It’s no longer news that the creation of Bitcoin paved the way for other digital coins and ultimately led to the establishment of the cryptocurrency market. And since the inception of this new niche in the financial market, investors who were bold enough to become early adopters have been rewarded greatly.
Today, what we now have are individuals who are now convinced by the gospel of the cryptocurrency market and are eager to join the bandwagon.
For persons looking to invest in the cryptocurrency market, they must employ the services of a crypto exchange platform.
In the cryptocurrency market, investors and traders have distinct trading needs coupled with several financial objectives and because of this, investors want to choose a crypto exchange platform that will sufficiently cater to their overall trading needs.
As a new trader and investor in the cryptocurrency market, it is also important to choose an exchange platform that will offer a decent trading experience so you can go about your trading activities with ease.
A lot of people tend to think that just learning about various digital coins is sufficient to make profits in the cryptocurrency market, however, that doesn’t seem to be the case. Investors and traders also need to understand the entire workings of a crypto exchange platform to be best able to take advantage of the crypto market.
For those familiar with the financial market, you would understand that cryptocurrency investments are quite different from conventional credit unions, banks, and stock exchange investments. In the cryptocurrency market, there are no fail-safes or safety nets in terms of the protection of investments.
This implies that the smallest of mistakes can cost investors their fortunes as investments are not protected by any corporate body. Stating these reasons, investors and traders (experts and newbies alike) must be extra cautious when investing in the crypto market most especially when choosing a crypto exchange platform.
However, investors choosing a crypto exchange platform has now come to be a difficult task. This is because the crypto industry is filled with so many exchange platforms making it hard to differentiate decent exchanges from scams and mediocre ones.
As a result, investors now need to do their assignments and look into the features of several exchange platforms to be able to reach a conscious verdict about the exchange platform they would be making as a trading partner.
But from the look of things and various complaints of traders and investors, these researches seem to be overwhelming and tiring. And because of this, we’ve taken up the responsibility to carry out this homework on investors’ behalf so they can focus on other important aspects of the crypto market.
Introducing one of the top-performing crypto exchange platforms is the Gemini exchange platform. We’ll be making a Gemini review, discussing every single detail about the exchange’s operations, benefits, and features it offers it, clients, across the globe. This review is going to be as transparent as it can get, so investors can make the right call as to whether the Gemini exchange platform is good enough to be their trading partner. Let’s kick-off
|Trading platform||Mobile App, and Web-based platform|
|Security||Two-Factor Authentication (2FA), Top-quality encryption, Authorized Addresses.|
|Payment method||Bank Transfer and Cryptocurrency|
|Trading assets||Bitcoin, Ethereum, Ripple, Litecoin, and so on|
The Gemini crypto exchange platform is one of the top-performing exchanges across all continents in the world. Gemini was founded by the twin brothers Tyler and Cameron Winklevoss in 2014 and has its headquarters established in New York, United States.
Since its establishment, the exchange platform has come to be one of the largest regulated cryptocurrency exchanges in the industry. And Gemini, unlike most crypto exchanges is backed by FDIC insurance, having all its USD deposits insured while maintaining a perfect record of zero large-scale hacks on its platform.
To birth the idea of Gemini in the crypto domain, Tyler and Cameron Winklevoss took the unpopular path; regulation. While so many founders were trying to avoid regulations, the twin brothers decided to face it head-on and take advantage of these regulations. In fact, the Gemini exchange platform had been fully registered and fully compliant with all legislation having the highest level of compliance to banking standards and capital reserves even before its launch in 2015.
Since the Gemini exchange platform began its operations, it has continued to offer investors and traders access to trade various digital coins and tokens across its platforms. The exchange platform has also continued to witness growth and expansion spreading its services globally most especially into Asia and Europe.
Gemini offers its clients to trade various altcoins and major cryptocurrencies such as Bitcoin, Ethereum, Orchid, Ox, and lots more. Let’s have a closer look into the primary features of the Gemini exchange platform that makes it exceptional.
The Gemini exchange platform places security as one of its topmost priorities. This is to ensure that its clients’ funds and data are well secured and protected. Gemini was established with one of its goals being to be able to tackle the security concerns that plague the crypto market. And as such, it provides the necessary security measures and protocols to achieve this goal.
