Gemini Trust Company LLC (Gemini) is a digital asset exchange and custodian allowing users to buy, sell, and store cryptocurrencies. Given that, Cameron and Tyler Winklevoss founded this New York trust company in 2014.
Moreover, Gemini works alongside Nasdaq in revolutionizing transaction records and monitoring. Presently, it operates in the US, Canada, UK, South Korea, Hong Kong, and Singapore
Table of contents
Gemini Exchange Details
|Available on mobile||Yes|
|Number of supported coins/tokens||9|
|Number of supported trading pairs||27|
|Supported fiat currencies||USD, HKD, CAD, AUD|
|CEO||Tyler Winklevoss, Cameron Winklevoss|
|HQ Location||New York City, New York, US|
In June 2013, Tyler and Cameron Winklevoss established Gemini. In light of this, the company went live on October 25, 2015. Furthermore, Governor Andrew Cuomo of New York State announced Gemini as the first Ethereum-licensed exchange company based in the US.
In 2016, Gemini announced that users can withdraw Ethereum Classic (ETC) from the exchange, following a hard fork in the code of Ethereum. Similarly, a year after, the company made an announcement that it allows registered users to withdraw Bitcoin Cash (BCH) from the exchange.
In December 2017, Cboe made collaboration with Gemini so as to use Gemini’s dollar-denominated auction price for the contracts.
Moreover, in April 2018, Gemini began offering Block Trading. Block Trading ensures that Gemini users can buy and sell large amounts of cryptocurrency outside of Gemini’s continuous order books, creating a further liquidity process when trading in huge size.
By the same month, Reuters also reported that Gemini would be utilizing Nasdaq’s smart innovation to monitor trades as well as combat fraudulent activity and price manipulation on its exchange.
A month after, Gemini announced a collaboration with Caspian, the full-stack digital asset trading and risk management platform for complex and institutional investors.
Gemini had also collected regulatory permission for the Gemini dollar (GUSD) from the NYSDFS on September 18, 2018. With this in mind, they launched GUSD trading on the same day. Hence, GUSD is a stablecoin that maintains a one-to-one peg with the American dollar.
On October 3, Gemini announced the digital asset insurance covering tokens and coins held on its exchange. Bloomberg Markets reported that the insurance had been brokered by Aon, a London-based public risk consulting company.
While in May 2020, Samsung collaborated with Gemini. As a result, Samsung smartphone users could link their Samsung Blockchain Wallets to their Gemini accounts to view balances and transfer crypto.
The Gemini exchange is considered to be the world’s first licensed Ethereum and Zcash exchange. Not only that, but it is also one of the most secure exchanges working with individual investors and investments’ funds in accordance with the law.
Moreover, the website is only available in English. This is due to the fact that the platform targets developed countries. Therefore, currently, only six countries have access to all the options of the Gemini trading platform.
Key Features and Functions
- Ease of Use. Gemini provides a fluid trading experience, having a significant amount of capital supporting the exchange. Thus, the exchange’s simplicity and ease of use make it one of the best ongoing crypto exchanges.
- Gemini Mobile App. Gemini’s mobile app brings convenience in accessing the exchange aside from the desktop version. Users can also trade using the mobile app. Furthermore, Gemini’s mobile app is available on iOS and Android.
- User-friendly Wallet. The platform is also beginner-friendly, which means individuals who are looking to open up their first cryptocurrency wallet can use Gemini Wallet. It is free to register an account and to utilize this wallet.
- Two-factor Authentication. Two-factor authentication (2FA) helps to prevent hacking attacks on users’ accounts. In addition, it ensures that no scammer would be able to access users’ funds or assets.
- Gemini Custody. Gemini Custody is audited regularly and subject to the requirement of capital reserve and compliance standards of a traditional financial institution. For this reason, the cold storage insurance coverage secures around $200 million.
- Gemini Clearing. Gemini Clearing allows two parties in settling a trade-off in the order book. Moreover, it will act as a confirming third party in a pre-arranged transaction. It will also help to ensure timely settlement while reducing the counterparty risk.
- Gemini Dollar. Gemini Dollar (GUSD) is a stablecoin specifically created by Gemini. Besides, NYDS authorizes it to be the world’s first regulated stablecoin. Moreover, GUSD is pegged at a ratio of 1:1 to the US dollar.
