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Review of Gemini
Review of Gemini

Gemini Exchange Review, Account Opening & Trading Guide 2018

Gemini- Introduction

Today we will talk about Gemini exchange. In this article, we will evaluate how a user can open an account, its merits demerits, public opinion, currency support, security, trading options and in the end we will answer to the frequently asked questions from the user’s point of view. Gemini exchange is one of the world’s biggest platform for cryptocurrency exchange. The Winklevoss twins in 2015 start Gemini exchange. Within a year according to the report of CNBC Gemini becomes the world’s first licensed ether exchange. It is a US-based exchange also operating in UK, Canada. The main competitors for this exchange include Coinbase, Kraken, and Bitstamp. These all exchanges enable the user to trade cryptocurrency and fiat currency on an open market at a nominal cost, transferring of money from or to the bank is also possible. Gemini exchange is the best tool for advanced traders, and it has a simple user interface that even a beginner can understand it easily. Moreover, it is facilitating the users to buy bitcoin and store it securely on the password protected site with a composite system of private keys. These private keys are for securing the user account. It has a feature that it allows the user to contain a small percentage of Bitcoin online and the maximum amount of Bitcoin to be stored offline to minimize the risk of hacking and loss due to any problem. However, even experts suggest holding user’s currency stored offline in a wallet and not online on the exchange.  The exchange is not only famous for its work, but it is also well known for its founder that Winklevoss twins, who sued Mark Zuckerberg for stealing their idea of Facebook in 2008. They got $65 million of money from the claim against the founder of Facebook. These brothers use that money for good, and they invested the money in the Bitcoin business in 2013. They bought the Bitcoins of worth $11 million when the price of the Bitcoin was $120.00. By this investment, the stock of Bitcoin has skyrocketed them. The twins are said to have the first “bitcoin billionaires” in 2017, December.  So, in 2015 they created the bitcoin exchange known as Gemini exchange.

Gemini Review

Gemini is different from the other exchanges. What makes Gemini different from other exchanges is its grip on the rules and compliance. It’s the first US-based exchange registered for both bitcoin and ether trading. This exchange aligns itself with the financial, legal organizations, and the legality gives this exchange an edge over other exchanges. This exchange supervised by the NYSDFS a New York financial service department, according to them this is a trustworthy company, means it can manage the average cryptocurrency traders to the big organizational investors. It is not only appealing because of its visuals that can manage a big volume of traders but also the prices.  Fees range from 0.00% to 0.25% depending on the 30 days trading capacity of a user. But the heavier is the volume of the trade slimmest the fees for the trade. If a user is a beginner, then he has to pay the higher value of the pricing spectrum. But the highest price is 0.25% which is not high as compared to the other exchanges in the market. This exchange has a simple process to open an account on the Gemini. Even a newbie can get an easy and understandable excess.

How can you pay at Gemini? Currency Support

A user can pay through fiat currency and cryptocurrency. The cryptocurrency contains few pairs of currencies including BTC/USD, ETH/USD, and ETH/BTC. It means it supports only two cryptocurrency options Bitcoin and Ethereum and USD from the fiat currency options. Gemini does not charge for deposit of funds even if it is a wire transfer from the local banks of the USA. But the international banks charge a fee for the currency conversion to deposit funds in the account. The withdrawal of funds is free in Gemini exchange if a user withdraws 0-10 per calendar month. But if a user will choose an amount for deposit more than the limit defined by the exchange that he has to pay fees that are reasonable. For Bitcoin, it is 0.002%, and for ETH it is 0.001% while the transfer of funds by wire transfer is still free even above the limit.

In which Countries Gemini has offices? Geographical locations

Gemini operates in almost every state of USA. People from 46 U.S. states, Puerto Rico, Washington D.C, Canada, Hong Kong, South Korea, Singapore, and the U.K have full access to the trading options of the Gemini exchange. Gemini supports US Dollar wire transfers from the banks located nationally and internationally. Gemini does not charge any fee for the deposit and withdrawal of funds via wire transfer. But a user has to pay currency conversation fee if he is funding his account using an international bank account. Gemini is looking for the approval from Government for opening its exchange in the remaining states of the USA and other areas around the world. If Gemini exchange is not currently in the area of the user he can sign up and register his email; the exchange will make sure to notify the user when they will expand to his area.

