620
views

Gemini Review – Exchange Features, Trading Fees and Security

Gemini is a popular US-based regulated cryptocurrency exchange. Gemini differs from its competitors in its licensing. The network went to great lengths to secure a status as a New York State limited liability Trust rather than a Bitlicence. This designation provides the exchange with additional custodial capabilities. In this way, the exchange operates similarly to popular Wall Street platforms versus a crypto exchange.

Features of The Gemini Exchange

Gemini provides users with an easy to navigate, user-friendly interface that allows users to buy and sell any of the 20+ digital currencies offered on the platform. Gemini’s developers achieved their goal of creating an ideal exchange for new users but still flexible enough to appease advanced traders.

  • Fiat On-ramp

Gemini serves a vital role in the US market as a fiat onramp. Unlike many competitors, all fiat deposits are FDIC insured up to $500,000. Users can load their accounts via bank transfer. The network also recently added debit card support. However, no credit cards are accepted at this time.

  • VIP Discounts

Gemini provides large traders with significant advantages in terms of reduced fees. The exchange has a separate fee structure for professional traders or those seeking to put in high-value orders. VIP discounts are common in the market because they provide large trading financial institutions with incentives to conduct large trades.

  • Security

Gemini is regarded as one of the most secure exchanges in the world. Despite its massive trading volume, the network has never been hacked. Even if intruders could pierce the network’s security, it would be in vain since most user funds remain in cold storage until in use.

  • Customer service

Another draw for Gemini is its customer service. The network includes a responsive service department that has been described as helpful and timely in their responses. 

  • International

Gemini is licensed to operate in 49 U.S. states (Washington D.C., Puerto Rico, etc.) and 50+ countries, Australia, Canada, Hong Kong, Singapore, South Korea, and most of Europe, United Kingdom. The platform could see further expansion in the coming months as more countries lay out a path towards crypto regulations.

How Does The Gemini Exchange Work

Gemini is a custodial, centralized exchange. This designation means that the firm in network wallets holds your cryptocurrency. Centralized exchanges are the most popular today because they offer a regulated and established way for users to get Bitcoin and other popular cryptocurrencies. 

Exchange

Gemini offers spot trading on a decent selection of top coins. The network continues to add new coins to its roster based on their credentials. Compared to other exchanges, it’s harder for new coins to make it onto their exclusive network. Consequently, the coin selection on Gemini is limited versus other major centralized exchanges such as Binance. 

Digital Wallet

Gemini’s ecosystem includes a helpful wallet. The wallet allows users to track all of their digital assets from one convenient location. As a licensed crypto custodian, these wallets are held to the highest security standards

GUSD

Geminin recently introduces a native stable coin, GUSD. This coin is backed by US dollars held at State Street Bank and Trust Company. The platform offers 1:1 transferability back to US dollars at any time. Users can leverage GUSD to participate in several network activities, including spending, lending, and investing.

Mobile app

Gemini is also available in a mobile app. This Dapp is free to download on Apple and Android devices. The mobile interface is comprehensive and includes the vast majority of trading functions available on the desktop version. However, it’s recommended to use the desktop version for complex trading activities.

Savings Accounts

Keeping in line with the exchange’s pioneering spirit, Gemini partnered with BlockFi to provide users with GUSD saving accounts. These unique financial instruments allow anyone to earn interest rates of up to 8.6% APY on their GUSD holdings. Impressively, Gemini was the first major exchange to offer interest-paying accounts to users. Notably, it’s still one of the only platforms providing this service. 

Flexa

Another cool feature exclusive to Gemini is the ability to purchase products at participating retailers using cryptocurrencies. The network includes an excellent selection of companies that accept Gemini dollars (GUSD), Bitcoin, Bitcoin Cash, and Ether. Nordstrom, GameStop, Whole Foods, and Home Depot are just a few retailers signed on to this program.

Nifty Marketplace

Gemini has also stepped into the NFT (non-fungible token) department with its Nifty marketplace. NFTs are tokens that represent a unique digital object. NFTs are common in the blockchain gaming environment. They are also used for blockchain art. Recently, NFTs have become very popular, with some NFTs reaching values over $100,000.

History of The Gemini Exchange

The history of Gemini begins with two famous Bitcoiners, Cameron and Tyler Winklevoss. These brothers are well known as the creators of the predecessor to Facebook, ConnectU. In 2014, the two Harvard graduates launched the New York-based exchange too much fanfare. The launch took years of planning since the brothers decided to pursue a higher licensing status than a standard New York Bitlicense.  

How to Use The Gemini Exchange

The signup process for Gemini is comparable to other regulated exchanges. You will need to prove your identity and banking account ownership as part of the KYC requirements. Notably, the network partnered with Plaid to connect bank accounts and card issuers to the exchange seamlessly. Gemini features a maximum daily funding limit of $500 and $15,000 monthly. Additionally, the daily withdrawal limit is set at $100,000. 

Gemini – A well-Though Out Exchange that is Flexible and Secure

Bitcoin live price
Btc
Bitcoin
$29.018
price
0.47593%
price change
BUY NOW

Users seeking an established and regulated exchange will find that Gemini suits their needs very well. The network is fast, secure, and insured. These factors make it ideal for both new and institutional investors. For these reasons, Gemini is set to remain a top-performing network in the sector for years. 

