Gemini Review for 2023
With the massive expansion of the crypto universe, the security of the platforms that provide various trading services in the digital money market has become a major concern for all participants in the crypto ecosystem.
As a result, selecting an exchange that can meet the highest security criteria for the data protection of both users and transactions may be a genuine difficulty. But don’t worry. There is one cryptocurrency exchange that is especially committed to the “security-first” credo – the Gemini exchange. Let’s look more closely at what it has to offer.
Table of Contents
About the Gemini Exchange
Gemini was launched in 2015 by the twin brothers Cameron Winklevoss and Tyler Winklevoss. Inspired by NASA’s human spaceflight program dubbed ‘Gemini’, the Winklevoss twins conceptualized a cryptocurrency project that would go beyond the frontiers of the existing trading sphere. Considering this breakthrough idea as a venture into the relatively unknown realm of crypto trading, the basic premise of the Gemini cryptocurrency and exchange project is built around the platform’s security features.
Developed on the Ethereum blockchain, the Gemini exchange facilitates Bitcoin (BTC) and Ether (ETH) trading as its principal means of trade. Registered as Gemini Trust Company LLC, the exchange also lists more than 50 other altcoins, comprising around 75 trading pairs available for the platform’s users. As a multi-currency exchange, it accepts both fiat and digital money, which is also one of the most prominent features of this cryptocurrency brokerage.
In addition, Gemini is the first company of its kind to offer cryptocurrency custody services. Other services that distinguish this exchange from the competition is its instant liquidity same-day withdrawals, and APY-earning crypto loans. The majority of Gemini’s digital assets are stored offline, in cold storage. It also offers a 24/7 customer support service.
Moreover, the Gemini exchange interface is basic enough for newbies and entrepreneurs to use, while still offering extensive trading alternatives for the more experienced and active traders. Namely, this exchange provides the Gemini ActiveTrader platform for seasoned investors where they can utilize various order types, block trading, as well as advanced charting to follow the daily movements on the crypto market in a more convenient manner.
The Gemini Dollar (GUSD)
The Gemini exchange platform has its native crypto coin built upon the ETH-20 standard of the Ethereum blockchain. According to the coin’s whitepaper, the Gemini Dollar (GUSD) is designed as a stable coin that is pegged to the US dollar in a 1:1 ratio. This concept is certainly a huge trust booster for all the future investors in the Gemini’s coin. What’s more, BPM Accounting and Consulting regularly assesses the value of the GUSD to ensure that it does not diverge from the US dollar.
When clients withdraw these blockchain-enabled dollars from the Gemini exchange, Gemini dollars are generated on the Ethereum blockchain. In accordance with the ERC-20 protocol, these withdrawals can be directed to any Ethereum account and safely stored there.
The Gemini token preserves all of the ERC-20 protocol’s characteristics, including smart contracts that eliminate the need for a middleman in transactions and preserve the cryptocurrency’s decentralized nature.
Gemini may not have the trading volume of its major competitors Coinbase and Binance, but it does provide a wide range of trading services backed by cutting-edge technology solutions for the ultimate security of its transactions and stored digital assets. On Gemini, crypto investors may trade Bitcoin and Ether for USD by using any of the following order types: market buy/sell, buy/sell limit, buy/sell stop, good-till-day (GTD), and OCO.
The Gemini exchange also facilitates crypto-to-crypto trading, which includes over 70 trading pairs. While the US dollar is so far the only authorized fiat currency for trading on the platform, the list of supported cryptocurrencies is quite long. Here are some of the entries: zCash (ZEC), Orchid (OXT), Bitcoin Cash (BCH), Dai (DAI), Litecoin (LTC), Chainlink (LINK), 0x (ZRX), Storj (STORJ), Dogecoin (DOGE), Tezos (XZT), etc.
Gemini users can buy and sell BTC and ETH with any of the supported crypto or fiat currencies. Deposits and withdrawals are possible via debit card or credit card (issued by American Express, VISA, or MasterCard), as well as bank transfers or ACH transfers.
Trading Fees and Limits
In general, Gemini offers three types of fees charged for trading cryptocurrencies on the Gemini exchange: trading fees, transfer fees, and convenience fees.
While trading costs, also termed as Dynamic Maker-Taker Fees, are levied for transactions performed by the platform’s traders, transfer fees are charges paid by Gemini users for moving digital assets from and to the trader’s Gemini account. There is also a third one, the convenience fee. This transaction fee is approximately 0.5% of the Gemini market price charged for a specific deal. However, this fee is variable and directly dependent on the current market conditions.
Gemini does not charge any additional deposit or withdrawal fees made from U.S. bank accounts or via wire transfers. When a user surpasses the amount of money they have allotted for payments, the exchange will charge a transaction fee.
Is Gemini Safe to Use?
This fiat and cryptocurrency exchange based in New York is the first one among the companies of its type to focus its cryptocurrency project primarily on its platform’s security. Namely, the Vinklewoss twins’ exchange implements a vast array of superb technological solutions when it comes to online safety. It’s also the first FDIC-insured exchange for USD in the world to be licensed and audited on a regular basis.
The Gemini exchange conforms to the Service Organization Control standards (SOC1 and SOC2) for online data security, confidentiality, and platform protection against cyber-attacks. Also, the trading platform employs two-factor authentication (2FA), which provides double-layered password protection of sensitive data from any possible breach of security or hacks.
Gemini provides its customers with a high level of 24/7 customer support that is second to none. During non-peak hours, you may expect to receive a highly professional response to your query within a time frame of two hours the most.
