GEMINI REVIEW

0
189
GEMINI REVIEW
GEMINI REVIEW

Gemini is a cryptocurrency exchange based in New York and was founded by Cameron and Tyler Winklevoss in 2015. The exchange is regulated and complies with the US laws and regulations, which is rare amongst other exchanges. It is currently ranked number 17 amongst the top cryptocurrency exchanges on CoinMarketCap, with a daily trade volume of $120,413,302.

Gemini prioritises the security of its system, and Gemini Trust LLC manages it.

SERVICES OFFERED BY GEMINI

  • Crypto trading: you can buy, sell and trade cryptocurrencies supported by the exchange
  • Gemini Active Trader: this service provides active users with professional trading tools. This feature consists of advanced charting, multiple order types, auctions, block trading, etc.
  • Gemini Wallet: Gemini also offers a wallet where you can store your digital assets supported by the platform. The wallets are highly safe and secure.
  • Gemini Custody service: You can store your digital assets over a long period with Gemini custody service. The service is regulated as a New York State trust company.
  • Web Exchange: With this feature, you can research the crypto market, buy and sell cryptos, build a portfolio, manage your account and access the trading tools you need. 
  • Gemini pay: you can pay for goods purchased in retail stores in the US with cryptocurrency using Gemini pay. The transactions are private and secure, with no transaction fee attached. You can also use the native stablecoin to pay for purchases.
  • Gemini clearing: this feature can be used to settle pre-arranged transactions to avoid fraud or misunderstandings. It serves as a third party.
  • Gemini dollar: this is the native stablecoin of the exchange. Gemini dollar (GUSD) is backed by USD 1:1, and it’s also regulated.
  • Gemini Earn: you can earn extra income up to 7.4% APY (Annual percentage yield) with your cryptocurrency by activating the Gemini earn service. You can also retrieve your coins at any time.
  • Mobile app: with the mobile app, you can trade crypto and use all the features available on the web platform. The app is available to all Android and IOS users.

HOW DOES IT WORK

  • Registration: you can create an account by visiting www.gemini.com. Click on create an account, select the type of account you want to open, either personal or institutional and fill in the required details and create an account. You will need to verify your identity using your ID and, for security purposes, use the 2FA when logging into the account. 
  • Payment method: Gemini supports the use of cryptocurrency listed on the exchange, domestic or international wire transfer, debit cards and ACH bank transfers (US users only) as a mode of deposit on the exchange.
  • Transaction fees: the trading fees of Gemini apply the maker and taker model. The fees also depend on the trading volume. The fee for orders ranging from less than $10 to $200 is $0.99 to $2.99. While the volume of $200 and above is charged a fee of 1.49% of the transaction volume.

Trading fees for users using the Active trader service enjoy a lower fee ranging from a takers fee of 0.35% and a makers fee of 0.25%. The maker’s fee reduces the higher the trading volume.

All transactions on Gemini incur a convenience fee of 0.50%. The trading fees on Gemini are extremely high compared to other exchanges.

Withdrawal and deposit of fiat using debit card incurs a fee of 3.49%.

Cryptocurrency withdrawal is free for the first ten withdrawals in a month.

Wire transfers are free except for bank charges.

  • Supported currencies: over 45 cryptocurrencies are supported which includes BTC, ETH, BCH, LTC, ZCash, Filecoin, Chainlink, etc., supported fiats include USD, AUD, CAD, EUR, GBP, SGD and HKD.
  • Supported countries: All US states and over 50 other countries, including Nigeria.
  • Security: The exchange stores most of its assets on cold wallets and uses a multi-signature digital signature scheme. User’s accounts are secured using the 2- Factor Authentication.
  • Customer support: Customer support can be contacted through the support email address, phone number and social media channels. There is also a FAQ section. 

Gemini is an exchange that has received many recognitions and also partners with organisations such as Samsung, Brave, Nifty Gateway, etc, to power some of their services. While the platform offers topnotch security and has no hacking history with a wide range of services, its transaction fees are high compared to other exchanges and, according to customer reviews on Trustpilot, has a slow customer support response.