Gemini Comprehensive Review 2018
Last Updated: 16 April 2018
The Gemini cryptocurrency exchange incorporated sometime in 2015 by the two twin brothers Cameron and Tyler Winklevoss. These two are well known for suing Zuckerberg over Facebook scandal, claiming Mark apparently stole their idea. The court ruled in favor of the twins brothers, as result they ended up winning a little over 65M USD in damages. Out of the total winnings, $11M was invested into Bitcoin, making twins one of the largest investors of Bitcoin with current total value of over 1 billion usd.
Tyler & Cameron Winklevoss. Photo from Mashable.
Since that time, the brothers have kept their focus on building one of the most respected and trusted exchanges. It only took a company a couple of years, before it has gained popularity and a large portion of the cryptocurrency market.
In this comprehensive Gemini review, we will touch upon some of the company’s politics, platform’s features and fees.
Gemini Cryptocurrency Exchange
The popular crypto exchange is based out of New York CIty and currency being registered as limited liability Trust. Gemini is known for being a fully compliant enterprise, while adhering to the most highest level of compliance by the most popular banking standards. The crypto exchange handles both, individuals and institutional clients. Thus, Gemini is a very popular option among investors who prioritize efficiency and security.
Gemini is in fact one of the leading and the most respected cryptocurrency exchanges & serves as bridge between the traditional fin markets and the overall crypto ecosystem. The company is also known for carrying a very high level professionalism to the overall crypto market as well as it provides a top of the line service that is appreciated by most clients. The Gemini is considered a blueprint to the general standards and good faith practices suggested to be maintained throughout the entire industry.
Gemini’s Key Features
- Functionality – Gemini cryptocurrency exchange is user friendly, very well designed and extremely easy to use. The interface is made simple enough even for the beginners to be able to adopt quickly. Overall Gemini delivers a very smooth & super efficient trader experience. Orders, key data on pricing, as well as instantaneous balances updates. It maintains the exchange super responsive, and lets it’s users to always remain on top of their dealings.
- Security – Gemini is one of the only cryptocurrency exchange that continues to remain fully compliant with all digital asset and consumer protection regulations. It operates at extremely high level of security, integrity & professionalism. All USD accounts are in fact insured by the FDIC, with most funds being safely kept in a New York chartered bank. All digital assets are placed into cold storage, whereas the online crypto assets are being hosted on Amazon Web Services, which also utilize a host of additional security measures.
- Customer Support – Gemini delivers a thorough FAQ made to answer the most relative questions. Moreover, a blog section was made to publish a detailed instructions on how to buy and sell Bitcoin. User specific inquiries are addressed via email. Gemini makes every effort to answer customer inquiries within a short few hours.
- International Presence – The popular cryptocurrency exchange is presently available to 45 U.S. states, including Puerto Rico, Singapore, Canada, Hong Kong, United Kingdom as well as South Korea.
Conveniently open another browser tab and head over to gemini.com to start the signup process. An account could be easily registered by simply entering your name and an email address. Once the email has been verified, it would be necessary to:
- Proceed by entering your physical location as well as active phone number, furthermore you should continue by setting up 2-Factor Authentication (2FA) which is designed to add an extra layer of protection to your Gemini trading account.
- Move forward by adding your bank account from which you’ll make fiat transfers. Presently, Gemini accepts only bank transfers & wire transfers as the primary methods for depositing fiat.
- Follow the verification process by uploading your identification. In attempt to quickly verify your Gemini trading account, you’re required to provide government issued forms of ID. This presents Gemini an opportunity to be able to comply with the (BSA) Bank Secrecy Act as well as (AML) Anti Money Laundering regulations. By helping Gemini comply with government regulations, users are able to easily withdrawal, deposit, as well as trade in USD. The verification period may depend upon number of applicants and may take anywhere from several days and up to three weeks.
- Upon successful completion of this process, you can proceed with funding your account.
Make a Deposit
Proceed by navigating to the transfer funds menu, click on deposit menu option. Transfer. From this point you can easily enter any amount you want to safely deposit. Keep in mind; bank transfers are limited to a max of $500 / day.
Easily Buy Bitcoin & Ethereum
Deposits are easily made via bank transfer become immediately available for trading. You can also make a convenient purchase by simply navigating through the Menu & proceeding by selecting your favorite trading pair. For instance, for Bitcoin BTC/USD, & for Ethereum ETH/USD. All you need to do is enter the desired price & quantity; your buy order will be processed promptly. An option to make trades via the marketplace is also available, which houses market orders posted by other traders.
As soon as a purchase is completed, your trading account will be credited with Bitcoin or altcoin. You may also choose to sell your cryptocurrency but you would not be able to make a withdrawal until the bank transfer has been processed.
