Crypto Currency Exchange

Gemini Exchange Review 2020


Since 5 years of its tenure, Gemini has never been hacked, stolen or otherwise compromised in any way. It’s Cold Storage technology is a benchmark to Crypto securities. 

Gemini exchange is a Newyork based Cryptocurrency exchange and institution, also referred to as the first licensed crypto exchange. Founded by the twin Winklevoss brothers in 2014 and  Regulated by the New York State Department of Financial Services, the Gemini exchange serves in Canada, South Korea, Hong Kong, Singapore, Uk and entered the Australian market back in 2018


Did you know that? In 2008 The Twin brother founders of gemini exchange Cameron and Tyler Winklevoss were settled for $65 million when they sued Mark Zuckerberg ( Facebook CEO ) for copying their ConnectU to create facebook in 2004. 

Pros & Cons

Pros

  • Great Customer Support
  • Account secured with Hardware Security Keys
  • Low fees for exchanging assets

Cons

  • Limited coins to trade and less payment methods
  • Account registration asks for detailed information to comply with regulations.

Fact: 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 cryptocurrency, such as Binance.

Gemini Features –

The Gemini exchange outshines other exchanges based on these features –

Security – Gemini exchange claims to have top-notch security for the user accounts. I have charted out the security aspect in detail in a further section of this Gemini exchange review.

Customer Support – The platform has a detailed help center categorized into trading, general, security, and developer sections. This helps users to get solutions for their queries. Gemini also provides email support in case the solution is not listed in the FAQ. There is also a live chat feature on the exchange.

Fees – Gemini crypto exchange has a low fee policy and platform users can deposit Bitcoin, Ether, free of charges for both bank and wire transfers. For further details, check the fees section of this Gemini Exchange review.

Supported currencies – Gemini offers crypto to fiat payments and 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 secured exchanges available. This is because it has more features to help protect users against hackers. And it is one exchange for the CBOE Bitcoin future settlement. The exchange also supports BCH, LTC, ZEC.

After the support on Basic Attention Token (BAT), Gemini, in a Blogspot announced to list three more tokens Chainlink (LINK), Dai (DAI), and Orchid (OXT) from April 24 2020.

Gemini Mobile App

Gemini Mobile app is now available, which is really easy and flexible to use.

The mobile app has the following features –

  • Buy and sell on the go
  • Market prices and portfolio value at a glance
  • Set Price Alerts
  • Set recurring buy orders
  • Buy The Cryptoverse

Gemini Marketplace

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. Also, the entire order is canceled if there is any quantity that can be filled immediately.

All orders made on this platform are fully funded and serve as a full reserve exchange. However, there is no margin trading in Gemini. In addition to that, 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


Did you know?Gemini exchange integrates with Tradingview. Traders can directly buy/sell Bitcoins and other altcoins from Tradingview platform.

Isn’t it exciting?

Gemini Dollar

Gemini Dollar (GUSD) is the world’s first regulated stable coin claims platform. GUSD is issued by a New York trust company and pegged 1:1 to the U.S. dollar. The token is built on the Ethereum network according to the ERC20 standard for tokens. 

Along with the Gemini exchange, GUSD is also listed on popular exchanges EXMO exchange, DigiFinex, etc. It is designed for high scale and usability in all kinds of transactions.

What does Gemini Exchange charge?

In case of transfers, the Gemini crypto exchange has a low fee policy and platform users can deposit Bitcoin, Ether, 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.

Maker / Taker fees

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 a 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.

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

Security-at-Gemini

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. In accordance with Coinbase, Gemini has a similar space, wherein it allows its customers to make transactions 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.

Gemini utilizes a cold storage system to store cryptocurrencies and the Federal Deposit Insurance Corporation (FDIC) insures its fiat deposits. Gemini uses AWS (Amazon Web Services) to hold online funds. AWS has its own set of security features such as two-factor authentication, hardware security, and multi-level access. The heavy focus on security enables its users to handle even large trades without fear of losing funds.

How does Gemini exchange work?

Account Registration –

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 with the Bank Secrecy Act (BSA) and Anti Money Laundering (AML) regulations. The verification time may range from a few to several days.
  • After completion of all the above processes, you can use your account for funding.

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.

Trading Bitcoin and Ethereum

As you deposit via bank transfer, they are immediately available for trading. 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 Gemini crypto exchange. Although you cannot make a withdrawal until your bank transfer has been completely processed.

Trading Limits

Currently, 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.

Recent Updates:

April 3, 2020: Gemini exchange integrates with Tradingview

Tradingview now allows connecting users to the Gemini exchange from its platform. Traders can buy & sell crypto directly from the Tradingview platform only. This makes the trading experience easy for users.

March 29, 2020: Gemini exchange gets exemption in Singapore

The Monetary Authority of Singapore (MAS) has granted Ripple Labs, Coinbase, Binance, Gemini and other cryptocurrency firms’ permission to operate in Singapore. The license is active until July 2020, after which the firms are required to reapply for the license.

January 2020: Gemini exchange launched a captive insurance company, Nakamoto

Nakamoto is the first captive to insure crypto custody. It allows Gemini Custody to increase its insurance capacity beyond the coverage currently available in the commercial insurance market. The captive was only possible because of Gemini’s commitment to strong regulation.

Conclusion

In this Gemini review, we conclude that 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.

Gemini Exchange Review

Qadir AK

Fees
User Interface
Security
Customer Support

Summary

Gemini is one of the best options for anyone looking to trade Ether and Bitcoin with peace of mind and confidence. The exchange still has a lot of potentials to grow

3.6

FAQ’s

What are the fees of the Gemini exchange?

Trading Fees: Varies from 0 to 0.1%
Deposit Fees: None. However, with bank transfer, some banks may charge transfer fees.
Withdrawal fees: Cryptocurrency: Up to 0.002 BTC & 0.001 ETH

What cryptos Gemini exchange support?

Gemini exchange supports Bitcoin, Bitcoin Cash, Litecoin, Ether and ZCash. The exchange also has a native stablecoin Gemini Dollar pegged 1:1 to US Dollar

Is Gemini licensed and/or regulated?

Gemini is regulated by the New York State Department of Financial Services (NYSDFS).

Does Gemini have a mobile app?

The exchange has a mobile app both for Android and iOS. Also, the website is designed for multiple devices like a tablet, mobile devices.

Summary
Gemini crypto exchange review
Article Name
Gemini crypto exchange review
Description
If you want to invest in buying and selling Bitcoin or Ether but you have no idea where to start, this Gemini exchange review will help you to decide.
Author
David
Publisher Name
coinpedia.org
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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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