The Gemini cryptocurrency exchange was formed in 2015 with the intent on further pushing the agenda that cryptocurrencies would have a profound effect on the financial sector. In this Gemini review, we look at the trading options, deposits, and withdrawals, associated fees, and answer the question, Is Gemini safe? The platform is the brainchild of the Winklevoss twins who are some of the shrewdest bitcoin traders.
The Gemini exchange is one of the fully regulated cryptocurrency exchanges, and it made headlines in the crypto world when it agreed to the regulation terms set by the New York State Department of Financial Services. This makes the exchange one of the most reliable digital trading platforms in the world.
The digital assets trading platform is available as a desktop app, as well as on mobile. The interface on both platforms is the regular user interface or the sandbox type. However, access to both the web and mobile interfaces, users need secure login details, and the traders can find charts, an order book, and more trading tools for analysis on the web interface.
Gemini’s main digital assets are Ethereum and Bitcoin and the only fiat currency accepted on the site is the US dollar. Traders have several orders to choose from including
- Buy/Sell Stop
- Buy/Sell Limit
- Market Buy/Sell
The exchange does not give preference to any of its clients, and everyone gets the same type of account no matter their trading volume.
Deposits, Fees, and Withdrawals
Users of the platform can make deposits using the US dollar, or BTC and ETH cryptocurrencies. Gemini does not charge an amount for the deposits, but your bank and credit card company may charge you for the transaction. Gemini has two types of fees, trading fees charged for every trade you make, otherwise known as Maker-Taker fee. The fee is set at 0.01%, but it could sometimes be higher.
There are also transfer fees charged for moving funds to and from the trading account. These fees vary depending on the trading volume, so it is best to watch out for them. You will pay 0.002 BTC and 0.001 ETH for withdrawing the cryptocurrencies. There are certain deposit and withdrawal limits which are dependent on whether you are an individual or institutional investor.
Security and Support
Being a regulated cryptocurrency exchange, traders can rest easy knowing that their funds are safe. Gemini is bound to comply with the security, banking, and capital reserve regulations and they have kept not disappointed.
Above this, users must verify their accounts to trade on the platform. Other than the ordinary email and password, you also need to attach your government issued ID, passport, or driver’s license. The platform also has equipped the user accounts with Google’s 2-factor authenticator to safeguard the login process. They also store most of the digital assets in cold multi-signature wallets and an air-gapped storage system for extra protection.
In case you are facing difficulty at any stage of the trading process, you can always seek Gemini’s customer support team. There are several channels including Twitter, Facebook, email, live chat on the website, and an online help desk.
Gemini is one of the few cryptocurrency exchanges based in the US. It also offers its services to Canada, the UK, Singapore, Hong Kong, and South Korea. With that said, they only accept BTC and ETH cryptocurrencies and this to most people is too restricting. We hope that the Gemini review above gave you insight into trading on the platform, you have a better bet using a regulated exchange such as Gemini over unregulated exchanges.