The Gemini support team generally contacts its clients by email, as it is their major communication channel. However, in exceptional instances, the customer support staff may contact the client over the phone.
The easiest approach to contact the support team is through their website, where you can fill in a contact form and submit your inquiry. The team also keeps an eye on their social network channels, which means that you can also message them through Facebook, Reddit, Instagram, Twitter, LinkedIn, etc.
In addition to Gemini’s dedicated efforts to ensure the ultimate safety of online transactions conducted through the exchange platform, the support team encourages their clients to report any suspicious activity they observe on the site, particularly in regard to data security (for instance: modified URL, logging in with difficulty and unusual changes of the login method, etc.).
Frequently Asked Questions
Here’s what you need to know:
Does Gemini provide a mobile app?
No, it doesn’t. However, even though Gemini exchange does not have a mobile app, you can easily access it via its website from all portable devices operating on both iOS or Android platforms.
What countries are supported by Gemini?
Based in the United States, Gemini exchange offers its services to the residents of all U.S. states, excluding Hawaii and Nevada. Moreover, this exchange platform can be also utilized by traders from more than 60 countries worldwide. This list includes the United Kingdom, Switzerland, Italy, Netherlands, Australia, Austria, Hong Kong, Singapore, South Korea, Turkey, Egypt, to name a few.
Does Gemini provide a cryptocurrency wallet?
All accounts registered on this crypto exchange include a built-in hot wallet for the safe storage of users’ digital money. However, the exchange holds the private keys to the Gemini wallet, but because it is one of the safest platforms, its users can be confident that their crypto assets are in safe hands.
What fiat currencies does Gemini support?
Gemini accepts the following fiat currencies: the US dollar (USD), the Australian dollar (AUS), the Canadian dollar (CAD), the Euro, the Pound sterling (GBP), the Singapore dollar (SGD), and the Hong Kong dollar (HKD).
The Bottom Line
Gemini is considered one of the safest exchange platforms in the world, and that’s for a good reason too. Namely, the Gemini development team is dedicated to providing the highest level of security for online transactions completed through the exchange platform since day one.
In terms of customer service, this exchange provides the ultimate customer experience by giving highly professional support for any query or issue a user may have. Email is the primary means of communication for Gemini’s customer support team.
The trading services offered by this exchange for both beginners and advanced traders and the commitment of its managing team to continuously upgrade the platform’s security measures and online data protection mechanisms, make Gemini the perfect trading spot for investors who place a premium on confidentiality and online safety.
|Exchange||Cryptocurrencies||Fiat Currencies||Trading Fees||Deposit Methods||Sign Up|
|More than 320||Australian Dollars, New Zealand Dollars||0.6%||Osko, PayID, Credit Card, Debit Card, Bank Transfer, Cryptocurrency||Visit Swyftx|
|More than 370||Australian Dollars||OTC: 0.1% Market Order: 0.1%* (applies to LTC, BTC, ETH, XRP, POWR, DOGE, TRX, NEO, XLM, GAS, RChain, RFOX, EOS) Instant Buy/Sell: 1%||POLi, PayID, Cash, Cryptocurrency, Bank Transfer, BPAY||Visit CoinSpot|
|More than 600||US Dollars, Australian Dollars, and 8 more||0% to 0.1%||Osko, PayID, Credit Card, Debit Card, Crypto||Visit Binance|
|More than 160||50+||0.1% to 0.6%||Crypto, EFT, wire transfer, bank transfer, debit card or credit card||Visit Bybit|
|27||Australian Dollars, US Dollars, New Zealand Dollars||0.05% to 0.5%||EFT, SWIFT, Osko, PayID, Crypto||Visit Independent Reserve|
|More than 210||Australian Dollars, US Dollars, New Zealand Dollars||Fees Vary||EFT, SWIFT, Osko, PayID, Crypto||Visit Coinbase|
|More than 50+||Australian Dollars, Pound Sterling||Taker: 0.04 to 0.1% Maker: 0.04 to 0.1%||Apple Pay, Google Pay, Credit Card, Debit Card, Bank Transfer, Fiat, Crypto||Visit CoinJar|
|More than 140||Australian Dollars, US Dollars, and 5 more||Taker: 0.10% to 0.26% Maker: 0.00% to 0.16%||Apple Pay, Google Pay, SWIFT, Osko, SEPA, Crypto, Wire Transfer, Bank Transfer||Visit Kraken|
|More than 15||Australian Dollars||Taker Fee (for Bitcoin pairs): 0.20% Maker Fee (for Bitcoin pairs): -0.05% Australian Dollars Market Pairs: 0.10% to 0.85%||Crypto, BPAY, EFT, PayID, Osko||Visit BTC Markets|
|More than 40||Australian Dollars, New Zealand Dollars, South African Rand||1%||P2P, POLi, and Bank Transfers||Visit Easy Crypto|
|More than 140||AUD||Taker fees: 0.85% Maker fees: 0.85%||Cryptocurrency, Bank Transfer, PayID||Visit Coinstash|
|More than 70||Australian Dollars, US Dollars, Euro, and 12 more||Vary||Online Banking, Skrill, Neteller, PayPal, Bank Transfer, Debit Card||Visit eToro|
|More than 645||US Dollars, Euro, Australian Dollars, and 6 more||0.1%||Credit Card, Debit Card, SEPA, PayPal, Wire Transfer, Crypto||Visit KuCoin|