Security has always been a major factor influencing how the Gemini exchange platform carries out its activities and designs its products. This is made evident in the state-of-art technology and security protocols that govern the Gemini exchange platform. Gemini stores and safeguards the bulk of its clients’ digital assets in cold wallets stored away in an offline location while leaving just a small amount in its hot wallets for clients to utilize in running their daily trading activities.
Asides from clients’ investments, Gemini also ensures its clients’ data are well protected, and to do this, field-level encryption is implemented to safeguard sensitive data present on its databases. Furthermore, communications between all production systems used by Gemini are well encrypted to make sure employee and clients’ data are secured at all times.
The Gemini exchange platform also upholds a framework of data classification which properly appoints a risk grade to the entire data managed by the firm based on its threat level. The framework assists in pushing ideas to enhance the exchange data management and process of distribution. Gemini also established stringent physical controls on its security to make sure its personnel, data, and assets stay safe and secured from physical hazards.
As mentioned earlier, the Gemini exchange platform is one of the initial crypto platforms to get insurance coverage on its hot wallet, and it was the first to establish insurance coverage for digital assets reaching up to $200 million in value.
Lastly, Gemini makes available several technology users can choose from to further protect their trading accounts. These include;
- Security Keys for Hadwares through WebAuthn for protecting your trading account and serves as additional security to the 2FA.
- Two-Factor Authentication (2FA) for protecting and safeguarding sensitive trading activities such as logging in change of passwords, and withdrawal requests.
- Rate-limiting to stave off high-level cyberattacks.
- Authorized addresses for crypto withdrawals (address whitelisting).
- Top-quality encryption for protecting both personal information and investment both offline and online.
The Gemini exchange platform offers the best of services to its clients to help them maximize the vast opportunities present in the cryptocurrency market. Some of the services its clients enjoy include;
- Cryptocurrency wallets
The Gemini exchange platforms offer a trading account that can double as a hot-wallet. This implies that clients’ funds are kept secure and are easily accessible when needed. The crypto wallet is capable of holding all listed digital coins on the Gemini trading platform.
- Gemini Custody
For investors and traders looking to store and safely secure bulk quantities of digital coins in the long-term, the Gemini exchange platform offers a service of cryptocurrency custody known as Gemini Custody. This enables both organizations and individuals to store and secure their digital assets.
The New York State trust company is charged with regulating the Gemini Custody accounts which offer same-day withdrawals and is insured up to $200 million.
- Over The Counter Desk
Gemini offers to its clients Over The Counter (OTC) trading which enables investors and traders to buy and sell various cryptocurrencies off the exchange. For all OTC trading, Gemini operates as the middleman making the deals more secure and priced competitively.
- Gemini Pay
The Gemini exchange platform provides a payment service called Gemini pay. Gemini pay enables clients, investors, to spend their digital coins in more than 30,000 retail stores across the United States. Clients can make payments using any of the major cryptocurrencies to pay for goods and services on their Gemini account and via the mobile app.
- Credit Card
The Gemini exchange platform is getting ready to launch its credit card in the coming months of this year 2021. The credit card is set to be available in all the 50 States in the United States and will be rewarding users earnings of roughly 3% on every purchase made using cryptocurrencies.
- Gemini Dollar
It’s quite common for exchange platforms to create their own token and Gemini has done just that. The exchange platform created its stable coin known as Gemini Dollar (GUSD).
The market of GUSD is placed at 1:1 to the US dollar. Presently Gemini asserts that its stable coins have continued to experience high redemption rates and turnover especially in comparison to other stable coins. This implies that the coins have high liquidity and are easily redeemable.
The Gemini trading platform is ideal for beginners and newbies in the cryptocurrency market with little or no knowledge of the crypto space. Being a well-established and experienced exchange platform, Gemini ensures that its trading platform is smoothly operated and managed to offer outstanding user experiences either through the advanced trading platform, or the mobile trading app.
Gemini offers two different trading platforms to give the best to its clients irrespective of their experience level. Both of the trading platforms are easy to navigate, user-friendly, and built using very simple designs.
