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 capitalisation.
When it comes to trading, the following pairs are supported:
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 Ireland, 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 3:00 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 4 to 5 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:
Is trading on Gemini secure?
Gemini is considered to be one of the most secure cryptocurrency exchanges on the market. The company is also heavily capitalised 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.
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
- Strong reputation backed by two leading investors
- Dollar-to-crypto and crypto-to-crypto trading
- Discounts and rebates for high-volume traders
- Strict regulation comes at a cost – in this case it’s the loss of privacy
- Limited selection of altcoins
- Limited funding methods
Gemini provides a self-help style customer support page through its Help Center, which has a detailed FAQ section broken down by the following categories: General, Trading, Developers and Security. If you have a specific question in mind, you can type it in the bottom tab labelled “Support”.
If the FAQ section doesn’t help, you can send an email to customer support by selecting “Submit a Request” at the top right-hand side of the page.