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Overview
Gemini is a US based crypto exchange that has been around since 2014. In this Gemini review, you will get a rundown of the features the exchange has to offer and what makes it an excellent cryptocurrency platform for all kinds of investors.
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What is Gemini?
Gemini is a cryptocurrency platform that allows you to buy and sell cryptocurrencies hassle-free. It is a US-based company that offers access to more than 60 cryptocurrency trading pairs and is also among the few exchanges that offer its services in 50 American states.
Gemini is a platform that is designed for both new investors and experienced traders. Its default user interface offers easy navigation for beginners, and experienced traders can enjoy advanced tools with its ActiveTrader platform.
The exchange offers both peer-to-peer and crypto-to-crypto trading, and you can buy and sell cryptocurrency using multiple payment methods. According to Coinmarketcap, Gemini ranks in the top 15 in terms of daily trading volume and offers excellent liquidity to its customers.
Gemini is also considered a highly secure crypto exchange and has never suffered any security breaches in the past. It is also fully licensed and regulated, which makes it a trustworthy exchange.
You can also sign-up on Gemini today and can claim a $10 bonus to start trading.
History of Gemini
Gemini was established in 2014 by none other than the famous Winklevoss brothers, Tyler Winklevoss and Cameron Winklevoss. The Harvard graduates are not only known for their entrepreneurial skills and Olympics participation, but they are also famous for suing Mark Zuckerberg (CEO and Found of Facebook).
Winklevoss claimed that Facebook was their brainchild and accused Mark Zuckerberg of stealing their idea. The case caused a lot of buzz and ended with Winklevoss winning $65 million in the settlement. After moving on from the case, the Winklevoss brothers shifted their focus towards cryptocurrencies and came up with the idea of creating their own cryptocurrency exchange.
Even though Gemini was launched in 2014, it was not open to US citizens until October 2015. The offices of Gemini are based in New York, and the exchange currently operates in the USA, South Korea, Canada, Hong Kong, Singapore, and the UK.
Is Gemini Safe?
Gemini is one of the safest crypto exchanges out there, and if you are storing your assets on this platform, you will never have to worry about security.
Gemini Review on Security Structure
The exchange has been around for more than seven years and has never suffered any security breaches. Gemini has passed a SOC 2 Type 1 Test, which means that they comply with the highest security standards to keep the private and financial data of all their users safe.
They have storage security systems that are legally compliant and follow a unique procedure to protect hot-wallet accounts. Gemini also offers clod wallet storage so that their customers can keep their assets safe on the exchange for the long term.
The company is also insured by FDIC ($250,000 per customer), so even if the worse happens, the exchange will cover you.
Account Security
Gemini also pushes all its customers to use two-factor authentication logins to make their accounts secure. With two-factor authentication security, users will be able to log into their accounts only when they have both the computer-generated codes sent to their email, phone, or Google Authenticator app.
Is Gemini for New Traders?
Gemini is an ideal platform for new investors and traders as it offers a simple and easy-to-use interface, and you can buy or sell cryptocurrencies directly. All you have to do is navigate to the “Gemini exchange” under the products section, and you will be able to access all the cryptocurrencies available on the platform.
You can place the order by choosing a payment method you prefer and can buy the crypto immediately. It is like placing an order for a product on an e-commerce site, and anyone can do it.
So, if you are new to the crypto space you can sign-up on Gemini right now and can start trading right away.
New traders can also consider signing up on PrimeXBT, which has some excellent features for beginners. With PrimeXBT Covesting, you can copy the moves of expert traders.
How Does Gemini Work?
Gemini offers multiple options for buying, selling, and trading crypto, and you can follow these simple steps to use the platform.
Create an Account
The first thing you need to do is create a new account on Gemini, which you can do easily by clicking on the sign-up button. The process is easy and simple, and all you have to do is provide some personal information to get started on the platform. The data you need to provide includes:
- Location
- Contact Information
- Bank Account
- Government Issued ID (To verify your identity)
Once you have provided all the information, make sure to turn on Two-factor authentication to make your account more secure.
Deposit Funds
The next thing you need to do is deposit funds which you can do deposit in the form of crypto or FIAT.
To deposit crypto, all you have to do is transfer money to your Gemini wallet address, and you will receive the funds in a few minutes or hours (depends on the blockchain you are using). There is no fee for crypto deposits as you only have to pay the gas fee for the network.
For FIAT deposits, you can use the following two methods:
- Bank deposits
- Debit Cards
You are required to add your bank details to your Gemini account if you want to pay directly through your bank.
