If you’re looking for an exchange on which you can buy, sell, and trade your cryptocurrencies, you have no shortage of options. And one of the most well-known options is Gemini. Even though Gemini is a newer exchange, it still has plenty to offer. With this review, we’ll take a deeper look into the Gemini cryptocurrency exchange and help you determine whether it’s the right one for you.
Created in 2015 by the Winklevoss twins, Gemini is a respected and reliable cryptocurrency exchange. Tyler and Cameron Winklevoss rose in popularity when they sued Mark Zuckerberg, winning $65 million in damages over Facebook. The pair used their money to invest in Bitcoin and to create their Gemini exchange.
It only took two years for Gemini to acquire a big portion of the cryptocurrency market. The exchange recently broke into the top 20 based solely on Bitcoin trading volume.
Gemini is fully compliant and fully registered as a cryptocurrency exchange in the state of New York. It is a limited liability Trust and adheres to the standards and regulations in New York to the highest degree. Therefore, many individuals looking to make efficiency and security a priority turn to Gemini.
Those who trade with Gemini use it as a bridge of sorts between cryptocurrency and traditional fiat markets. The exchange is great for those just getting into cryptocurrency as well as more experienced users. Customers say Gemini is a sophisticated and professional exchange and offers its clients exceptional service and reliability.
Gemini is an exchange that remains completely compliant with all consumer protection laws and digital asset regulations. Therefore, customers get a high level of professionalism and security when using Gemini.
All accounts using US Dollars are FDIC insured and its funds are kept in a chartered bank in New York. Gemini keeps all digital assets in cold storage, however, online assets use Amazon Web services, which also provides additional security functionalities.
Gemini is available to 45 states in the U.S. It is also open to the United Kingdom, South Korea, Singapore, Puerto Rico, Hong Kong, and Canada.
Gemini’s exchange is easy to use and has an intuitive design. The platform’s interface is simple and smooth, providing an efficient experience for its users. Orders, prices, balances, and other key data are updated immediately. This means users know the platform is responsive which allows them to be stay informed.
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Gemini users have access to an in-depth FAQ section, which answers many commonly asked questions. The site also offers a blog which provides instruction on how to buy and sell cryptocurrencies. If a user needs special attention, these issues are addressed via email. Gemini tries to reply to customer emails quickly, usually within a few hours.
Why Use Gemini?
If you’re a person who values security above everything else, then Gemini is the perfect exchange for you. Therefore, this is a great option for clients doing a large amount of trading in either cryptocurrency or fiat currency. Since the exchange is fully licensed and adheres to all regulations, Gemini is one of the most secure exchanges in the industry.
Gemini is also a great option if you trade on a regular basis. Those who trade professionally will like the additional security features which protect digital and fiat currency accounts. This serves to give users confidence in Gemini, especially if they are keeping large amounts of money on the exchange.
Even though the exchange isn’t packed with the most advanced features, you’ll get a quick, smooth, and responsive experience while using it. Prices, balances, and orders update automatically so you don’t have to worry about losing your spot. You won’t have to worry about slow loading causing problems while you buy and sell cryptocurrencies.
Opening an Account
- Fully licensed crypto exchange.
- Created by the Winklevoss Twins.
- Buy crypto with USD.
- Buy & Sell: BTC, ETH, BCH, LTC or ZEC.
- ?? US Friendly.
Registering an account with Gemini is simple and straightforward. Head over to the site and select either “Create your account” on the left side of the screen or “Register” in the upper right.
Next, the site will want to determine if it operates where you reside. Select the country in which you live, along with your state if you reside in the United States.
Once you’ve chosen where you live, Gemini will want you to provide some personal information, along with an email address and a password. You’ll then need to agree to the site terms and conditions before moving forward.
When you’re ready to continue, Gemini will send you a confirmation email. Click on the provided link, which will take you back to the site. Gemini will request a phone number to link to your account. This helps the site set up two-factor authentication.
After you’ve entered your phone number, Gemini will send you a text message with a code. Enter the code into the provided field so you can continue the registration process. Next, the site will ask for more information for account verification.
In the United States, it asks for your social security number and date of birth, as seen below.
