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Detailed overview of Gemini as a Cryptocurrency Trading Platform

 

WHAT IS GEMINI?

Gemini is both a global asset exchange and a regulated New York trust company which was founded in 2015 by Cameron and Tyler Winklevoss.

Where most cryptocurrency exchanges and trading platforms only allow crypto-to-crypto trading, Gemini supports both crypto-to-crypto trading along with fiat-to-crypto trading.

Since Gemini was founded, progressively more crypto products were introduced to the exchange, making it significantly more transferable and usable.

The Gemini dollar, or USDT, which is Gemini’s own stablecoin, was launched with the purpose of linking cryptocurrency to the more stable dollar. Gemini was the first exchange which launched Bitcoin futures contracts with cryptocurrency ETFs in progress.

Since bridging the cryptocurrency and fiat worlds, Gemini has made cryptocurrency more universally accepted although digital economy paladins such as cryptos are not welcomed by everyone.

There is currently a heated debate continuing regarding a centralized versus decentralized future involving cryptocurrency as centralized exchanges are known to be targets for cyber-attacks due to various reasons.

Gemini created a cryptocurrency trading system aimed at institutional traders with the goal of becoming the proverbial Ferrari of cryptocurrency trading offering the fastest execution speeds and most sophisticated dashboard.

Gemini has succeeded in creating a safe exchange through the development of regulatory and security safeguards which are substantial.

 

HOW DOES GEMINI WORK?

Gemini is an exchange which is centralized and caters for both beginners and advanced traders despite having to take into consideration that the trading interface was developed for professional traders resulting in the dashboard seeming confusing to beginners.

A basic trade order service is provided by Gemini along with auction functions and block trade orders which are primarily used by high volume traders allowing for the purchase of Ethereum and Bitcoin in large quantities.

Traders, especially beginners are advised to make use of Gemini Sandbox before starting to trade on the Gemini trading platform so that they can start familiarizing themselves with the concept and operations of the Gemini cryptocurrency trading platform.

IS GEMINI REGULATED AND SAFE?

Yes. Gemini, apart form being a cryptocurrency trading platform and exchange, is also a New York trust company which is regulated by the New York State Department of Financial Services, or the NYDFS.

This subjects Gemini to the compliance with consumer protection as well as digital asset regulations. In addition, Gemini also forms part of the Virtual Commodities Association, or VCA.

This is the main reason why Gemini does not support the trade of Ripple as it has been classified as a security and subjected to regulations pertaining specifically to that of securities.

The debate surrounding centralized versus decentralized exchanges is one concerned with the security of funds when they are held by an exchange or trading platform, which is the case with those that are centralized.

Decentralized trading platforms and exchanges do not hold client funds, and Gemini, as a centralized but secure exchange, is in the middle of this debate pertaining to the storage of cryptocurrency.

There are not a lot of cryptocurrency exchanges or trading platforms that provide custody services for cryptocurrency assets on an institutional level and this provides Gemini with an edge above its peers as it possesses a variety of assets in its virtual vault.

The majority of these assets are stored offline in a cold wallet for safety whereas some exchanges make use of a hot wallet in which cryptocurrencies are stored, providing some vulnerability to cyberattacks from hackers.

Gemini holds the private keys of traders in a cold storage location which hosts security standards on a governmental level. Assets are protected by multi-signature identification, proving it near, but not completely, impossible for hackers to access them easily.

Although Gemini predominantly uses cold storage, there are however some cryptocurrencies which are held in an online hot wallet with the added benefit that these assets are insured by multiple underwriters.

In addition, the funds of clients are protected by FDIC insurance seeing that Gemini is also a well-regulated financial institution.

WHAT COUNTRIES DOES GEMINI SUPPORT?

