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Gemini Exchange Review : Features, Fees, And Beginner’s Guide

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About Gemini Exchange

Gemini Exchange was founded by Tyler and Cameron Winklevoss in New York City in 2014 with the goal to build a “world class” marketplace for digital assets. They believe digital currencies have the ability to change the way the financial system operates and aim to make that a reality by building a secure platform for individuals and institutions to buy, sell, and trade cryptocurrencies.

Gemini Exchange a licensed digital asset exchange and custodian built for both individuals and institutions. Gemini Exchange are a New York trust company regulated by the New York State Department of Financial Services (NYSDFS). Gemini is a fiduciary and subject to the capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the NYSDFS and the New York Banking Law.

Gemini is one of the sector’s most well Trusted exchanges and acts as a bridge between the more traditional financial markets and the cryptocurrency ecosystem. Gemini Exchange also brings a high level of professionalism to the market and provides a high class service that is lauded by its customers.

Setting up an account is very simple. Although it does take 3-4 days for verification. After inputting all of your information and phone number that has the ability to receive text messages, you have to scan and upload your government issued ID and a current utility bill and that can’t be a bank statement. It has to actually be a utility bill that comes to that address under your name.

Gemini Exchange Features

  • Worldwide Reach- One of the best aspects of Gemini Exchange is the extent of its global reach. It’s incredibly frustrating for a new cryptocurrency investor to hear about a great exchange, only to learn it’s not available in their country. Gemini Exchange isn’t truly universally available, but it is more widely available than most of its competition.Gemini Exchange is currently available in all US states except Nevada and Hawaii, Great Britain, Puerto Rico, Singapore, Hong Kong, and South Korea. Gemini exchange Canada is another option. Gemini exchange is always expanding its global reach, so if it’s not currently available in your country, stay tuned and this might change.
  • Functionality – The Gemini Exchange platform is well designed and easy to use. The interface is kept relatively simple and provides a smooth and efficient user experience. Key data on prices, orders, and balances update instantaneously, which keeps the platform extremely responsive, and allows users to stay on top of their dealings.
  • Customer Support- Gemini exchange documents a great deal of helpful information in an ever-updated FAQ and ongoing Gemini Exchange blog. For questions not resolved via these channels, Gemini handles person-to-person customer service needs via email, with answers received within a few hours. This process can be delayed in times of high network strain, but in most cases people seem happy.
  • Top Layer Security- As you’ll see in many reviews, Gemini takes security very seriously. The majority of their customer’s digital assets are stored offline (also known as “cold storage”) and offsite to reduce the risk of theft. The small portion of their customer’s altcoins that are stored online (also known as “hot storage”) are hosted by Amazon Web Services and have tiers of access-controls to ensure the safety of your assets.
  • Easy Transfers-You can easily transfer bitcoins, Ethereum, or US Dollars between your Gemini account and your bank account or another crypto wallet.
  • Free Deposits and Withdrawals-All Gemini Exchange users are given 30 free withdrawals and unlimited free deposits every month. Past the initial 30 withdrawals, fees are relatively low: .001 BTC for Bitcoin and 0 ETH for Ethereum.

How To Create Account At Gemini Exchange

The first step is to create a Gemini account.  You need your name, email address, a new password, identification documents, and bank account information to open a Gemini account. To start, choose “open a personal account” from the Gemini homepage.  Then enter your full name, email address, and password.  Press Create My Account to continue.

Gemini-Registration

2.Confirm Email

Gemini must confirm your email.  You will receive an email from Gemini containing an activation code.  Enter that activation code into the space provided by Gemini and continue creating your account.

After verifying your email address, it’s necessary to:

  • Enter both your location and phone number, after this you can set up 2-Factor Authentication (2FA) which adds an additional layer of security to your account.
  • Add the bank account that you will make transfers to and from. Gemini currently only accepts bank transfers and wires as the methods for depositing funds.
  • Upload your ID. In order to verify your account you are required to upload government issued forms of identification. This allows Gemini to comply with the Bank Secrecy Act (BSA) and Anti Money Laundering (AML) regulations. This also allows its users to deposit, withdrawal, and trade in US Dollars. The verification time depends on the number of applications being processed and can take anywhere from a few to several days.

3.Complete Account Creation

Gemini Exchange provides a step-by-step registration process. You must set up two factor authentication on your phone, add a bank account, verify your identity, and upload your identity documents.  Follow each step to complete your registration process.  It may take Gemini several days to verify your identity.

Gemini-Registration-Process

Make a Deposit

Navigate to Transfer Funds via the Menu, then access Deposit into Exchange and Bank Transfer. From here you can enter the amount you want to deposit. Bank transfers are limited to a maximum of $500 a day.

Buy Bitcoin and Ethereum

Deposits made via bank transfer, are immediately available for trading and you can make a purchase by navigating through the Menu and selecting your preferred trading pair. For example, BTC/USD for Bitcoin, and ETH/USD for Ethereum.