The easiest and the quickest method is to use a debit card. You will be able to buy with it in no time and would not have to go through any hassle. You will be charged two different fees (transaction fee and card processing fee) for the transaction, so make sure to check the fee before you confirm the payment.
Buy and Sell Crypto Directly
Now, this is where Gemini is one of the easiest exchanges to use. Once you have deposited the funds, you can simply go to the markets and click on the cryptocurrency you are planning to buy. You will be taken to a new window, and all you have to do is put the amount you want to spend.
Just be mindful of the fees before placing the order, so you get the right amount.
For example, if you are buying $100 worth of Ethereum, here is how the price breakdown will look:
Order Amount= $93.5
Card Processing Fee= $3.49
Transaction Fee= $3.00
Total Amount= $100
The 3% fee might look a bit expensive, but Gemini is very upfront about it and does not hide it like other exchanges. Also, you do not have to use any complicated trading interfaces when you are buying directly, so 3% is not too bad for convenience.
You can also consider using bank transfers for which the fee structure is as follow:
If you are looking for the lowest fee crypto exchange, you can consider signing up on Binance, PrimeXBT, or Phemex.
ActiveTrader (Advance Crypto Trading)
Stop losses: When using leveraged trading, stop losses are an essential feature that could make or break a trading account. There are several ways to set up a stop-loss on Bybit and traders should familiarise themselves with these functions to optimize the trading experience.a
The default Gemini interface is designed for investors that are new to the crypto space and do not have any knowledge of spot trading. If you are someone who wants to indulge in advanced crypto trading, you can simply switch from “Gemini Basic” to “ActiveTrader”.
The advanced trading interface not only gives you access to in-depth candle charts and trading tools but also allows you to create multiple types of buy and sell orders. You can also check order books and access depth charts to make better trades.
The biggest advantage of switching to this advanced trading interface is that you would not have to pay a high fee for buying or selling your crypto. The fee can range between 0.10% to 0.35%, which is approximately ten times less than what you have to pay with the default interface. The fee structure for the ActiveTrader interface is as follow:
As mentioned, with the Limit order and the Conditional limit order, the order will have a certain order life. This is for how long the order will remain open until it is “killed”. There are three order life options at Bybit:
What is Gemini Custody?
Gemini usually stores customer funds in hot-wallets, that a customer can access anytime they like. Gemini custody is designed for those users who do not want to trade actively but want to keep their funds secure in an online wallet.
This is an excellent option for long-term crypto holders because Gemini is a New York-based company, which means all the accounts they deal are regulated. They also have insurance close to $200 million, which makes it an even safer option.
Also, despite the fact that Gemini Custody is designed for long-term storage, users can still withdraw their assets anytime they want without having to go through any trouble.
What is Gemini Clearing?
Gemini Clearing is another advanced feature that is added for customers who want to access crypto assets that are not available on the Gemini exchange. This feature enables an OTC desk and allows you to trade with a third-party exchange with Gemini as your broker. This reduces the risks and makes trading safer.
How to Withdraw From Gemini?
Cryptocurrency Withdrawals
The cryptocurrency withdrawals on Gemini are no different than any other wallet withdrawal. All you have to do is follow these steps:
- Choose the crypto asset you want to withdraw
- Enter your external wallet address
- Enter the amount you wish to withdraw
You will be charged a gas fee for these withdrawals along with a small exchange fee that varies from currency to currency.
FIAT Withdrawals
To withdraw FIAT, you will have to attach your bank account with your Gemini account. You can withdraw money from ACH if you have an American bank, or you will have to withdraw directly into your bank account.
The exchange does not currently charge a specific fee for withdrawals, but your bank might charge you a transfer fee.
Gemini Pros and Con
Gemini Pros:
- Licensed and regulated
- Easy-to-use for beginners
- Offers interest in crypto holdings
- Advance trading platform
- Available in New York
- Highly-Secure (Never been hacked)
Gemini Cons:
- High-fee for direct purchases
- Limited Cryptocurrencies
Is Gemini Available in the US?
Gemini is one of the few exchanges that is offering its services in 50 American states, including New York. The exchange is designed specifically for US citizens, and they can buy, hold, and sell crypto on this platform without any hesitancy.
Gemini Review Conclusion:
It does not matter whether you are new to the crypto space or have been trading for years. If you are looking for a trusted crypto exchange in the United States, Gemini is an excellent option for you. The exchange offers high-quality services and does not let its customers down in terms of user experience.
If you are outside the US, Gemini is still a very good option! But there are better alternatives available like Binance, PrimeXBT, and ByBit. These exchanges also offer margin trading, which is something you cannot access on Gemini.
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