- Easy crypto payments. Gemini recently partnered with Flexa, enabling their customers to spend cryptocurrency from the comfort of a Gemini wallet easily. On the other hand, Flexa already made big waves in the blockchain industry. It partnered with retailers like GameStop, Nordstrom, Home Depot, and Whole Foods to accept crypto payments.
Generally, Gemini stores all assets that are available to buy, sell, withdraw, and deposit on its platform. Likewise, it supports cryptos that are only offered for Custody. It also allows fiat-to-crypto trading alongside crypto-to-crypto trading.
Gemini supports the following crypto assets on its platform:
|Bitcoin (BTC)||Litecoin (LTC)||Chainlink (LINK)|
|Ether (ETH)||Zcash (ZEC)||Orchid (OXT)|
|Bitcoin Cash (BCH)||Dai (DAI)||Basic Attention Token (BAT)|
Gemini also provides custody to the following ERC-20 tokens:
|0x (ZRX)||Kyber Network (KNC)||Compound Basic Attention Token (cBAT)|
|Bread (BRD)||Loom (LOOM)||Numeraire (NMR)|
|Caspian (CSP)||Maker (MKR)||Compound 0x (cZRX)|
|Decentraland (MANA)||OmiseGo (OMG)||Compound Wrapped Bitcoin (cWBTC)|
|Enjin Coin (ENJ)||Compound Ether (cETH)||Golem (GNT)|
|Flexacoin (FXC)||Storj (STORJ)||–|
|Gemini dollar (GUSD)||Compound Dai (cDAI)||–|
Gemini does not charge any deposit fees, but there may still be fees associated with bank deposits (the USA only) and wire transfers (available both inside and outside the USA). However, the Forex fees may also apply when transferring currencies other than USD.
Moreover, Gemini charges moderate fees, which is equivalent to cryptocurrency network fees, for crypto withdrawals. However, it does not charge any fees for bank or wire withdrawals, but there may still be fees charged by banks.
Direct buy and sell fees
The following transaction fees will be charged while buying or selling crypto through the Gemini website or mobile application. In addition, an affordable fee of 0.5% will be applied to all transactions.
|$10 to ≤ $25||$1.49|
|$25 to ≤ $50||$1.99|
|$50 to ≤ $200||$2.99|
Marketplace Active Trader fees
On the contrary, transaction fees apply when buying or selling crypto from the Gemini continuous order books, or the Gemini auction, via the ActiveTrader interface. Users can also enable or disable the ActiveTrader interface in their account settings.
Note: The direct buy and sell fees above will also apply when ActiveTrader is switched off.
|30-day trading volume||Maker fee||Taker fee||Auction fee|
|0 to $499,999||0.25%||0.35%||0.25%|
Accepted Payment Methods
Gemini accepts the following payment method in order to buy, sell, deposit, or withdraw cryptocurrency from the exchange.
- Cryptocurrency Payment
Gemini will accept any crypto payment method. To clarify, a cryptocurrency can be bought by paying another crypto. However, payment can be made based on the trading pairs available on the Gemini exchange.
- Wire Transfer
Wires can be done by customers in and out of the US. Moreover, they settle as soon as they have been received in a bank account. As a result, these funds are available to trade and withdraw immediately once they have been credited to their account.
In addition, the funds which have been sent through domestic wire transfer will be available in the user’s account on the same day or next business day. Moreover, Gemini will not charge any wire transfer fees.
- Bank Transfer
Bank transfers are available to US customers only. In particular, the funds will be available immediately for withdrawal within 4-5 business days.
However, Gemini will submit a deposit request to the bank at 5.00 pm ET. Therefore, any deposit which was made before 5.00 pm ET will be submitted on the same business day. While those deposits made after 5.00 pm ET will be submitted the following business day.
Controversies & Issues
One of the huge problems users have faced when starting with this exchange is that the platform needs lots of personal information in order for users to be verified. Moreover, Gemini account verification is done by three steps, which include mobile verification, bank account verification, and submitting personal records like ID and address.
The exchange was also asking for a social security verification number, but this is not mentioned as the official step in the process. The Winklevoss twins used this kind of verification in order to be protected from fraudulent activities.
