Gemini Review

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Gemini Review

Overview

Gemini is a cryptocurrency exchange platform that offers storage and trading solutions to individuals and businesses. Launched in the year 2015 by Cameron Winklevoss, Gemini offers over 50 cryptocurrencies for trading on their platform. It is one of the emerging platforms that is steadily expanding in Europe and Asia. 

The platform has a wide variety of coins, including famous ones like Bitcoin and Etherium, and supports smaller altcoins. Moreover, it also offers its Altcoin, known as the Gemini dollar, whose value is tied to the U.S dollar. 

Gemini Exchange Unique Features

Great UI

Gemini exchange offers a user-friendly interface that makes it easy for any user to trade on the platform.

Global reach

One of the things that help Gemini stands out from the rest is its international reach. Although it is not available in every country, compared to other platforms, it’s widely available.

Security

We often see data breaches and fraud scandals on various cryptocurrency platforms. But with multi-layered protection and FDIC certification, Gemini is an exception. It has multi-layered authentication, which prevents data breaches and hacks.

Wallet Storage

With Gemini hot and cold wallets, you can safely store your digital assets without worry. The cold wallet has no setup fee or account minimums.

Customer service

Gemini offers a great deal of helpful information to its users. It updates its FAQ channels frequently and publishes relevant articles that help users solve their quarries. But for responses that are not solved with articles can easily be forwarded to the email support chat. Users usually receive an answer within a few hours. However, there are other ways, such as over message on Twitter, phone, or by messaging on the phone number.

Educational resources

Gemini provides extensive learning and resources for its users. Beginners and experts can easily benefit from this program and keep themselves up-to-date. The posts are usually on trends, industry, products, and the crypto market. Apart from the blog, the program called Cryptopedia covers has extensive resources. It contains nearly 300 articles that explain users of NFT, Bitcoin, Etherium, and much more. 

Mobile app

Gemini also offers a beginner-friendly mobile app that gives almost the same experience as the desktop site. Users can buy, sell and view their holdings in a matter of seconds with the help of a few taps. Moreover, the app can help users take their trading to the next level with a price alert feature. For instance, you can set an alert to be notified when bitcoin reacher $40,000, and when it does, you will get a notification on your phone. It is free to download on Playstore and Appstore. 

Easy payments 

Gemini partnered up with Flexa to support cryptocurrency transactions with leading retailers such as Gamestop, Home Depot, and Wholefoods. Customers can easily spend money with their hot wallets. 

Crypto rewards

Gemini also enables you to make an Annual Percentage Yield (APY) on your cryptocurrency balances by lending. This feature is called Gemini Earn and pays interests daily. The percentage of interest depends on the coin. For example, Bitcoin has 2%, and Etherium has 3% interest.

Pros of Gemini exchange

  • Gemini offers additional security measures with only a tiny percentage of cryptocurrency stored online. Most of the storage is offline to prevent the assets from hacking.
  • Deposits are FDIC insured and are secured in the chartered bank.
  • Gemini is a fully registered and recognized platform compliant with banking standards.
  • Offers excellent customer service for its users.
  • The launch of the Gemini credit card is scheduled for soon.
  • User-friendly and simple interface.
  • Cryptocurrency bank and wire deposits are free, and there is also no fee on the first 30 withdrawals each month. 
  • Available in all U.S states.
  • Plenty of cryptocurrencies to trade with.
  • Professional service
  • Insurance coverage for digital assets

Cons of Gemini exchange

  • Gemini exchange has a relatively higher fee compared to other platforms.
  • Hefty information is required on signing up to make it a safe and secure platform. At times users find the registration process frustrating.
  • Heavy traffic and data on the website may cause it to become unresponsive or even go offline.
  • Limited amount of funding methods.
  • A limited number of coins are available to trade.

What Gemini Charges

The fee is divided into two parts. One is the convenience fee, which is the percentage of the amount sold or purchased. The global trading fee is around $0.10-$0.15; meanwhile, Gemini charges $0.50, which is higher than the standard fee in the industry. 

In addition to the trading fee, Gemini also charges a transactional fee which is a fixed USD amount for small transactions. For purchases between $1-200 is $0.99-$2.99. However, for above $200, % of 1.49 is charged with the order value. 

So the overall fee for transactions above $200, the fee is 1.99%. That is a very high fee in the market. 

BTC Withdrawal fee

When users withdraw Bitcoin, Gemini charges a 0.001 in the fee. When compared to the global fee, which is 0.000812, it is relatively expensive. The difference might be insignificant to many users, but the users might not choose Gemini due to its high transaction fee. 

Deposit and withdrawal methods

  1. Direct Bank Transfer: It is available for withdrawal and deposits free of charge. However, only consumers from the USA can benefit from it. 
  2. Wire Transfer: This method is available for everyone in the supported countries. Wire transfers are used for withdrawals and deposits as well. Traders can withdraw a minimum of $100 from the account. 
  3. Debit card: Users can only use a debit card to complete trades instantly or recurring transactions. Meanwhile, traders cannot use debit cards to withdraw fiat. There is also an additional 3.49% fee applied to your order. 

Verdict

The platform is suitable for all types of investors. It offers a quick setup and interfaces for beginners and tools for more experienced and professional traders. 

It can be an excellent platform for those seeking to trade large crypto volumes to provide high-level security. While the fee is high, Gemini does not compromise security. 

FAQ

Is Gemini FDIC insured?

Yes, the funds in U.S dollars in your account are FDIC insured. 

Is Gemini Legit?

Gemini is an excellent platform for trading and provides Top-notch security.

Overview Gemini is a cryptocurrency exchange platform that offers storage and trading solutions to individuals and businesses. Launched in the year 2015 by Cameron Winklevoss, Gemini offers over 50 cryptocurrencies for trading on their platform. It is one of the emerging platforms that is steadily expanding in Europe and Asia.  The platform has a wide…

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