Gemini Review – Exchange Features, Trading Fees and Security

Exchange Reviews / 22.08.2019

Gemini is a popular US-based regulated cryptocurrency exchange. Gemini differs from its competitors in its licensing. The network went to great lengths to secure a status as a New York State limited liability Trust rather than a Bitlicence. This designation provides the exchange with additional custodial capabilities. In this way, the exchange operates similarly to popular Wall Street platforms versus a crypto exchange.

Features of The Gemini Exchange

Gemini provides users with an easy to navigate, user-friendly interface that allows users to buy and sell any of the 20+ digital currencies offered on the platform. Gemini’s developers achieved their goal of creating an ideal exchange for new users but still flexible enough to appease advanced traders.

  • Fiat On-ramp

Gemini serves a vital role in the US market as a fiat onramp. Unlike many competitors, all fiat deposits are FDIC insured up to $500,000. Users can load their accounts via bank transfer. The network also recently added debit card support. However, no credit cards are accepted at this time.

  • VIP Discounts

Gemini provides large traders with significant advantages in terms of reduced fees. The exchange has a separate fee structure for professional traders or those seeking to put in high-value orders. VIP discounts are common in the market because they provide large trading financial institutions with incentives to conduct large trades.

  • Security

Gemini is regarded as one of the most secure exchanges in the world. Despite its massive trading volume, the network has never been hacked. Even if intruders could pierce the network’s security, it would be in vain since most user funds remain in cold storage until in use.

  • Customer service

Another draw for Gemini is its customer service. The network includes a responsive service department that has been described as helpful and timely in their responses. 

  • International

Gemini is licensed to operate in 49 U.S. states (Washington D.C., Puerto Rico, etc.) and 50+ countries, Australia, Canada, Hong Kong, Singapore, South Korea, and most of Europe, United Kingdom. The platform could see further expansion in the coming months as more countries lay out a path towards crypto regulations.

How Does The Gemini Exchange Work

Gemini is a custodial, centralized exchange. This designation means that the firm in network wallets holds your cryptocurrency. Centralized exchanges are the most popular today because they offer a regulated and established way for users to get Bitcoin and other popular cryptocurrencies. 

Exchange

Gemini offers spot trading on a decent selection of top coins. The network continues to add new coins to its roster based on their credentials. Compared to other exchanges, it’s harder for new coins to make it onto their exclusive network. Consequently, the coin selection on Gemini is limited versus other major centralized exchanges such as Binance. 

Digital Wallet

Gemini’s ecosystem includes a helpful wallet. The wallet allows users to track all of their digital assets from one convenient location. As a licensed crypto custodian, these wallets are held to the highest security standards

GUSD

Geminin recently introduces a native stable coin, GUSD. This coin is backed by US dollars held at State Street Bank and Trust Company. The platform offers 1:1 transferability back to US dollars at any time. Users can leverage GUSD to participate in several network activities, including spending, lending, and investing.

Mobile app

Gemini is also available in a mobile app. This Dapp is free to download on Apple and Android devices. The mobile interface is comprehensive and includes the vast majority of trading functions available on the desktop version. However, it’s recommended to use the desktop version for complex trading activities.

Savings Accounts

Keeping in line with the exchange’s pioneering spirit, Gemini partnered with BlockFi to provide users with GUSD saving accounts. These unique financial instruments allow anyone to earn interest rates of up to 8.6% APY on their GUSD holdings. Impressively, Gemini was the first major exchange to offer interest-paying accounts to users. Notably, it’s still one of the only platforms providing this service. 

Flexa

Another cool feature exclusive to Gemini is the ability to purchase products at participating retailers using cryptocurrencies. The network includes an excellent selection of companies that accept Gemini dollars (GUSD), Bitcoin, Bitcoin Cash, and Ether. Nordstrom, GameStop, Whole Foods, and Home Depot are just a few retailers signed on to this program.

Nifty Marketplace

Gemini has also stepped into the NFT (non-fungible token) department with its Nifty marketplace. NFTs are tokens that represent a unique digital object. NFTs are common in the blockchain gaming environment. They are also used for blockchain art. Recently, NFTs have become very popular, with some NFTs reaching values over $100,000.

History of The Gemini Exchange

The history of Gemini begins with two famous Bitcoiners, Cameron and Tyler Winklevoss. These brothers are well known as the creators of the predecessor to Facebook, ConnectU. In 2014, the two Harvard graduates launched the New York-based exchange too much fanfare. The launch took years of planning since the brothers decided to pursue a higher licensing status than a standard New York Bitlicense.  

How to Use The Gemini Exchange

The signup process for Gemini is comparable to other regulated exchanges. You will need to prove your identity and banking account ownership as part of the KYC requirements. Notably, the network partnered with Plaid to connect bank accounts and card issuers to the exchange seamlessly. Gemini features a maximum daily funding limit of $500 and $15,000 monthly. Additionally, the daily withdrawal limit is set at $100,000. 

Gemini – A well-Though Out Exchange that is Flexible and Secure

Users seeking an established and regulated exchange will find that Gemini suits their needs very well. The network is fast, secure, and insured. These factors make it ideal for both new and institutional investors. For these reasons, Gemini is set to remain a top-performing network in the sector for years. 

David Hamilton aka DavidtheWriter is a long time Bitcoinist and cryptocurrency journalist. Currently, he has over a thousand articles published on blockchain technology. His expertise and experience makes him one of the most reputable writers in the sector.