Gemini is crypto exchange which is operated from New York city. This platform founded by Winklevoss twins is famous for being trusted among traders, high security standards, and compliance with all laws. Apart from that, Gemini trust company has insurance to offer its users. To find out more details about Gemini exchange history, services, its advantages and disadvantages, fees, and payment methods, continue reading this Gemini review 2021.
Table of Contents
- Gemini Essentials;
- Advantages and Disadvantages;
- Services and Opportunities;
- List of Countries Where Gemini is Available;
- Essential Gemini Fees;
- Currencies Available on Gemini;
- Payment Methods on Gemini;
- Customers’ Reviews and Support;
In this section of the Gemini review, we will provide you with some essential information about Gemini exchange, a New York trust company. The exchange was founded in 2015 by Winklevoss twins: Cameron and Tyler Winklevoss. You may also know them because they have sued Mark Zuckerberg.
Advantages and Disadvantages
Generally, Gemini exchange has rather more pros than cons. The most important advantages that make Gemini stand out from other crypto exchanges are guaranteed security and insurance by a service provider and a great variety of trading tools and offers. Moreover, compared to other cryptocurrency exchanges, Gemini is very easy to use. Even people who are unfamiliar with basic features will quickly understand what to do and how to do it because of a user-friendly interface. Those advantages make Gemini a unique platform among all crypto exchanges.
On the other hand experienced traders know about particular cons of this exchange platform. To begin with, trading fees on the platform are rather high. What is more, according to the review section, customer services work slowly, which might irritate you. Especially when you are new to the sphere, you want to get customer support as soon as possible not to make mistakes. Finally, there are only a few payment methods available on the Gemini platform.
Despite the disadvantages, Gemini has a high market rate among traders. On the scale from 0 to 10, the design and ease of use are more than 9, reputation and selection of coins are more than 8, while the lowest points are for fees (only 7,5).
Services and Opportunities
The first thing to mention about the Gemini exchange is that, according to the reviews, this crypto exchange platform is straightforward to use. Thanks to the user-friendly interface, it does not take long to understand the main features. We have prepared a list of the main services that this cryptocurrency exchange has to offer.
Advanced crypto exchange services
To begin with, gemini exchange has a unique service that not many exchanges have. Advanced crypto trading tools are offered on ActiveTrader™. There is nothing unexpected there, but Gemini company’s developers have prepared a sufficient trading platform. It is convenient to use but at the same time it has all advanced features that experienced traders will be happy to see. With this service you will get an opportunity to work with limit orders as well as any other type of trading activity such as depth charts and order books. The website also gives information on all statistics in candlestick charts, for example.
If you are a trader who is interested in trading large amounts of Bitcoin or another crypto you will be happy to know that Gemini offers a crypto custody service with sufficient security features. This additional platform for crypto trading is called Gemini Custody™. The main purpose for having an account there is to store assets safely for long time periods. Each account on the exchange and trading platform is regulated as a New York State trust company. What is good for users is that withdrawals are provided by Gemini Custody™ on the same day as trading and cryptocurrency exchanges date on Gemini. Moreover, each account is ensured for up to 200 million dollars.
Probably the most challenging thing in cryptocurrency trading is to actually start trading. For new users, most of the crypto trading and exchange websites are too complicated and frustrating. Finally, Gemini company has thought about the users who are new to the sphere of trading Bitcoin and other cryptocurrency exchanges. The interface of the website is extremely user-friendly. The employees of the exchange tried their best to simplify the process of trading and exchange for every non-experienced trader. Have you ever tried to understand how those candlesticks charts work? Now it is not a problem anymore. There are no such charts on the platform. Instead, you will find usual line charts on Gemini. There is also no problem in finding out how the trading and exchange process is going. All operations like buys and sells are presented simply for all users. If you as a user with an account on Gemini struggle with understanding when and how often it is better to trade cryptocurrency they will find “How often?” drop-down box useful.
When having an account on Gemini, you do not have to look for an additional crypto wallet. It is already there. The wallet is insured and can be used for the same cryptocurrency types that are available on Gemini. The security is guaranteed: all your digital assets will be safe since the capital in reserve as a New York trust company.
