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Gemini Exchange Review
4.1 (29 votes)

Gemini Exchange Review

Do you know of any Bitcoin exchanges based in the US? Due to the US’s massive regulations and a robust legal framework, there aren’t many BTC exchanges in the country. Do you know of any BTC exchange that’s in the US and is being regulated by NYSDFS or New York State Department of Financial Services? Well, there’s one such exchange and it goes by the name of Gemini.

So, today, we’re reviewing Gemini—a crypto exchange that’s based in NYC! We have explored its website and analyzed its features and we believe that every trader must know about these website features if they want to use Gemini as a trading platform.

Gemini overview

Regulated by NYSDFS, this exchange is listed as Gemini Trust Company, LLC. This website was developed by one of the most celebrated pairs of twins—Tyler and Cameron Winklevoss. Do they sound familiar? Well, yes, because they are the same Olympians who sued Mark Zuckerberg. However, today, they’re the owners of a sturdy, legitimate trading exchange—Gemini.

The American twins developed the exchange and brought it to the crypto-verse in 2015. These guys had a very novel approach to developing a robust crypto exchange. As they were located in the New York City, the twins planned to stick to a route that other companies were trying to avoid; a regulated approach. They weren’t afraid of regulations and wanted to build a compliant crypto exchange. To know current market trends, you can check ICO stats.

So, before launching the exchange, it was a fully registered and absolutely compliant enterprise. Besides complying with a range of complex regulations, the exchange holds some of the highest levels of capital reserves and complies with a variety of banking standards.

The twins continue to work hard to make this exchange a world-class platform for trading different digital assets. The underpinning philosophy of the exchange in today’s untamed world of cryptocurrencies is to always ask for the go-ahead instead of begging for forgiveness. It’s clear that the company has designed an exchange that’s trying to stay above board at every single step.

Since we know a thing or two about this exchange now, let’s get to know how the platform functions.

Functionality

Gemini is a nicely designed platform that aims to improve user confidence. The site is simple to use. With a decent set of features, the site is super responsive, smooth, and quick. The value associated with the exchange’s prices, balance, and orders changes quickly; that way, you won’t lose your place while trading in this ecosystem.

So, if you’ve ever traded in a shoddy exchange, then you might have felt frustrated by its weak connections and super-slow loading times. Well, that won’t be something you’ll experience while trading on this website. In terms of security, we’re sure that you won’t face any security-related problems while trading on Gemini.

Like most of the top-rated exchanges out there, this trading site includes two-factor authentication—which is a must-have in any financial account. Best of all, the site clearly explains all the security measures transparently; these measures basically include the use of Amazon Web Services and other cold-storage techniques. In any crypto exchange, creating and sustaining the highest levels of transparency are essential; this exchange does just that because it knows that its users are carrying out large-sized transactions regularly.

Supported Currency

The exchange supports Bitcoin, Ether, and US Dollar. All the supported currencies showcase that the exchange is evolving steadily. Also, the introduction of Ether on the trading platform may even signal a slow but sure rollout of some other strong currencies—and even ICO tokens—in the near future. Right now, the US dollar is the only fiat currency that’s used for making a deposit, doing withdrawals, or trading.

As of now, the team behind the exchange is working hard to make the platform live in different countries; already American crypto traders are finding the presence of Gemini comforting as it’s trustworthy for making withdrawals and deposits. The biggest plus for this exchange is that it allow the trades to be done in real dollars in real time.

Even now, you’ll find many exchanges that don’t have a straight BTC–to–USD trading feature; so, for trading in all these exchanges, you’ll have to use Tether’s USDT. This is where Gemini is making all the difference because it allows you to peg your trading to a real currency. As a result, on this website, you can make any withdrawal or deposit without using Tether’s crypto coin.

Now that we’ve had an overview of this crypto exchange, let’s look at the process of joining this site.

Signing up on Gemini

Creating an account on any exchange should be dead simple, and that’s what Gemini offers—signing up on this exchange is not rocket science. First off, head to the website. Once the homepage opens, user can click on the “Register” button (on the page’s upper right-hand side. See the image below).

Gemini1To create an account on this trading ecosystem, you’ll have to give your name, password, and active email address.

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After you’ve filled all the necessary details, you’ll receive a confirmation code; you will need to enter this code on the website. Once you do that, you’ll be redirected to the site’s verification process. The page that opens will need your personal details, and that webpage will look something like the one below.

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All in all, the user-verification process is quite robust—and that’s a good thing. You have to go through four different verification stages to have your account verified. First, you’ll have to create a two-factor authentication where you’ll provide an active phone number. Second, there’ll be a legitimate bank account so that fund deposits and withdrawals can take place. (However, you have to be doubly sure that the account belongs to a bank that’s located in a country where the exchange is operating.) The third verification stage is where you have to submit photos of your ID card. Last, you’ll have to give some supporting docs to prove your identity.

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Now your account is ready, and you can make a deposit. Let’s see how to do that.

