Gemini is a digital currency exchange platform started by famous American twins – Cameron Winklevoss and Tyler Winklevoss, in June 2015. By owning nearly 1% of the world’s bitcoin, Gemini is one of the most legitimate trading exchanges.
Based in New York, Gemini allows users to buy, sell, and store digital assets like Bitcoin and Ether. This platform also enables users to exchange them for other digital or fiat currencies.
Gemini, unlike most other exchanges, is regulated by the New York State Department of Financial Services (NYSDFS).
Before its New York launch, the company became an entirely compliant and registered enterprise. It held the highest levels of capital reserves and banking standards.
Every effort, combined with intelligence, has enabled Gemini to be a world-class exchange of digital assets. The company is designed to stay completely ahead of all trading platforms in the world.
The Gemini platform provides rich features including a user-friendly design which is interactive and highly responsive. With an appealing framework, users can experience easy navigation and quick loading times by continuously connecting to a server. This aspect is important as it helps the users to immediately perceive the change of balance, order, and price.
Digital Asset Security
With advanced security features, Gemini provides two-factor authentication for withdrawals and other occurrences. It holds its customer’s digital assets using a modern technique called cold-storage (offline) and only a portion of the assets are in an online wallet. The Gemini website implements Amazon Web Services due to its proven track record in providing security. This type of security measure is essential when maintaining a financial account and handling large transactions.
Gemini supports Bitcoin, Ether, and US Dollar.
While Gemini supports a small range of virtual currencies, it aims to develop its exchange gradually but in an ardent way. Currently, Gemini does not offer the purchase of currency with a credit card or debit card but supports wire transfer. To perform this, the customer should link a bank account of either a domestic or international bank for trading purposes. US dollars are the only accepted fiat currency for deposits, withdrawals, and trading. Therefore, Gemini is adept to facilitate trade with real dollars, while other exchanges such as Bitfinex offer Tethre’s USDT and do not have direct BTC/USD trading. But, the Gemini exchange extends its support to provide users with an experience to trade with real currency.
Gemini’s dynamic fee schedule appears to be slightly tricky. This exchange allows market participants to be charged as low as a 0 bps (0.00%) fee on all liquidity-making trades and be charged as low as a 10 bps (0.10%) fee on all liquidity-taking trades. Find more here.
Average users have an approximate maker fee of 0.25% and taker fee of 0.25%, but these fees get reduced once a certain volume of trades is reached. The maker fee will drop to 0%, while the taker fee reduces to 0.15% after trading more than 10,000 BTC.
Gemini exchange provides an added advantage: no-fee deposits and withdrawals.
Gemini provides reliable and satisfactory customer support, which many customers believe is obligatory for any Bitcoin exchange. But before reaching customer support, the exchange offers an in-depth FAQ section which serves to help users get answers to most questions.
Any specific inquiries can be sent over an email. Gemini is attempting to increase its customer support efforts by responding to emails within a few hours, however, responses have also been known to take 2 or 3 days.
Many bitcoin industries are struggling to expand customer support and stay shoulder to shoulder with the rapid demand, yet there is still no phone support available on this exchange and unfortunately the same can be said for the majority of cryptocurrency exchanges out there.
Unique Custodian Service
Being a standard virtual currency exchange, Gemini offers two types of custodian solutions to its clients to minimise theft or loss – Depository Accounts and Segregated Custody Accounts.
By default, Depository Accounts are available for all Gemini customers for a zero-fee.
The Segregated Custody Accounts type offers an offline, custodied and secured storage known as Gemini’s proprietary Cold Storage system. This service is ideal for institutional customers such as mutual funds, exchange-traded funds, and hedge funds.
Obtaining a license by the New York State Department of Financial Services (NYDFS), Gemini holds a banking relationship with the New York State-chartered bank that helps to retain all its customer’s funds and ensures that they have the required monetary reserves. Additionally, Gemini is obliged to maintain and fulfill necessary cyber security measures.
Public Opinion / Online Reviews
There are many cryptocurrency companies in existence on the market, but very few have exposed their identities. The Winklevoss brothers have publicly revealed their identities, launched the business and built a regulated trading environment. These factors have all enabled the platform to earn people’s trust and help Gemini to be considered as one of the most legitimate exchanges. It is interesting to assess the public opinion on the Gemini exchange – although very few user reviews are available, there is no expression of dissatisfaction.
Pros and Cons of Gemini Exchange
- Relaxed transaction fees
- Efficient and effortless platform
- A small selection of coins
- Minimal customer support options
Gemini has evolved to be one of the most preferred and reliable exchanges by providing an excellent service and by gaining the trust of the public. Gemini has had its run of challenges during the developments of Bitcoin hard forks and its own improvements in infrastructure and performance, but today it stands as one of the strangest crypto exchanges on the market. Its transparency with its customers is a big draw factor, especially in an industry plagued by volatility, mistrust and unknown identities.
Gemini’s major drawback is that it doesn’t have a large range of altcoins to trade and this has crippled regular traders. But, for Bitcoin and Ethereum in particular Gemini is an absolute exchange platform to consider trading on.
Featured Image: twitter