Gemini pay services
Gemini Pay™ is a great feature that allows a user with a Gemini account to spend their digital assets (for instance, Bitcoin) in real shops in the US and purchase something as if it was fiat currency. The number of shops where crypto money can be spent is over 30,000. To complete the payment with Bitcoin cash or other cryptocurrency among those available on Gemini users need to have a Gemini mobile app.
Gemini mobile app
Gemini offers crypto investors not only a great desktop platform but also a mobile app. If you think that mobile trading is inconvenient you just have to try the Gemini app. Mining Bitcoin from an app on your smartphone is not a dream anymore. Using the same account traders can sell, store, set price alerts for a digital asset and buy cryptocurrency no matter where they are. There is no need to stay by a monitor in a room for the whole day anymore.
Gemini credit card
Gemini constantly expands the variety of all the services, products, and tools that it offers to its clients. Except for the wallet and its own stablecoin Gemini employees are now working on credit cards. As it was announced before, the credit card will be released this year, in 2021. People will have an opportunity to use it in the USA only (however it can be used in all 50 states of the country). These credit cards will allow their owners to earn money in a form of up to 3% cashback when paying with Bitcoin. Credit cards are not ready yet but everyone can join the Gemini Credit Card waitlist.
Gemini Clearing™ is an over-the-counter (OTC) desk for cryptocurrency trading, which allows parties to settle trades off the exchange. Gemini brokers the exchange, making off-exchange deals less risky and more competitively priced.
Another great advantage of Gemini is that this exchange has its own stablecoin. It is called the Gemini Dollar. According to Gemini, their Gemini Dollar is very liquid and becomes more and more valuable. This stablecoin is 1:1 in relation to the US dollar. Reserves are verified by an independent accounting company which means that Gemini offers an official cryptocurrency for users with an account.
List of Countries Where Gemini is Available
The whole USA has access to Gemini. What is more, there is a long list of countries where you can use this service. The countries are: Italy, Singapore, Brazil, Estonia, Taiwan, Guernsey, Luxembourg, Malta, New Zealand, Ireland, Israel, Norway, Guernsey, United Kingdom, British Virgin Islands, Czech Republic, New Zealand, Croatia, Lithuania, Slovenia, Hong Kong, Nigeria, Sweden, Switzerland, Cyprus, Peru, Hungary, India, Cayman Islands, South Korea, Spain, Chile, Jersey, Canada, Poland, South Africa, Liechtenstein, Luxembourg, Philippines, Slovakia, Portugal, Vietnam, Iceland, Malta, Myanmar, Austria, Denmark, Jersey, Latvia, Belgium, Bulgaria, Netherlands, Turkey, Egypt, Romania, Finland, Argentina, Greece, Australia.
Essential Gemini Fees
In general, there are two types of fees that users might need to pay while using Gemini for trading and crypto exchange.
First one is withdrawal and deposit fees. There is no transaction fee for cryptocurrency investors who do wire transfers (including ACH transactions) in their wallets. But check if your bank charges some additional fees for these kinds of transfers. On the contrary, there are fees that equal 3,49% of the total payment for debit card transactions. Withdrawals will have no additional fees if you do less than 10 withdrawals per month.
The amount of transaction fee you have to pay on Gemeni depends on two things: the sum of a Bitcoin trade and what fiat currency you use. In general, you will have to pay from 1 to 3 dollars for trades up to200 dollars. For orders which are more expensive you will have to give 1,49% of the sum. Moreover, absolutely all transfers already include a 0,50% convenience fee. ActiveTrader fees are a bit lower. Taker fees are about 0,35% and maker fees are about 0,25%. If you still have some problems with understanding the system of paying fees, you will need to go to the Gemini Q&A section.
The fee structure is quite clear, but many users with an account are not happy with giving a lot of money for paying fees. It is obvious that Gemini is a great exchange that offers a wide variety of services. However, not all traders would agree that it is worthy to pay the highest fees on the market. If you want to get more information about the fee system of Gemini, you will probably want to visit this page.
Currencies Available on Gemini
In the beginning of the exchange service’s history there were not many cryptocurrencies available on Gemini. After six years of existing, Gemini has a wide range of tokens to trade.
