Gemini Review

Gemini was founded in 2014 by two very famous figures in the crypto 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 one of the first licensed exchanges to list Ethereum and Zcash in the world. 

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

Gemini Features Review

Gemini Security Review

Gemini regards itself as one of the most secure exchanges in the crypto industry after successfully passing a SOC2 Type 1 test and the exchange follows strict requirements for securing customer assets. A large part of the assets are stored in an offline, air-gapped Cold Storage system and a very small percentage is stored in a hot wallet for instant liquidity. Gemini uses hardware security modules (HSMs) with a FIPS 140-2 Level 3 or higher rating to ensure asset security. 

Account Security

Gemini’s platform uses Multisig to mitigate internal failures and the loss of private keys. All 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
• No money or anything of high value is stored in the offices
• Employees must be constantly checked for criminal origin and creditworthiness 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Gemini allows for both crypto and fiat to be deposited and withdrawn on the platform.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 international transfers may take up to 4-5 business days, while deposits from domestic banks made before 15:00 ET will appear the same or the following business day.

Cryptocurrencies deposits and withdrawals are available for:

• BTC
• ETH
• LTC
• BCH
• ZEC
• GUSD

Gemini User Interface Review

Gemini has one of the most user-friendly interfaces in the industry but under its pretty face, it hides a complicated exchange with advanced tools and services. Besides the standard interface, you have an advanced Gemini ActiveTrader type UI suitable for more experienced traders.  

Compared to other exchanges of the same category as Coinbase and Bitpanda, the interface is very clear and easy to navigate. Gemini offers a direct way to buy crypto in just 2 clicks, unlike other exchanges that require much more action until a purchase is completed. 

The Gemini ActiveTrader UI adds advanced instruments to the table. The order tab is located on the left side, while the chart shows the entire area on the right side, giving a clear picture of the price movement of the selected cryptocurrencies.

The tab for open orders is located at the bottom left, followed by the order book and exchange activity on the right. This is one of the most compact views you can find on crypto exchanges. It offers instant access via the quick menu at the top right of the page, which is very convenient and useful.

Trading Fees breakdown

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

Withdrawal Fees for individual and institutional Customers

Trading fees on Gemini are affected by your trading volume in USD over the last 30 days – the more you trade, the lower the fees. The fee rate is recalculated every day at 12:00pm UTC and updated for all orders that follow.

AciveTrader Fees

The fees for the basic and advanced ActiveTrader interfaces are different as they are designed with different use cases in mind.

API fees

Opening and closing orders through Gemini’s API are subject to different fees than those of ActiveTrader, while maintaining the same volume-based structure.

Gemini Volume

With a daily volume of approximately $8 million USD, Gemini covers the needs of traders with high trading volume and large buy and sell orders. Gemini is far behind exchanges such as Binance in terms of volume, but offers other services in a highly regulated and secured environment. 

The Gemini Dollar

Gemini has issued its own stable coin called the Gemini Dollar (GUSD) to facilitate the transfer of US dollar values in the digital age. It is the first regulated stable coin on the crypto market, which was created by a well-known company.

Options and Order Types

The order matching engine supports eight order types:

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

With the standard and advanced order types, Gemini offers a package that meets the needs of users with different requirements 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, which takes place every day at  4:00 pm Easter time and offers the following advantages:

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

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 large quantities. You can place a block order, such as buy or sell, that meets the minimum required quantity and a price limit. Market makers can see the single quantity, minimum quantity and collar price without any other information such as the side of the trade or price limit associated with that block order. If the market maker agrees with Indication of Interest the block trade will be processed. 

Note: There is an extremely high minimum of $42,129.45 to participate in block trading.

Gemini Custody

Gemini offers one of the most robust custodial solutions on the market. Institutional-grade crypto storage that implements a user-friendly environment for simple 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 Gemini custody service is fully regulated, audited, and licensed by the State of New York under the New York Banking Act. 

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 customers who wish to buy or sell large volumes of BTC while acting as a third party confirming party that mitigates risk in pre-arranged transactions. The platform ensures competitive pricing and compliance policies by subjecting participating traders to KYC, AML verification procedures.

Gemini Review Conclusion

Gemini is an exchange offering high-quality services to both 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. For serious traders, there is an advanced trading interface – ActiveTrader. While high security, stability, and compliance are at the heart of the exchange.

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

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