The company has a marketplace that runs 24/7, where users can easily submit multiple orders with variety of different trading options like:
- Market Orders- are filled instantly against some of the resting orders at the existing best price.
- Limit Orders – are filled at or even better than the specified price. Any order quantity that is not immediately filled sits on the order book until it is cancelled or filled.
- (IOC) Immediate or Cancel Limit Orders – are filled promptly at or better than the specified price. Any order quantity that is not filled promptly is cancelled & removed from the continuous order book.
- (MOC) Maker / Cancel - Limit Orders sit on the order book at a specified price. If any quantity could be filled promptly, then the whole order is cancelled.
Gemini exchange is a full reserve company & absolutely all orders that are made on the platform are completely funded. Nevertheless, the company does not yet offer any margin trading & outstanding interest on orders books can’t exceed a trader’s account balance at any given time.
Gemini cryptocurrency exchange operates a low fee policy & platform traders may easily deposit Ether, Bitcoin, as well as make bank & wire transfers free of any charge. However, some individual banks may still charge their customers a nominal fee to perform the wire transfer to their account. All Withdrawals on the popular platform are also free of any charge, and customers also receive 30 free withdrawals per every calendar month. Any potential withdrawal attempts above this will indefinitely result in fees being charged that are equal to some of the mining fees payable on most either networks. This action is estimated to be roughly 100,000 satoshi (0.001 BTC) per every transaction made on the Bitcoin Network & 0 GWei (0 ETH) per every transaction on the popular Ethereum Network.
The trading fees are set to 0.25% for sellers and buyers. These fees are greatly reduced when specific trade volumes are achieved. Maker fee is deeply discounted to 0% for the next 30 day trading volume that exceeds 100,000 Ether or 5,000 Bitcoin. For the similar trading volume the taker fee decreases to 0.10%.
Gemini crypto exchange also employs a dynamic maker & taker fee / rebate schedule; where traders can easily receive a certain rebate on liquidity making trades. Some of the specific trading volumes primarily depend on gross trading amounts and the buy & sell ratio over the last 30 days. The data is being reassessed every 24 hrs & more info on fees schedule can be found by clicking here.
There are no limits on deposits and withdrawals for most transfer methods. Nevertheless, (ACH) Automated Clearing House (ACH) transfers are much limited to a maximum deposit of $500 per day, & $15,000 / month for any individual trading account holder. Corporate entities are limited to making $10,000 per day ACH deposits and or $300,000 per 30 calendar days. In regards to crypto purchases, the min purchase volume for Bitcoin is 1000 satoshis or 0.00001 BTC, for Ethereum the min quantity equals 0 .001 ETH.
Is Gemini Safe?
Gemini crypto exchange is known for being one of the most secure platforms in the sector & employs a great number of various methods to make sure a highest level of security on par with a lot more financial institutions. All user accounts are conveniently set up with 2FA authentication. An additional third party device must be employed in order to be able to grant access to the trading account. All US Dollar Accounts are fully insured by the FDIC, & all funds are being held in a New York chartered bank. The company keeps all of its digital assets in a cold storage, while the online available assets are hosted on Amazon Web Service. This also delivers an important extra level of security, since Amazon storage employes a security features like tiered-access controls, multi-factor authentication as well as hardware security module.
Gemini is committed to maintaining the highest levels of security available for making it a popular option with many institutional investors as well as high net worth private parties and of course the retail investors. Customers of all kinds can easily make transactions with confidence.
Gemini made it out as Bitcoin exchange, & slowly but surely moving on its way to branch out from its roots. By offering altcoin trading pairs the Gemini exchange has definitely opened up its options, however it still has a lot of growing to do in terms of trading altcoin pairs offered. Thus, despite having its business doors open to public in several different jurisdictions, the USD remains the only available fiat currency for both withdrawals & deposits.
Gemini crypto is a solid exchange platform with excellent reputation in the eye’s of the general public. The Gemini cryptocurrency exchange is a gateway into the sector of crypto trading & may as well be the first stop to many users when it comes to purchasing Bitcoin & Ethereum. Gemini holds a very similar space to Coinbase in a way that it easily allows its users to perform deposits as well as withdrawals to and from bank accounts. For many users this is a most important factor & it helps Gemini to gain its ground on a lot of its competitors. For folks looking to securely trade Ethereum or Bitcoin, Gemini is an excellent place to be. The Gemini crypto exchange is a great place for newbies as well as established traders who choose to make wire and direct deposits via bank transfers. The popular exchange still has lots of growing up to do and can certainly make several improvements to its service. Anyone looking to trade Bitcoin and Ether with confidence and peace of mind, then Gemini is one of the best options available.