SafetyGemini is considered to be one of the safest exchanges as all its accounts come with 2FA protection (2FA basically ensures that hackers cannot login to your account even if they have your account details.) It also is governed by the Bank Secrecy Act (BSA) and Anti-Money Laundering rules (AML). Clients are also eligible for Federal Deposit Insurance Corporation insurance security for deposits made.
UsabilityThe registration process is intensive and requires users to provide personal information to unlock different trading levels. Gemini has its own wallet but users are advised to store their coins elsewhere. (It is considered not safe to store cryptocurrency online and one should make use of more secure options like hardware wallets -- Ledger Nano S and Trezor are good options). Gemini does have a mobile application as well.
Trading and FeesUsers can either trade one cryptocurrency for another or purchase cryptocurrency using fiat currency. Wire transfer and ACH deposit are the only two methods available to deposit and withdraw. One major drawback of Gemini is the fact that it only supports Bitcoin and Ethereum. Gemini does not charge any deposit or withdrawal fee, but a minimal transaction fee exists. This fee depends upon a user’s trade volume over a period of 30 days. For light traders, a 1% fee is charged (0-5 Bitcoin or 0-50 Ether). When trading over 2,000 Bitcoin or 20,000 Ether, a 0% maker and 0.1% taker fee is charged.
Gemini Exchange Review of Unique Features
- Users can earn referral credits for every new user registering to the site. Many users compensate their fees by making use of this feature.
- There are several rebates and discounts for traders trading in large volumes. This mechanism may seem like a conventional auction but its functionality is more like that of a stock exchange.
- There is a “Sandbox” feature for new users. This serves as a practice account and one can use this to get accustomed to Gemini. Users need to validate their mobile number to avail this feature along with 2FA protection.
- Another feature is set to be introduced to provide for higher liquidity when trading in large amounts. This feature is called “Block Trading”. This feature will allow users to trade in large amounts without the order being filled on the continuous trading order book. The minimum trading amount required to use this feature is 10 Bitcoin (Or 100 Ether).
How Do I Register on Gemini Crypto Exchange?New users are required to register their email with Gemini and secure their account with a password. Users must then enter their phone number and location. After the completion of this step, 2FA can be activated to provide extra security. As Gemini is governed by the BSA and AML, in order to verify your account, users must upload some form of identification issued by the Government. Once your account has been verified, (the amount of time taken is dependent on the total number of applications under consideration) you can trade in Bitcoin and Ethereum.
Order TypesThere are 5 different types of orders a user can indulge in to trade in Bitcoin and Ethereum. Users can now trade in a manner which suits them.
- Limit Order - Items can be fixed at a specific trading price which may be more or less than the trading price. If a quantity is not traded against or remains unfilled, it remains on the continuous trading order book.
- Immediate or Cancel Order (IOC) – An IOC Order is similar to a Limit Order. The only difference between the two is that an unfilled quantity does not remain on the continuous trading order book and is instead canceled.
- Maker or Cancel Order (MOC) – Items resting on the continuous trading book can be canceled immediately if any portion of the order can trade against the resting order.
- Market Orders – Market Orders are immediately filled. This is done against resting orders.
- Auctions - The auction feature creates great buzz on this platform; Auctions take place twice a day and large-volume transactions are made. Orders are bought or sold by traders and eventually matched at a single price.
Gemini Overview PROS and CONSSo wrapping up our Gemini Exchange Review for 2018, here are the final pros and cons.... PROS
- Gemini is highly secure and provides for 2FA protection even in “Sandbox” accounts.
- High liquidity and easy to use. The GUI is fantastic and beginner-friendly.
- Low transaction fees are charged and users can earn rebates and discounts.
- There are several order types available and users can choose according to their general need.
- No deposit or withdrawal fee is charged and fiat currency is accepted.
- Gemini supports just two cryptocurrencies, Bitcoin and Ethereum.
- Gemini is not available the world over and its customer support is not that great.
- Gemini does not allow for margin trading