Gemini cryptocurrency exchange: Is it a suitable trading platform?
Advanced encryption techniques have led to the creation of cryptocurrencies, the budding digital currencies. The academic concept was brought to virtual reality through the emergence of Bitcoin in 2009.
However, Bitcoin grasped the attention of media and investors for the first time in April 2013. The value was recorded at a whopping $266 per Bitcoin. It magnified by ten times in the next two months. After that, it saw a dip by 50%, sparking a debate on its future existence.
With an increasing number of trading platforms, it is difficult to choose the right one. There are more than 200 platforms that support active trading. More and more users are finding their way into the world of cryptocurrency trading.
In this article, we bring you all the details about a trading and exchange platform called Gemini. It is accessible in all states of the United States, except Hawaii.
What is Gemini?
Gemini is a US-based cryptocurrency platform. It was founded by the Winklevoss brothers and first went live in October 2015. It is expanding its presence in Asia and Europe too. It is one of the best exchange platforms for people to start their cryptocurrency trading journey. You can sell, buy, and store digital assets on the platform.
Gemini gives access to a total of 26 tokens and coins. The platform offers services for both major cryptocurrencies and smaller altcoins. The users can transfer their USD from their bank accounts. The currency exchange platform is operational in the United States, the United Kingdom, Canada, Hong Kong, Singapore, and South Korea.
The main currencies available for exchange are Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), and Zcash (ZEC).
What does Gemini offer?
Gemini has about 26 cryptocurrencies under its domain. It includes Gemini Dollars (GUSD), which is their very own coin. With Gemini, you get to store and trade cryptocurrencies.
Gemini has a partnership with Samsung and leads the Samsung Blockchain. Users from Canada and the United States can link Gemini mobile app with their Samsung Blockchain wallet for trading coins.
The supported currencies are:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LTC)
- Zcash (ZEC)
- Chainlink (LINK)
- Dogecoin (DOG)
- Filecoin (FIL)
- Caspian (CSP)
- Bread (BRD)
- Loom (LOOM)
- Storj (STORJ)
- Numeraire (NMR)
- Golem (GNT)
- Decentraland (MANA)
- Flexacoin (FXC)
- Enjin Coin (ENJ)
- Orchid (OXT)
- OmiseGo (OMG)
- 0X (ZRX)
- Kyber Network (KNC)
- DAI (DAI)
- Basic Attention Token (BAT)
- Maker (MKR)
Funding your Gemini account
You can fund your Gemini account only through a bank account. The maximum funding limit daily and monthly are $500 and $15,000, respectively. You get a daily withdrawal limit of $100,000.
You can fund your Gemini account through a third-party wallet via crypto-to-crypto trading. However, you can do so in the case of only five coins – BTC, BCH, ETH, LTC, and ZEC.
Crypto savings through Gemini earn
Recently, Gemini launched a lending platform called Gemini Earn. You can choose the coin you wish to lend to an institutional borrower. In return, you earn an interest amount on the coin you lent.
Users can access their trading and earn balance on the platform along with the interest amount. The interest amount gets credited daily. It gets accrued at 4 pm (ET) on the following working day, once you move the funds to Gemini Earn.
Risks of Gemini earn
Gemini partners with third-party borrowers, including Genesis. These borrowers undergo the risk management framework of Gemini, which reviews the entire process of collateralization process. The balance sheet, cash flow, and financial analysis of the partners are done periodically to check the risk ratios and financial health.
Cryptocurrencies are volatile and subject to price variations. There is an investment risk present, and the traders need to judge their risk tolerance before investing in a coin. Gemini Earn has obligations towards returning funds. It is mentioned in the terms and conditions of their loan agreement.
How to Redeem on Gemini earn?
For the mobile application:
- Press “Redeem” on the coin of your choice.
- After entering the quantity of the coin, you wish to redeem, press “Continue.”
- After the confirmation, swipe right at the screen’s bottom to “Confirm” the redemption.
- The redeemed coin flashes in your Gemini trading account instantly. For a high-volume redemption request at the same time, it takes longer for the coins to reflect in your account. According to the rule, you receive the funds within five working days.
For the Website:
- Choose the crypto you would like to claim and click “Redeem.”
- Provide the details of the crypto quantity you wish to redeem and click “Continue.”
- After reviewing the confirmation page, click “Confirm.” You stop earning interest amount on the coin the instant you click for redemption.
- The redeemed coin appears instantly in your Gemini trading account after the process. For a high-volume redemption request at the same time, it takes longer for the coins to reflect in your account. According to the rule, you receive the funds within five working days.
Gemini Dollar (GUSD)
GUSD is Gemini’s personal cryptocurrency, curated for trading purposes. It is the first-ever regulated stablecoin. It went live in September 2018. The Gemini Trust Company is the sole issuer.
