Gemini is one of the industry’s behemoths, with a daily trading volume of over $300 million and over 13 million active users. Cameron and Tyler Winklevoss, brothers, launched the fintech startup in 2014. It has a price tag of more than $8 billion. Although the company is not currently traded on a stock market, the Winklevoss twins were highlighted in Bloomberg news in 2021 as they consider an IPO. The company’s headquarters are in New York, New York.
The list of coins supported by the Gemini exchange is extensive. It currently offers 25 coins in over 50 trading pairs.
The list includes, but is not limited to:
- Zcash (ZEC)
- Bitcoin (BTC)
- Litecoin (LTC)
- Uniswap (UNI)
- Ethereum (ETH)
- Pax Gold (PAXG)
- Bitcoin Cash (BCH)
In early 2021, the Gemini exchange added several new non-crypto listings. It currently offers three DeFi tokens: Bancor (BNT), 1inch (1INCH), and Loopring (LRC). Plus two NFT tokens, Enjin (ENJ) and The Sandbox (SAND), in addition to the two infrastructure tokens Skale (SKL) and The Graph (GRT).
There are two services available on the Gemini exchange. To begin, they have a cryptocurrency exchange where you may purchase and sell currencies. For investors who intend to maintain their cash, this is the best option. Both the online app and the mobile app support Gemini Sharing.
The user interface is easy to use and has a pleasant look. Traders have the option of setting up recurrent purchases and price notifications. Traders can examine the value of their 24-hour portfolio as well as the percentage change at a glance. All cryptocurrencies, such as Bitcoin and Ether, are represented in the price list, but there are also charts for coins not supported by the site.
The second is the cryptocurrency-focused Active Trader desktop platform. It provides a professional trading experience with great performance. Orders can be made in a variety of ways, and extended charts are available. Slippage is minimal because trades are completed in milliseconds. Limit order books are centralized and prioritized according to price and time. On the Cryptopedia subsidiary website, there are tutorials.
The Gemini exchange offers a number of other fintech products.
- Gemini Clearing – This service enables “off-exchange” or “off-exchange” settlements for bitcoin transactions (OTC).
- Gemini Wallet is a bitcoin hot wallet or cold storage system designed for institutions. Theft insurance is available for digital assets.
- Gemini Custody is a cryptocurrency storage system for institutions with a $ 200 million insurance policy. On the Gemini exchange, liquidity is instantaneous.
- Gemini Earn is a service that allows you to lend your bitcoin to institutional borrowers in exchange for interest. Funds are totally liquid, unlike other loan services, and can be repaid at any time.
Deposits and withdrawals
It’s simple to fund your Gemini exchange account. European Gemini account holders can fund their accounts with GBP or EUR. Only Bitcoin and Ethereum may be purchased with GBP using the Gemini Active Trader and API.
KYC verification is required before traders may log in for the first time. It may take 2 to 5 business days to verify your identity. Deposits are limited to £5,000 every day, with a monthly maximum of £30,000. The maximum daily withdrawal is £ 100,000. Only fully verified accounts are subject to the restrictions.
Deposits can be made through a bank transfer, a credit or debit card, or a combination of the three. Payments with a credit card are accomplished by linking your bank account to your Gemini exchange account. Cryptocurrency deposits are also possible. Traders must use a unique deposit address to inform their external wallet provider to put funds into their Gemini exchange account.
A fee is not paid for a bank transfer, however a card transaction costs 3.49 percent of the total purchase amount. Withdrawals are free until you request more than 10 transactions per month. Furthermore, the commission amount is determined by the value of the withdrawn currency.
Fees and prices
Orders placed online or through the Gemini mobile app are subject to a transaction fee as well as a convenience fee on the Gemini exchange. Transaction fees range from £ 0.75 per transaction to 1.49 percent of the trade amount for orders over £ 150. The convenience fee is 0.5 percent of the pair’s market price at the moment the quote is made.
The commission structure for Gemini Exchange Active Trader UK clients is based on a maker-taker arrangement. You will be charged a “maker” commission if your order improves market liquidity (i.e., it cannot be executed quickly and is in the order book). For most trades, the “maker” commission is 0.25 percent, however it falls for trades over USD 2.5 million. If your order removes liquidity from the market, you’ll be charged a “taker” commission (that is, it is executed immediately). For amounts under $ 2.5 million, the rate is significantly higher at 0.35 percent.
The Gemini exchange and Active Trader are both mobile-friendly, making them ideal for on-the-go trading. The software is available for Android and Apple devices and can be downloaded from the appropriate app store. The customer reviews for the mobile app are fantastic.
- Gemini has won a number of prestigious honours in recent years, including the 2019 Markets Choice Awards: Best Cryptocurrency Exchange.
- This is a beautiful smartphone app. Gemini exchange benefits from a high-quality design and user-friendly interface. The software is a lot of fun to use.
- The Gemini exchange takes pride in its high level of security. All investors, in particular, are required to use 2FA.
- Limited selection of top cryptocurrencies – Compared to Binance, which has a larger list of supported digital currencies, some of the best coins by market cap are not available for purchase through Gemini.
- Limited Active Trading for Clients in the United Kingdom – On the Gemini Exchange Active Trader platform, you can only trade Bitcoin and Ethereum for GBP. While consumers can trade other cryptocurrencies in USD, they will almost certainly be paid an exchange rate fee. Please note that GBP holders can choose from a comprehensive variety of coins if they want to invest in bitcoin via a Gemini exchange account.
- Commission on deposits. Gemini Exchange’s 3.49 percent deposit charge is a significant disadvantage. Traders that use this mode of payment expect a significant return on their investment. Although other payment options are free, using the card comes with a hefty cost. It is, nevertheless, fairly competitive when compared to Coinbase (who charges 3.99 percent).
- No margin trading – The Gemini exchange does not support margin trading.
Gemini places a premium on security and is regarded as one of the safest brokers on the market. To keep their accounts safe from hackers, Gemini asks all traders to implement two-factor authentication (2FA). To prevent against business interruptions, funds are kept in a closed account. Gemini has never been hacked before and takes extreme security measures.