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Gemini crypto exchange review

Gemini crypto exchange review and features

  • 20 February 2022
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Gemini was founded in 2014 and has since been considered one of the most important and well-known crypto exchanges. Gemini crypto exchange strives to earn the trust of its users, which is described in its four pillars: Product, Security, Licensing, and Compliance. Gemini’s “safety first” mentality attracts so many of its users.

In short, Gemini managed to live up to its claims and is now a New York Trust Company. This essentially means that its certified crypto company operates under the supervision of and in cooperation with the New York Treasury Department. However, this can have a downside as many restrictions are imposed on the company. Read on Gemini crypto exchange review and features.

Advantages

  • Gemini is a fully licensed crypto exchange with safeguards
  • It has low fees
  • User-friendly control panel
  • Strong customer support with the blog, FAQ, and email
  • Gemini Referral Code Bonus – $10 Bitcoin when you refer a friend

Disadvantage

  • A limited selection of coins to buy
  • Lengthy registration process

Gemini crypto exchange Interface – Ease of Use, Look & Feel

An important part of our Gemini review is making sure the site is usable. This is one of the main concerns of many exchange customers.

The Gemini website is very great, user-friendly, and beginner-friendly. The interface is bright, simple, and easy to navigate. Despite this, it is still suitable for experienced traders due to the advanced options on the site.

The dashboard

You can easily create an account with Gemini by clicking on the registration link on the home page. One thing that can put users off is the amount of personal information required for registration.

However, this is simply because Gemini is fully regulated and complies with all New York securities and trade laws. This requires your e-mail address, telephone number, bank details, and ID.

After setting up your account, you are just a few clicks away from buying Bitcoin and Ethereum.

Features of the Gemini Website

  • Impressive user interface – Thankfully, the Gemini crypto exchange works as smoothly as it looks. The buttons are self-explanatory (e.g. Bitcoin buy button) which means that traders at all levels can move easily. The site is fast and it only takes a few minutes to buy and sell coins.
  • Gemini Mobile App – Users can now download the Gemini mobile app, which makes sharing on the go. The app further simplifies exchanges and is perfect for no-fuss trades.
  • Strong Security – Gemini has never been hacked and has taken several security measures. This further improves the user-friendliness of the website.

Which cryptocurrencies does Gemini support?

The top two cryptocurrencies, Bitcoin and Ether, are tradable, but you cannot buy Ripple, number three, due to security classification concerns (see below). Gemini lists the safest coins. Other cryptocurrencies include a privacy coin (Zcash) and securities tokens (DGD, GUSD).

  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Bitcoin
  • Litecoin
  • Zcash
  • Gemini dollars
  • DGD
  • BTC/USD
  • ETH/USD
  • ETH/BTC
  • ZEC/USD
  • ZEC/BTC
  • ZEC/ETH
  • ZEC/LTC
  • ZEC/BCH
  • BCH/USD
  • BCH/BTC
  • BCH/ETH
  • BCH/LTC
  • LTC/USD
  • LTC/BTC
  • LTC/ETH
  • LTC/BCH

Gemini payment options

Payments on Gemini are very straightforward thanks to the partnership with Flexa. So this allows customers to conveniently spend cryptocurrency from within a Gemini wallet.

In terms of what deposits are accepted, the Gemini crypto exchange allows deposits through ACH (Automated Clearing House) in the US and wire transfers from everywhere else. Bitcoin and Ether deposits are also accepted.

Bank transfers to Gemini may be subject to fees depending on the bank sending the money from. However, other payment methods for deposits are free.

In addition, users must pay a network fee for Gemini Bitcoin or Gemini Ethereum deposits.

Processing time for Gemini funds:

  • Bitcoin – It takes 30 minutes to be available in your account
  • Bitcoin Cash – It takes 2-2.5 hours to be available in your account
  • Ethereum – It takes 3 minutes to be available in your account
  • Zcash – It takes 30-60 minutes to be available in your account
  • Litecoin – It takes 30 minutes to be available in your account
  • Bank Transfer – Same day or next business day
  • Bank Wire Transfer (ACH) – instantly tradable and payout within 3-4 business days

Gemini minimum deposit/withdrawal

Gemini Exchange has a $100 minimum for transfers. Gemini’s withdrawal limit is currently $10,000 per day. However, there is no minimum deposit limit at the Gemini crypto exchange.

Gemini crypto exchange Customer Service

Gemini is known for its strong and fast customer service. It prides itself on having FAQs scattered throughout the site to answer all of your questions. Gemini rates customer service well across multiple sites, and it’s easy to see why.

  • Zendesk: Tutorials and FAQs
  • Email: You can fill out the contact form on Gemini’s website and expect a response within hours!
  • Social Media: Gemini’s blog and social media accounts can be a great way to learn more and get questions answered.

All of these features make Gemini’s customer service extremely reliable and ideal for beginners who may have more questions than others.

Gemini crypto exchange Review – License & Security

Gemini aims to create the safest cryptocurrency exchange in the world and seems to be doing an excellent job! So far it has never been hacked, stolen, or otherwise compromised in any way. Nothing has been heard from the Gemini scam yet. Gemini constantly reviews its security as it is one of its most important pillars.

Gemini is also regulated by the New York State Department of Financial Services, meaning its portfolio of cryptocurrencies is secure and approved.

The exchange is so much “safety first” and implements so much more security measures compared to other exchanges. An overview of Gemini security is as follows:

  • Gemini stores your private keys off-site in a cold storage location with government-level security standards.
  • It requires multi-signature identification, making it extremely difficult for hackers to access your assets.
  • Gemini meets capital reserve requirements.
  • Gemini is the first exchange to meet SOC 2 security standards.