Making a deposit to your Gemini account

Once your account is activated and verified, you should deposit some funds into it. For this purpose, go to the menu and click on “Transfer Funds”. From there, go to “Deposit Into”→”Exchange”→”Bank Transfers.”

Gemini5You will then have to enter an amount that you’d like to deposit. The deposited amount is limited to USD500 if you’re using bank transfer. While using bank transfer, you’ll be eligible to use the deposited funds for trading purposes.

Gemini6It’s as simple as that. As you’ve got some funds in your account now, it’s time to get involved in the real trading action.

How can you buy cryptocurrency from Gemini?

Account sign-up? Check. Deposits made? Check. Now, what? Now, it’s time to put these funds into action by beginning the real game of crypto trading. To do that, you’ll need to navigate the menu and find the pair that you want to trade. For instance, if you like to buy Bitcoins, you’ll go to Buy→BTC/USD. Once you’ve done that, you’ll enter the quantity and price for the buy order.

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You can pick a specific market order that’s filled against the resting order. Once you’ve completed your purchase, you’ll find shiny Bitcoins sitting in your account. One thing to remember is that you cannot withdraw until your bank transfer has finished being processed—although, you’re absolutely free to sell the digital currency that you’ve bought on this exchange.

Trading limits

Now, you know the basics of how to buy and sell crypto coins through Gemini. Well, you should also be aware of the trading limit that’s imposed by this exchange on its users.

Deposit limits

  • Bank transfer is allowed up to USD500 daily; that is, USD15,000 for a period of 30 days.
  • Wire transfer is unlimited.
  • Crypto coins’ transfer is unlimited. 

Withdrawal limits

  • Bank transfer is USD100,000 every day.
  • Bank wire is unlimited.
  • Crypto coin withdrawal is unlimited.

Gemini safety

Well, you’ve signed up on the portal; you’ve deposited funds; and you’ve even traded. But what’s the security status of this exchange? Let’s find out about all the levels of security the platform follows. We must admit that security on this portal is an important priority. And it won’t be hyperbolic to say that this platform is one of the safest exchanges right now.

Below, we explain how Gemini holds up in three important security aspects.

A legit company

Since the exchange is based in NYC, it’s one of the first fully compliant and regulated platforms with all the important regulators. As we’ve already mentioned above, this exchange is regulated by NYSDFS—and that’s seriously a big deal for most crypto traders. To conform to NYSDFS standards, an exchange has to meet a lot of compliance, capitalization, cybersecurity, and anti-money laundering requirements.

Safety of funds

The exchange takes a range of steps to make sure that client funds are held quite safely. On this exchange, a big portion of crypto funds is stored safely in cold storage. The best part is that these storage facilities are protected through multi-sig technology; that way, not even a single point of failure exists within the portal. Furthermore, all of these offline wallets are stored in a range of secured facilities. Also, the fiat funds present on the portal are FDIC insured. (The amount of funds that can be insured is up to USD250,000.) These funds are completely segregated from a company’s operational funds.

Personal account security

When it comes to securing a personal account, Gemini is leaving no stone unturned. First off, the platform requires all its users to follow two-factor authentication. As a result, users will have to punch in a second code when they need to log in to the account or when they need to withdraw money. For two-factor authentication, you may use Authy App or SMS.

Countries supported by Gemini

At press time, the trading portal serves a number of customers located in Canada, the UK, the US, Hong Kong, Singapore, Puerto Rico, and other parts of the world.

Gemini customer support

As a robust crypto exchange, Gemini supports its customers well. There’s an FAQ section that answers some of the most popular questions related to crypto trading. Also, if you’ve got some specific enquires, then the exchange will deal with that via email. The customer service team’s response time is pretty quick—you’ll receive a reply to your question within the space of two to three hours. In comparison, other platforms take two to three days to have your specific queries answered.

Withdrawing cryptocurrency from Gemini to your crypto wallet

Just like depositing, withdrawal at Gemini is simple. Here are the steps that you need to follow if you want to withdraw the funds to your crypto wallet.

  1. Click the “Transfer Funds” tab on the Gemini dashboard. Then a dropdown menu will open.
  2. From there, navigate to the “Withdraw ETH” or “Withdraw BTC” page.
  3. Once you click any of the two withdrawal options, you’ll be prompted to feed your “Destination Address”; this will be the address of your external wallet.
  4. After you’ve filled the address, cross-check the details. Done that? Well, then click on the button below and your funds will be transferred to the third-party wallet app.

Summarizing Gemini

Overall, we can say that Gemini is trustworthy. The team behind the project is really well-known, and it does give the entire project an air of reliability. Since the people behind this project haven’t attempted to shield their identity, it’s a big plus for all those traders who want authenticity to be part of the crypto-verse. Additionally, by pushing fiat money into Bitcoin markets, the exchange is strengthening its position in the whole crypto-exchange space. So, if you’re looking to trade Ether and Bitcoin with confidence, Gemini is the place to go.

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