Name Price24H (%)
Bitcoin (BTC)
$42,547.00
-6.96%
Ethereum (ETH)
$2,987.04
-6.74%
XRP (XRP)
$0.93
-5.57%
Litecoin (LTC)
$157.52
-5.65%
What is Gemini Exchange?
Exchange

What is Gemini Exchange?

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.

Pros Cons
  • Additional security measures – only a small percentage of the Bitcoin at Gemini is held online. Most are held offline to minimize potential losses from hacks. This doesn’t mean you should store your cryptocurrency on Gemini for the long term, however
  • US dollar accounts are insured by the Federal Deposit Insurance Corporation and all funds are kept safe in a chartered bank based in New York.
  • Fully registered and compliant with banking standards. This makes it suitable for institutional clients, as well as individuals.
  • Professional and high-end service.
  • Great customer support. There are a blog and a lengthy FAQ section to deal with issues. When neither of these things is enough, complaints and issues are dealt with using email. The exchange usually replies within a matter of hours, rather than days.
  • User-friendly and well designed. It features a simple interface making it suitable for beginners as well as more advanced users.
  • Gemini Bitcoin and Gemini Ethereum purchases are easy to make thanks to its user-friendly basic buying options. The exchange also features a more advanced marketplace. This also makes Gemini great for users with different experience levels.
  • Low fees for exchanging assets. Cryptocurrency, bank, and wire deposits are also free of charge. What’s more, the first 30 withdrawals made each month are also free.
  • It requires a lot of information to register. The Winklevoss twins have tried to make their exchange as compliant as possible. This, unfortunately, means submitting a lot of personal data to the platform.
  • Often goes offline at times of extremely high volume. However, it’s much more likely that the outages are down to overloaded servers than any form of market manipulation.
  • A limited selection of funding methods.
  • A limited selection of coins available to buy.

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. 

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