So is Gemini safe? Very much so.

Trade offer

Let’s start our Gemini review with a look at what cryptocurrencies can be exchanged. Gemini lists only the safest coins, Bitcoin and Ethereum. It only supports these two options as Gemini aims to be a highly trusted and institution-friendly exchange.

If it supported newer cryptocurrencies, it could pose a risk as they haven’t been around long enough. Gemini wants to avoid having to remove coins from the site, as it could damage the trust it has worked so hard to build with investors. This means that the Gemini crypto exchange does not support popular cryptocurrencies like Ripple for security reasons.

In 2017, Gemini futures were added to the list of services, with a particular focus on bitcoin.

Trading costs

Gemini users have to pay a network fee for Bitcoin or Ethereum deposits.

Gemini prices may differ slightly from other exchange platforms. This is because it depends on your 30-day trading volume and there are six different fee tiers. Fees range from casual light traders to high-volume traders.

Also, fees are recalculated every day at midnight and there are no fees for the first 30 monthly withdrawals. Gemini’s withdrawal fees are notoriously low.

In general, the Gemini transaction fee for recipients is 0.35%.

Commercial terms

Gemini is a New York trust regulated by the New York State Department of Financial Services (NYDFS) and operates worldwide.

Because Gemini crypto exchange is regulated by NYDFS, it must comply with consumer protection and digital asset regulations. Also, there is a slight downside to the regulation as twins are subject to certain restrictions. For example, it wants to expand beyond just bitcoin trading but has to wait for government approval for each new coin.

While this may slow expansion, it means that Gemini’s coin portfolio is guaranteed to be safe to trade. Gemini regularly reviews its coins to ensure compliance.

Gemini is also part of the Virtual Commodities Association (VCA) and is working towards developing a self-regulatory organization that could relax some restrictions.

Product conclusion
Step 1: Create your account

To start trading with Gemini, you need to create an account. The login screen gives you the option to sign up for either a personal account or institutional registration.

Most choose the personal account and enter their email address and password. You will then receive an SMS code to confirm that you are setting up the account.

Step 2: Confirm your identity

You can upload a photo ID to verify your identity.

Gemini verifies this ID before you can start trading.

Step 3: Add funds to your account

You can donate by adding a Gemini deposit to your account. One of the most common ways to do this is via bank transfer, as Gemini allows you to start trading right away while your funds are being processed.

If you want to make a cryptocurrency deposit, all you have to do is copy your Gemini wallet address for the coin you want to deposit and paste it into your wallet withdrawal order.

The minimum amount to buy Bitcoin is 0.0001 BTC and Ether is 0.001 ETH. ACH transfers have a maximum limit of $500 per day and $15,000 per month.

Step 4: Trading with a continuous order book

You can click “Buy” in the menu on the right side of the Gemini crypto exchange.

After selecting the currency pair you want to trade, the rolling order book will appear. You can now click on the amount you wish to trade below.

After entering the amount you wish to trade, the rest of the order will be filled.

On this screen, you can see what is available at higher or lower prices.

This simple chart gives traders a lot of information that is perfect for both novice and advanced investors.

Step 5: Trade the auction

An alternative trading option is the Gemini auction option. This is mainly used by advanced traders.

You can select a market order (final price), limit order (minimum/maximum price at which to buy/sell), and then click Buy.

Auction orders are available for BTC/USD, ETH/USD, LTC/USD, BCH/USD, and ZEC/USD pairs.

Step 6: Gemini payout

Withdrawing money from Gemini is easy. Click on the “Withdraw Credit” button in the side menu. You can then click on the bank transfer or on the specific coin you wish to withdraw. Gemini’s withdrawal limit is $10,000 per day.

You must ensure that your bank details for a bank transfer are filled out in your profile.

To make a cryptocurrency withdrawal, simply enter the amount you wish to withdraw, click “Verify” and then confirm. Making a Gemini withdrawal is made very easy.

Our Gemini Review overall conclusion

Gemini crypto exchange has a pretty mixed reputation online. For example, on Trustpilot, Gemini has a disappointing rating of 2 out of 5 stars overall, giving it a “poor” rating. So the key takeaways from negative reviews are that too much information is required to sign up and money is required upfront.

However, other exchanges and cryptocurrency sites praise Gemini as a safe, beginner-friendly, and efficient way to trade coins. Gemini scams don’t exist and the site even has an FAQ section on how to avoid them!

This mixed reputation can create some red flags for future users, which is understandable. A lot of information will require to verify identity, which will certainly put off many customers. However, the primary reason for doing so is to maintain high levels of security and compliance. So if Gemini crypto exchange becomes self-regulated in the future, it could perhaps bode well for potential users.

Gemini is a great exchange if you have uncomplicated needs and want to buy Bitcoin, Ethereum, Litecoin, Bitcoin Cash, or Zcash. However, if you want to buy other assets or you won’t interested in them, it would not be worth your time to sign up.

Essentially, Gemini serves a very specific goal with limited crypto to trade. However, this will happen with sophistication. The website is smooth, slick, and easy to use. Also, the security is incredible and boosts the credibility of the exchange. Also, the fact that Gemini is fully licensed, secure, and trustworthy makes it a winner on our books. Gemini’s low withdrawal fees are also a bonus. The overall price of Gemini is low.

However, the Gemini exchange is not perfect for all traders as only a handful of coins will trade.


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One response to “Gemini crypto exchange review and features”

  1. Yanga Jili says:

    Interesting info and useful

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