If you’re looking for a reliable cryptocurrency exchange to guide you into the world of cryptocurrency investing, our Gemini review 2021 might be just right for you.
Gemini, a well-known cryptocurrency exchange that was launched in the US in 2015. It is currently one of the 15 largest cryptocurrency exchanges in terms trading volume. Gemini’s advanced security features are well-known in the crypto community.,Unique cryptocurrency products and an advanced trading platform
Read on to learn everything you need to know about Gemini’s offerings, brief history, Gemini features, trading fees, Gemini pros, cons, and determine if Gemini’s platform is a good fit for you.
Let’s dive in!
Introduction
In 2014, the US cryptocurrency exchange Gemini was founded by the twins Winklevoss. Gemini is committed to security. It’s regulated by New York State Department of Financial Services. USD stored in Gemini accounts are insured by Federal Deposit Insurance Corporation.
An interesting fact: In 2004, the Winklevoss Brothers were famous for sueing Mark Zuckerberg over Facebook. Cameron and Tyler claimed Zuckerberg stole the original concept for their popular social networking site. In compensation, they were awarded $ 65 millions
Gemini is a crypto exchange, wallet, and custodian that makes it secure and straightforward to buy bitcoin, ethereum, litecoin, and other cryptocurrencies. Gemini’s active trading platform and the highly-ranked Gemini app allow users to make crypto purchases, store and sell crypto assets easily and securely, and earn interest on your crypto.
Continue reading to learn more about Gemini and the ways you can increase your cryptocurrency investment through Gemini.
Geminis Best Friends Are
Gemini is the ideal exchange both for experienced and novice crypto traders. Gemini offers a trading platform that’s easy for beginners, an advanced platform for advanced traders, and a portal for peer-to-peer trading. New crypto investors will benefit from its simple interface, while more experienced traders will appreciate Gemini’s ActiveTrader platform.
ActiveTrader is completely free to setup (although orders have a separate fee). It offers multiple order types and faster execution. There are also auctions that allow for trading with different pairs of crypto.
Gemini has a variety of trading options and storage options available for both individuals and institutions. This includes interest-bearing account perks and online and offline storage options. There is also a learning centre to help beginners learn about cryptocurrency investing. It’s also the only cryptocurrency exchange, offering interest-bearing account options to traders in all U.S. states.
Gemini Users can enjoy a special suite of options and tools, such as Gemini Earn which lets you earn interest up 7.4% APY with your cryptocurrency balance, Gemini Pay, Gemini Wallet Storage and Gemini Trader, all designed for advanced traders and crypto users. While most services might be overwhelming for beginners, they can still learn everything about crypto investing via Gemini’s Educational Resources.
Gemini says it abides by a “security-first” mentality and a belief system of asking for permission, not forgiveness. It’s known for never having been subject to a major hack. Gemini secures users’ digital assets through multi-layered security measures such as offline/online storage, insurance coverage in a cybersecurity breach, and hardware security keys. Most of the users’ funds are held in an offline, cold storage system, but a small portion is kept in an online hot wallet insured against theft.
Gemini may also require two-factor authentication in order to login or withdraw funds. Whitelisting addresses allows you to withdraw money from your account. You also have the option of disallowing withdrawals completely.
Consider that all this comes with a price – the platform sets slightly higher transaction fees than other crypto exchanges.
Gemini has two functions: a cryptocurrency platform and a custodian, which is a departure from many other exchanges.
Interesting fact: Gemini is known for investing $ 11 million in Bitcoin in April 2013. At that time, each coin was worth only $120. To date, their investment is estimated at over $1 billion! Click To Tweet
Gemini Accounts: The Advantages and Benefits
Accessibility and Exchange
While many cryptocurrency exchanges can only be found in certain states, Gemini is accessible to all fifty states.
Gemini can be accessed from all devices, including laptops and computers. Gemini has received a rating of 4.7 on the Apple Play Store, and 4.5 on the Google Play Store. Both your combined trade balance and Gemini earnings balance can be viewed on both the mobile and web platforms.
Gemini traders can take advantage of the many trading tools available, including advanced charting, tracking, analyzing, and many other order types on the ActiveTrader platform. This platform provides a high-end package that includes sophisticated tools to trade more than 50 cryptocurrency pairs and 21 crypto-tocrypto trading pairs.
