Gemini

Gemini is a licensed cryptocurrency exchange, wallet, and custodian that makes purchasing bitcoin, ether, and other cryptocurrencies easy and safe. In this Gemini exchange review, we'll explore the advantages and disadvantages of Gemini's platform, as well as some other critical facts that will help you decide whether it's a suitable match for you.

What is Gemini?

Gemini is one of the biggest cryptocurrency exchanges in the U.S. It is an excellent platform for investors, beginners, and traders of all skillsets looking for a comprehensive cryptocurrency platform. The exchange offers more than 50 cryptocurrencies and a peer-to-peer trading platform.

Who owns Gemini?

Gemini is a privately owned exchange platform founded in June 2013 and launched publicly on October 25, 2015, by creators Cameron and Tyler Winklevoss. They became famous for accusing Mark Zuckerberg of stealing the Facebook idea when they were all students at Harvard. Gemini's name comes from the twins' Zodiac sign. The name is also inspired by the Gemini space mission of the 1960s.

Gemini said that the $400 million raised when it was founded would be used to increase its global reach and product offerings. Its creators have indicated a desire to conduct an initial public offering in the future.

Where is Gemini available?

Gemini is fully available in 60+ countries, including all 50 U.S. states. It is one of the few cryptocurrency exchanges with full functionality available in the U.S. It is the first legal exchange of digital assets for individual traders and trading institutions in the U.S. It is headquartered in New York and is regulated by the New York State Department of Financial Services (NYSDFS).

Is Gemini safe for traders?

Gemini has an excellent track record for its unmatched security and is one of the most trusted exchanges around. It puts the majority of its customers' crypto assets in an offline, air-gapped cold storage wallet, and only a small portion is held in an online hot wallet, which is insured. This means these cold storage funds are inaccessible and considerably more challenging to steal. U.S. currency deposits are insured by the FDIC up to a maximum of $250,000 per client. All private keys are generated and safely secured on Gemini's hardware security modules.

Pros of Gemini

• Easy and quick sign up
• Low minimum purchases
• Users can pay for purchases at thousands of merchants through its highly-rated mobile app
• Excellent educational resources for new and intermediate traders
• Provision of insured hot wallets to keep funds safe
• Free fiat and crypto withdrawal for up to 10 withdrawals per month. However, it's worth noting that withdrawal fees after these 10 withdrawals can be high.
• Users can earn interest using Gemini Earn
• ActiveTrader option is available for experienced crypto traders
• Gemini Earn is available for users to earn interest on their cryptocurrencies.
• Great peer to peer trading

Cons of Gemini

• Many popular cryptocurrencies like BNB, and XRP are not available on the platform, unlike other exchange platforms.
• There are limited payment methods available.
• No linked credit and debit cards functionality
• Gemini charges commission and convenience fees for purchases made through its website and mobile app.
• Gemini's live support is not something to write home about.

Gemini's ActiveTrader

Apart from the basic interface of Gemini, the exchange has an advanced interface called ActiveTrader, which is an excellent trading interface for crypto traders. It is an advanced trading platform offering lots of functionalities to make trading cryptocurrencies more efficient. It includes sophisticated charting, new trading pairs, order types, and a more complete view of the order book. Market buy and sell orders are filled immediately against resting orders at the best available price when the order is made.

Gemini Earn

Gemini Earn is a lending service that allows users to lend their cryptocurrencies to selected institutional borrowers and earn interest on their investments. This service platform enables customers to check their combined trade and earn balances, as well as the interest they've earned. These interest rates may vary based on the supply and demand for each cryptocurrency in crypto lending markets.

Gemini Dollar

Gemini Dollar (GUSD) is a stablecoin created by Gemini. It is a 1:1 USD-backed stablecoin, which means it can always be converted to exactly $1 on Gemini's platform. These Gemini dollars can be purchased and sold on the Gemini app and the basic interface the same way any other crypto is bought and sold. Gemini charges no fee for purchasing Gemini dollars. Withdrawal of GUSD will not count towards the 10 free monthly withdrawals.

Gemini's Fee structure

Gemini's maker and taker fees start 0.25% and 0.35% respectively. When users buy cryptocurrencies directly from Gemini, a 0.5% convenience fee is charged in addition to a transaction fee. This fee can be reduced by switching to the ActiveTrader mode. The value of orders determines the transaction charge and the fiat currency used. Like many exchange platforms, Gemini's maker and taker fees depend on the volume of trades made each month. The higher the volume of trades completed in a month, the less the fees.

• Traders with less than a trading volume of $499,999 within a 30-day period pay maker and taker fees of 0.25% and 0.35% respectively.
• Traders with a trading volume of $500,000 to $2,499,999 within a 30-day period pay maker and taker fees of 0.15% and 0.25% respectively.
• Traders with a trading volume of $2,500,000 to $4,999,999 within a 30-day period also pay maker and taker fees of 0.15% and 0.25% respectively.
• Traders with a trading volume of $5,000,000 to $9,999,999 within a 30-day period pay maker and taker fees of 0.10% and 0.15% respectively.
• Traders with a trading volume of $10,000,000 to $14,999,999 within a 30-day period also pay maker and taker fees of 0.10% and 0.15% respectively.
• Traders with a 30-day trading volume greater than 15,000,000 do not pay maker fees but they have to pay taker fees.

Gemini also provides an auction option that allows for the sale of cryptocurrency blocks at a maximum buy price or minimum sell price. Auction fees start from 0.25% to as low as 0.10%.

Gemini Clearing

Gemini Clearing's platform allows users to perform peer-to-peer transactions. It allows for swift trade and requires no minimum trade size.

Conclusion and Verdict

Gemini is undoubtedly a good platform for all types of traders. It provides an easy-to-use interface and rapid setup for beginner cryptocurrency investors and robust capabilities for more experienced traders. Its ActiveTrader platform is an excellent platform for experienced traders. Although Gemini's fees are higher than some of its competitors in the market, it makes up for it with great security features. With over 50 cryptocurrencies to pick from, Gemini is an excellent place to begin if you're new to cryptocurrency trading and investment.