Regardless of having supported jurisdictions worldwide, Gemini is, however, a U.S-based cryptocurrency exchange and therefore there are only some countries which can make use of the exchange, these countries are:

  • The United States
  • Canada
  • United Kingdom
  • South Korea
  • Hong Kong, and
  • Singapore

Although access to the exchange is restricted for most countries, Gemini Sandbox which is used for test trading in the same way demo accounts are used with brokers, is available to other jurisdictions apart from those listed.

GEMINI FEATURES

GEMINI PLATFORM DASHBOARD

The Gemini exchange features an exceptionally clean and simplified dashboard that is powerful and has high functionality. The dashboard is void of busy, extensive menus which tend to distract traders.

Buying and selling currency can be done by simply selecting a currency pair to trade, which brings up an institutional-level trading screen that is unlike a lot of other professional trading systems.

There are three options through which trades can be executed namely a continuous order book, auctions, or block trade.

Block trade was launched by Gemini in 2018 and allows institutional traders such as banks and hedge funds to buy or sell cryptocurrencies in substantially large blocks. Within the first year since its launch, block trade saw the execution of $100 million in orders.

IS GEMINI EASY TO USE?

For advanced, expert, and professional traders who have prior experience with cryptocurrency trading platforms and exchanges that offer institutional-level trading experiences and the use of similar trading technology, yes.

The exchange and its dashboard, along with trading options may be quite harder for beginners to navigate and therefore beginners are advised to make use of the practice platform, Gemini Sandbox, before attempting trade on the live trading platform.

GEMINI WALLET

Gemini offers an online hot wallet where some cryptocurrencies are stored, and this is a safe option as Gemini has no record of hacking attempts which have been made to this wallet as opposed to other exchanges and the hot wallets that they offer.

GEMINI MOBILE APP

The Gemini mobile app was introduced in 2018 and it forms part of the efforts that Gemini have made, and are currently making, in developing and expanding the trading platform which is used by large banks and hedge funds to a Main Street level.

The mobile app features a diversified cryptocurrency option namely ‘Buy the Cryptoverse’, which can be done on mobile devices from anywhere while taking advantage of security on at an institutional grade.

The mobile app features a clean and intuitive interface which is easy to use with key functions which include:

  • The trading and storage of cryptocurrency.
  • The ability to deposit and withdraw funds.
  • The ability to track prices on cryptocurrency and the trader’s portfolio in real-time.
  • The ability to set price alerts.
  • The creation of buy orders with the option to choose the frequency, time, and the amount, and
  • The purchasing of diversified baskets of cryptocurrencies otherwise known as ‘the Cryptoverse’.

LEVERAGE

Gemini does not provide leverage due to its regulatory oversight.

FEES

Gemini does not have fixed trading fees. The fees pertaining to trading for both buyers and sellers, or makers and traders, decline on a siding scale which is based on an increase in trading volume.

Gemini does not charge deposit fees and traders are not charged for the first 30 monthly withdrawals.

Mobile fee schedules and Web fee schedules include both a convenience fee as well as a transaction fee which is determined by the order amount. These fees that Gemini charges are as follows:

  • Orders less than $10 – a transaction fee of $0.99 is charged.
  • Orders larger than $10.00 but less than $25.00 – a fee of $1.49 is charged
  • Orders larger than $25.00 but less than $50.00 – a fee of $1.99 is charged.
  • Orders larger than $50.00 but less than $200.00 – a fee of $2.99 is charged.
  • Orders larger than $200.00 are charged at 1.49% of the mobile order value.

Should traders place orders through ActiveTrader, the following fees will apply based on a 30-day trading volume in USD Notional:

  • 0 – taker fee of 0.25%, maker fee of 0.25%, and auction fee of 0.25%.
  • More than $500,000 – taker fee of 0.25%, maker fee of 0.15%, and auction fee of 0.20%.
  • More than $2,500,000 – taker fee of 0.25%, maker fee of 0.15%, and auction fee of 0.10%.
  • More than $5,000,000 – taker fee of 0.15%, maker fee of 0.10%, and auction fee of 0.10%.
  • More than $10,000,000 – taker fee of 0.15% and maker fee of 0.10%.
  • More than $15,000,000 – taker fee of 0.10%.
  • More than $50,000,000 – taker fee of 0.075%.
  • More than $100,000,000 – taker fee of 0.05%.
  • More than $250,000,000 – taker fee of 0.04%, and
  • More than $500,000,000 – taker fee of 0.03%.

