If you are searching for an elegant, simple, and secure cryptocurrency exchange, Gemini might be the right fit for you. Gemini exchange helps you buy, sell, and store your Bitcoin and other cryptocurrencies. Gemini is the first SOC 1 Type 2 and SOC 2 Type 2 certified cryptocurrency exchange globally. Let us understand more about the Gemini exchange in this review.
What is Gemini?
Gemini is one of the largest cryptocurrency exchanges in the United States, and it has its own cryptocurrency - the Gemini dollar. It helps you to buy, sell, and store Bitcoin and other cryptocurrencies. The Gemini exchange offers trading in more than 20 cryptocurrencies, and it has some unique features. Moreover, the Gemini platform is available through the website as well as a mobile app.
Some of the pros and cons of Gemini are listed below.
- It offers a wide variety of cryptocurrencies
- Very low minimum order amounts
- Digital assets are insured
- Offers crypto-to-crypto trading for certain coins
- Gemini Pay allows purchases at 30,000 retailers using cryptocurrency
- Gemini Earn offers 7.4% APY on crypto holdings
- Fees are relatively high
- Few major cryptocurrencies are missing, like Cardano and Ripple
- The fee structure is difficult to understand for beginners
- Margin selling and short selling are not available
Is Gemini Safe?
Yes, the Gemini exchange is safe. The platform is known for its security and ease of use. It operates with a security-first mentality from the beginning. Let us dive deeper into its safety features.
The majority of the cryptocurrencies are stored in Gemini’s offline cold storage system. Cold storage servers are not connected to the internet; therefore, they aren’t hackable.
Gemini holds a small portion of crypto in their online hot wallet, and that is also insured. The cryptocurrencies stored in the hot wallet are readily accessible as they are stored online. Hot Wallet assets are insured against thefts due to security breaches, fraudulent bank transfers, employee theft, etc.
The Gemini account is secured by two-factor authentication (2FA). Customers need to authenticate when they log into the account and also while making crypto withdrawals.
Gemini supports hardware security keys via web authentication. Rate-limiting is applied to certain operations to prevent attacks. The platform uses encryption to secure personal information.
Compliance and Certifications
Gemini platform is a licensed New York trust company and has made a name for itself thanks to its security. It is regularly subjected to the cyber security audits conducted by the New York Department of Financial Services.
It is the first cryptocurrency exchange to get SOC 1 Type 2 and SOC 2 Type 2 certified. Gemini exchange also earned an ISO 27001 certification.
Platform & Features
With Gemini, you can buy, sell cryptocurrencies from any device, including PC, laptop, Android/iOS mobile/tablet devices. The Gemini mobile app is available for both iOS and Android devices. Some of the key features of Gemini are listed below.
You can purchase a large number of securities at an arranged price between two parties. These kinds of transactions are not performed on the open market to decrease the impact on the security price.
As an investor, you can place an auction-only market order. This allows you to execute at the final auction price. Thanks to this feature, you can buy a security at a lower price.
This feature allows you to make purchases with crypto at around 30,000 US retailers. Users can carry out these purchases simply and securely via Gemini mobile app.
Click on the play icon at the bottom of your screen on the Gemini website. After selecting what you would like to purchase, you can check out.
Gemini Fees & Commissions
Binance trading fees are some of the most competitive in the industry. Currently, it does not charge a deposit fee, and the Binance withdrawal fee is a flat fee paid by users to cover the transaction costs of moving the cryptocurrency out of their Binance account. The specific price you pay to withdraw your cryptocurrency from the Binance exchange will fluctuate depending on the blockchain network you are withdrawing from as well as the level of congestion that the network is experiencing at the time of the withdrawal.
Here are some of the Binance fees:
- Trading Fees - 0.02-0.10% per trade
- Debit/Credit Card Fees - 3-4.5%
- Wire Transfer Fee - $15
- Crypto Conversion - N/A
- Other Fees - 0.50% Instant Buy/Sell
As you can see, the Binance exchange is significantly cheaper than other platforms. Although users of Binance US will pay slightly, their fees will still be substantially cheaper than if they were to use other leading brokers.