You just enter the price and quantity and process your buy order. There is also the option to make trades via the marketplace which houses market orders provided by other users.

Gemini Exchange Fees

Gemini Exchange Fee

Gemini exchange fees can seem pretty complex if you look at charts like these, and the even more complicated ones on their website. However, all of this math belies a simple reality: almost every user will pay 1% for every transaction they make, buy or sell. This is well higher than the 0.25% Gemini exchange fees we enjoyed until recently, but it’s still well less than what Coinbase charges. Fiat>Crypto exchanges have to charge more than crypto>crypto exchanges for many reasons, but mostly because they have to jump through many more hoops legally and security-wise.

As you can see in the chart above, fees go down the more you trade in any given 30 day period. For the most part, this will only apply to very high-volume traders, as most crypto investors don’t move more than 5 Bitcoin or 50 Ethereum in a single month. If you manage to get up to 2,000 Bitcoin or 20,000 Ethereum traded in a month, your fees go down to 0.10% and 0.0% for buyer and sellers. Of course, you’ll have to be at a Winklevoss level of cryptocurrency investing, probably, to hit these sky-high marks.

Withdrawal limits

For depositing or withdrawing in/from either personal or institutional accounts there are no deposit limits. For bank transfers via ACH there are the following limits:

For individual accounts:

Type of TransactionLimitSum
DepositDailyUS$500
DepositMonthlyUS$15,000
WithdrawalDailyUS$10,000
WithdrawalMonthlyUS$100,000

 

For Institutional accounts:

Type of TransactionLimitSum
DepositDailyUS$10,00
DepositMonthlyUS$300,000
WithdrawalDailyUS$10,000
WithdrawalMonthlyUS$100,000

Transaction processing times

Wire transfers sent before 3.00 p.m. ET are available in the sent account in one less than one day.

Bank transfer deposits though ACH (Automated Clearing House) are available in approximately 4 to 5 working days.


Gemini Order Types

Gemini also operates a marketplace that runs for 24 hours a day, 7 days a week. Here, users can submit as many orders as they like with a variety of trading options. These include:

Market Order: Market orders are super simple. They let you buy Bitcoin or Ethereum at the best price currently available on Gemini exchange.

Limit Order: Limit orders only go into action when the price of Bitcoin or Ethereum hits a price you specify when making your order. Limit orders are most often used to make orders at a lower price than what is currently available through market orders.

Immediate or Cancel (IOC) Limit Orders: With IOC limit orders, you’ll specify a price at which you’d like to buy Bitcoin or Ethereum. Unlike a simple limit order, however, the order will only be filled if the price is hit, and the order will be cancelled thereafter, even if it’s not completely filled.

Maker or Cancel (MOC) Limit Orders: You specify a price. If that price is currently available on the market in any quantity, your order gets cancelled.

Auction-Only Limit Orders: Your orders sits on the auction order book and is filled at or better than your specified price when the auction is complete. Any leftover quantity not filled is canceled.

Indication of Interest Orders: Uses Gemini’s block order technology to search for volume for large orders of Bitcoin or Ethereum. This way, you won’t buy everything available and sink the price. It’s basically a way to send up a signal flare saying “hey, I need a bunch of crypto”. When liquidity is achieved, your order can be filled.

Disadvantages Of Gemini Exchange

  • Supports Limited Currencies. 
    The platform currently only supports Bitcoin and Ethereum, with no plans to add other altcoins at this time. If you’re interested in buying, selling, or trading other crypto, it may not be the right cryptocurrency exchange for you. Also limiting is the fact the US dollar is the only fiat currency the site supports.
  •  Strictly a Marketplace. 

    Since Gemini Exchange operates similar to a stock exchange, you can only buy, sell, or trade your altcoins on the platform. To spend your cryptocurrency or USD elsewhere, you must withdraw your funds to your bank account or crypto wallet. If you like your assets to be readily available, an exchange that offers a wallet would be a better option for you.

  • Fees are Dependent on Your Trading.
    While a variable fee schedule can undoubtedly be a good thing, it can be a disadvantage if you are trying to calculate the fees you will pay. Fees vary based on whether you make or take liquidity as well as your gross trading volume over a 30 day period. All of these variables can make it more difficult to determine the exact amount your fees will total.
  •  No Mobile App. 

    While the exchange site is mobile-optimized, they currently do not have an app. If you’re doing your trading on-the-go, a marketplace with an app may be a necessity for you.


Gemini Exchange Alternatives

Gemini exchange has a number of alternatives. We’re not just talking about Coinbase, though this is the most prominent example.

The Verdict?

Gemini is a trusted platform that complies with the regulations of the digital assets industry. It operates on a high level of professionalism and security. It offers customer protection and support to all users. It also provides a low transfer fee policy and allows free deposits of cryptocurrencies. If you’re looking for a secure cryptocurrency exchange where you can trade Ethereum and Bitcoin effectively, you can count on Gemini.

This article is writing on 17 May 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: support@coinworldstory.com Or Whatsapp Us- 918077121282

 

 

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