Gemini Exchange Review. The Safest Crypto Exchange?
Gemini is one of the leading cryptocurrency exchanges on the internet as of this writing. Additionally, Gemini became the world’s first licensed Ethereum Exchange
And, it has operations in Canada and the United Kingdom.
The Gemini platform allows users to exchange cryptocurrency and fiat currency in an open market at a moderate cost. The exchange is a fully registered company, and it has the highest levels of capital reserves by banking standards.
What is Gemini exchange?
Located in New York and founded by the Winklevoss twins, Gemini is the first authorized Zcash exchange in the world. Moreover, it’s under the regulation of the New York State Department of Financial Services (NYSDFS).
And that makes the NYSDFS the first regulatory agency in the world to supervise Zcash, reaffirming its position as the leading financial regulator in the area of digital assets.
It goes on without saying that safety and regulatory supervision are essential both to foster innovation and to protect consumers. That’s why Gemini is proud to offer customers the first genuinely regulated platform to invest in Zcash.
Additionally, Gemini Exchange allows its users to trade between crypto pairs or crypto to USD. And to make sure users do these operations securely, Gemini offers its secure cold-wallet. As the name states, this wallet does is not perennially connected to the internet. And thus it is safe from attacks.
For a great as the exchange sounds, it does not exist without its flaws. Gemini operates exclusively with US dollars.
The reason for it is the same reason behind why it can offer proper regulatory supervision. It must adhere to the laws and regulation established by the NYSDFS.
That said, Gemini is a stable and reliable exchange. And while it has only been operational since 2016, its reach and influence is comparate the likes of Coinbase.
The reason for its rapid rise to fame is its platform. Gemini allows traders to open and close positions between any altcoin pair they desire. So while there is a limitation of USD only when it comes to fiat, there isn’t any regarding crypto.
Gemini users can make deposits using US dollars, BTC, and ETH. Gemini does not charge an amount for deposits, but your bank and your credit card company may charge you for the transaction.
Now when it comes to fees, Gemini has two. Transaction fees are charged for each operation you perform, and there is the manufacturer-policyholder fee.
On the plus side, the digital asset trading platform is available as a desktop application as well as on mobile devices. The interface provides many features like multiple graphs, market tools, and data. It’s a great feature since traders do not need to get this information from different sources.
Is Gemini Exchange safe?
The short answer is yes. The company obtained insurance coverage for all the cryptocurrency it holds on behalf of its customers.
The coverage is carried out through a consortium of insurers under the supervision of a professional services firm that specializes in risk solutions.
Even though that last statement may sound vague, it is not. Part of Gemini’s agreement with the NYSDFS was demonstrating to its users and regulators that it provided outstanding risk coverage.
But Gemini did not stop there. The exchange made sure that digital asset insurer further strengthens the trust and protection for consumers. Gemini did that by having the insurer guarantee the security of all transactions done on the Gemini platform.
Yusuf Hussain, Gemini’s risk management chief, have talked about what costumers expect from the exchange.
Hussain understands that consumers seek the same levels of insured protection that they are used to with traditional financial institutions. And that is what Gemini has delivered.
By educating insurers about crypto, Gemini has not only allowed proper protection to its clients. But, it also establishes a standard for consumer protection throughout the crypto industry.
What Currencies Support Gemini
At this time, Gemini only supports USD.
Per Gemini’s support, if you initiate a transfer in a currency other than USD, your funds will be converted to USD by a third party.
If you plan to use Gemini and have a currency other than USD, it’s recommended that you contact Gemini to understand the process, fees attached, etc.
Alternatively, you can use an exchange like Changelly to purchase your Bitcoin with fiat and send it to your Gemini Bitcoin address.
How Long Does It Take To Withdraw from Gemini
Gemini’s withdrawals are on par with industry standards. A wire transfer can take about 24 hours while it’s not uncommon for bank transfers to take up to 5 days to complete.
How Long Does Gemini Verification take
Gemini has a reliable exchange. Verification is also on par or faster than industry standards of one to three days to complete your verification.
Can You Use A Debit Card on Gemini
Yes, you can make deposits and withdrawals using your debit card. VISA, Mastercard and American Express are accepted at this time.
Can Your Short on Gemini
Gemini currently does not offer Short Selling.
A Brief History of Gemini
The Winklevoss twins founded Gemini back in 2014. But, the company was launched officially on October 25, 2015. Some of the first additions to Gemini was support for FIX and API. Andrew M. Cuomodel, governor of New York, announced its approval on May 5, 2016. That meant that Gemini was the first platform to receive a US license for trading Ethereum.
Also, in 2016, according to a CNBC report, Gemini became the first company in the world with an ether exchange license. On October 2017 the company reached another milestone. Gemini announced it’s allowing users to withdraw Bitcoin Cash. The only condition was to have a balance of Bitcoin Cash available before Bitcoin’s hard fork.
Gemini began offering a “commercial block” in April 2018. The commercial block allows Gemini users to buy and sell large quantities of digital assets outside the Gemini continuous order register. This creates an additional liquidity mechanism when trading in larger sizes.
On March 2018, Gemini added a series of alliances and products to its portfolio and network, by associating with Caspian. Caspian is a negotiation and risk management cryptocurrency platform made up by institutional investors.
Lastly, Gemini started offering Zcash on May 14, 2018. That was the date in which the NYDFS announced their approval for this addition. The NYDFS stated that this monumental occasion followed New York’s tradition of commitment to innovation and market leadership. Gemini’s CEO, Tyler Winklevoss, was quoted in the same press release saying that Gemini was proud of being the first exchange to achieve this.
Is Gemini Better Than Coinbase
This is a common question that has been asked ever since Gemini came on the scene as a potential contender to Coinbase.
Currently, it appears that Gemini still has a way to go to compete with Coinbase seriously. They are making smart moves that can lead to Gemini becoming the leading US exchange.
Decide for yourself who’s better and take a look at our Coinbase Review titled, ‘Coinbase Review. Earn Free Crypto.’
Final Thoughts on the Gemini Exchange
The Gemini exchange was formed to boost the influence of cryptocurrencies on the financial landscape. The most commendable achievement of this platform is the widespread acceptance crypto has gained as of late. That has helped make the exchange one of the most influential and reliable digital commerce platforms in the world.
Its services are available for people in Canada, Singapore, South Korea, Hong Kong, and the United Kingdom. With that said, BTC, ETH, and US dollars are the only methods for funding your account. Despite its widespread popularity, this issue still makes it somewhat restrictive for aspiring users.
Regardless, it may be a worthy inconvenience for using a secure and legitimate exchange. Gemini has succeeded in gaining the recognition of entities known for their strict standards.
Still not sure how to move forward? It is extremely important to pick the right tools and platforms when you are in the crypto space. Check out our Battle-Tested Recommended Tools For Crypto for the safest exchanges, wallets and identity protection solutions.