
    • Staking – You can now earn by staking your cryptos on the Gemini platform. There is no minimum amount for staking and no transfer/ redemption fees for staking
    • Cryptopedia – The exchange believes only if we empower people with crypto education, they will be ready to embrace and accept the future of money. With this mission, they designed Cryptopedia – a one-stop destination for all educational resources related to cryptocurrency, blockchain, and everything related to the crypto world. It is like a blog section where there are 468 articles on 239 topics written by 58 authors. Beginners, as well as seasoned traders, can learn at their own pace

    Gemini Exclusive Features

    • Gemini Credit cards -Gemini credit card is accepted wherever Master Card is accepted. You can now earn up to 10% in cashback as cryptos at the fuel pump, 3% back on dining, 2% back on groceries & 1% on everything else. The best part is that there are no annual fees, no foreign transaction fees, and no exchange fees to redeem rewards
    • Gemini Security – Gemini provides world-class security features and are SOC 1 Type 2 & SOC 2 Type 2 Compliant. Consumer protection is one of the core founding principles of Gemini
    • Gemini Custody – For Institutional Grade investors and High Networth individuals, Gemini provides custodial services with industry-leading security. The several security features include 2FA (two-factor authentication) for logins, whitelisting withdrawal addresses beforehand to prevent illegitimate hacks, limiting login attempts, hashed and encrypted passwords and information, and hardware security keys.
    • Gemini Dollar (GUSD) – It is a 1:1 stablecoin backed by USD. The best part is that there are no fees to buy or sell GUSD with U.S. dollars on the Gemini Exchange.
    • Gemini Clearing – It is an anonymous settlement platform that allows two parties to settle a trade-off in the order book. Gemini acts as a confirming third party in settling transactions and reducing counterparty risk. Trade details are not published on Gemini’s Market data feed. Best for peer-to-peer trades
    • Gemini Wallet – It offers both insured hot wallets and institutional-grade cold storage to store digital assets. 

    Cryptocurrencies available

    Gemini supports native coins, supported SPL tokens, and ERC 20 tokens which will amount to 100+ digital assets on its platform. Some of the popular cryptocurrencies on Gemini are

    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Filecoin (FIL)
    • Zcash (ZEC)
    • Bitcoin Cash (BCH)
    • Litecoin (LTC)
    • Dogecoin (DOGE)
    • Tezos (XTZ)
    • Solana (SOL)
    • Polkadot (DOT)
    • Avalanche (AVAX)

    How to set up a new account

    1: Visit the Official Gemini Website. Click [Register] 

    2: Fill in the information on the next page. This will include your full name, your email address, and a password. When you are completed with this, read the [user agreement] and [privacy policy].

    3: Then click the [Create my account] Option.

    4: Verify your email and phone number

    5. Provide your date of Birth

    6: Complete identity verification by uploading a government-issued photo ID.

    It will take around 24-48 hours for account activation

    How to buy crypto

    You can now buy cryptos very easily on Gemini

    How to Buy crypto on the Web interface

    1. Select crypto from the Market page.
    2. Select [Buy] and choose whether you would like to make a single buy (Once) or a Recurring buy.
    3. Enter the order amount then click [Continue]. 
    4. Once you select your payment method, you will automatically navigate to the confirmation screen.  
    5. Review the transaction & click [Confirm] for your order to immediately execute.

    How to Buy crypto on the App

    1. Tap on the [Market]
    2. Tap on the crypto you would like to buy.
    3. Tap [Trade], then [Buy] 
    4. Select if you would like to make a Single buy or Recurring buy.
    5. Enter the amount you want to buy and tap [Continue] to select your payment method. 
    6. Review your trade on the next screen and [Swipe to confirm] for your order to immediately execute.

    How to sell crypto

    How to Sell crypto on the Web interface

    1. Select crypto from the Market page.
    2. Confirm that [Sell] is selected.
    3. Enter the quantity you want to sell then click [Review Order] to move to the confirmation screen.
    4. Once reviewed, click [Confirm] for your order to immediately execute.

    How to Sell crypto on the App

    1. Tap on the [Market] tab at the bottom left of your screen.
    2. Tap on the crypto you would like to buy or sell.
    3. Tap on [Trade], then [Sell].
    4. Enter the amount of the crypto you want to sell and tap [Review Order] at the bottom of the screen.
    5. Review your trade on the next screen and [Swipe to confirm] for your order to immediately execute.

    How to deposit crypto

    To deposit supported crypto into your Gemini account, you need to navigate to the Deposit Page Here and follow the steps below:

    1. Select the supported crypto from the dropdown
    2. Select a unique deposit address from the dropdown 
    3. You will then need to instruct your external wallet or service provider that holds custody of your crypto to initiate a withdrawal to this unique Gemini crypto deposit address. This is something that you can only initiate on your end and cannot be done by Gemini.

    How to withdraw crypto

    To transfer your crypto to an external wallet or exchange, you need to navigate to the Withdrawal Page Here and follow the steps below:

    1. Select the currency from the dropdown 
    2. Select the destination address (this is provided by your external wallet or exchange)
    3. Input the amount (please be aware of common withdrawal holds)
    4. After reviewing the transfer details, select Request Withdrawal

    If you are using the Authy app for Two-Factor Authentication (2FA), the withdrawal can only proceed if you approve the transaction on your Authy app within 4 minutes of requesting the withdrawal.

    If you receive Two-Factor Authentication codes via SMS, you will receive a text message with your 2FA code to approve the transaction. 