Gemini Fees?

The Gemini exchange calculates fees in “bps” units. The basic fee for all the liquidity making and taking for each trading pair is 25 bps (0.25%). However, the fee for each trading pair determines the total trading volume on both the auction and continuous order books for that trading pair over 30 days. The trading fee for any currency pair will reduce with the increase in the volume of trade. The maker fee is reduced to 0% if the user will trade more than 5000 Bitcoins and 100,000 Ether coins, similarly, the trading amount for taker reduces to 0.10%. Gemini takes different fees for the maker or the taker depending upon the trading volume. Gemini exchange does not charge for the deposit of funds via ACH, wire transfer but if the user has to transfer funds via bank account, he has to pay the deposit fee. Deposit of the USD in the account is free. The exchange will not charge for a wire transfer or ACH deposits. But, there is a fee for wire transfers via bank account.

User Security at Gemini?

Gemini offers good security measures for the user’s account. The majority of digital assets of a user kept in exchange’s offline air-gapped storage system known as cold storage. Only small amount of assets held online in wallet known as “Hot Wallet.” The Hot Wallet settings are in the hands of Amazon Web Services. It has a track record of the physical and internal security. Tiered access control program is applied on the production settings to limit the access of employees even if the administration wants to access the production settings they require to follow the multi-factor authentication code. The cold storage flourished with enhanced security techniques. Gemini exchange uses Multi-Signature technique to offer security against hacks. Gemini exchange is a safe and reliable exchange. Users can trade with their pre-funded accounts. All fiat funds of users are in an omnibus account in an FDIC-insured bank of USA. 2FA authentication is also necessary for user’s accounts. A strong password is necessary for every account of the user. All passwords must meet the mentioned criteria at the exchange.

How responsive is the Customer Support of the Gemini?

Gemini exchange documentation about user’s support is quite extensive which is good. They describe everything in detail under the tab of Gemini help center from general information to the transfer information, from trading options to security information or user can get answers to the frequently asked questions from the different users. But if the user has any query not described by the Gemini exchange he can submit a request about his query and the customer support of the Gemini exchange will respond to those requests. The request contains the information about the user email address, a category for which he wants to ask either trading errors, opening an account, closing account, etc. The user must describe his issue in detail. According to the message from the exchange, they respond to a user query as soon as possible for them.

Public Opinions/ Online Reviews about Gemini

Different people have different reviews about the Gemini exchange. Everything has some good and some bad reviews about it similar is the case with the Gemini exchange. According to some people, Gemini is one of the most secure exchanges for cryptocurrencies for the US people. The company protects users account in a very satisfying way. It stores all the currencies offline. The 2FA authentication method guards the logging process which attracts the users towards it. It also offers low fees. Meanwhile, other users think it is not good to use Gemini exchange. According to the experience of one user he like the low fee structure of Gemini at first place but when he open account on the Gemini exchange it takes more than a week to complete the verification which is even slower than low rated exchanges of the market. Few people have issues that the customer support did not respond in time; it takes months and months a user emailed about the trading errors to the Gemini exchange more than six times in several months, but they did not respond to him, and similar reviews people have about the Gemini exchange.

Our Concluding Remarks – Is Gemini a good Exchange?

Gemini is a compact exchange that holds a good reputation in the view of the public. Gemini exchange acts as a doorway to the world of cryptocurrency business, and many people use it as a first platform for the purchase of Bitcoin and Ethereum. It allows its users to make deposits and withdraws via bank account directly just like Coinbase. This point is a ground for Gemini exchange to establish its reputation among the cryptocurrency traders.  The exchange has room to grow, and a user can make some improvements to increase its service related to currency pairs. But if a user is looking for trading with Bitcoin and Ethereum with peace of mind than Gemini is a good choice.

