Gemini Review

gemini-review

Gemini was founded in 2014 by two very famous figures in the industry – the Winklevoss twins Cameron and Tyler. The twins own about 1% of the total bitcoin supply, but their wealth has not stopped them from building one of the best exchanges with high security, stability, and valuable instruments. Gemini was the first licensed Ethereum and Zcash exchange in the world.

The exchange is headquartered in New York, one of the places with the strictest regulations for financial companies, and is registered as Gemini Trust Company, LLC, under the supervision of the New York State Department of Financial Services (NYSDFS).

Gemini Features Review

MarketsCrypto, fiat
Supported countriesWorldwide
KYCYes
LeverageNot Present
DepositsMultiple
Min. Deposit0.001 BTC
Max. Withdrawal LimitDepends on the verification level
Trading fee0.35%
Supportlive chat, email
Mobile appiOS/Android

 

Gemini Security Review

Gemini regards itself as the most secure exchange in the crypto industry after successfully passing a SOC2 Type 1 examination. The exchange follows strict requirements for asset security. A large portion of the assets is held in an offline, air-gapped Cold Storage system. A very small percentage is kept in a Hot Wallet. Gemini uses hardware security modules (HSMs) that have a FIPS 140-2 Level 3 rating or higher assuring the safety of the assets. 

Account Security

Gemini’s platform uses Multisig for mitigating internal failure and private key loss. All of the hardware devices are stored in different geographic locations and monitored in access-controlled facilities.

  • Two-Factor Authentication (2FA) with Authy OneTouch for logging and withdrawing funds.
  • Hardware Security Keys and WebAuthn support for hardware security keys
  • Address Whitelisting
  • Rate-limiting

Internal Controls: 

  • Multiple signatories required for transfers out of the Cold Storage System
  • The Winklevoss twins cannot transfer funds out of the Cold Storage System
  • Offices do not store funds or anything of high value
  • Employees need constantly to pass criminal and credit background check during their employment
  • Remote-access requires authentication through credentials stored on hardware tokens

U.S. dollars stored on Gemini are eligible for FDIC insurance depending on your country of residence. 

The very high-security puts Gemini amongst the most secure exchanges in the crypto industry alongside Coinbase and Bitpanda.

Deposits and Withdrawals

Gemini allows for both crypto and fiat to be deposited and withdrawn on the platform. Fiat deposits and withdrawals are limited to one bank account. Deposits marked as an international transfer may take up to 4-5 business days to be processed, while deposits from domestic banks made before 3 pm ET will appear the same or the following business day.

Cryptocurrencies deposits and withdrawals are available for:

  • BTC
  • ETH
  • LTC
  • BCH
  • ZEC
  • GUSD

gemini-deposits-withdrawals

Gemini User Interface Review

Gemini has one of the most user-friendly interfaces in the industry. Under the pretty face, however, lies a complicated exchange with advanced instruments and services. Besides the standard interface, you have a Gemini ActiveTrader advanced UI type for more experienced traders.  

gemini-simple-buy-sell

The interface is very clean and easy to navigate when compared to other exchanges from the same category such as Coinbase and Bitpanda. Gemini offers a direct way to buy crypto in only 2 clicks, unlike other exchanges that require much more actions until a purchase is finalized. 

The Gemini ActiveTrader UI adds advanced instruments to the table. The order tab is one the left with the chart taking the whole space to the right presenting a clear picture to the price movement of the digital assets.

The interface is very clean and easy to navigate when compared to other exchanges from the same category such as Coinbase and Bitpanda. Gemini offers a direct way to buy crypto in only 2 clicks unlike other exchanges that require much more actions until a purchase is finalized. The Gemini ActiveTrader UI adds advanced instruments to the table. The order tab is one the left with the chart taking the whole space to the right presenting a clear picture to the price movement of the digital assets.

gegmini-activetrader-white-UI

The tab for open orders is located on the bottom left followed by the order book and exchange activity to the right. This is one of the most compact views found on crypto exchanges. 

The platform offers instant access via the quick menu at the top right of the page, which is highly convenient and useful. 

gemini-account-submenu

Trading Fees breakdown

There are no deposit fees for cryptocurrencies and fiat on Gemini. The withdrawal fees are one of the lowest in the crypto industry.

Withdrawal Fees for individual and institutional Customers

Withdrawal TypeCost
≤ 10 in 30 days per Withdrawal
Cost
> 10 in 30 days per Withdrawal
BitcoinFree0.001 BTC
EtherFree0.001 ETH
LitecoinFree0.002 LTC
Bitcoin CashFree0.002 BCH
ZcashFree0.002 ZEC
Wire TransferFreeFree
ACHFreeFree
Gemini DollarFreeFree

 

Trading fees on Gemini are affected by your trading volume over the past 30 day period in USD – the more you trade, the lower the fees. The fee rate is recalculated every day at 12 pm UTC and updated for all orders that will follow afterward.

