Gemini exchange is a New York-based cryptocurrency exchange platform that was first established in 2014 but did not become fully functional until the latter part of 2015. The platform was founded by the Facebook legends, the Winklevoss twins, and is presently home to 49 institutional clients and individuals in different parts of the world, including the US, Canada, Australia, Puerto Rico, Hong Kong, Washington DC, and other parts of the world.
Unlike most of the other exchange platforms, which operate on Bitlicense, Gemini operates on a Limited Liability trust. This implies that it is fully registered under and in partnership with the New York Department of Financial Services (NYDFS). This means that there is secured insurance for all the funds deposited on the platform, making the FDIC-insured banks to hold the USD deposit on the platform. This makes Gemini platform, the crypto exchange industry’s first user magnet.
The other side to the limited liability involvement and certification is that Gemini can’t make its own rules without carrying the Department of Financial Services along. This also restricts the number of cryptocurrencies licensed on the platform since its creation. The bitcoin Gemini is a platform that is intensely regulated, as we shall find out later in this review.
How does Gemini work?
Gemini launched its first stablecoins in 2018 and was tied to the USD as an asset. The GUSD is one of the few coins that are tradable by investors and traders on Bitcoin Gemini. Traders can begin trading on the platform as soon as they create an account and deposit the starting capital required of all users.
The Gemini has a user-friendly interface that features an order book, sophisticated chart view, and a history section. It is also easy to locate the buy and sell options, which allows you to place your trades conveniently. It is needless to say that the Gemini boasts of one of the easy to navigate interface around.
Trading with Gemini is not just for any random investors; this is because the platforms favor institutions and significant investors more than a novice trader who is just making their first few attempts at crypto trading. The platform charges neck-breaking fees that are a little than the average market fee. More on the fees charged by this platform in a bit
Gemini exchange app
Most exchange platforms only allow users the opportunity of trading with a PC or a desktop, hence making it impossible to trade on the go. Bitcoin Gemini knows the complications that come with this. Thus, it leverages this by creating an app that helps users make a trade from anywhere across the world.
Gemini exchange app is available to apple and android mobile devices. This means that users can readily download the app on their respective play store for their immediate use.
Trading on the app is quite easy and almost similar to the desktop trading option. The trading view also displays the order book, trading options (buy and sell), history, and the trading chart of the selected coin. Most of its users enjoy their time with the app and even prefer to trade using the app than using the desktop trading option.
Cryptocurrencies supported
Due to the regulations and the platform’s uniqueness, Gemini only allows very few cryptocurrencies on its trading platform. The platform considers several guidelines before the permission or enlisting of any cryptocurrency.
Apart from this, the investors and financial department also have a say in the kind of cryptocurrency that is being listed on the platform. Some examples of the cryptocurrencies that this platform supports include BTC, ETH, BCH, USD, LTC, and ZED. This puts a limit on the number of cryptocurrencies that the platform permits.
Demo Account
Bitcoin Gemini provides a demo trading option for its users once they have created an account and made the necessary deposits. This demo trading account allows users to familiarize themselves with the platform as though they are trading live on the Gemini trading platform.
This will allow users to practice and understand volatility and risk management while trading on the platform.
On the demo account, users can trade with virtual coins instead of real coins. Hence, they can learn without having to lose any money. It is, however, essential to note that earnings gotten on the demo-trading platform cannot be withdrawn.
Educational Material
Gemini also offers learning tools from which news users who are just beginning to develop an interest in the crypto space can learn. These materials contain basic and advanced instruction on what bitcoin is and how to go about trading it. Some other materials are also available for those who want to learn about different coins that are listed on the platform.
Apart from this, the platform also incorporates some tools and materials for registered users on the platform. This will allow them to familiarize themselves with the platform and how it is operated. The documents, coupled with the demo trading option, will help users get the best out of the Gemini Exchange site.
Fees
Unlike several other platforms, Gemini is known to be created for users who have a taste for the value. The platform has a high standard, which is evident in the amount charged at different aspects of trading on the account. The first fee worthy of note is the “convenient fee,” which is similar to the regular flat fee charged by the other platforms. The convenient cost is higher in Gemini than on the different trading platforms. Gemini charges a convenience fee of 0.5% on every trade made on its platform. This is high when compared to the 0.25% average flat fee on most of the other trading platforms.
Gemini also charges a transaction fee, aside from the convenience fee. This fee is charged based on every transaction undertaken by the users of the platform. The value is fixed, and it is dependent on the amount that is used in completing the transaction.
