Gemini Exchange Review

Gemini Exchange Review
8.5 Total Score
  • Extremely Trustworthy
  • Low Fees
  • Regulated
  • Simple to Use Interface
  • Deposits and Withdrawals Accepted in Fiat Currencies

Gemini Cryptocurrency Review

Trust Score 8,5/10

Most of you will probably have heard of the Winklevoss twins, the former Olympians turned entrepreneurs that successfully sued mark Zuckerburg for stealing some of their ideas for Facebook.

They were awarded $65 million after winning the case and put $11 million of that into Bitcoin before also starting Gemini, a cryptocurrency exchange that they first launched back in 2015. They are now said to have one of the largest holdings of Bitcoin, with valuations now putting those holdings at over a billion dollars.

Despite their obvious wealth having invested heavily in Bitcoins, the brothers have always had big plans for Gemini. Within just over two years, they have managed to turn their exchange into one of the very best with it now being regarded as easily among the top 20 in the world.

Gemini has taken a different approach to most exchanges – almost a completely opposite one in actual fact. Where others have run away from regulation, Gemini has sought it out and can be counted as the only regulated exchange out there right now.

This focus on security and safety is one of the biggest reasons for its surge in popularity since it was launched and it is easy to see why. Based and operated out of New York, Gemini is a state-limited liability trust that adheres to the same level of regulations as the largest financial institutions.

Gemini is an exchange that we have been keeping a close eye on over the years and we think that it is now firmly placed to compete with some of the bigger names in the sector.

Carry on reading as we take you through what the Gemini exchange can offer you, the many features it has, its ease of use and the size of the fees.

 

Mobile Apps

As of right now, there is not an app for the Gemini platform which is a little disappointing as many traders like to be able to have the ability to do their business efficiently on the go.

That being said, mobile devices will have no problem accessing the Gemini website, so while it can be a little annoying that you cannot one-click into a dedicated app, you will still have access to your account via your devices.

  • Mobile-friendly website
  • SSL-encryption technology

 

Coins Offered

Gemini currently only trades in the two biggest cryptocurrencies at the moment, Bitcoin and Ethereum. We are not completely sure if this is ever going to change or if they will pick up some alt-coins along the way but Gemini is still a fairly young company and we feel will adapt to the markets as it sees fit in the future.

If Gemini really does want to be able to compete with some of the larger exchanges we do feel that ti will have to expand on the cryptocurrencies that it trades and lets its users trade.

 

Registering at Gemini

Registering an account at Gemini is made easy and you initially just need an email address, name and a password to create an account. Once you have verified your email address via clicking a link that is sent to you, you then have to:

  • Fill in your location and phone number. Once this is done you have to set-up your 2-factor authentication as this will give you an extra layer of security for your account.
  • Fill in the details of the bank account you will be using to move money to and from Gemini. Please remember that bank transfers and wires are the only banking methods that Gemini accepts for deposits.
  • You are then asked to upload a photo of a government-issued ID in order to have your account verified. Processing your verification can take a two or three days to complete and will heavily depend on the current number of verifications and applications that Gemini has to work through.
  • Once your verification is complete – you can then start moving money and into and out of Gemini.

We like the fact that Gemini insists that its users make use of two-factor authentication for their accounts. Not every exchange is so focused on the security of its users, so it really is a nice thing to see.

 

Making a Purchase at Gemini

Once your account has been verified, you can then transfer some money from your bank account to your account on Gemini. Simply decide the amount you want to wire or bank transfer to Gemini and wait for that transfer to complete. There is an upper limit when using bank transfers of $500 a day from your bank account.

What many like (we included) is that any deposits that you have made via bank transfer can be used straight away for trading on Gemini. This is even if the bank transfer has not been completed. You can trade away and buy and sell your cryptocurrencies but will not be able to withdraw any funds until that bank transfer has fully completed.

Purchasing cryptocurrencies is done by navigating the menu to find the trading pair that you wish to use. You just select how much of the chosen currency you wish to buy before being given the current price you will need to pay.

  • Bank Transfers Made Available instantly
  • Easy-to-Use Interface

 

Trading Options

As well as being able to buy and sell your BTC and ETH to Gemini, you are also given access to their marketplace which operates on a 24/7 basis. In this marketplace, users are given the ability to take advantage of a good selection of trading options such as:

  • Market Orders
  • Limit Orders
  • Immediate or Cancel Limit Orders
  • Marker or Cancel Limit Orders

It is a little disappointing that margin trading is not a trading option at Gemini at the moment and we do hope that they implement this feature at some point in the future. Users want their exchange to be able to provide them with as many features as possible as it means they do not have to keep moving around.

Who knows, perhaps margin trading is something that is in the pipeline with Gemini.

