What is Gemini
Competing directly against other leading cryptocurrency exchanges like Kraken and Coinbase, Gemini allows its users to buy, sell, and store primary cryptocurrencies, like bitcoin and ether, and exchange them against one another and for fiat currencies.
The Latin word “Gemini” stands for twins, and indicates duality. The Gemini platform is conceptualized to marry both forms of money – new-age cryptocurrencies and the old, existing fiat currencies – which are expected to be used interchangeably in the future with the growing adoption of virtual currencies.
Working on the core principles of security, liquidity, and trust, Gemini offers its retail and institutional customers a platform to buy, sell, and store two of the most popular digital currencies, bitcoin and ether, in a regulated and secure environment.
The Gemini marketplace offers trading between BTC/USD, ETC/USD, and ETF/BTC. Barring the advanced notified short-term maintenance windows, the exchange operates on a 24/7 basis.
Gemini Exchange Review: Advantages and Disadvantages
Next, in this Gemini exchange review, I’ll be outlining the pros and cons of this exchange.
How does Gemini work?
Gemini is seen as a gateway to cryptocurrency trading. Using a bank transfer (US) or wire transfer (international), customers trade US dollars for cryptocurrency. This is different from some other platforms that require you to already have cryptocurrency to trade.
Customers can also exchange cryptocurrency back into US dollars.
Is My Money Safe?
As long as it’s been in operation, Gemini has not been hacked. Like Coinbase, USD stored in your Gemini account is FDIC insured.
Gemini started with a “security-first” mentality. They utilize security and compliance by being compliant in SOC 1 Type 1, SOC 2 Type 1 and Type 2. All of that compliance means you’ll need to be prepared to give up some of your personal information such as email address, bank account details, phone number, and some form of ID when opening an account.