GEMINI Review 2018

GEMINIReview

Gemini is an institutional and retail cryptocurrency exchange service that is owned and operated by Gemini Trust LLC, a company which was set up by the famous Winklevoss twins (who famously had a running battle with Mark Zuckerberg over the ownership of the Facebook concept). Started in 2017, Gemini is one of the few regulated cryptocurrency exchanges in the world. The brand operates out of New York City, New York.

The Gemini concept was inspired by the Gemini space mission of the 1960s which pioneered spacewalks. Gemini Trust LLC is, therefore, saying to the world that it intends to take cryptocurrency trading brokerage business to new frontiers, breaking new grounds in the process.

Regulation

The state of New York has a regulatory body which oversees cryptocurrency exchanges operating within its jurisdiction. Gemini is the first licensed digital asset exchange for individuals and institutions. Gemini is regulated by the New York State Department of Financial Services (NYSDFS).

Reliability

Gemini is one of the safest exchanges to do business. Gemini is subject to the security, capital reserve and banking compliance requirements of its regulator. Therefore, traders with Gemini can afford to sleep with both eyes closed, knowing their monies are safe.

Trading Platforms

Users of the Gemini service can expect to do business using the following platforms:

Gemini Web Platform

Gemini offers users a very simple web interface that allows users to trade cryptocurrencies. The web interface can be of the regular UI variety or can be of the sandbox type. Access to the trading environment requires secure login details.

gemini 1

An interactive chart, order book and various tools of analysis are featured on the Gemini platform.

Gemini Mobile Platform

Gemini does not offer a mobile app. However, the web interface (regular and sandbox) can be used without any problems on smartphones and tablet devices.

Instruments/Trade Types

Gemini’s main cryptocurrency assets are Bitcoin and Ethereum. Traders can buy and sell these freely and can also use them as deposit/withdrawal exchange media. The only fiat currency that can be used on Gemini is the US Dollar. Since it is possible to accept deposits with the US Dollar, users do not have to exchange their fiat for cryptocurrencies on another exchange before coming to Gemini to deposit same.

When it comes to trade types, market and pending orders on the Buy and Sell side of orders can be used. Orders can also be set to be valid within certain time limits. Order types are listed below:

  • Buy/Sell Limit
  • Buy/Sell Stop
  • OCO
  • Good-till-day (GTD)
  • Market Buy/Sell

Account Types

All users of Gemini are given the same account type, irrespective of the volume of their transactions.

Fees

Gemini charges two types of fees on its platform:

  1. Trading fees, which are charged on trades conducted by traders on its platform. This is also known as the Dynamic Maker-Taker Fee.
  2. Transfer fees, which are charged for moving funds into and out of the trading accounts that users hold on Gemini.
30-Day Trading
Volume (BTC)
30-Day Trading
Volume (ETH)
Taker Fee Maker Fee Auction Fee
0 0 25 bps (0.25%) 25 bps (0.25%) 25 bps (0.25%)
≥ 1,000 ≥ 20,000 23 bps (0.23%) 20 bps (0.20%) 20 bps (0.20%)
≥ 2,000 ≥ 40,000 20 bps (0.20%) 15 bps (0.15%) 15 bps (0.15%)
≥ 3,000 ≥ 60,000 15 bps (0.15%) 10 bps (0.10%) 10 bps (0.10%)
≥ 5,000 ≥ 100,000 10 bps (0.10%) 0 bps (0.0%) 0 bps (0.0%)

 As an example, a trader who executes a Buy Limit order for 10 BTC at a price of $1000 can expect to pay the following fees for the transaction:

Action Buy Buy
Order Type Limit Market
Amount $1,000 $1,000
Fill Price $100 / BTC $100 / BTC
Fee 0.25% 0.25%
Gross Purchase price $1,002.50 $1,000
Fee Paid $2.50 $2.49376558603491
Net Purchase Price $1,000 $975.06234414
Total BTC Purchase 10 BTC 9.97506234414 BTC

Deposits and Withdrawals Options

Deposits and withdrawals on Gemini can be performed using BTC, ETH and US Dollars. Therefore, the deposit and withdrawal channels are as follows:

  • Credit/debit card: Cards accepted are those of VISA, MasterCard, and American Express.
  • Local bank transfers from US banks.

Bonus and Promotions

Gemini does not offer any bonuses, and no promotion campaigns are run. These are against the US regulatory system rules.

gemini 2

Customer Support

Gemini’s customer support is delivered using the following channels:

  1. An online helpdesk.
  2. Live Chat
  3. Email: press@gemini.com (for press related inquiries)
  4. Facebook Group: www.facebook.com/GeminiDotCom
  5. Twitter: www.twitter.com/GeminiDotCom

Pros and Cons

Pros

  • Gemini is a fully regulated exchange.
  • US clients are accepted.
  • Very strict cyber-security protocols ensure the safety of traders’ funds.
  • Well capitalized and compliant with banking laws.

Cons

  • The exchange only accepts clients from the US. They are not open to the rest of the world.
  • Assets available for trading are only restricted to Bitcoin and Ethereum.

gemini 3

FAQ

Here are some of the most common questions that users and prospects ask about Gemini.

  • Is Gemini regulated?

Yes. Gemini is a regulated cryptocurrency exchange.

  • Where is Gemini based?

Gemini is based in the United States (New York to be precise).

  • How does Gemini make money?

Gemini charges transaction, transfer as well as dynamic maker-taker fees on all trading and deposit/withdrawal transactions.

  • How do I deposit in Gemini account?

Gemini accepts cryptocurrency (ETH and BTC) as well as fiat money deposits in (in USD).

  • How do I withdraw money from Gemini?

Gemini also accepts withdrawals in Bitcoin, Ethereum, and US Dollars.

  • How do I open an account with Gemini?

Opening an account with Gemini is easy. The user is expected to fill an online form and then pass through a thorough KYC verification process before an active account can be allocated to the applicant.

  • Is Gemini reliable?

The reliability of the Gemini cannot be questioned in any way. Gemini is a very solid platform.

  • Is Gemini a scam?

No. Gemini is a very legit exchange and is not a scam.

  • How safe is Gemini?

Gemini is one of the safest platforms that any cryptocurrency trader can use.

Conclusion

Gemini is one of the few regulated cryptocurrency exchanges in the world. Attainment of this status means that Gemini is a fully reliable broker which has put in place various means of protection for its clients. The fact that it has never been hacked is the testament to this. Traders who live in the US or are US citizens should seriously consider using Gemini as their source for Bitcoin and Ethereum trading services.

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GEMINIFeatures

Coins Available
  • Bitcoin
  • Ethereum
Accepted Countries
  • Canada
  • Hong Kong
  • South Korea
  • Singapore
  • United Kingdom
US Accepted
Yes

Payment Method

Deposit Options
Wire Transfer
Withdrawal Options
Wire Transfer
Company Information
Exchange DetailsInfo
Headquarters CountryUnited States
Foundation Year2015
Typeexchange
Trading AllowedYes
Contact Information

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