Withdrawal fees are charged on cryptocurrency should there be more than 10 withdrawals per calendar month for individual traders and more than 50.

These fees are applicable to the following cryptocurrencies:

  • Bitcoin – 0.001 BTC²
  • Ether – 0.001 ETH
  • Litecoin – 0.002 LTC
  • Bitcoin Cash – 0.002 BCH
  • Zcash – 0.002 ZEC
  • Chainlink – 0.01 LINK
  • Orchid – 1 OXT
  • Dai – 0.1 Dai, and
  • BAT – 1 BAT

DEPOSIT AND WITHDRAWAL

Gemini supports the deposit and withdrawal of digital assets to the Gemini wallet along with the deposit and withdrawal of fiat-currency to and from the Gemini wallet.

When depositing or withdrawing digital assets, or cryptocurrency, this can easily be done from the trader’s wallet to their Gemini wallet, and vice versa, with the exception that withdrawals are done by submitting a withdrawal request.

To deposit fiat currency, traders will have to access the option from the deposit page on their account and deposit through Bank Transfer, or ACH. Withdrawals can be done in the same manner, but it can only be done domestically into an account with the trader’s name.

HOW TO OPEN AN ACCOUNT AND START TRADING

To open an account and start trading with Gemini, traders can follow these steps:

  1. Traders can navigate to the Gemini website and create an account by selecting the relevant option from the homepage.
  2. Traders will be redirected to a sign up screen which hosts two options, the choice between either a personal account or the opening of an institutional account.
  3. To open a personal account, the trader can select the relevant option and they will have to provide their email address and a user-selected password.
  4. The trader will receive a verification email to the address they provided, and the embedded link must be clicked in order for the email address to be verified.
  5. Next, the trader will have to verify their identity by SMS code, or alternatively, traders can opt to use two-factor identification, or 2FA.
  6. The trader will have to provide proof of identification in the form of a passport as there is no other form of identity indicated.
  7. Once this has been completed, traders can fund their Gemini wallet by making either a fiat or cryptocurrency deposit.
  8. Traders can opt to trade either through using the continuous order book or through auction.

CRYPTOCURRENCIES

WHAT CRYPTOCURRENCIES DOES GEMINI SUPPORT?

Gemini supports a wide variety of cryptocurrencies which includes:

  • Ethereum or ETH
  • Ethereum Classic or ETC
  • Bitcoin Cash or BTC
  • Litecoin
  • Zcash
  • Gemini Dollar, and
  • DGD

Cryptocurrency pairs that can be traded with Gemini include, but is not limited to:

  • BTC/USD
  • ETH/USD
  • ETH/BTC
  • BCH/USD
  • BCH/ETH
  • LTC/ETH, and several others.

CAN YOU ‘SHORT’ CRYPTOCURRENCIES AT GEMINI?

No. in order to sell short, the offer of leveraged trading is necessary, and Gemini does not currently offer this.

CUSTOMER SUPPORT

Customer Support can be contacted through the online submission of a request, via email, or by making use of the live/instant chat function present on the website.

For general and commonly asked questions, traders can refer to the comprehensive FAQ section under ‘Help’.