Even though the exchange provides advanced security techniques and transparency, customers who do not feel comfortable providing this information might be deterred from using this platform. There are also complaints about the mishandling of users’ funds.
The complaints arise when the exchange sometimes goes offline when there’s high traffic provided on the website. Moreover, such complaints have not been proved to be true. The exchange still remains transparent, secure, and trustworthy.
In June 2016, Gemini indeed became the world’s first licensed Ether exchange. Likewise, in May 2018, Gemini had become the world’s first licensed Zcash exchange.
By all means, the exchange worked closely with the NYSDFS to obtain approval to offer Ether and Zcash storage and trading to customers as a fully-licensed New York State-chartered limited liability trust company.
Moreover, in 2019, Gemini got the “Best Crypto Exchange” award in Markets Choice Awards (MCA). To emphasize, MCA is the premier event for identifying and recognizing the best individuals, companies, and innovation in financial markets.
Furthermore, Gemini is the world’s first SOC 1 Type 1, SOC 2 Type 1, and Type 2 certified crypto exchange and custodian. To explain further, SOC 1 is an internationally-recognized achievement in the traditional financial services industry.
SOC 1 Type 1 is particularly important to the exchange’s operations. This allows them to execute a significant volume of complex financial transactions for customers.
In the same way, SOC 2 reviews have become an industry standard for demonstrating security compliance. Specifically, SOC 2 Type 1 evaluates the design and implementation of system controls at a point in time. Comparatively, SOC 2 Type 2 evaluates whether these system controls have been operating effectively over a period of time.
Pros and Cons
- Gemini is a fully-regulated as well as highly-secured exchange
- US clients are accepted
- Great customer service
- User-friendly and well-designed platform
- Low fees for exchanging assets
- Assets available for trading are only restricted to a few cryptocurrencies
- The exchange goes offline at times due to the extremely high volume
- A limited selection of funding methods
- A limited selection of coins available to buy
> Services offered: 3/5
> Cryptocurrency support: 3/5
> Fees: 4/5
> Security: 5/5
Review Score: 3.7/5
Gemini is significantly one of the world’s most secure and trusted cryptocurrency exchanges. This is in spite of not having the largest daily trading volume. After all, the platform is suitable for different kinds of investors and traders.
Nonetheless, it’s not ideal for those wanting to switch in and out of various cryptocurrencies but is great for large volume and one-off buys. This is because the platform offers high-level security. Moreover, users should not leave their cryptocurrency on the exchange platform. Just because most of Gemini’s BTC and ETH are kept offline, that doesn’t make it immune to being hacked.
Gemini is a cryptocurrency exchange. To point out, it was started by the Winklevoss twins namely Cameron Winklevoss and Tyler Winklevoss. Moreover, Gemini was started in 2014 and is based in New York. It is one of the few cryptocurrency exchanges that is regulated in the US. Specifically, it is regulated by the New York State Department of Financial Services (NYSDFS).
The Gemini dollar (GUSD) is a stablecoin that can be certainly used in all kinds of transactions including spending, lending, and investing. In addition, it is backed by US dollars held at State Street Bank and Trust Company. More so, it offers 1:1 transferability back to US dollars at any time.
Yes, Gemini is indeed one of the safest cryptocurrency exchanges in the industry. As a matter of fact, the majority of Gemini’s cryptocurrency assets are held offline and customers’ US dollar funds are FDIC insured up to $250,000.
The account sign-up process for Gemini is simple and straightforward. Firstly, customers need to verify their identity using a form of ID. Secondly, customers need to connect their phones for two-factor authentication (2FA).
Lastly, customers need to fund their accounts. Once the application has been accepted and the account has been funded, people can start making trades.
To enumerate, there are three payment methods accepted in Gemini: through cryptocurrency, wire transfers, and bank transfers. Bank transfers are specifically for US customers only. When it comes to fees, Gemini does not charge additional fees but external banks may do so.
Disclaimer: This material must not be used as the basis for making any investment decisions. This serves only as helpful material about the crypto exchange. Trading digital assets involve risk and can result in the loss of investment capital. Hence, always make sure to do in-depth research before engaging or investing in any crypto assets