Gemini Exchange Review
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Cryptocurrency exchanges are platforms where users can trade different cryptocurrencies. Among ample of exchange platforms, Gemini has significantly emerged as a starlet in the universe of cryptocurrencies.
What is Gemini?
It is a US-based cryptocurrency exchange developed by Cameron and Tyler Winklevoss in order to ease the cryptocurrency trading.Cameron and Tyler are twin brothers who are also the owners of 1% of the total bitcoins. The Winklevoss twins went legal against Mark Zuckerberg and won $65 million from which they invested $11million into bitcoins and thus, are one of the largest holders of bitcoins today. Gemini was built with a lawful and legalized approach and thus, it a reliable platform for trading.
This platform not only allows the users to buy and sell Bitcoins and Ethereum but also is also popular for its two-sided auctions. This auction facilitates all the Gemini customers an exact time and platform to trade the bitcoins.
Gemini is also one of those exchange platforms to get the license for ether and bitcoin trading. It is a registered venture following all the legal agreements and thus is an immensely popular among business owners and investors as a trustworthy exchange.
Gemini is supported in the USA, Singapore, Canada, UK, Hong Kong, South Korea and Puerto Rico.
Buying and selling on Gemini
- For depositing and withdrawing altcoins, Gemini does not set any limits. However, through the automated transfers, users can deposit $500 a day and$15,000 a month. Organizations and institutions can make the deposit of $10,000 a day and $300,000 a month.
- When it comes to purchasing, the minimum amount of bitcoin purchase is 0.00001 BTC and 0.001 ETH.
- For trading on Gemini, users need to create an account with the sandbox trading platform. Users can easily trade ETH, BTC, and USD while using the Gemini wallet.
Gemini has very low fees as compared to other exchanges. Users are allowed to deposit ether and bitcoin for free, banks may charge the users for depositing money in the accounts. The users are facilitated with 30 free withdrawals every month by Gemini.
Gemini charges 0.25% fee from the sellers and buyers for the trading volume of below 5,000 for bitcoins and below 100,000 for ether within the 30 day trial period. If this volume is exceeded, the buyer fees reduce to 0.10% for bitcoin and 0% for ethereum.
Here is a table to understand the fee structure for buyers and sellers on Gemini:
|30-day trading volume BTC||30-day trading volume for ETH||Buyer fees||Seller Fees|
- Verification is needed if you are looking forward to signing up with Gemini. Users will have to create an account on Gemini for trading bitcoins and ether.
- Email verification is needed for signup process. After your email is verified, you will have to upload your government approved ID to verify your identity. After successful signup and verification, the users are allowed to trade the cryptocurrencies.
One of the special features of Gemini is its 2-sided auctions. Gemini is famous for these auctions where the buyers and sellers come together at a single point in time. The auction takes place every day at 4 PM Eastern time.Users registered on Gemini are allowed to participate in their auction and trade cryptocurrencies. Just like the stock markets, Gemini uses this auction where the buyers and sellers can trade while the prices are elevated.
Is GEMINI safe?
Before using any exchange platform, users ensure whether or not the platform is safe and reliable to use. Here are some factors explaining the reliability of Gemini:
Gemini excels in terms of providing the best customer service and excellent user interface. Users never get automated responses and are also provided support through email services. The users can communicate the queries and issues through emails and get an instant response. Also, the company provides a detailed FAQ, where the users can get the answers to all their queries. Within a few hours, Gemini responds to its customers.
When it comes to security, Gemini ensures that all the transactions and trading is performed according to the law. This is the first legalized exchange platform which adheres to all the laws and banking aspects while making sure the transactions are secure. Also, the accounts in Gemini are secured and insured by FDIC. The funds are stored in a cold storage and are secured.
When we come to the community and company’s dependency, Gemini is a US-based firm which follows all the rules and regulations being a registered and licensed firm for bitcoin trading. As it is a licensed firm and regulated by financial services of New York, it has to make sure to follow the anti-money laundering, consumer protection, and cybersecurity requirements. The crypto community respect Gemini.
Gemini ensures that all the personal accounts are safe and secure. All the users have to enable the 2-factor authentication feature to facilitate the use of security codes or pin codes to access the funds and account.
How to use GEMINI?
Here is a step-by-step guide to use Gemini for trading:
Registering with Gemini
- Step 1 – signup
The first step is to sign up on the Gemini website. For signup, you will have to enter your name, email address and create a password.
- Step 2 – Adding details
Once you verify your email address, you need to add your location and phone number.
- Step 3 – 2-factor authentication
After entering these details, you will have to enable the 2-factor authentication feature to ensure personal account safety. Through this, you will be able to make transactions while entering the security code.
- Step 4 – Add the bank account
You will have to add your bank account through which, you can make transactions. Bank transfers and wired methods are used for making deposits.
- Step 5 – Verify identity
Once you add all the details, you will also have to upload your government approved ID on the website. With this step, the certification of your account and signup process will be completed.
Depositing funds into the Gemini account:
Once the verification is done, you can deposit funds into your account. For this, open menu and navigate through Transfer Funds > Deposit Into Exchanges > Bank Transfer.
Purchase Ether or Bitcoin
For buying bitcoins or ethereum, go to the currency you want to trade, go to Buy > BTC/USD. You can then enter the amount and quantity.
Gemini Review Summary
Gemini is a well established and reliable platform for cryptocurrency exchange. Novice users can easily browse the website and register themselves. It is a certified and insured platform where all your funds are safe. It has a great reputation and community participation which makes it more reliable. Here are all the pros and cons of using Gemini for trading cryptocurrencies:
Why should you choose Gemini?
- Registering on Gemini is extremely easy. The website is intuitive and thus, users can register and make transactions instantly.
- The deposits are free on Gemini. Gemini doesn’t charge you for making transactions (depositing/withdrawing) and thus, it is a suitable platform trading cryptocurrencies
- Gemini promotes excellent customer service and detailed FAQ for solving queries of all the users
- The 2-factor authentication makes trading using Gemini easy and reliable
- It is a suitable platform for business owners and traders
Cons of Gemini
- If you are looking for a global or international trading platform, Gemini may not turn useful as limited countries accept Gemini as a trading platform
- When you compare the trading fees of Gemini to other platforms, the trading fees are extremely high.
Hungry to know about more different cryptocurrency exchanges? Browse our site and explore more on cryptocurrencies and the best exchange platforms! Thank you for going through this detailed Gemini review. Hope this review helps you to understand this trading platform and choose the best exchange platform for your personal/ business needs.