AciveTrader Fees

Fees for the simple and the advanced ActiveTrader interface are different as they designed with different use-cases.

30 Day Trading Volume in USDTaker FeeMaker FeeAuction Fee
00.35%0.25%0.25%
≥ $500,0000.25%0.15%0.20%
≥ $2,500,0000.25%0.15%0.10%
≥ $5,000,0000.15%0.10%0.10%
≥ $10,000,0000.15%0.10%0.00%
≥ $15,000,0000.10%0.00%0.00%

 

API fees

Opening and closing orders through the API of Gemini will be subject to different fees from the ActiveTrader fees while keeping the same volume-based structure.

30 Day Trading Volume in USDTaker FeeMaker FeeAuction Fee
00.350%0.100%0.200%
≥ $1,000,0000.250%0.100%0.150%
≥ $2,500,0000.200%0.075%0.125%
≥ $5,000,0000.150%0.075%0.100%
≥ $10,000,0000.100%0.000%0.050%
≥ $15,000,0000.100%0.000%0.000%

 

Gemini Volume

Hovering at around 8 million USD daily, Gemini’s volume covers the demands of high volume traders and large buy and sell orders. It is way behind the top exchanges like Binance in terms of volume, however, it offers different services in a highly regulated environment. 

Gemini Dollar

Gemini has launched its own stable coin called the Gemini dollar (GUSD) designed to ease the transfer of US dollar value in the digital era. It is the first regulated stable coin in the crypto market from a prominent company.

Options and Order Types

The order matching engine supports eight order types:

  • Market
  • Limit
  • Limit: Immediate-or-Cancel (IOC)
  • Limit: Fill-Or-Kill (FOK)
  • Limit: Maker-or-Cancel (MOC)
  • Limit: Auction-Only Limit (AO)
  • Limit: Indication of Interest (IOI)
  • Stop-Limit

With the standard and advanced order types present, Gemini provides a package that serves the needs of users with different needs and capital

Besides the standard continuous Order Book Trading, Gemini gives you two options:

  • Daily Auction
  • Block Trade

Daily Auction

A new way for digital trading that occurs every day at 4:00 pm Easter Time providing the following benefits:

  • Greater Price Discovery
  • Mark-to-Market Benchmark Price
  • Lower Fees
  • Instant Settlement
  • No Counterparty Risk

gemini-daily-auctions

Daily Auction works by fulfilling eligible orders with the final auction price at 4 pm ET, the price of the Auction is discovered through finding the greatest aggregated buy and sell demand, where the largest quantity can be exchanged.  

Block Trade

This type of trading is intended for users who want to trade in large amounts. You can place a block order such as buy or sell that meets the minimum required fill quantity and a price limit. Market makers can see the only quantity, minimum quantity and the collar price with no other information present like the side of the trade or price limit connected to that block order. If the market maker agrees with Indication of Interest the block trade will be processed.

gemini-block-trade

Note: there is an extremely high minimum of $42,129.45 in order to participate in Block Trading

Gemini Custody

Gemini offers one of the most robust custodial solutions on the market. Institutional-grade crypto storage implementing a user-friendly environment for easy and highly secure capital management.

  • Custom-built by technical experts
  • Flexible Pricing
  • Fast withdrawals and direct access to funds for trading on the exchange
  • Support of 18 assets
  • 24/7 Customer support

The service is fully regulated, audited and licensed by the State of New York under the New York Banking Law.

Note: The assets are insured by up to $200 Million by a company created by the exchange itself called “Nakamoto” licensed by the Bermuda Monetary Authority (BMA).

On Gemini Custody you can store:

  • BTC
  • ETH
  • BCH
  • LTC
  • ZEC

For ERC-20 tokens you can store:

  • BAT
  • DAI
  • MKR
  • BRD
  • MANA
  • ENJ 
  • With more to be added in the future

Gemini Clearing

Gemini offers an OTC solution for clients who want to buy or sell large quantities of BTC while acting as a confirming third party that mitigates risk in pre-arranged transactions. The platform ensures competitive pricing and compliance policy, making the traders involved undergo a KYC, AML verification procedures.

Gemini Review Conclusion

Gemini is an exchange with high-quality services, both for private and institutional investors. With one of the most user-friendly interfaces, it provides an environment for quick and easy access to buy and sell cryptocurrencies. There is an advanced trading interface for serious traders – the ActiveTrader. High security, stability, and compliance are at the heart of the exchange.

Pros / Cons
  • Very High Security
  • Friendly UI
  • Innovative instruments
  • Lack of UI customization
  • fiat deposits only in USD
  • Limited asset selection

Gemini is a major player in the crypto industry, providing one of the most robust user-interfaces accompanied by very high security.