The mobile app offered by Gemini can effectively provide all the basic features and services of the exchange platforms to various clients. Clients can easily sell, buy and save their digital coins via the mobile app. The Gemini mobile app is available on both Android and iOS so it can reach a wide range of its clients.
This trading platform is ideal for professional and experienced traders. The Gemini exchange platform calls it ActiveTrader. ActiveTrader is quite similar to the Web-based platform used by other crypto exchanges. The trading view of ActiveTrader consists of depth charts, price charts of various cryptocurrency, order book, sell and buy-boxes, order history and so much more.
Commissions and Fees
Cryptocurrency exchange platforms do charge commissions and fees on various trading activities performed by investors and traders in the crypto market. Most of the time, execution of trades, deposits, and withdrawals are activities that do attract these fees from exchanges and this also applies with the Gemini exchange platform.
For the Gemini exchange platform, there are variations in the trading fees charged depending on the fiat currency used. Nevertheless, on all transactions between $1 and $200, a trading fee between $1 and $3 is charged. For trades above $200, a trading fee of 1.49% of the entire order value is charged.
Furthermore, a convenience fee of 0.50% is charged on all transactions which when combined with the trading fee is quite on the high side. However, fees are a little bit lower on its advanced trading platform – ActiveTrader, which charges makers a fee of 0.25% and a takers fee of 0.35%.
Withdrawal and Deposit Fees
Investors get to enjoy free withdrawals and deposits with Gemini when they make use of Bank Transfers or wire transfers. However, a fee of 3.49% is charged on every withdrawal and deposit when using a debit card.
Furthermore, withdrawals and deposits via cryptocurrencies are free up to the 10th withdrawal or deposit every month. Above this threshold, clients are charged specific fees to cover the cost of transactions on the blockchain of the specific asset.
Withdrawal and Deposit
It is not uncommon to see crypto exchange platforms offer various methods of payment to their clients. This is to ensure that investors and traders have the needed flexibility in choosing a payment method as it pertains to their circumstances when it comes to withdrawal and deposit of funds.
The Gemini exchange platform also follows this model and offers two different methods of payment to its clients. Client’s can easily deposit or withdraw funds from their trading account using Fiat currencies and cryptocurrencies.
Investors and traders who prefer to deposit funds using fiat currency must first link their bank account with their trading account. Immediately the verification process is completed, a Bank Transfer (U.S only) or wire transfer can be initiated through the platform. In the case where an international wire is initiated from a foreign country, funds will need to be first converted to US dollars before it is credited in the trading account.
Provided you have the US dollars in your trading account that are ready to be withdrawn, a domestic wire transfer or Bank Transfer can be initiated to transfer funds into your bank account.
Investors who prefer to deposit funds using various digital coins such as BTC, BCH, ETH, LTC, BAT, OXT, and so on will need to notify their service provider or external wallet that stores their cryptocurrency to activate withdrawal to their Gemini wallet address.
In the case where investors need to withdraw their cryptocurrencies into their external wallet, they must also provide their external wallet address upon withdrawal request.
Trading is a difficult job in itself and it can get more complicated especially when unforeseen situations arise. In situations like this traders and investors look to get the required support they need from their exchange platform.
As a result, crypto exchange platforms must be ready to provide the needed assistance when they are called upon. The Gemini exchange platform is very customer-oriented leaving clients satisfied and pleased with the customer support they offer.
The exchange platform offers profound email support and FAQ section as its first line of support to its client. The FAQ section answers perfectly generally asked questions so newbie traders can easily get answers to their questions without having to get in touch with a customer representative.
The email support is also recognized for its instantaneous replies and supports most especially in the hours of work. However, if you don’t like using emails, Gemini also provides Twitter support, a physical address for emails, and a representative phone number so its clients can get across to a support agent. Apart from the lack of live chat, the exchange platform offers one of the best customer services in the crypto industry.
It is no doubt that the Gemini exchange platform is one of the top-notch crypto exchanges in the industry. Even though it does not offer a wide range of crypto assets, it does offer quality services that prioritize compliance with regulations and adequate security of investments. With the Gemini exchange platform, it is what you see that you get as there’s no question about the legitimacy of the exchange platform.