Gemini Review

 

Gemini General Overview

What is Gemini?

Why Choose Gemini?

Advantages

Disadvantages

Pros and Cons

How Gemini Compares to Other Exchanges?

UX Overview

Reputation

Important things to know about Gemini?

Supported countries

Gemini FAQ

Conclusion

 

Gemini General Overview

 

For a while, Coinbase served as the only place where U.S. based customers were able to purchase and trade cryptocurrency. In 2015, Cameron and Tyler Winklevoss started Gemini as a competitor to Coinbase and have grown their business significantly. From its creation to the present day, Gemini has never been compromised or hacked. It has become almost synonymous with security and reliability with a lot more in the works for the future.

 

Cameron and Tyler are widely known in the crypto space as early investors in Bitcoin. According to their own claims, the duo owns more than 1% of the total supply of BTC. They are strong believers in blockchain and cryptocurrency so their exchange is following those same beliefs and ideas. The exchange falls under some regulatory oversight in the U.S. and as such, it falls in the minority category of exchanges operating under strict laws and regulations. This sparks a lot of confidence in their userbase and it seems that most of their complaints are aimed toward the support department.

 

What is Gemini?

 

Gemini is a digital asset exchange focusing on cryptocurrency trading and brokerage services. It was founded by the Winklevoss brothers that are also known as creators of Uconnect, a project that predated Facebook and started a lawsuit between the Winklevoss twins and Mark Zuckerberg.

 

Gemini is considered one of the safest cryptocurrency exchanges in the space because it was never hacked and user funds are protected with different levels of security. Gemini started in 2014 but became known to the cryptocurrency industry in 2015. It is regulated by the New York State Department of Financial Services (NYSDFS).

 

Why Choose Gemini?

Advantages


U.S.-based customers won’t have many exchanges to choose from so for them it will mostly come down to Coinbase or Gemini. It is hard to put a finger on one of these two because they are very similar in comparison. As of 2021, Gemini accepts USD deposits which allow users to purchase crypto with fiat. Users can choose from 26 different cryptocurrencies including GUSD (Gemini dollar), a stablecoin developed by Gemini. As far as trading pairs go, Gemini offers 42 of them but the only fiat currency that can be used on the exchange is USD.

It can be used for both crypto purchases and custody since users can deposit and keep their crypto on the exchange. This is never recommended but if there are no other options, Gemini seems secure enough to provide reliable custodial service.

 

Disadvantages

 

Gemini can’t offer as many different coins as its unregulated competitors simply because they are under the oversight of many regulatory bodies. This lowers the ability of Gemini to service investors that are looking for new investment opportunities in the crypto industry. Customer support is known to have issues since there are many complaints that can be found online.

 

Gemini requires a lot of information to register. The Winklevoss twins have tried to make their exchange as compliant as possible which in turn requires their users to submit more information than they would like to.

 

Just like Coinbase, Gemini will sometimes suffer downtime when interest in Bitcoin is on the rise. Judging by all of the information that is required to be able to use this exchange, it may be more appealing for institutional investors than those that seek to make small investments in cryptocurrency.

 

Gemini Pros and Cons

 

Pros

 

  • High security and regulatory oversight


  • USD deposits available


  • Many security options


  • Fully registered and compliant with banking standards


  • User-friendly and easy to use

 



Although there isn’t much history behind Gemini, it is easy to notice that they are constantly striving to provide a reliable and secure service for their customers. The exchange itself is very intuitive for beginners and pros alike, making it attractive for many different groups of investors.

 

Regulation is a big deal for volatile and speculative assets such as Bitcoin so those that are looking for regulated options should look no further.\

 

Cons

 

  • Limited deposit options


  • Only email customer support


  • Limited selection of currencies and tokens


  • Reoccurring downtime issues during price and user number surges


  • Higher fees than their competitors

 

Having an option to purchase crypto with USD directly on Gemini is great but that is the only fiat option available today. Non-U.S. customers will have to look for other options if they are looking to purchase crypto with cash. The recurring downtime during “busy hours” can be a problem for daytraders but is seems to be a common theme for all U.S.-based exchanges. They just can’t handle surges in traffic at extreme levels.

 

The fees on Gemini come with a flat rate and are as follows:

 

Order size Fee
≤ $10.00 $0.99
> $10.00 but ≤ $25.00 $1.49
> $25.00 but ≤ $50.00 $1.99
> $50.00 but ≤ $200.00 $2.99
> $200.00 1.49% of order value

 

How Gemini Compares to Other Exchanges?

 

Gemini can’t really compete with the likes of Binance or other unregulated exchanges when it comes to the number of cryptocurrencies that can be bought on it. Instead, they have shifted their focus toward security, simplicity of use, and regulatory compliance. In terms of funding your account, there are certain limitations as well. Fiat deposits will have to come from your bank account or credit card. They are limited to $500 daily or $15,000 monthly. Those that want to invest bigger amounts at once will have to search for other options.

