One of the biggest cryptocurrency brokers available is the Gemini exchange. It is renowned for being simple to use for beginners and for its attractive application. In this review, we’ll go over the platform’s benefits and drawbacks, as well as Gemini’s costs, the available coins, and how to open a trading account.
The Gemini exchange is one of the big players in the market, with daily trading volume exceeding $300 million and over 13 million active users. Cameron and Tyler Winklevoss, brothers, launched the fintech company in 2014. The company is not yet listed on the stock exchange, but according to Bloomberg news, the Winklevoss twins are considering an IPO in the future in 2021. The corporate headquarters of the business are in New York, USA.
The highly regarded trading platform Nifty Gateway, which provides a marketplace for the purchase and sale of NFTs including digital art, music, and game items, is also created by Gemini.
The list of supported coins on the Gemini exchange is quite extensive. It currently offers 25 coins in over 50 trading pairs.
This list includes, but is not limited to:
- Zcash (ZEC)
- Bitcoin (BTC)
- Litecoin (LTC)
- Yuswap (UNI)
- Ethereum (ETH)
- Pax Gold (PAXG)
- BTC (Bitcoin Cash)
In early 2021, the Gemini exchange added several new listings outside of crypto. It currently offers three Defi tokens: Bancor (BNT), 1inch (1INCH), and Loopring (LRC). Plus two NFT tokens, Enjin (ENJ) and Sandbox (SAND), in addition to two infrastructure tokens, Skale (SKL) and Graph (GRT).
Two distinct services are provided by the Gemini exchange. The first is their exchange for cryptocurrencies, which lets you purchase and trade coins. For investors who are most likely to keep their currency, this is the best choice. Both a mobile app and an online version of the Gemini Exchange are accessible.
The interface has a basic, elegant design and is user-friendly. Traders can create price alerts and periodic buys. Traders may quickly see the value and percentage change of their portfolio over the previous 24 hours. The price list features charts for all cryptocurrencies, including popular ones like bitcoin and ether, as well as those that are not supported by the platform.
The second is the desktop program for cryptocurrency traders called Active Trader. It provides a professional-level, high-performance trading experience. There are various order types, and sophisticated graphing is offered. Slippage is minimized because trades are completed in milliseconds. Limit order books are centralized and are arranged by price and priority of execution. The sister website, Cryptopedia, offers tutorials.
The Gemini exchange offers several other fintech products.
- Off-Exchange Crypto Transactions: This service allows for off-exchange crypto transactions to be settled.
- The Gemini Wallet is an institutional-grade hot wallet or cold storage system for cryptocurrencies. Digital assets are insured against theft.
- Gemini Custody is an institutional-grade cryptocurrency custody system with $200M insurance coverage. Liquidity on the Gemini exchange is instantaneous.
- Gemini Earn: This service allows you to lend your cryptocurrency to institutional borrowers and earn interest on that amount. Unlike other loan services, funds are fully liquid and can be returned at any time.
Deposits and withdrawals
It’s quite simple to fund your Gemini exchange account. European Gemini exchange account holders have the option of funding their accounts with pounds sterling or euros. However, with the Gemini Active Trader and API, only Bitcoin and Ethereum may be purchased with GBP.
Traders must pass a KYC check before they may log in for the first time. It can require 2 to 5 business days to verify your identity. Deposit limits range from £5,000 per day to £30,000 per month. The maximum withdrawal per day is £10,000. Only fully verified accounts are subject to restrictions.
Bank transfers, credit cards, and debit cards are all accepted for deposits. By directly connecting your bank account to your Gemini exchange account, you can make card payments. Cryptocurrencies can also be used to make deposits. Traders must give specific deposit instructions to their external wallet provider so that they can deposit money to their Gemini exchange account using that address.
Bank transfers are free of charge; however, card transactions are subject to a cost of 3.49% of the total purchase amount. Up until a request for more than 10 transactions per month, withdrawals are free. Additionally, the commission is based on how much money was withdrawn.
Fees and prices:
Orders placed on the Gemini exchange via the website and mobile app are subject to a transaction fee as well as a convenience fee. Transaction costs range from £0.75 per transaction to 1.49% of the transaction value on orders above £150, depending on the order size. At the time of quote, the convenience charge is 0.5% of the market price for the pair.
The commission structure for Gemini Exchange Active Trader UK clients is producer-to-receiver based. You will be charged a “maker” fee if your order increases market liquidity (i.e., cannot be executed right away and remains on the order book). For deals over $2.5 million, the “maker” charge is 0.25 percent instead of 0.25%. If your order receives liquidity from the market, the taker fee is applied (i.e., it fills immediately). For anything under $2.5 million, this is slightly higher at 0.35%.
Due to their mobile optimization, Gemini Exchange and Active Trader are excellent for trading while on the go. The software may be downloaded from the appropriate app store and is available for both Android and Apple. The smartphone app has received good user feedback.
- Award-winning—Gemini has received several key awards in recent years, including the Markets Choice Awards 2019 for Best Cryptocurrency Exchange.
- Sleek Mobile App: High-quality design and an intuitive interface are perfect for the Gemini exchange. The app is very pleasant to use.
- Security: The Gemini Exchange prides itself on its high level of security. In particular, 2FA is a mandatory requirement for all investors.
- Limited coin selection—some of the coins by market cap are not available for purchase through Gemini vs. Binance, which offers a longer list of supported digital currencies.
- Limited active trading for UK clients—only Bitcoin and Ethereum are available for trading against GBP on the Gemini Exchange Active Trader platform. While other cryptocurrencies can be traded in USD, clients will likely be subject to currency exchange fees. Please note that if you wish to invest in cryptocurrencies using a Gemini exchange account, GBP holders have a full range of coins to choose from.
- Card Deposit Fee: The card deposit fee of 3.49% is a major disadvantage of Gemini Exchange. Traders using this payment method rely on the high return on investment to get them back. While other payment methods are free, the fees for using the card are frustratingly high. However, compared to Coinbase (which charges 3.99%), it is quite competitive.
- No Margin Trading: Margin trading is not supported by the Gemini Exchange.
The Gemini Exchange has one of the best customer service networks in the market. The Help Center’s request form can be used to submit any help needs. You can use this form to check for disconnect difficulties if you are having network problems with your Gemini exchange account, such as if the website is down or unavailable.
There isn’t an email address or phone number for help at Gemini Exchange. Through its social media accounts on Twitter, Facebook, Instagram, and LinkedIn, Gemini also assists clients.
Security is a top priority for the Gemini Exchange, which is known as one of the market’s most secure brokers. All traders using Gemini must use 2-factor authentication (2FA) to secure their accounts from hackers. Money is kept in a closed account as insurance against corporate insolvency. Gemini employs the most stringent security measures to prevent hacking and has never experienced one.
In general, the Gemini exchange is a reliable broker for cryptocurrency trading. Although the fees are somewhat higher than those of websites like Binance, their slick app outperforms them. To increase their selection, Gemini would be wise to add more coins that are highly ranked by market capitalization. Overall, we would advise crypto investors to use Gemini as a broker.