Gemini Review and Tutorial 2021
|Traders in United States welcome|
|Gemini Facts & Figures|
Gemini is a leading crypto trading exchange with low fees and a long list of altcoins.
|Payment Methods||Bitcoin Payments, Credit Card, Mastercard, Silvergate Bank Transfer, Visa, Wire Transfer|
|Min. Trade||0.00001 BTC|
Trade over 50 crypto pairs on an extensive list of popular and emerging digital currencies.
|Spread||Transaction fee from £0.75|
|Coins||BTC, ETH, XRP, ADA, DOGE, DOT, BCH, LTC, UNI, LINK, FIL, XLM, WBTC, EOS, SOL, AAV, XTZ, ATOM, MKR, DAI, COMP, ZEC, ENJ, GRT, SNX, BAT, MANA, YFI, UMA, ZRX, OMG, BNT, REN, CRV, 1INCH, LRC, KNC, STORJ, GNT, SKL, SAND, BAL, NMR, KEEP, OXT, LOOM, PAXG, BRD, CSP, TBTC, WNXM, FXC, AMP|
The Gemini exchange is one of the largest cryptocurrency brokers on the market. It is famous for its sleek app and ease of use for beginners. In this review, we discuss the pros and cons of the platform, including Gemini’s fees, what coins are available, and how you can sign up for a trading account.
With a daily trading volume of over $300m and 13+ million active users, the Gemini exchange is one of the industry’s giants. The fintech firm was founded by brothers, Cameron and Tyler Winklevoss in 2014. It has a valuation of over $8 billion, giving it a net worth that warrants unicorn status. The firm is not currently listed on the stock exchange, but in 2021, the Winklevoss twins were quoted in Bloomberg news as considering an IPO in the future. Its office headquarters location is in New York, USA.
Gemini is also the company behind the hugely popular Nifty Gateway trading platform, which offers a marketplace for the buying and selling of NFTs, such as digital art, music and game items.
The Gemini exchange’s list of supported coins is extensive. It currently offers 25 coins in over 50 trading pairs.
The list includes, but is not limited to:
- Zcash (ZEC)
- Bitcoin (BTC)
- Litecoin (LTC)
- Uniswap (UNI)
- Ethereum (ETH)
- Pax Gold (PAXG)
- Bitcoin Cash (BCH)
In early 2021, the Gemini exchange added some new listings outside crypto. It currently offers three DeFi tokens: Bancor (BNT), 1inch (1INCH) and Loopring (LRC). Plus two NFT tokens, Enjin (ENJ) and The Sandbox (SAND), in addition to two infrastructure tokens Skale (SKL) and The Graph (GRT).
The Gemini exchange offers two distinct services. The first is their cryptocurrency exchange which allows you to buy and sell coins. This is the preferred option for investors who are likely to hold onto their currency. The Gemini exchange is available on both web and mobile app.
The interface is user-friendly, with a simple, slick design. Traders can set recurring buys and price alerts. At a glance, traders can view their 24-hour portfolio value and percentage change. The price list shows all cryptos, such a Bitcoin and Ether, but also includes charts for coins not available on the platform.
The second is the Active Trader desktop platform which is designed for crypto traders. It offers a high-performance, professional-level trading experience. There are multiple order types and advanced charting is available. Trades are executed in a matter of milliseconds, meaning slippage is kept to a minimum. Limit order books are centralised and follow a price-time priority order. Tutorials are available through the sister website, Cryptopedia.
The Gemini exchange offers a number of other fintech products.
- Gemini Clearing – This service allows crypto transactions to be settled ‘off exchange’ or over the counter (OTC)
- Gemini Wallet – A hot wallet or institutional-grade cold storage system for crypto. Digital assets are insured against theft.
- Gemini Custody – An institutional-grade crypto storage system with $200 million in insurance coverage. Liquidity is instant on the Gemini exchange.
- Gemini Earn – This service allows you to lend your crypto to institutional borrowers and earn interest on the amount. Unlike other lending services, funds are entirely liquid and can be returned at any time.
Deposits & Withdrawals
Funding your Gemini exchange account is easy. European Gemini exchange account holders can deposit either GBP or EUR into their account. However, only Bitcoin and Ethereum are available to purchase with GBP through Gemini Active Trader and APIs.
Before traders can login for the first time, they’re subject to KYC checks. The identity verification time can take between 2-5 working days. Daily deposit limits of £5,000 apply, up to a maximum of £30,000 monthly. There is a £100,000 daily withdrawal limit. Limits apply to fully verified accounts only.
Deposits can be made using bank wire transfer, credit or debit card. Card payments are made by linking your bank account directly to your Gemini exchange account. Deposits can also be made in cryptocurrency. Traders should instruct their external wallet provider to deposit funds in their Gemini exchange account using the unique deposit address.
Bank wire transfers incur no fees, however, card transactions are subject to 3.49% of the total purchase amount. Withdrawal is free until over 10 transactions per month are requested. Beyond this, the fee is based on the value of the currency withdrawn.