Below you will find a list of cryptocurrencies which are available on Gemini exchange.
- Bitcoin Cash (NCH) and Bitcoin (BTC);
- Filecoin (FIL);
- Kyber Network (KNC);
- Dai (DAI);
- 0x (ZRX);
- Litecoin (LTC);
- Ether (ETH);
- Amp (AMP);
- PAX Gold (PAXG);
- Decentraland (MANA);
- Chainlink (LINK);
- Orchid (OXT);
- Compound (COMP);
- Maker (MKR);
- Storj (STORJ);
- Amp (AMP);
- Zcash (ZEC);
- Aave (AAVE);
- Basic Attention Token (BAT);
- Balancer (BAL).
Even this long list does not include all options of cryptocurrency that are available on Gemini. When talking about fiat currencies on this platform, we should mention that there are a lot of options, too. Users can choose from USD, EUR, AUD, HKD, CAD, SGD, and GBP.
It is undoubtedly positive that there is an option on Gemini to trade real dollars. It is usually a problem of the majority of cryptocurrency exchanges, even the biggest ones like Binance. It is hard to find an exchange platform on which it is possible to trade directly from BTC to USD. Usually, traders need to use a special stablecoin service. For instance, there is one by Tether – ‘USDT’. While using Gemini users can trade dollars without any problems. It is even not necessary to fill in hiccups as long as you follow the verification process.
Payment Methods on Gemini
Payment methods include all crypto and fiat currencies that were mentioned before. You can make deposits and withdraw in all of them. To make operations with fiat currencies traders have to complete an international or domestic wire transfer. Another option is to make an ACH bank transfer. But to do that you should be in the USA. Anyway, on the Gemini platform, each user can buy cryptocurrency instantly using a debit card. One thing to keep in mind is that users can make deposits but not withdrawals via a debit card. Bank or wire transfers are suitable to withdraw your money.
Customers’ Reviews and Support
Cryptocurrency investors security features to store finances and digital asset safely. You can also make yourself familiar with a review section in social media to find out what experienced bitcoin miners think about cfd trading on Gemini. From what we found in the reviews the main problem is still complicated verification process that is hard to complete without any help. Another problem is that accounts often get frozen upon being funded. This problem might occur because of the website does not warn users about making deposit funds without being verified. And also know-your-customer services are very complicated and strict.
Concerning support service, Gemini has a few options to offer. There is email support (managers answer really fast, within a couple of hours), a phone number, a support group on Twitter, and a mail address. Another important option is the FAQ section on the website As you can see external communications are very well developed. However, some people might argue that these support tools do not work that well. It may be a reason why Gemini has a low rating on Trustpilot.
Is Gemini a good company?
A general answer is yes. Gemini is a great trading and crypto exchange platform that can be used by professional traders as well as people who only make their first steps in trading and exchange of cryptocurrency. We recommend you trying Gemini by yourself and having a Gemini account. You can also have a look at Gemini mobile app to go through the best tools of Gemini cryptocurrency exchange quickly. Many investors have a good experience of cryptocurrency trading in mobile apps and on the trading platform.
Is Gemini safer than Coinbase?
Gemini is a well-known crypto trading platform which is famous for being safe and secure for investors to have an account there. Undoubtedly, it is one of the safest platforms for trading cryptocurrency such as Bitcoin among other competitors including Coinbase. Some investors who have a Gemini account might complain about difficult verification processes that you have to complete multiple times. But it is all done to make trading and exchange deals as safe as possible.
Is Gemini Exchange trustworthy?
Yes, Gemini is a crypto exchange platform that can be trusted by investors Every trader has an opportunity to ensure their money. When keeping money for long time periods or trading huge amounts of cryptocurrency it is better to use an additional platform offered by Gemini – Gemini Custody™.
Is Gemini safe to use?
Yes, Gemini is a great cryptocurrency exchange concerning safety. There are some disadvantages such as very high trading fees. However, Gemini is probably the most solid platform for crypto investors. Trading and cryptocurrency exchange is extremely easy and safe on Gemini. Money of a trader is ensured so they can keep digital assets on Gemini without having a fear of losing them.