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.
Step 1: Create your account
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.
Step 2: Verify your identity
To verify your identity you can upload a photo ID.
Gemini reviews this ID before allowing you to begin trading.
Step 3: Add funds to your account
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.
Step 4: Trade using continuous order book
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.
Step 5: Trade using Auction
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.
Step 6: Gemini Withdrawal
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.