Fees & Prices
At the Gemini exchange, orders placed on the web and mobile app are subject to both transaction fees and a convenience fee. Transaction fees vary depending on the order value, starting at £0.75 per transaction, up to 1.49% of the trade for orders over £150. The convenience fee is 0.5% above the market price of the pair at the time of the quote.
For Gemini Exchange Active Trader UK clients, the fee structure operates on a maker-taker system. If your order adds liquidity to the market place (i.e cannot be filled immediately and sits on the order book), you will be charged a ‘maker’ fee. The ‘maker’ fee is 0.25% for most trades, but for those with a value over 2.5 million USD, this decreases. The ‘taker’ fee is leveraged if your order takes liquidity from the market (i.e is filled immediately). This is slightly higher at 0.35% for anything under 2.5 million USD.
Gemini Mobile App
The Gemini exchange and Active Trader are both optimised for mobile, making them fantastic for on-the-go trading. The app is available on both Android and Apple and can be downloaded from the relevant app store. User reviews of the mobile application are excellent.
Gemini Promo Codes
The Gemini exchange is currently offering a refer-a-friend scheme. If your friend uses your promo when signing up, then buys £100 or more in 30 days of joining, you’ll both be rewarded with a bonus of £10 in Bitcoin.
- Award-winning – The Gemini exchange has won some key awards in recent years, including the 2019 Markets Choice Awards: Best Cryptocurrency Exchange.
- Sleek mobile app – The high-end design and intuitive interface are spot on with the Gemini exchange. The app is thoroughly enjoyable to use.
- Security – The Gemini exchange prides itself on its high security. In particular, 2FA is a requirement for all investors.
- Limited selection of top coins – Some of the top coins by market cap are not available to buy through Gemini vs Binance which offers a longer list of supported digital currencies.
- Limited active trading for UK clients – Only Bitcoin and Ethereum are available for trading against GBP in the Gemini Exchange Active Trader platform. Whilst other cryptos can be traded in USD, it’s likely that customers will be subject to exchange rate fees. Note that if you’re looking to invest in crypto using the Gemini exchange account, GBP holders have a full range of coins to choose from.
- Deposit fees – The 3.49% card deposit fee is a serious downside of Gemini Exchange. Traders using this payment method are relying on high investment yields to make this back. While other payment methods are free, it’s a frustratingly high charge on card usage. However, vs Coinbase (which charges 3.99%) it’s fairly competitive.
- No margin trading – Trading on margin is not supported by Gemini Exchange.
The Gemini exchange boasts an industry-leading customer support network. Any support queries can be submitted through their request form, available in the help centre. If you have any network issues with your Gemini exchange account, for example, if the website is down or not working, you can use this form to find out if there are any outage problems.
For the Gemini exchange, security is extremely high on the agenda and it is widely regarded as one of the safest brokers on the market. Gemini requires all traders to enable 2 Factor Authentication (2FA) to ensure their account is safe from hackers. Funds are kept in a ring-fenced account to protect against business failure. Gemini has not been hacked before and takes the highest precautions to ensure against it.
Overall, the Gemini exchange is a safe and secure broker for trading cryptos. While fees are relatively high vs platforms such as Binance, its sleek app is superior. Gemini would do well to add more coins that are high on the market cap list to broaden its offering. In general, Gemini is a broker we would recommend to crypto investors.
Does Gemini Exchange Have Ripple (XRP)?
The Gemini exchange does offer Ripple. The broker supports a long list of 50 tradable crypto pairs with competitive fees.
Who Owns Gemini?
The Gemini exchange was founded by the Winklevoss Twins, Cameron and Tyler. The company has emerged as one of the leading crypto trading brokers over the years.
Is Gemini Legit?
Gemini is one of the safest cryptocurrency exchanges. It has a focus on customer security, requiring 2FA on all accounts. It is regulated by the Financial Conduct Authority in the UK, meaning that customer funds are safely segregated from the business’.
Can I Earn Interest On My Crypto With Gemini?
Yes, Gemini provides a service called Earn where investors can lend their crypto to borrowers and earn interest in exchange.
Has Gemini Ever Been Hacked?
Gemini has never been hacked in its 7-year history and is widely regarded as one of the safest crypto exchanges. Large crypto platforms such as Gemini have learnt from security breaches on older platforms and has a critical eye on the safety of its funds.
Gemini accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Alternatives to Gemini
If you are looking for alternatives to Gemini we have compiled a list of the top 5 brokers that are similar to Gemini below. This list of brokers like Gemini is in order of similarity and only includes companies that accept traders from your location.
- Paxful – Paxful is a crypto trading exchange and digital wallet offering low fees and easy sign-up.
- Just2Trade – Just2Trade offer hitech trading on stocks and options with some of the lowest prices in the industry
- LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
|Gemini is a leading crypto trading exchange with low fees and a long list of altcoins.|
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