On the other hand, beginners can take advantage of Gemini Basic’s simple interface.
Safety and Security
In the crypto world, users’ funds are constantly threatened by cyber-attacks, theft, hacks, frauds, and account breaches. Gemini has been a top-seller in security, and it has not suffered any theft or hacking since its creation. It has also successfully resolved around 800 complaints.
Gemini keeps most of the bulk assets of the company in a secured “cold storage,” away from online threats. BBB evaluated the platform and certified it under NYSDFS security. Users’ funds are also insured against any theft or hack. Users and newcomers are eventually able to feel confident and have some assurance that their funds will be safe.
Gemini ensures safety to the greatest extent possible as a custodian. This includes 2FA authentication, address whitelisting and secure withdrawals.
Education Resources (Cryptopedia).
Cryptocurrency or blockchain topics aren’t taught at universities or schools. Gemini created Cryptopedia as an online learning platform to help people learn everything they need about crypto. There are over 300 articles in the source on more than 150 topics related to cryptocurrency, blockchain, finance and investment.
Gemini Platform: The Risks and Inconveniences
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Gemini, unlike many exchanges, does not compete on pricing. Instead, it has kept its high cost, high price principle. Gemini also offers high quality trading services, which come with higher transaction fees.
Gemini has a variety of fees. These fees include transaction and mining fees as well as network fees. They average 1.49% and are charged by every cryptocurrency management company. External parties such as banks may also be charged fees at an average of 3.49 percent. Gemini charges low fees to traders who make large volumes of transactions. This is very similar to its competitor Coinbase’s fee structure. Meanwhile, fees for the applications available on phones are relatively higher, with a “convenience cost” of an additional 0.5% for each transaction.
Gemini provides 10 free monthly withdrawals. Gemini also covers the cost of withdrawing funds. Withdrawal fees for withdrawals are reasonable. However, fees for the 11th withdrawal are comparatively more expensive than other cryptocurrency exchanges.
Poor Customer Service
Gemini customers have access to chat and 24/7 phone support. It has slow email responses. The chatbot can be used for simpler cases. However, it guides users through FAQs and support agents will resolve most issues via emails.
Only Limited Coins and Tokens with Missing Facilities
While the platform’s main focus is on full-featured cryptocurrency platforms services, with a slightly higher price tag, there are only a few coins. The Gemini Platform offers more than 50 coins – many popular tokens and some major coins with high liquidity are missing, which is a setback for the Gemini Platform. ADA and XRP are just a few of them. ETC, Solana and ETC will also be offered with margin trading.
Services Gemini offers
- Sell/Buy Feature: Gemini’s rapid buy/sell basic feature allows you to buy and sell cryptocurrencies in the blink of an eye. You can buy cryptocurrency using fiat currency directly at the exchange.
- Get 10 free crypto withdrawals every month and a monthly fiat withdrawal.Gemini offers free withdrawals for fiat currencies. This is an advantage over other exchanges. Gemini also allows you to withdraw 10 cryptocurrency free of charge each month.
- There are more than 50 different cryptosGemini can support more than 50 cryptocurrencies. It is possible to trade, purchase, or sell popular currencies, such as BTC and ETH.
- Highly-Recommended Mobile Apps (Android, iOS). You may trade anytime, anywhere on the go using Gemini’s mobile app, available for iOS and Android. Easy to use. You can even scan the software to pay in cryptocurrency at grocery stores or malls.
- Gemini Wallet: The exchange provides Gemini Wallet with insurance included to ensure the safety of the owner’s funds. It’s a digital wallet, also known to be a hot wallet available online.
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- Gemini SafeGemini’s wallet is secure. All funds are safe and protected from theft.
- Gemini Active Trader:Advanced setup is available for free. However, traders are subject to charges when they trade on the platform. You can trade quickly with crypto, create multiple orders using candlestick charts and use the auction-only model to make your trading decisions.
- Gemini Basics:This is the user-friendly version for novices of the exchange portal.