For those making purchases between 0.1-200 USD, the amount charged is within the range of 0.99-2.99 USD. While for those who intend to purchase more than 200USD, 1.49% of the purchasing value is deducted as a form of the transaction fee.
Gemini charges a withdrawal fee of 0.001 BTC when investors withdraw BTC from the platform. This is relatively higher than the fee charged by most of the other exchange platforms with an average value of 0.000812 BTC.
Minimum deposit
Gemini allows investors and traders to use the platform to do a direct deposit option with no hidden charges involved. However, the use of a credit card for deposit purposes is not permitted on the platform. Investors can also transfer cryptocurrency from other platforms to Gemini and trade with this as this is another available deposit option for those who use the platform.
Special Features
Gemini’s Stable Coin: Gemini launched its stablecoin as far back as 2018. This was when stablecoins were experiencing a boom, and several exchange sites were making use of the opportunity. GUSD is the acronym for the stablecoin, and it is linked to the US Dollars as a fiat currency. This coin happens to be among the few coins Gemini that are used traders by traders. There are also some opportunities attached to trading pairs with GUSD.
The mobile view: Other cryptocurrency trading platforms only allow users to make use of desktop trading. Some other ones allow the mobile view, but traders must have a functioning browser and sometimes a specific one before they can make use of the app. This is not the case with Gemini. It makes the trading option available on both desktop and mobile views, thus, enabling traders on the platform to trade with ease.
The first User Magnet: Gemini was set up as a limited liability alternative. This gives it an edge over the other platforms because institutions and industry whales can get to trust its longevity and level of security better than the different trading platforms.
Regulation
Gemini is a New York trust company, making it more insured than most of the other trading platforms. There is a query that the bank might monitor most of the trades that take place on the account, and access investors’ details. However, it is still more certain that Gemini cannot shutdown suddenly like some other exchange platform that doesn’t have the government’s support and involvement.
Payment methods
The mode of payment on Gemini follows a similar pattern as the deposit method. There is a charge on every cryptocurrency that is withdrawn on the platform. Though it might not appear to be high, the withdrawal fee is higher on Gemini than in other exchange sites. No limit to the amount that one can withdraw on the platform as long as the individual is willing to pay the fees.
Gemini vs. Other exchange sites
| GEMINI | OTHER TRADING SITES |
| It allows a mobile trading view for traders on its platforms | Varying option on the other sites, but most of them do give the mobile’s trading option |
| Allows US investors to easily trade on the platform since it is a US exchange site | Some of these trading platforms only allow few states in the US to use their platforms, while some other ones block them out completely |
| There are few coins to trade with on Gemini, making it easier for new investors to choose | Multiple currencies can be confusing for new investors and traders as seen in most of the other exchange sites |
| The insurance level of user’s dollars and coins by the New York State Department of Financial services makes it more trusted by institutions | Most of the other platforms are only Bitlicensed, which is not as secure as the option offered by Gemini |
Advantages/disadvantages
Pros
- Ease of Use: Although, charges a high fee on payments, but the platform is still one of the easiest to navigate and use. It has vast educational resources which novice and seasoned traders can quickly consult in their attempt to learn more about the exchange platform
- FDIC Insurance: The operation of Gemini under the supervision and cooperation of NYDFS makes it more secured. Hence, industry and institutions and can get to trust the platform better.
Cons
- Higher charges: As explained earlier, Gemini charges a relatively higher flat fee on deposit and withdrawal when compared with its exchange counterparts.
- Few Trading Options: There are fewer coins to trade on the platform, making it a second choice among long-term investors.
FAQs
How much profit can I make on Gemini?
Gaining on Gemini is dependent on the currency you are trading with and the trading option you are choosing. However, there is no limit to the amount you can make as long as your trading goes well.
How do I create an account on Gemini?
Opening an account is quite easy. All you need to do is find your way to their site and then click on the signup option. From this point, you will be told to necessary input details such as your name, email, and password. Once this is done and you click on submission, you can then do the required verifications, and there you have it, your account is ready for use.
Can my Gemini account be blocked?
Any trading account can be blocked as long as you stop following the laid down regulations. Make sure to contact customer support to find a solution if they eventually block your account.
Conclusion
Although Gemini appears to be a platform that is exclusive to only the industry’s big wigs, it is essential to note that anyone can still join the platform. As long as you are willing to abide by the platform’s rules, there won’t be any problem.
Gemini is a good fit for persons who like to make sure their investment is in safe hands. They have an app that works perfectly on a mobile device and PC alike so that you can trade at a go, no matter your schedule or location.
If you feel inspired by this writeup; visit their website, create an account, make an initial deposit, peruse the manuals and tutorial videos, set up a live account and start trading in real-time.