What can you trade on Gemini?
The following cryptocurrencies can be traded on the Gemini platform:
0x (ZRX), 1inch (1INCH), Aave (AAVE), Alchemix (ALCX), Amp (AMP), Ankr (ANKR), API3 (API3), Balancer (BAL), Bancor (BNT), BarnBridge (BOND), Basic Attention Token (BAT), Bitcoin (BTC), Bitcoin Cash (BCH), Bread (BRD), Caspian (CSP), Chainlink (LINK), Compound (COMP), Compound ox (cZRX), Compound Basic Attention Token (cBAT), Compound Dai (cDAI), Compound Ether (cETH), Compound Wrapped Bitcoin (cWBTC), Curve (CRV), Dai (DAI), Decentraland (MANA), DerivaDAO (DDX), Dogecoin (DOGE), Enjin Coin (ENJ), Ether (ETH), Fantom (FTM), Filecoin (FIL), Gemini Dollar (GUSD), Golem (GNT), Injective (INJ), Keep Network (KEEP), Kyber Network (KNC), Litecoin (LTC), Livepeer (LPT), Loom (LOOM), Loopring ( LRC), Maker (MKR), Mirror (MIR), Numeraire (NMR), Ocean (OCEAN), OMG Network (OMG), Orchid (OXT), PAX Gold (PAXG), Polygon (MATIC), Ren (REN), SKALE (SKL), Somnium Space (CUBE), Storj (STORJ), SushiSwap (SUSHI), Synthetix (SNX), tBTC (tBTC), The Graph (GRT), The Sandbox (SAND), Uma (UMA), Uniswap (UNI), Wrapped Bitcoin (WBTC), Wrapped Nexus Mutual (WNXM), Yearn.finance (YFI), Zcash (ZEC).
How to Open An Account
Creating a Gemini account is a simple process. Let us look at a step-by-step procedure to create an account on Gemini.
- On the Gemini website, select open a personal account or institutional registration based on your choice.
- After selecting open a personal account, enter your full name and email address, and then create a password.
- Gemini will send an activation code to your email for verification purposes. Enter the activation code and then submit.
- Your Gemini account is ready, and you can go on to set up a two-step authentication and add your bank details, verify your identity by entering more personal information.
- Upload documents of your identity cards like passport or driver’s license. Your Gemini account is set up completely.
Since you have already linked your bank account, you can now deposit money into your Gemini account.
Click transfer on the top right corner of your Gemini account page and then deposit to Gemini. Choose fiat currency type and select deposit method as bank transfer and continue. Make sure that your name on Gemini is the same as in your bank account.
To withdraw from your Gemini account:
- Select the fiat currency from the dropdown.
- Choose the destination address and enter the amount.
- Review all the details and select request withdrawal.
Open an Account and Start Trading Today
How to Trade Crypto on Gemini
Let have a look at how to buy and sell cryptocurrency on Gemini Exchange.
How to buy crypto on Gemini
- Login to your account and click buy and once. Type the quantity of the crypto you would like to purchase.
- Click review order, and after making sure all the details, click place order.
- You will see a ‘success’ image and your transaction details.
How to sell Crypto on Gemini
- Select the crypto you would like to sell from the pull-down menu.
- Select the sell option.
- Choose the order type and type of your order.
- Review all the details of your order and click sell to confirm.
Gemini is a highly secured cryptocurrency exchange platform to buy, sell, and store cryptocurrency. The exchange mentions on its website that it is an elegant and easy-to-use trading platform. It has impressive features like Gemini Pay and Gemini Earn.
To secure customers’ accounts, it uses built-in features like multi-signature digital signature schemes and hardware security keys along with other protocols. Overall, it isn't easy to find a more well-rounded exchange like Gemini.