The different levels of security (SMS authentication and 2FA) are certainly a big plus since exchange accounts get compromised on a daily basis. It seems that Gemini is starting to increase the number of DeFi coins that they are listing so this may come as a great opportunity for some.

All in all, Gemini comes off as a very secure and reputable exchange for investors that are looking to invest in the long term. Storing and purchasing cryptocurrency on Gemini is always an option but you can’t say the same for day trading due to constant outages and unreliable uptime.

 

UX Overview

User experience on Gemini is on-par with all leading exchanges out there. The homepage will offer a simple way to navigate to the services you are looking for while the “ActiveTrader” feature will please those that are looking for an advanced trading experience.

Prices are tracked in real-time and always represent the median market value of a particular token or coin.

Those that struggle to find their way around the platform will appreciate how easy it is to access the FAQ page and hopefully resolve the issue they are having without much effort.

 

The mobile app provides the same simplistic trading experience as the desktop version so mobile users can expect the same level of quality on their mobile devices.

 

Reputation

It is safe to assume that Gemini has withstood the test of time when it comes to security and reliability. Not many cryptocurrency exchanges can say that they were never hacked but Gemini does fall into that category.

The fact that they were striving for regulation since day one increases confidence levels among institutional investors and retail buyers alike. The clean track record that follows Gemini along with increased security and trust should provide potential users with enough confidence to interact with this platform. Gemini was never involved in any controversy. Apart from a few bad reviews that can be found online, they do seem like a reasonable option for those that are taking their investment seriously.

 

Important things to know about Gemini?

 

Gemini Dollar

 

The Gemini Dollar was created by Gemini to serve as a native stablecoin on the exchange. It is backed 1:1 with US dollars and can be redeemed for USD at any given time. Gemini has recently partnered with BlockFi to offer staking for GUSD with interest rates of up to 8.6% APY.

 

Flexa

 

Spending cryptocurrencies directly from your wallet is a possibility with Gemini. Through a partnership with Flexa, you can purchase products at some retailers using cryptocurrency from your Gemini wallet. Retailers include Nordstrom, GameStop, Whole Foods, and Home Depot. You’re able to spend Gemini dollars (GUSD), Bitcoin, Bitcoin Cash, and Ether.

 

Gemini Custody

Custodial services are possible to obtain on Gemini by visiting the custody landing page. Currently, there is a bit over $200 million deposited in custody accounts on this exchange with new requests coming in on a daily basis.


On the user side, the service is very simple o use and navigate while security is a lot more complex on the other end. Gemini claims that it uses advanced security measures to keep user funds safe and secure.

 

Supported countries

Gemini provides services to 50+ countries which include:

South America

 

Argentina, Brazil, Chile, Peru

 

Europe

 

Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, Greece, Guernsey, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom.

 

Asia

Hong Kong, India, Israel, Myanmar, Philippines, Singapore, South Korea, Taiwan, Turkey, Vietnam 

 

Oceania

Australia, New Zealand.

 

Africa 

Egypt, Nigeria, South Africa

 

The exchange provides access from 52 states in the United States.

 

Gemini FAQ

Some rules on Gemini have changed during the recent spike in interest for Bitcoin and other cryptocurrency. Here are the most important things to know:

 



How long does the verification process take on Gemini?

 

Verification timeline has been impacted by higher than usual volume and the current expected wait time is 48-72 hours once the requested documentation is uploaded. Please note, documentation must be up to date (not expired) and clearly visible (not blurry and shows all 4 corners) for our team to review. 

 

Can I use a credit card on the Gemini exchange?

 

Credit cards cannot be used on Gemini exchange. However, the “Gemini Credit Card” will be available later in 2021. If you would like early access to apply for the Gemini Credit Card, please join the waitlist.

For more information on credit cards please see our Help Article: How do I join the waitlist for the Gemini Credit Card?

 

Is Gemini Good for Beginners?

 

The answer would be a big YES but not because of the slick design or a user-friendly platform but because of the daily funding limits. Beginners in the crypto space usually invest more than they actually should which makes Gemini a perfect starting place. Daily limits are set at $500 so it will be very hard for complete beginners to make a very expensive mistake.

 

Conclusion

With all the good and the bad that comes with Gemini, it would be unfair to say that Gemini can’t compete with some of the biggest names out there. It manages to secure a top 10 spot in terms of liquidity and daily volume almost constantly. Beginners will find it easy to join and use this exchange but there may be times when it will go offline due to increased traffic and demand.

 

Security seems to be a priority on Gemini as their custodial services and exchange security are on a very high level. User funds are safely guarded but those that want some extra protection should probably look into the custody options provided by the exchange. In general, all issues that may occur during your interaction with Gemini can be easily resolved by visiting the FAQ page. Customer support on the other hand can range from a few hours to a day or two if user numbers are higher than usual.

 

The overall impression is that Gemini can be trusted and relied on by both small investors and institutional buyers. The fact that the exchange is under regulatory oversight can be counted as an added bonus.

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