 

Accepted Payment Methods

You can use bank transfers or wire transfers to put cash onto Gemini while you can use an accepted cryptocurrency wallet if you wish to trade or sell your Bitcoin or Ethereum.

  • Deposits

Deposits can be made using wire transfer, bank transfer and cryptocurrencies. There are no limits on how much you can deposit via wire transfer or cryptocurrencies but limits of $500 a day or $15,000 per 30 days are applied for bank transfers.

  • Withdrawals

The same methods can also be used for withdrawals with the only limits once again being related to bank transfers. Users can withdraw up to $100,000 per day via this method.

 

Transaction Fees

Transaction fees have always been a massive selling point for using cryptocurrencies and at Gemini, they offer some of the lowest in the industry.

  • Deposit Fees

Gemini has always been proud of the low-fee policy that it practices when it comes to making transfers. All deposits paid into Gemini whether BTC, ETH or cash using wires or bank transfers is done with no fees being charged at all.

  • Withdrawal Fees

Not only that but users also get 30 free withdrawals each and every month as well. Any user that exceeds the 30 free withdrawals will have to pay fees that will cover the cost of the mining fees for the Bitcoin or Ethereum that they have purchased.

30 withdrawals per month should be enough for most users but it is worth keeping an eye on how many you use as those mining fees can be pretty expensive.

  • Trading Fees

As for trading fees on Gemini, these are set at 0.25% as the standard for both buyers and sellers but these can be reduced when specific trade volumes have been reached. Sellers will not be charged any trading fees if they exceed 30-day trading volumes of 5k BTC or 100k ETH.

Buyers, on the other hand, will see their trading fees reduced to 0.10% if they have the same trading volumes as above.

 

Purchasing Limits

We could not find any information regarding upper purchasing limits as Gemini but we did find that there are minimum limits when it comes to buying BTC or ETH.

  • Minimum purchase of 0.00001 BTC
  • Minimum purchase of 0.001 ETH

 

Supported Countries

Gemini accepts users from seven countries in total:

  • The United States of America
  • The United Kingdom
  • Canada
  • Hong Kong
  • Singapore
  • South Korea
  • Puerto Rico

We are not sure if they will open their doors to other territories in the future but they are very careful about the nationalities that they will accept.

 

Customer Support

While we have never had a need to contact the customer service at Gemini, judging by many others, it could do with improving. They are only contactable via email or phone with many users complaining that they are usually given cookie-cutter answers.

We are sure that the twins will be looking at improving this area as Gemini scores very well in almost every other department. We feel that a knowledgeable team of LIVE chat agents would go a long way to quelling the negative feelings on the customer service as Gemini.

They do also have a frequently asked questions page on their website that might be able to help users with the most common questions and issues on Gemini.

  • Email Support
  • A.Q Section

 

Safety

Due to being the only regulated exchange that conforms to strict banking regulations, Gemini has quickly grown a reputation for being one of the safest exchanges in the industry. They use similar security measures and technologies that many banks and financial institutions use.

All users are forced to use two-factor authentication for their accounts which brings extra security for users while Gemini also has its US Dollar accounts insured by the FDIC.

Furthermore, because Gemini stores their online assets on Amazon Web services they are able to take advantage of some of the best online protection against attacks. Each of their digital assets is kept in cold storage which also brings added protection and should help to convince users that safety and security is one of the top-priorities for Gemini.

  • Two-Factor Authentication
  • Digital Assets Kept in Cold Storage
  • Insured by the FDIC

 

Conclusion

As with any exchange, Gemini certainly has its good points and bad points but we do feel that the good heavily outweighs the bad.

In terms of reputation and integrity, we really do not think that you can get any better than Gemini and in such an unregulated sector – we think this is extremely important. That combined with low fees, an interface that is easy-to-use and would benefit beginners and some good trading options make this an excellent exchange in our opinion.

Admittedly, the poor customer service is something that we would like to see rectified and the ability to only trade BTC and ETH is a little limiting. However, those really are just a couple of things that can easily be addressed in the near future and we have the utmost confidence that they will be.

If you are looking for a user-friendly exchange that has become one of the most trusted in such a short space of time, Gemini is certainly one that you should be looking at. It might not have the full suite of features that some of the more experienced traders will come to expect but we are sure that these will be brought in down the line.




8.5 Total Score
Top Crypto Currency Site

PROS
  • Extremely Trustworthy
  • Low Fees
  • Regulated
  • Simple to Use Interface
  • Deposits and Withdrawals Accepted in Fiat Currencies
CONS
  • Customer Service is Not the Best
  • Only BTC and ETH
  • Margin Trading Not Available
  • Can Only Transfer in US Dollars
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