Gemini is a reputable US based cryptocurrency exchanged based in New York that was founded by the Winklevoss twins in 2015. The exchange is regulated by the New York State Department of Financial Services (NYSDFS) and follows New York banking law as a licensed digital assets exchange. They offer services in all US States except Hawaii, Canada, the UK, Hong Kong, South Korea and Singapore. This professional and trustworthy exchange platform aims to provide a US based digital assets exchange that’s fully licensed and secure. In this Gemini review we will help answer any question you have about the exchange.
Account Setup and Verification
Gemini makes setting up an account simple. A full name (as it appears in your ID) and an email address is required. They also offer an institutional account which is recommended for those users representing a business or that have an IRA/Trust account.
As the exchange is AML/BSA compliant, users must verify their identity in order to access any features. The verification process requires a government issued ID for US users or for non-US users, a copy of their Passport and a document providing proof of address. They also require a SSN/SIN number. Verification time can vary however generally takes between 2 and 5 days.
Once completing the verification explained previously in this Gemini review, users can transfer USD fiat funds to their Gemini account to begin trading. USD is the only supported fiat currency and when other currencies are sent from a foreign bank account via wire transfer they will be exchanged before reaching your Gemini account. Domestic bank transfers are available for US users. Fiat deposit and withdrawal fees are not charged by Gemini, however banks may charge a transaction fee for wire transfers.
10 trading pairs are supported on Gemini, including the trading of Bitcoin, Zcash, Ethereum and Litecoin. There are no deposit fees for cryptofunds and generally none for the withdrawal of cryptocurrencies although this depends on withdrawal volume.
Gemini additionally offers Gemini coin (GUSD), which is an altcoin with its value tied to the value of the US dollar. As such, 1 GUSD can be bought or sold for $1 US on Gemini and is traded on the Ethereum network.
Various trade order types including Market, Limit and others are supported by the exchange, giving users access to professional tools to manage their trades and support their desired trading strategies. This makes the exchange great for experienced traders.
In terms of trading fees, Gemini uses a dynamic maker-taker fee schedule which depends on 30-day trading volumes and fees can range from 1.0% to 0.0%. It must be noted that this is a bit more than other exchanges such as Kraken or Bitstamp but 0% fees can be achieved with high trading volumes.
Privacy and Security
Due to regulatory oversight and AML/BSA compliance it is not possible to use Gemini anonymously or without account verification as previously explained in this Gemini review. However, exactly because of this, the exchange is very secure and professional. User USD stored by the exchange are held in US bank accounts, in FDIC insured banks which offers insurance currently limited to US$250 000 per customer, according to FDIC regulations. Digital assets stored for users in hotwallets are also insured.
Furthermore Gemini cold storage for a portion of cryptofunds as well as Multisig technology to protect against attacks and theft attempts.
User account security options include mandatory Authy 2FA (two factor authentication), digital asset withdrawal whitelisting (only allows withdrawals to a list of known and pre-chosen addresses) and the ability to turn off 2FA for multiple device.
Contacting Gemini is possible online through their ticket service and although the main method of contact is email, in special cases a phone appointment could be setup via email by Gemini. Additionally, users can contact Gemini themselves using the customer support hotline (toll-free in the US), messaging them on Twitter or writing them at their Company Address stated below. Their FAQ is also pretty good and is useful for troubleshooting some common issues.
Gemini’s Customer support quality is generally quite good, although some users have mentioned that reply times could be quicker and verification took longer than expected.
Gemini Trust Company, LLC
600 Third Avenue, 2nd Floor,
New York, NY 10016,
United States of America
Gemini Review Summary
This highly professional US based trading platform offer all the security provided by an insured, regulated, New York trust company. The trading methods and tools offered are great for experienced traders. Although trade fees are generally quite high to begin with, the exchange is more geared toward professional traders and as such when larger volumes are traded, fees drop significantly. The lack of deposit/withdrawal fees is also attractive for any type of user and hopefully they will add some more cryptocurrencies soon. We hope that you can now make an informed choice about whether or not you would like to use this reputable and safe exchange.
Disclaimer: Buy For Bitcoin does not provide any warranties towards the accuracy of the statements in the above Gemini review. Any content on this site should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to perform your own research of the platform. Trading and investing in cryptocurrencies involves considerable risk of loss and is not suitable for every investor.