Gemini Cryptocurrency Exchange
- Buy BTC, ETH and ZEC with USD
- Also offers crypto-to-crypto trading
- Multiple order types
- Regulated by NYSDFS
Gemini is a leading digital asset exchange that rewards high-volume traders with discounts and rebates.
Gemini is a fully regulated cryptocurrency exchange founded by the Winklevoss twins, two of the most prominent bitcoin traders.
Gemini was founded in 2015 on the premise that digital assets have the potential to radically reshape the financial system. Today, it’s one of the few bitcoin exchanges regulated by the New York State Department of Financial Services (NYSDFS).
| Product Name | Gemini Cryptocurrency Exchange |
|---|---|
| Fiat Currencies | USD |
| Cryptocurrencies | BTC, ETH, LTC, ZEC |
| Deposit Methods |
Cryptocurrency Electronic Funds Transfer Wire transfer |
| Trading Fee | From 0-0.1%+ |
| Deposit Fees |
Cryptocurrency: None
Wire transfer: None* ACH: None * banks may charge transfer fee |
| Withdrawal Fees |
Cryptocurrency: Up to 0.002 BTC & 0.001 ETH
Other: None |
Pros
- Strong reputation backed by two leading investors
- Dollar-to-crypto and crypto-to-crypto trading
- Discounts and rebates for high-volume traders
Cons
- Strict regulation comes at a cost – in this case it’s the loss of privacy
- Limited selection of altcoins
- Limited funding methods
Exchanges like Gemini
What is Gemini?
Based in New York, Gemini is the first licensed bitcoin and Ethereum trust company to be registered with the NYSDFS. The futuristic platform allows users to deposit fiat currency and trade bitcoin and Ethereum across a variety of different order types.
It is also one of the only US exchanges that enables dollar-to-crypto and crypto-to-crypto trading.
Gemini also has a unique auction feature that provides all customers worldwide with an exact time and place to meet online, in order to trade at the same prices, regardless of time zone.
In addition to buying and selling cryptocurrency, Gemini users can store their tokens directly with the company in a highly secure offline wallet.
What cryptocurrencies can I buy, sell and trade?
Gemini supports the bitcoin and Ethereum tokens. These are the top two digital currencies by market capitalization.
When it comes to trading, the following pairs are supported:
- BTC/USD
- ETH/USD
- ETH/BTC
Where is Gemini available?
Gemini is available across most US states, with the exception of Oregon, Arizona, Alaska, Hawaii and Wisconsin. The company website says trading in these regions will be available soon.
Globally, Gemini is available in the United Kingdom, Canada, Hong Kong, South Korea and Singapore.
What payment methods are supported?
Gemini only accepts US dollars via Automated Clearing House (ACH) deposits or wire transfers. No other funding method is accepted at this time.
Transaction fees and charges
Depositing USD into your Gemini account is completely free. The exchange does not charge for wire transfer or ACH deposits. However, wire transfers may be subject to bank fees.
Gemini does not charge fees for wire deposits or withdrawals anywhere in the world when trading in bitcoin and Ethereum.
Trading fees vary depending on your 30-day trade volume, and maximum fees were increased fourfold on April 2, 2018. There are six tiers of maker, taker and auction fees that range from 1% for light traders (less than 5 BTC or 50 ETH over the last 30 days) to 0.1% for takers and 0% for makers when trading more than 2,000 BTC or 20,000 ETH over the last 30 days.
Transaction processing times
Wire transfers sent domestically before 3 p.m. ET are usually available in your account the same day or next business day.
Bank transfer deposits via ACH usually clear in about four to five business days.
Are there any deposit/withdrawal limits?
There are no limits on deposits or withdrawals for either individual or institutional accounts. Bank transfers via ACH have the following limits:
| Type | Limit | Customer | Amount |
|---|---|---|---|
| Deposit | Daily | Individual | $500 |
| Deposit | Daily | Institution | $10,000 |
| Deposit | Monthly | Individual | $15,000 |
| Deposit | Monthly | Institution | $300,000 |
| Withdrawal | Daily | Individual | $10,000 |
| Withdrawal | Daily | Institution | $10,000 |
| Withdrawal | Monthly | Individual | $100,000 |
| Withdrawal | Monthly | Institution | $100,000 |
Is trading on Gemini secure?
Gemini is considered to be one of the most secure cryptocurrency exchanges on the market for US residents. Not only is it governed by the Bank Secrecy Act (BSA) and anti-money laundering (AML) rules, client deposits are eligible for Federal Deposit Insurance Corporation (FDIC) insurance coverage. The company is also heavily capitalized to protect the digital currency you store offline.
In the case of Gemini, you are sacrificing some privacy for better security. The account verification process requires that you provide sensitive details about yourself, such as your Social Security number (SSN) and photo ID.
Gemini accounts are also equipped with 2-factor authentication, which safeguards the login process.
If you decide to use Gemini’s wallet services, most of your digital assets will be stored offline in a disconnected, air-gapped storage system for added protection.
Get started
First, consider whether Gemini has the features and security that you need. To get started with Gemini, visit the website and select whether you want to open a personal account or institutional account. You can also register for Gemini’s Custody Service (i.e. wallet), where most tokens are secured offline in an air-gapped storage system that is physically disconnected from any networks.
Pros and cons
Pros
- Strong reputation backed by two leading traders
- Dollar-to-crypto and crypto-to-crypto trading
- Available in most US states
- Discounts and rebates for high-volume traders
Cons
- Strict regulation comes at a cost – in this case, it’s the loss of privacy
- Limited selection of altcoins
- Limited funding methods
Customer support
Gemini provides a self help-style customer support page through its Help Center, which has a detailed FAQ section broken down into the following categories: General, Trading, Developers and Security. If you have a specific question in mind, you can type it in the bottom tab labeled “Support”.
If the FAQ section doesn’t help, you can send an email to customer support by selecting “Submit a Request” on the top right-hand side of the page.
Frequently asked questions
Image source: Gemini
I have a Coinbase account now. Because I am a Canadian resident, they won’t allow me to use my Wells Fargo bank for deposits.(U.S.) I have been dealing in u.s. Funds. Can I sign up with Gemini and continue to use my U.S. Bank? Also if I withdraw funds, can I transfer back to my U.S. Bank?
Hi Don,
Thanks for getting in touch with finder. I hope all is well with you. :)
Gemini accepts US dollars via Automated Clearing House (ACH) deposits or wire transfers. For this reason, you can use your US bank account to deposit money to your account given you use the aforementioned methods.
As of now, you can only withdraw crpyto coins from Gemini and not fiat money.
For more information, you may want to directly get in touch with Gemini’s customer support.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
is there a limit to a wire transfer amount for deposits or withdrawals
Hi Norman,
Thank you for visiting finder, we are a financial comparison website and general information service.
There are no limits on deposits or withdrawals for Individual or Institutional Accounts for Wire transfers. You may also get additional information via Gemini’s Zendesk support.
Hope this helps,
Joanne
I have a question. I want to buy ripple, how I should do that?
Hi Kim,
Thanks for your inquiry.
You can buy Ripple as you would buy any other cryptocurrency: from an online exchange. Most require you to go through a verification process but once done you just buy the XRP as you would any other product online. Finally, transfer the coins to your wallet for safekeeping.
You may know more info about Ripple on this page.
Cheers,
Rench