Are you excited to know about this crypto exchange? Coinpedia presents you the complete and detailed Gemini exchange review which will lead you through every terms and corner. Let’s get started while checking the basics:
About Gemini Exchange
Gemini was Established by twin brothers Winklevoss in the year 2014. The Gemini exchange is based in New York. The Gemini crypto exchange is available in almost all US states, as well as UK, Canada, Puerto Rico, Singapore, South Korea, and Hong Kong. In 2016, Gemini became the world’s first licensed Ether exchange.
It currently ranks 57th largest exchange in the world according to 24-hour volume on Coinmarketcap. Whilst Gemini Bitcoin and Gemini Ethereum trading volumes are high, the exchange is trying with all efforts to compete with those platforms offering a majority of the cryptocurrencies, such as Binance.
Gemini offers crypto to fiat payments as well as a BTC/ETH market, which makes it a direct competitor to the likes of Coinbase, Bitstamp, and Kraken. At present, it is one of the most respected and secure exchanges available. This is because it has more features to help protect users against hackers. And it is one of the exchanges for the CBOE Bitcoin future settlement. Gemini Mobile app is now available which is really easy and flexible to use.
Sign-Up and Login Procedure On Gemini Platform
1) Go to the official website and click the “Register” tab on the upper right corner
Enter your name, email address, and password for your personal account. While verifying your email address, it is necessary to :
- Verify your email address and enter both your location and phone number, then you can set up 2-Factor Authentication (2FA) which will be an additional layer of security to your account.
- Add your bank account. Currently, Gemini accepts only bank transfers and wires, as a method for depositing funds.
- To verify your account, upload your government ID proof. This will help you to transact and trade in US Dollars. Also, it will help Gemini to accord to the Bank Secrecy Act (BSA) and Anti Money Laundering (AML) regulations. The verification time may range from a few to several days.
- After all the above process is completed, you can use your account for funding.
2) Deposit Currency
In the Menu, click Transfer Funds, then access Deposit into Bank Transfer and Exchange. Enter the amount you want to deposit here. Also, note $500 per day is the maximum limit for Bank transfers.
3) Trading Bitcoin and Ethereum
As you deposit via bank transfer, they are immediately available for trading and you can purchase by going through the Menu and selecting your preferred trading pair. For example, for Bitcoin BTC/USD as well as Ethereum ETH/USD.
After inserting the price and quantity it will process your buy order. There is another option to trade via the marketplace which has market orders provided by other users.
After the completion of your purchase, your account will be credited with your Ethereum and/or Bitcoin purchases. You can sell your cryptocurrency on the exchange but you cannot make a withdrawal until your bank transfer has been completely processed.
There is a Gemini marketplace that runs 24*7. Here, you can have as many orders as you wish to have, with a variety of trading options. These include:
- Market Orders – With the current best available price, the orders here start filling immediately against resting orders.
- Limit Orders – The quantity is filled at or better than a given price. The quantity which is not filled rests on the order book continuously until it is filled or canceled.
- Immediate or Cancel (IOC) Limit Orders – The quantity is filled at or better than a given price. The quantity which is not filled immediately is canceled and does not rest on the continuous order book.
- Maker or Cancel (MOC) Limit Orders – The quantity rests on the order book continuously at a specified price. The entire order is canceled if there is any quantity which can be filled immediately.
All orders made on this platform are fully funded and it serves as a full reserve exchange. However, there is no margin trading in Gemini and always the user’s account balance should have more balance than the outstanding interest on order books. Also, all open orders reduce your available balance until they are fulfilled or canceled.
In case of transfers, Gemini has a low fee policy and platform users can deposit Bitcoin, Ether, at free of charges for both bank and wire transfers. However, banks will charge a fee for the users to wire money to their Gemini account. Withdrawals on the platform are free and all users will have 30 free withdrawals per calendar month.
Any withdrawals more than this amount will attract fees equal to the mining fees payable on either network. The fees are approximately 0.001 BTC or 100,000 Satoshi per transaction on the Bitcoin Network and 0 GWei or 0 ETH per transaction on the Ethereum Network.
0.25% is the trading fees for both sellers(makers) and buyers(takers). If it reaches certain trade volumes, fees will be reduced. The maker fee is 0% for 30-day trading volumes that exceed 5,000 Bitcoin or 100,000 Ether. For the same trading amount, the taker fee will come down to 0.10%.
Gemini uses dynamic maker and taker fee or reimbursement schedule, and traders can receive reimbursement on liquidity-making trades. The particular amounts depend on gross trading volumes and the buy and sell ratio over a 30 day period. The data are revised every 24 hours and more information on fees can be found here.
For most transfer methods, there are no limits on transactions. However, Automated Clearing House (ACH) transfers have the largest deposit limit of $500 day and $15,000 per month for personal account holders. Institutions have a limit for making ACH deposits of $10,000 per day or $300,000 per month.
With regards to purchases, the minimum purchase amount for Bitcoin is 0.00001 BTC, or 1000 satoshis, for Ether, the minimum quantity is 0 .001 ETH
IS Gemini safe?
Gemini is a strong exchange that has a good reputation in the public. The exchange acts as an entrance into the world of cryptocurrency trading. This may be because many users first stop with regards to purchasing Bitcoin and Ethereum. Gemini has a similar space to that of Coinbase, in which it allows its customers to make transaction directly to and from their bank accounts.
Gemini is a good choice, for people looking to securely trade either Bitcoin or Ethereum. The exchange is a possible option for new entrants to the market as well as more established traders who prefer to make transactions via their bank accounts.
The exchange still has a lot of potentials to grow and can make a number of changes to the service that it currently offers. However, Gemini is one of the best options for anyone looking to trade Ether and Bitcoin with peace of mind and confidence.