    Exchange fees & supported payments

    Fees are slightly high compared to other exchanges.  For mobile and web app users, Gemini charges a flat 0.5% above the current trading price (which Gemini calls its “convenience fee”). 

    On top of that, it charges a transaction fee, based on the amount traded: a tiered flat fee of up to $200; orders above $200 are charged 1.49%.

    WEB ORDER AMOUNT – USDTRANSACTION FEE – USD
    ≤ $10.00$0.99
    > $10.00 but ≤ $25.00$1.49
    > $25.00 but ≤ $50.00$1.99
    > $50.00 but ≤ $200.00$2.99
    > $200.001.49% of your Web Order value

    For high volume traders the trading fees are different on the ActiveTrader Platform & is listed below.

    30-DAY TRADING VOLUME IN (USD NOTIONAL)TAKER FEEMAKER FEE
    00.40%0.20%
    ≥ $10,0000.30%0.10%
    ≥ $50,0000.25%0.10%
    ≥ $100,0000.20%0.08%
    ≥ $1,000,0000.15%0.05%
    ≥ $5,000,0000.10%0.03%
    ≥ $10,000,0000.08%0.02%
    ≥ $50,000,0000.05%0.00%
    ≥ $100,000,0000.04%0.00%
    ≥ $500,000,0000.03%0.00%

    For stable coin trading the maker fee is 0.00% & Taker fee is 0.01%

    Deposit Fees

    There are no deposit charges for cryptocurrencies and bank wire transfer. However Debit & Paypal are chargeable.

    DEPOSIT FEESCOST
    All cryptocurrencies, ACH, Gemini dollar (redemption)Free
    Wire TransferFree
    Debit Card Transfer3.49% of total purchase amount
    PayPal2.50% of total deposit amount

    Mobile Apps

    Gemini Mobile App allows you to buy, sell and stake cryptos. The best part is that you can earn in cryptos as cash back every time you purchase with Gemini Card. Moreover, the fees on purchase are slightly high on the mobile app

    Referrals

    Gemini offers a referral program where when the referee completes a trade of 100$ in the first 30 days, the referrer can get $10 in bitcoin. 

    Gemini Affiliate Program – If you are a content creator, influencer, or crypto world leader, you can tie up with Gemini and earn a commission for every new active user you bring into the system. 

    All you need to do is simply follow the steps mentioned below

    • Step 1 – Apply for the affiliate program
    • Step 2 – Gemini will review your application and once approved, you’ll receive a unique referral link to provide to your audience.
    • Step 3 – Begin promoting through your custom link in articles, social media, ads, and other forms of content, and earn commission on every new active customer.

    Customer Support

    Gemini has a help section where customers can find solutions to their queries. It is basically articles on various topics and FAQs. In addition to that Gemini has a Chat support section but it is a Chatbot chat box where the bot finds answers to queries. For further help, you can raise an email ticket to the support team here

    Conclusion

    Gemini is an NYDFS (New York State Department for Financial Services) licensed cryptocurrency exchange whose top priority is digital asset security and consumer protection. Gemini is licensed in New York as a Trust Company. It is regulated under New York Banking Law, by the New York State Department of Financial Services. They are a fully secured platform.

    They have over 70 digital assets and offer spot training as their main trading line. However, the transaction and other fees associated with it are higher compared to other platforms. They have special products for institutional-grade investors. 

    Gemini is best for

    • Cryptocurrency traders.
    • Peer-to-peer trading.
    • Crypto-to-crypto trading.

    If you are looking for long-term investment purposes with world-class security features, Gemini is a good option. But if you are a short-term trader you need to look for other options. 

    FAQs

    What is the reason behind the name ‘GEMINI’?

    As Winklevoss Brothers explain, Gemini is a Latin word for ‘Twins’. It also explores the concept of duality. They were drawn to it as they believed it had a connection with the concept of the duality of money (Old money & New money). Moreover, NASA’s project Gemini was launched with the purpose to land a man on the moon which will be a “bridge to the moon”. Same way Gemini will serve as “your bridge to the future of money”. Thus the name Gemini was given to the centralized exchange. 

    How long does it take to verify my Gemini account?

    It takes about 24-48 hours to verify your Gemini account

    Can you buy an NFT from Gemini?

    Yes, Gemini has its own NFT Market Place called Gemini Nifty Trade. A user can browse the latest collection of NFT and its lowest bid rate after successful verification of their account. 

    What is Gemini Earn?

    Gemini Earn allows customers to generate yields by lending their crypto assets to a borrowing counterparty. Currently, Gemini Earn is halted following the FTX fall

    Gemini - 8

    8

    Gemini exchange Ratings

    • Trading tools
    • Security
    • Fees
    • Website Transparency
    Overall
    3.6

    Pros

    • Strong reputation backed by two leading investors
    • Dollar-to-crypto and crypto-to-crypto trading
    • Straightforward registration process
    • Discounts and rebates for high-volume traders
    • Good for both beginner & advanced traders
    • Gemini has never been hacked
    • High-secured Gemini Custody for institutional-grade investors
    • Gemini Credit card allows you to earn 10% cashback in cryptos at fuel pumps, 3% for dining, 2% for groceries & 1% for everything else
    • NYFDS licensed company & reports to IRS
    • SOC 1 Type 2 & SOC 2 Type 2 Certified – aims for better security

    Cons

    • A limited selection of altcoins
    • Limited funding methods
    • Additional mobile transaction charges
    • Only accepts clients from the US, not open to the rest of the world
    • High transaction fees compared to other platforms
    • Customer support is slow and lethargic
    • Gemini Earn withdrawal has been halted following FTX Fall
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