Stay up to date with our latest articles

More posts

BitYard Review: The One-stop Trading Platform with Perpetual Futures

The crypto exchange market has recently seen the birth of new companies to study before entering the sector. With an ever more comprehensive market offer, it is up to the individual investor to understand the industry’s best operator. Keeping in mind that different traders are better suited to different types of investors, today we will impartially talk about BitYard, a Singapore-born trader. BitYard launched in 2019 as a cryptocurrency exchange that offers a range of services to its customers. One…

PrimeXBT – The Next Generation Platform for Leverage Trading

PrimeXBT is a trading platform and cryptocurrency exchange supporting major stock indices, commodities, and foreign currencies. Many of today's crypto traders have entered the industry from traditional trading markets. For example, they come from stock trading, currency exchanges, and commodities trading. However, to maintain their former portfolios and dip their feet into cryptocurrency, they have to register on different platforms. Unfortunately, this practice may come at high costs. PrimeXBT aims to combine trading across different markets on a single platform.…

AOFEX – An Advanced Exchange Ecosystem with Top DeFi Features

AOFEX is a blockchain-based exchange and ecosystem. The network provides crypto traders with the ability to effortlessly trade, stake, mine, and more. AOFEX entered the market intending to provide a more transparent and regulated option. As such, the platform received its MSB license for digital currency trading from US regulators. Today, it seeks to become a vital bridge for institutional investors seeking to gain exposure to the digital economy.   AOFEX operates as a centralized exchange that offers low fees and…

Beginner’s Guide To Bitrue – Get More Features from Your Exchange

Bitrue is a digital asset management platform that combines the benefits of a decentralized ecosystem with the convenience of a centralized exchange. The protocol enables users to buy, sell, trade, lend, and stake an array of digital assets with ease. As such, the network continues to expand its market position. Notably, Bitrue currently has over 4 million users.   What Problems Does Bitrue Solve? The developers behind the Bitrue concept sought to reduce or eliminate a variety of issues faced by…

Introducing Vdollar: A Platform Turning Transaction Fees into Assets

Vdollar is a crypto contract exchange platform introduced to provide crypto enthusiasts with the best income opportunities and make contract trading easy. This Colorado registered network has several services like digital currency exchange, a wallet, and trading mining.  The Vdollar network possesses some excellent features, including a mine trading mechanism. In addition, Vdollar has one of the best mining features for its native token, Vdollar. So, how does the Vdollar token operate? This guide will look keenly into the Vdollar…

A Closer Look at an Emerging Crypto Exchange, MEXC

According to the Coinmarketcap platform, more than 366 registered crypto exchanges offer services in different jurisdictions. Every other month, more exchanges join the crypto world with the promise of making things easy for crypto traders and investors. Most of these exchanges prove to be unique by providing top services at affordable rates and fast speeds.  This guide will be reviewing one such exchange, MEXC, a one-stop shop for all crypto exchanging services. Keep reading to know what products and features…

1inch Exchange Review – A Fierce Rival to Uniswap’s Hegemony

Soon, it will be a year since decentralized finance rose to widespread popularity in the crypto industry and beyond. Many of the protocols emerging in 2020 are still on the rise, and the 1inch Exchange leads the pack. More so, it is challenging the superior positions of better established DeFi platforms. 1inch Exchange is an aggregator for decentralized exchanges. It launched in the summer of 2020 and has developed rapidly into one of the most promising DeFi protocols. Furthermore, it…

Binance.US: The American-based Exchange From Binance

The Binance Coin has seen an explosive price action this month, leading it past the $300 mark. Currently trading at slightly over $200, the coin can account for its boom due to its parent company's continued advances. Looking behind its success story is the crypto exchange Binance, founded in 2017 by Changpeng Zhao. The exchange ecosystem operates as a centralized exchange to solve low market liquidity, platform insecurity, and many more. The exchange managed to make massive strides ever since…

Coincheck Review: Asia’s Biggest Cryptocurrency Exchange

Coincheck is a Japanese-based cryptocurrency exchange that provides bitcoin storage services and several crypto exchange operations as of 2014. The multilingual exchange is headquartered in Tokyo, Japan, and offers several trading instruments, including both popular and liquid tokens and a few altcoins. The platform also offers margin trading with a maximum leverage of 1:5, Bitcoin spot trading, crypto lending, and a crypto payment system that automatically converts cryptos to Japanese Yen. Coincheck has the highest Bitcoin trading volume in Japan,…

Luno Full Review – Upgrading the World to a Better Financial System

The crypto is definitely upon us. To say the least, Bitcoin has more than 100 million owners, 400 000 daily users, 200 million Bitcoin wallets, and over 53 million traders. Cryptocurrencies have also emerged to have the highest trading volume compared to fiat currencies.  However, despite the widespread usability of cryptos, mainstream adoption is still a challenge, especially in developing countries in Africa and South Asia due to a lack of supporting infrastructure. Most crypto exchanges and other products are…