In the modern digital world, GUSD’s purpose is to project the value of the US Dollar. The currency is built on Ethereum. You get to experience the seamless creation and redemption of the coin.
GUSD has a backing of USD held at State Street Bank and Trust Company. You can use Gemini Dollar for lending, spending, investing, and other practical cases.
Gemini Active Trader
On the Gemini platform, you have the option of viewing your auctions, multiple order types, block trading, and advanced charting. These features are available to active users through the Gemini Active Trader interface. You get to keep track of the latest market rates.
The Active Trader has a fee schedule when you place an order through the interface. The gross trading volume determines the fee rate over a 30-day trading period. The fee is applicable in notional USD through Gemini’s block trading, continuous order books, and auction order books.
|30 day trading volume (USD)||Maker fee (%)||Taker fee (%)||Auction fee (%)|
Product incentive discounts of Gemini
The Active Trader users are eligible for a taker fee reduction of 0.005% for achieving the following benchmarks:
- When you clear and settle more than $10,000,000 of the aggregate notional value
- in any calendar month.
- When you hold an equivalent or greater value of $10,000,000, average notional value in any calendar month.
Gemini offers discounts, rebates, and incentives to certain users from time to time, including affiliates.
For Block trading, there is no maker/taker fee.
Gemini fee calculation
The fee is calculated as a fraction of the trade value (price x quantity of coin). The fee is either charged to the account or deducted from the trade execution’s gross proceeds based on the type of order. The fee is applied during order placement. For partial orders, the executed bit is deemed for trading fees.
Gemini charges the fee in quote currency or the second currency in the pair. For example, for a BTC/USD trade, the fee is charged in USD. For an ETH/BTC trade, a fee is charged in BTC.
Gemini charges a convenience fee that is 0.50% above the market rate. If you multiply o.50% (1.005) by the quantity of the coin, you get the convenience fee. Additionally, a flat transaction fee is applicable when you place your order through the web or mobile application.
Gemini charges 0.40% to users who have assets greater than one million USD and want to place their coins in the cold storage. There is an administrative withdrawal fee of $125 too.
On Gemini, you can spend your cryptocurrency straight from the wallet. Gemini has a partnership with Flexa. It allows you to buy physical goods from retail outlets using cryptocurrencies. Some of the notable retailers that accept the crypto mode of payment are Whole Foods, Home Depot, Nordstrom, and GameStop.
You can spend Bitcoin, Bitcoin Cash, Gemini Dollars, and Ether.
Gemini has launched the Nifty marketplace. It is a platform where you can sell or buy digital art.
Gemini has its in-house hot wallet and cold storage system for safekeeping your cryptocurrencies. The wallet is safe and secure, and the infrastructure supports all the listed assets. There are a few notable features that we address below.
Gemini’s industry-leading protections insure your assets against Digital Asset theft. The capital is stored in reserve as a New York Trust Company. Gemini has strong and extensive controls over the storage and production environments.
The up-gradation of the wallet infrastructure is a continuous process. It is done to accommodate new coins, optimize network usage and user experience. Gemini is the first exchange platform to launch SegWit full support. It offers native SegWit addresses.
Gemini delivers an incredible storage experience. In case of any roadblocks, it provides 24/7 customer support to all its users. The team answers all your queries and provides the best solutions.
Gemini Custody is an interface that provides secure and compliant custody solutions to manage and store your Digital Assets. It is regulated as a New York State Trust Company. You get to experience instant liquidity and same-day withdrawals for trading on Gemini Exchange.
The platform provides free setups with no minimums criteria. The service pricing is flexible. Gemini Custody has witnessed 200 million USD worth of insurance coverage. It is the largest limit that a crypto custodian has ever purchased. There are dedicated account executives who provide round-the-clock customer support.
Gemini Custody is compliance standards and capital reserve requirements of a traditional financial firm. The designated authorities regularly audit it.
The customers have the liberty to purchase additional insurance for their assets.
Features of Gemini custody
Some of the notable features are:
- You can trade directly from Gemini Exchange with your assets reserved in the cold storage. The withdrawals to exchange accounts get credited instantly. The funds’ movement is monitored with the best security and verification protocols.
- It provides multi-layered security architecture. There are several layers of biometric access controls, role-based governance protocols, and multi-signature technology to safeguard your assets.
- The platform has all the essential compliance in place maintains transparency with all its customers.
- You cannot access the custody infrastructure without using proper credentials. These credentials are safeguarded through hardware security modules (HSMs). It has attained the highest security ratings from the US government.
- Checking balance, accessing monthly statements, creating sub-accounts, transferring assets, and initiating withdrawals are very hassle-free processes. The Gemini Custody interface seamlessly integrates with the Gemini Exchange dashboard.
- There are different custody requirements of institutions and investors. It depends on the activity volume. Gemini works with every customer and chalks out an exclusive price plan for you.