GEMINI SUMMARY

GEMINI AT A GLANCE

Crypto Trading Platform Name Gemini
Headquartered New York City, U.S
Year Founded 2015
Regulating Authority New York State Department of Financial Services, and Virtual Commodities Association
Contact Number None
E-Mail Address [email protected]
Website https://gemini.com/
Maximum Leverage Leverage is not offered
Minimum Deposit No minimum deposit indicated
Deposit Options Crypto-to-crypto, Bank Wire (ACH)
Withdrawal Options Crypto-to-crypto, Bank Wire (ACH)
Platform Type Cryptocurrency exchange
Platform Languages English – no other languages indicated
OS Compatibility Web browsers, Android, and iOS
Customer Support Languages English – no other languages indicated
Customer Service Hours 24 hours, seven days per week

PROS AND CONS

PROS CONS
  1. Fully licensed and well-regulated
  1. Only 7 coins that can be traded
  1. Sign up is fast and hassle-free
  1. Inadequate education
  1. Provision of practice trading platform
  1. Limited deposit and withdrawal options
  1. Low trading fees
  1. Withdrawal fees charged
  1. The exchange is secure and offers a multi-currency wallet
  1. Private keys held by trading platform
  1. Trading features cater for institutional clients
  1. Centralized crypto solution which is vulnerable to both hacking and phishing attacks
  1. Margin and leveraged trading not offered
  1. Option of selling short not offered
  1. Not recommended for beginners

WHAT ARE THE BENEFITS OF USING GEMINI?

Gemini stands out from amidst its competitors due to the following benefits:

  • Gemini is fully licensed, unlike other trading platforms and exchanges that are, for the greater part, unregulated with no way of guaranteeing fund security or other ways in which traders are protected.
  • Gemini features a comprehensive, yet simplified dashboard along with a mobile app with a vast array of features.
  • Gemini offers crypto-to-crypto trading along with fiat-to-crypto trading.
  • Although centralized, Gemini has extensive security measures in place and has no record of hacking, phishing, or other cyber-attack events.
  • Customer support is adequate and operates 24/7 in assisting traders.
  • Gemini Sandbox is a practice trading platform provided for beginners who need to familiarize themselves with Gemini’s trading environment and features before trading in a live environment.
  • Gemini’s wallet is safe and secure and while most cryptocurrencies are kept in cold storage, there are a few that are kept in a hot wallet.

FAQ

Fees

What is Gemini’s costs?

  • Mobile and Web orders charged from $0.99
  • Taker fee of 0.25, maker fee of 0.25%, and auction fee of 0.25% on a trading volume of 0 over 30-day trading volume in USD Notional.

What is Gemini’s Maximum Trades/Orders:

There are no maximum orders when buying/selling or trading cryptocurrencies.

What is the minimum deposit amount on Gemini?

This will depend on the requirement of the trade that the trader enters into.

What mediums can be used for deposits into a live account?

Cryptocurrency, and Bank Wire (ACH)

What are the withdrawal fees on Gemini?

Withdrawal fees are charged on cryptocurrency should there be more than 10 withdrawals per calendar month for individual traders and more than 50.

These fees are applicable to the following cryptocurrencies:

  • Bitcoin – 0.001 BTC²
  • Ether – 0.001 ETH
  • Litecoin – 0.002 LTC
  • Bitcoin Cash – 0.002 BCH
  • Zcash – 0.002 ZEC
  • Chainlink – 0.01 LINK
  • Orchid – 1 OXT
  • Dai – 0.1 Dai, and
  • BAT – 1 BAT

Minimum Deposits

What is the minimum deposit for Gemini?

There is no minimum deposit when opening a Gemini account.

How do I make a deposit in Gemini?

  1. Log into the Gemini Account and select ‘deposit’.
  2. Select the payment method from a drop-down list.
  3. Enter the amount to be deposited and select ‘next’.

What deposit methods/options are available at Gemini?

Cryptocurrency and Bank Wire (ACH)

What documents are required to deposit money into a Gemini account?

Proof of identification will have to be submitted.

How long does it take to make a withdrawal?

Cryptocurrency withdrawals may be instant whereas Bank Wire (ACH) withdrawals may take a few days to reflect in the trader’s bank account.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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