When Gemini verifies your info, you’ll then need to fund your account. Gemini does this by linking your bank account to the exchange. Select your bank from the drop-down then hit continue to move on.
The site will then ask for your login credentials so it can link your bank to the exchange. Once Gemini verifies your bank account information, it will redirect you to your dashboard. Now you’re all set and can begin buying, selling, and trading on the exchange.
Gemini Deposits and Withdrawals
On the Gemini exchange, you can deposit USD fiat currency, BTC, ETH, ZEC, BCH, and LTC. You can withdraw the same currencies as well. To deposit, select the Transfer Funds option at the top of the site. Choose Deposit Into Exchange, then click on the currency you want to deposit.
U.S. customers have the option to load their account via ACH deposit from their bank accounts. This means they can begin trading right away. Wire transfers are available for everyone, however, users may have to wait until the next business day to have their funds available.
Of course, users also have the ability to deposit any of the cryptocurrencies listed above as well. Select the digital currency you prefer and Gemini will create a deposit address for you. You’ll notice the exchange has no fees for deposits or withdrawals.
Withdrawing from Gemini is just as easy as making deposits. Choose the currency you want to withdraw, then enter your external wallet address. Once you’ve entered all the appropriate information, execute the transaction and wait for your funds to show up in your wallet.
Users will find that the Gemini trading platform is intuitive and easy to use. Its design makes buying, selling, and trading cryptocurrencies simple and straightforward. To buy, all you need to do is select the Buy option in the top menu bar. Choose the digital currency you want to purchase, then select the trading pair you want to use.
At the top of the screen, you can see your funds. Gemini gives you this information both in the currency you want to buy and the currency you’re using to buy. This gives you a more complete view of the trade before it happens. With Gemini, you can view exactly how much fees will be, along with the total amount of the order. When you’re ready, just click the Buy button. That’s it.
Selling is as simple as buying. If you need to get rid of a certain currency, follow the same process as you did when you were buying. Click on the Sell option in the top, then enter the amount. You can then view how much of your selected currency will be credited to your account.
Gemini does not set limits on withdrawals and deposits for the most part. ACH transfers, however, have a limit of $500 daily maximum and $15,000 monthly maximum for individuals. Businesses have limitations of $10,000 daily and $300,000 monthly on ACH deposits.
The minimum purchase amount when purchasing Bitcoin is 0.0001 BTC. For Ether, that amount is 0.001 ETH.
Gemini’s marketplace is available 24/7, so users always have access to it. There are various trading options users can submit throughout their trading day.
Market orders are used when you want to buy or sell at the currency’s market price. You’ll get the best available price when you place the order.
Limit orders complete when a trade meets a specific price. Sell limit orders must meet the limit or be higher, while buy orders must meet the limit or be lower. These are perfect order if you already know your trading price. If a quantity does not get filled, it sits on the order until it does get filled or you cancel it.
Marker or Cancel Limit Orders
These types of orders stay on the order book at a pre-determined price. If any quantity can be filled immediately, the entire order cancels.
Immediate or Cancel Limit Orders
IOC limit orders get filled immediately at a specific price or better. If any part of the order is not immediately filled, it is canceled, which means it does not say on the order book.
All orders on the platform are completely funded since Gemini behaves as a full reserve exchange. However, if you want more in-depth trading, keep in mind that Gemini does not offer margin trading. Additionally, a user’s outstanding interest cannot exceed their account balance.
One last item to keep in mind is that all open orders count against your available balance until the order is either canceled or filled.
Gemini is well-known for its security, which means it has plenty of security features. These include features including:
- Strong passwords required for every account
- Two-Factor Authentication is required for every account
- Login and withdrawals require Two-Factor Authentication confirmation
- Sensitive information is encrypted while at rest and in transit
- Private client data is not shared with vendors or third-parties
- All passwords use cryptographic hashing
- Internal sections of Gemini are not exposed to external networks
- Distributed Denial of Service potential is mitigated with strategic enterprise partnerships
- All site data is encrypted and transmitted via Transport Layer Security (TLS) protocols.
Gemini Exchange Security
Gemini ensures the security of its exchange and the funds on it by keeping all digital assets in cold storage. The site uses Amazon Web Services to keep its online assets secure. Additionally, Gemini US Dollar accounts are all insured 100% by the FDIC.