- Gemini Earn: A benefit that earns interest HODLers (long-term investors) can earn high interest in lending crypto via the platform to certain financial institutions. The benefit can be considered a supplement income and will vary depending on the demand for cryptocurrencies or liquidity in the market.
- Gemini Dollar: The Gemini Company owns a USD pegged Stablecoin and it can be used to trade on the Exchange.
- Gemini Pay: The platform’s perk that allows Gemini users to pay with cryptos for purchases and services at thousands of retail centers all across the US with no fees incurred.
- Gemini Clearing: This feature does not require a minimum trade size, and it is priced at a competitive market price. The Over-The-Counter feature allows peer-to-peer trading with minimal risk and guarantees anonymity.
- Promotion: Company offers numerous referral incentives with cryptocurrency rewards.
- Gemini Custody: An institution cold storage system that keeps your virtual money offline to protect them from potential theft.
Gemini Fees
When you purchase or sell cryptocurrency on Gemini, you’ll be charged a convenience fee and a transaction fee. These fees apply whether you purchase using Gemini’s web-based platform or the mobile app. Before you complete your purchase, both will be presented to you as your “quoted price.”
Convenience Charge
A convenience fee is approximately 0.5 percent of Gemini’s market price. However, this varies depending on the market. For example, if Ethereum (ETH) is currently trading at $4000 for 1 ETH, you’d actually pay $4,020 for 1 ETH, including the fee.
Transaction fee
You’ll also be charged a transaction fee based on the exchange amount. It’s 1.49 percent for crypto conversions. There are different fees for selling and buying crypto. They can vary depending on which type you select.
| Transfer sum | Fee |
| > $10 | $ 0.99 |
| $10 – $ 25 | $ 1.49 |
| $ 25 – $ 50 | $ 1.99 |
| $ 50 – $ 200 | $ 2.99 |
| < $ 200 | 1.49% |
Deposit Fee
For Gemini to work, you must either deposit fiat currency or transfer crypto to your wallet. There is no charge to make a deposit into your Gemini account, unless you have a debit or credit card.
Deposit Source FeeYou can find it here
| All cryptocurrencies, ACH transfer, Gemini dollar (redemption) | No cost |
| Wire Transfer | No cost |
| Debit card | 3.49% of the total transaction amount |
There is a withdrawal fee
Withdrawal fees vary, but you’ll be charged high fees if you make more than 10 withdrawals every month. You won’t be charged for 10 or fewer withdrawals per month.
Below are some withdrawal fees (for individuals) for popular coins
Cryptocurrency Charge for WithdrawalsYou can find it here
| Bitcoin | 0.001 BTC |
| Bitcoin Cash | 0.002 BCH |
| Basic Attention Token | 1 BAT |
| Ethereum | 0.001ETH |
| Litecoin | 0.002 LTC |
| USD Coin | 0.5% USDC |
| Dogecoin | 2 DOGE |
| Yearn.Finance | 0.00002 YFI |
Platform Security
Gemini boasts a “security-first” approach to trading. Gemini has compliance certificates; it complies with the New York Department of Financial Services’ cyber security standards and passes regular bank audits.
As already stated, the Gemini Security Features include: “Hot Wallet” insurance to cover exchange hacks, whitelisting approved addresses, and two-factor authentication. Gemini makes it possible to create different roles for your account to allow you to control trading and access. It also lets you review all the devices that have accessed your account, restricting any you don’t recognize.
Verification for Your Account
In order to create an account, it is vital that you verify your identity. A standard account must be registered only after verification is completed. The exchange platform strives to conform with all official regulations. For two-factor authentication to confirm your identity, first connect your mobile number to the account. Then link your bank accounts and complete personal information like your address.
Conclusion
Gemini, one of the strongest cryptocurrency exchanges around, is ranked among the top 15 according to CoinMarketCap. Gemini offers an array of resources for academics, as well as a simple interface and rich products and services.
Gemini is a robust crypto exchange platform that offers compliance certifications, high levels of security and insurance coverage as well as educational resources. And, of course, don’t forget to connect your Gemini to CoinStats to start tracking all your crypto and DeFi assets from one place.
The content is not intended to be used as advice for investing. You should do your research on the cryptocurrency market and invest only what you can afford.