How to trade at Gemini? Complete Trading Guide

Trade can be possible by funding your account with the funds. After a user-funded his account now he can click on the transfer funds button from the main menu of the Gemini exchange. A user can put funds into an account at Gemini by few different ways. Using bank account and using external ether and bitcoin wallet. The user can trade using Bitcoin or ether, and he can use fiat currency for funding his account, and he can use the same concept for withdrawal of amount from the exchange. For trading methods on Gemini exchange, there is no limit on deposits and withdrawal of funds. A user can work with limit orders market orders, immediate or cancel limit orders, maker or cancel the limit order. Gemini does not offer margin trading, so all the orders on Gemini exchange are fully funded.

How to Open Account at Gemini?

To open an account on the Gemini the user needs to perform several steps.

He has to go to the official website of the Gemini. The address of the site is www.Gemini.com. A user interface of the exchange will prompt up, and it contains the number of options including institutions, register, log in and menu. In the middle of the user interface, there are two options, open personal account or open institutional registration. The user can choose as per requirement or choice. 

 

How to open account at Gemini
How to open account at Gemini

 

Click on the button of “open personal account” to open an account on the Gemini. A new window comes up it contains the registration page. It has three fields including username, a valid email address and creates a password. To make the account secure Gemini apply few properties for the password. The password must be or more than eight characters. It contains upper case, lower case letters, numbers and the symbols. It must not be a common word. If your password fulfills all the properties, it will show you the message of criteria for password met and by carefully reading the privacy policy and the agreement linked to open an account on the Gemini user can click on the “Create my account” button.

How to open account at Gemini
How to open account at Gemini

It will process for 3 to 4 seconds when you will press the button to open an account on the Gemini exchange then it will go to the next screen.

 

A message of thanks for registration displayed on the screen, and it will ask for the activation code. The activation code sent to the user via email. The next step is to go to the email and open the email sent to the user by the Gemini exchange. The activation code is in the email. When the user puts activation code, it will process and take the user to the next page. A welcome page of Gemini exchange.

How to open account at Gemini
How to open account at Gemini

So, these are the three basic steps a user has to follow to open an account on the Gemini. Congratulation you are registered with Gemini, and you have an open account on the Gemini. Now by clicking on the button “Get Started,” you will go to the next tab.

 

 Now a user needs to verify his account for trading. There are three basic steps to complete the verification process.  First, you have to put your country from where you wanted to trade. If that country is on the list where Gemini is operating, then you can proceed. Otherwise, you cannot. After that, you have to verify your bank information and then profile verification now you have completed all the steps of verification. The user can explore the exchange, but he can participate in trading only when the Gemini exchange will verify his account.  

How to open account at Gemini
How to open account at Gemini

 Frequently asked questions about Gemini

Can you pay via credit card, debit card, bank account, PayPal, and Cash?

This exchange accepts US dollars through automated cleaning house (ACH) deposits or wire transactions. No other methods of funding are acceptable.

 

How much time does it take to withdraw the funds?

Wire transfers sent locally before standard time 3.00 pm are accessible in your account the same day or next business day. Bank transfer deposits through ACH sent in about 4 to 5 working days.

 

How to contact the customer support in case of an issue?

In case of any issue, a user can get help from the help center of the Gemini exchange. It has an extensive help. Or the user can submit a request for its issue. The details of the customer support service are given above in this article.

 

How many countries does the Gemini support worldwide?

Gemini exchange is available across the most US states except Arizona, Oregon, Hawaii, Alaska, and Wisconsin. The company website says that Gemini exchange will open in these regions soon and globally it is available in Canada, Hong Kong, South Korea, United Kingdom and Singapore. For detailed information read the article.

User privacy at Gemini

 

The privacy policy of Gemini explains what information we collect, why to collect, and how we treat your information. For using Gemini exchange, a user must be eighteen years old, and he must agree with all the privacy policies of Gemini exchange. Privacy of a user matters a lot to the Gemini exchange whether they are new users or long-time users, so, take into account all the policies before using Gemini exchange. Gemini reserve all the rights to change the policies but don’t worry they inform you and a user can get the latest version of a privacy policy from the official page of Gemini.

About Tayyab M

I love to talk about global tech-happenings, startups, industry, education and economy.

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