It allows two parties to settle a trade of the order book. In these pre-arranged transactions, Gemini acts as a confirming third-party. It ensures that the settlement is attained timely while contemplating counterparty risks.
Gemini Clearing has no trade size restrictions. Its price point is very competitive in the market. For customers seeking additional control services, it offers a white glove solution.
Gemini Clearing also ensures immediate trade facilitation of Bitcoin and other cryptocurrencies. Both parties need to be completely funded to clear asset movements. Both the parties have to undergo Gemini’s AML requirements and KYC onboarding. It helps to ensure security and validation on a transaction’s both sides.
The transaction information is accessible only to the counterparties. Gemini does not publish the trade details on its market data feed.
Signing up on Gemini
There is a registration link present on the top right side of the landing page. The platform is compliant with all the New York securities, regulations, and trading laws. You will have to provide a lot more personal details than you would expect. But Gemini is very safe to use.
Full legal name, phone number, email address, proof of residence, bank account details, and valid government ID are some of the things you need to provide in the personal details form.
Trading necessities on Gemini
It is imperative to have a bank account associated with the platform. You cannot do transactions via a credit/debit card. You cannot transfer stablecoins from a different exchange. You can, however, trade crypto-to-crypto from another wallet. Gemini hosts five currencies – BTC, BCH, ETH, LTC, and ZEC.
Once you are set up with your account, you need to fund the account by buying crypto with cash. If you do not have an updated investor or institutional account, the maximum funding allotment you get daily is $500.
Gemini exchange features
Gemini has many excellent features. The platform is simple and user-friendly. It is a safe space for beginners to kick start their trading journey. Some of the notable features are discussed below.
Incredible user interface
The interface is neat and user-friendly. The tabs are strategically placed and within the periphery of your vision. They have all the information available in tabs that contain answers to all the questions/queries you can have.
All the products and their partners are listed on the landing page in the form of links. You can access all the information by clicking on each link. The information is written in an easy-to-follow language.
Gemini Mobile App
You can find the Gemini mobile application on the Google Play Store, Galaxy store, and Apple app store. It is compatible with Android and Apple interfaces. The app is free to download. You can get started on the app within three minutes! It is an easy installation process and lets you get started instantaneously.
Easy crypto payments
Now you can use your cryptocurrency to pay at certain retail outlets. Gemini’s partnership with Flexa has made this possible for customers. The users can spend directly from their Gemini wallet to pay for their physical products.
Exceptional customer service
Gemini has dedicated a section to blogs on the platform. It uploads the latest movements in the market. There are frequently asked questions highlighted that captures every possible query a user can possess. For additional doubts, you can write to them at email@example.com.
There is a “Help Desk” tab on the bottom of the landing page for registration-related help. You get directed to a page that features a chatbot. You can type your question, and a support executive will be at your disposal at the earliest. You can also choose the problem statement from one of the options listed in the dropdown menu.
Gemini takes the security of its infrastructure and the user’s Digital Assets as a top priority. It has three core principles:
- Protection against external threats
- Preventing misuse of insider access
- Protection against human error.
Gemini cold storage security
A major chunk of the users’ cryptocurrencies is in Gemini’s offline Cold Storage system. A small portion is held in the online Hot wallet, which is protected by insurance. The Gemini Cold Storage uses HSMs with FIPS 140-2 Level 3 rating or above.
The private keys are managed and stored for a lifetime on Gemini’s HSMs. The multi-signature scheme eliminates the probability of a single failure point. The HSMs are distributed geographically in access-controlled facilities.
Gemini hot wallet security
Gemini uses HSMs that have a rating of FIPS 140-2 Level 3 security rating or above. It follows the least-privilege principle by providing role-based access-control to the production environment. The protection is multi-tiered. Multi-factor authentication is required for administrative access.
Gemini account security
For account login and cryptocurrency withdrawal, you need to undergo a two-factor authentication (2FA). Gemini secures the hardware security keys through WebAuthn.
The platform allows the user to create an “Approved Address” list. It ensures that your crypto withdrawals are done on the approved addresses only. In case of suspicious behavior, it disables the crypto withdrawals from a user’s account.
For certain account operation, rate-limits such as the number of login attempts is controlled to prevent external attacks. All the passwords are encrypted to protect your personal information during transit.
Final thoughts on the Gemini review
Since its inception, Gemini has never faced any thefts or hacks or any sort of security compromises. The strong network and infrastructure security. Gemini’s cold storage security has been recognized to be of the US government security level.
Gemini is the best platform to buy Bitcoin, Litecoin, Bitcoin Cash, Ethereum, and Zcash. For digital asset offering, Gemini has an incredible user interface and amazing liquid order books. It is not advisable to leave your funds on an exchange platform. But Gemini is the safest space because of its multi-layer security features.
The fee schedules are competitive, and you save money on large order volumes. The timely discounts and rebates provided by the platform ensure the engagement of the customers on the platform.