The Gemini exchange has quite an interesting story behind its foundation. The exchange was founded by Winklevoss brothers in 2015, the guys who gained fame after suing Mark Zuckerberg for stealing their idea. The proceedings ended in their favor and Zuckerberg had to pay over $65 million to them. Twins reportedly invested $11 million into Bitcoin, a move which made them one of the biggest holders of cryptocurrency at that time. As of now, total valuation of their BTC holdings stands at around $1 billion.
However, the list of their remarkable achievements goes further as since then they have concentrated efforts and resources on building one of the biggest and most trustworthy exchanges in the world – Gemini. As of now their company is in top 29 list of exchanges with higher trading volume in Bitcoin.
Company is headquartered in New York. Is fully legally compliant and registered business entity and acts in full compliance with international standards and requirements. Exchange is providing services to both institutional and individual investors and has a clean reputation with no records of hack or abuse of any time.
Now that we have covered the basic aspects of the company and shed some light on the story behind its foundation, it’s time to create an account with them. Registration procedure is very simple – simply click on the “Register” button in the upper right side of the website page. After that, fill in the basic details like name, last name, email address and create password to your account.
After receiving confirmation code to your email, you will be redirected to the verification stage. Here you will need to provide some more details. First you will have to fill in your phone number and then confirm it with 2 factor authentication. Next step is confirming your bank account number. Make sure your bank account is located in the country where exchange operates. Next you will have to submit your proof of identity documents which can be a birth certificate. The documents are usually processed within few hours since submission. If more documents will be requested rest assured you will be contacted by their support team who will assist you in case of any problem.
At the first glance it becomes immediately apparent that platform is a simple to use technology. The trading screen has relatively limited functionality. You simply select the cryptocurrency you wish to buy or sell, choose order type, indicate quantity you wish to buy or sell and proceed with submitting the order.
One the right side users can see their account value. The balance is displayed in USD, BTC and ETH.
Gemini does not offer margin trading. All orders are fully reserved and executed on the Gemini crypto exchange.
Gemini has very low fees comparison to many other offers on the market. First thing is that users can deposit Bitcoin, Ethereum or make a Bank Wire Transfer without any fees. The fees however may be charged by banks where users hold an account and such fees may vary from bank to bank. Also users can make up to 30 free withdrawals during a period of calendar month. In case of submitting more requests monthly users will be charged with a fee equal to 0.001 BTC per transaction in BTC and 0 per transaction on the Ethereum network.
Trading fees are also quit low. Currently fees stand at 0.25% for both sellers and buyers. They may be further reduced in case of reaching specific volume targets monthly. The seller fee is discounted to 0% for 30 day trading volumes that exceed 5,000 Bitcoin or 100,000 Ether. For the same trading amounts the buyer fee drops down to 0.10%.
|30-Day Trading Volume (BTC)||30-Day Trading Volume (ETH)||Taker Fee||Maker Fee||Auction Fee|
|25 bps (0.2696)||25 bps (0.25%)||25 bps (0.25%)|
|1.000||a 20,000||23 bps (0.23%)||20 bps (0.20%)||20 bps (0.20%)|
|2,000||a 40,000||20 bps (0.20%)||15 bps (0.15%)||15 bps (0.15%)|
|3,000||2 60,000||15 bps (0.15%)||10 bps (0.10%)||10 bps (0.10%)|
|2 5,000||2 100,000||10 bps (0.10%)||0 bps (0.0%)||0 bps (0.0%)|
Deposits and Withdrawals
Deposits to Gemini account are free of charge as we have already mentioned, which is great. For deposits users can use their bank account. Wires are irreversible deposits and once will be ready once they arrive. In case of making a wire deposit until 3:00 funds should be ready on next business day. Such was the experience of many users who have reportedly used bank wire for funding the Gemini Account.
Also, other traditional methods include wallets. If you want to deposit from your wallet simply choose the currency you wish to make a deposit in and Gemini will generate unique wallet address for you to transfer funds. After that you will have to transfer Bitcoins or Ether from your wallet to company’s one. This can be done by scanning QR code that company provides in case of using Mobile\Tablet or simply copy-pasting Gemini’s unique wallet address. The procedure of withdrawal is similar with the only difference that you transfer cryptos back to your wallet.
Is Gemini safe?
Gemini holds the reputation as being one of the most secure exchanges in the sector and employs a number of methods to ensure a high level of security on par with more traditional financial institutions. User accounts are backed up with two-factor authentication, which means that an additional device must be utilized in order to access the account and provides an additional layer of security. Exchange is fully compliant with US legislation and has no history of hack attempts or abuse of any kind. Add to this that company has established quite a reputation among institutional clients, we believe Gemini is a good choice for those willing to trade Bitcoin and Ethereum safely.