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Gemini was established in 2014 and has since hailed as one of the most important and widely-known crypto exchanges. Gemini is keen to earn the trust of its users which is outlined in its four pillars: product, security, licensing and compliance. The “security first” mentality of Gemini is what attracts many of its customers.
In short, Gemini has managed to live up to its claims and is now a New York Trust Company. This essentially means that its certified crypto company operates under the supervision and in cooperation with the New York Department of Financial Services. However, this can have a downside with many limitations placed upon the company. Read on for a comprehensive Gemini review.
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An important part of our Gemini review is to ensure that the website is usable. This is one of the key concerns for many exchange customers.
The Gemini website is extremely intuitive and beginner-friendly. The interface is bright, simple and easy to navigate. Despite this, it is still suitable for experienced traders due to the more advanced options on the website.
The dashboard
You can easily create an account with Gemini by clicking the registration link on the landing page. One thing that can put users off is the amount of personal information required to register.
However, this is simply because Gemini is fully regulated and compliant with all New York securities and trading laws. This requires your email address, phone number, bank account details, and ID.
After you’ve set up your account, you are only a few easy clicks away from buying Bitcoin and Ethereum.
Gemini website features
Payments on Gemini are very straightforward thanks to its partnership with Flexa. This enables customers to spend cryptocurrency from the comfort of a Gemini wallet easily.
In terms of what deposits are accepted, Gemini allows deposits made by ACH (automated clearing house) in the US, and wire transfers from everywhere else. Deposits in Bitcoin and Ether are also accepted.
Wire transfers on Gemini may be subject to fees depending on the bank the money is sent from. However, other payment methods are free to deposit.
In addition to this, users will be required to pay a network fee on either Gemini Bitcoin or Gemini Ethereum deposits.
Gemini funds processing time:
Gemini minimum deposit/withdrawal
Gemini exchange has a wire withdrawal minimum of $100. The Gemini withdrawal limit currently stands at $10,000 per day. However, there is no limit on Gemini minimum deposits.
Gemini is known for its impressive customer service. In fact, it prides itself on it with FAQs littered across the site to answer any questions you may have. Gemini reviews well for customer service on multiple websites and it’s easy to see why.
All of these features make Gemini’s customer service extremely reliable and ideal for beginners who might have more questions than others.
Gemini aims to create the world’s safest cryptocurrency exchange and seems to be doing a great job at it! So far, it’s never been hacked, stolen from, or otherwise compromised in any way. Gemini scams are yet to be heard of. Gemini reviews it’s security constantly as that is one of its main foundational pillars.
Gemini is also regulated by the New York State Department of Financial Services which means that its portfolio of cryptocurrencies are all safe and approved.
The exchange is very much “security first” and puts many more security measures in place in comparison to other exchanges. An overview of Gemini’s security is as follows:
So, is Gemini safe? Very much so.
Let’s kick off our Gemini review with a look at what cryptocurrencies can be exchanged. Gemini only lists the safest of coins, Bitcoin and Ethereum. It only supports these two options as Gemini aims to be a highly trusted and institutional-friendly exchange.
If it were to support newer cryptocurrencies, this could be a risk as they haven’t been in the market for long enough. Gemini wants to avoid having to remove any coins from the website as this could damage the trust it has worked so hard to build with investors. This means that Gemini won’t support popular cryptocurrencies such as Ripple due to security concerns.
In 2017, Gemini futures were added to their list of services, with special focus on Bitcoin.
Gemini users will have to pay a network fee for either Bitcoin or Ethereum deposits.
Gemini prices can differ slightly from other exchange platforms. This is because it depends on your 30-day trade volume and there are six different tiers of fees. The fees range from those occasional light traders to those trading high volumes. The higher the volume the lower the fee.
Fees are recalculated every day at midnight and there is no charge for the first 30 monthly withdrawals. Gemini’s withdrawal fees are notoriously low.
Overall, Gemini’s trading fee for takers is 0.35%.
Gemini is a New York trust company regulated by the New York State Department of Financial Services (NYDFS) and it operates worldwide.
As Gemini is regulated by NYDFS it must comply with consumer protection and digital asset regulations. There is a slight drawback of being regulated as Gemini will face certain limitations. For example, it wants to expand beyond just Bitcoin trading but it must wait for government approval for each new coin.