With Amazon Web Services, the site is providing an additional level of security since the hosting platform employs features like tired-access controls, dedicated hardware security modules, and multi-factor authentication.
Gemini is committed to maintaining only the highest security features available. This makes the exchange attractive to high net worth users and institutional investors. Customers of all backgrounds and types know they can make secure transactions with confidence on the Gemini exchange, no matter how much or how little.
While the site does not have a chat feature, Gemini does offer an in-depth FAQ section. Users can locate answers to commonly asked questions along with other valuable information. Gemini also provides a customer support team which tries to respond to emails within a few hours.
Gemini also offers its users with a blog page for important information and announcements. Through the blog, users can stay up to date with the latest goings on with the exchange. Blog posts include updates on fees, regulations, and any other pertinent news the site wants to share with its users.
As Gemini has experienced growth, it has struggled to keep up with issue resolution. Use Zendesk isn’t a bad place to start, but the exchange must show it can scale its support as it continues to expand.
Gemini operates its exchange with a low fee policy. It allows its users to deposit Ether, Bitcoin, or make bank transfers without incurring a charge. Some banks, however, might charge a fee to wire the money to the Gemini exchange.
Withdrawals on the exchange are free as well and every Gemini customer gets up to 30 free withdrawals monthly. If you happen to exceed this number, Gemini only charges you the mining fees payable on the network itself.
Gemini sets its trading fees at 0.25% for both buyers and sellers, referred to as takers and makers respectfully. However, if certain volume amounts are met, the fees are smaller. For 30-day trading volumes, the maker fee is discounted down to 30% for trading volumes above 5,000 BTC or 10,000 ETH. For those same trading volumes, the fee for the taker drops to 0.10%.
Recently, Gemini released a mobile app which makes it possible for its users to buy, sell, and trade their favorite cryptocurrencies on the go. The app is available for download on both the Android and iOS marketplaces.
Through the app, users can buy or sell their digital currencies. These include Bitcoin, Ether, Bitcoin Cash, Litecoin, and Zcash. Besides the ability to buy, sell, send, and receive cryptocurrencies, the app also gives users a few additional features. Through the app, users can set recurring buying orders as well as buy a basket of digital currencies through one order.
Another nice feature about the mobile app is even if you’re not a Gemini user you can still use it. You might not be able to buy and sell, but you can check prices and access price data for the cryptocurrencies Gemini lists on its exchange.
Pros and Cons
- U.S. dollar accounts are 100% insured by the Federal Deposit Insurance Corporation
- Funds are stored in a New York-based chartered bank
- Completely compliant with banking standards
- High-end, professional service
- Well designed and user-friendly platform
- Gemini employs additional security measures
- Only a small portion of the site’s Bitcoin is stored online
- Simple interface which is suitable for both new and advanced users
- Easy cryptocurrency purchases due to user-friendly design
- Low fees for buying, selling, and trading cryptocurrencies
- Free deposits and first 30 withdrawals are free as well
- Registering requires a lot of information
- Limited selection of cryptocurrencies
- Not as robust as other exchanges
- Needs more funding methods
Gemini offers its users a solid exchange that provides a great reputation for security and safety for its users. Like Coinbase, Gemini is a gateway to the cryptocurrency industry. Those interested in buying, selling, or trading digital currencies can use Gemini to learn the ropes while using some of the most popular cryptocurrencies.
This exchange is great for those that prefer to fund their accounts directly from their bank. Many find this as a key factor when deciding which exchange to use. The ability to deposit and withdrawal straight to and from their banks makes purchasing cryptocurrencies that much easier. For those just starting out, this is a no-brainer.
If you’re looking for a platform that provides a way to securely buy, sell, and trade Bitcoin and Ethereuem, then Gemini is a solid choice. Gemini is a great option for those new to cryptocurrency as well as those who have been in the industry for a while.
There is still plenty of room for growth with Gemini. The exchange could offer more currencies and might consider providing additional functionality to the site for more advanced users. However, if your main focus is on trading Bitcoin and Ethereum, then Gemini is one of the better exchanges available.