Whilst this may make expansion slow, it does mean that Gemini’s portfolio of coins is all guaranteed to be safe to trade. Gemini reviews its coins regularly to ensure compliance.
Gemini is also part of the Virtual Commodities Association (VCA) and is working towards developing a self-regulatory organization, which might ease some limitations.
In order to begin Gemini trading, you must set up an account. On the sign-up screen, you will be given the option to either sign up for a personal account or an institutional registration.
Most will select the personal account and fill in your email address and password. You will then be sent an SMS code to verify it’s you setting up the account.
To verify your identity you can upload a photo ID.
Gemini reviews this ID before allowing you to begin trading.
You can fund your account by adding a Gemini deposit. One of the most common ways of doing so is via bank transfer because Gemini will let you start trading right away whilst your funds are processing.
If you wish to do a cryptocurrency deposit you will simply need to copy your Gemini wallet address for the coin you want to deposit and paste it in the withdrawal order for your wallet.
The minimum amount when purchasing Bitcoin is 0.0001 BTC and for Ether it is 0.001 ETH. ACH transfers have a limit of $500 daily maximum and $15,000 monthly.
You can click “buy” from the right-hand side menu on Gemini.
After choosing the currency pair you wish to trade, the continuous order book will pop up. You can now click on the amount you want to trade at the bottom.
After filling in the amount you want to trade, the rest of the order will fill in.
This screen will allow you to see what’s available at higher or lower prices.
This simple chart gives traders a lot of information which is perfect for both beginners and advanced investors.
An alternative way to trade is via Gemini’s auction option. This is mainly used by more advanced traders.
You can choose a market order (final price), a limit order (minimum/maximum price you will buy/sell at) and then press buy.
Auction orders are available for the BTC/USD, ETH/USD, LTC/USD, BCH/USD and ZEC/USD pairs.
Withdrawing money from Gemini is simple. To begin with, click “Withdrawal Funds” on the side menu. You can then click on bank transfer or on the specific coin you want to withdraw. The Gemini withdrawal limit is $10,000 per day.
You will need to make sure your bank details are filled out on your profile for a bank transfer.
For a cryptocurrency withdrawal, simply fill in the amount you wish to take out, click “review” and then confirm. Carrying out a Gemini Withdrawal is made very easy.
Gemini has a fairly mixed reputation online. For example, on Trustpilot Gemini has a disappointing review total of 2 out of 5 stars, giving it a “poor” rating.
The key takeaways of negative reviews are that too much information is required to sign up and money is required upfront.
However, other exchanges and cryptocurrency sites hail Gemini as safe, beginner-friendly and an efficient way to trade coins. Gemini scams are nonexistent and the site even has a FAQ section on how to avoid them!
This mixed reputation could raise some red flags with future users which is understandable. A lot of information is required to verify one’s identity which will certainly scare away many customers. However, the key reason for this is to maintain its high security and comply with regulations.
Perhaps if Gemini were to become self-regulated in the future, this could bode well for potential users.
Gemini is a great exchange if you have uncomplicated needs and wish to buy Bitcoin, Ethereum, Litecoin, Bitcoin Cash, or Zcash. However, if you are wanting to buy other assets or those don’t interest you, then it wouldn’t be worth your time to sign up.
Essentially, Gemini serves a very specific purpose with limited cryptocurrency to trade. However, it does so with finesse. The website is slick, smooth and easy-to-use. The security is incredible and really boosts the exchange’s credibility. The fact that Gemini is fully licensed, secure and trustworthy makes it a winner in our books. The low Gemini withdrawal fees are also an added bonus. In fact, the overall Gemini price is low.
However, the Gemini exchange isn’t perfect for all traders due to the mere handful of coins traded. The limited Gemini deposit options also may put some seasoned traders off. On top of this, the great deal of personal information required to sign-up could be a sticking point for many.
To summarise, Gemini is certainly worth your time if you are a beginner trader looking to trade a limited selection of coins. The simple interface and abundance of customer service help at hand will be a great introduction to the Gemini markets. Gemini trading fees are low which provides a low-risk blanket for newbies. You can also rest assured that your assets would be in safe hands.
If you are an advanced trader that doesn’t want any limitations, Gemini just might not be the one for you. Despite this, though, Gemini’s future looks bright.
Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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