Gemini Exchange Review
In this Gemini exchange review, we’ll give you a brief Gemini exchange history before we tackle frequently asked questions like “Does Gemini accept credit cards?” and “Is Gemini safe?”
Gemini Exchange History
Remember when the Winklevoss twins sued Facebook Inc’s Mark Zuckerberg and won $65.0 million? Well, Cameron and Tyler Winklevoss have put their money to good use. They own one percent of the world’s total Bitcoin (BTC) and, in 2015, they started their very own cryptocurrency exchange.
The following Gemini exchange Wiki gives you a fair idea why this cryptocurrency exchange is different from the others.
Gemini Exchange Wiki
Based in New York, the cryptocurrency exchange platform Gemini is a fully regulated, licensed U.S. Bitcoin and Ethereum (ETH) exchange. Even before its launch, Gemini was fully compliant and registered, holding the highest levels of compliance with banking standards.
It comes as no surprise, therefore, that Gemini is now regarded by many as one of the most legitimate cryptocurrency trading platforms in the world.
Gemini Exchange Pros and Cons
The nature of the cryptocurrency business is such that even an exchange that is fully regulated can have a few drawbacks, as you can see in the following Gemini exchange pros and cons.
- Security and compliance; Gemini is overseen by the New York State Department of Financial Services (NYSDFS)
- A slick, minimalistic, and user-friendly design
- Low fees
- Accepts fiat currency (U.S. dollars)
- High liquidity
- Available in 42 U.S. states
- Relatively simple transaction method
- Limited currencies
- Customer support needs improvement
- Limited worldwide availability
- No margin trading
- How Gemini Exchange Works
To trade on Gemini, the first thing to do is add a bank account and get verified. Once your verification is done, you initiate an Automated Clearing House (ACH) transfer of U.S. dollars from your bank. The funds can be used to buy BTC or ETH immediately.
However, the exchange holds on to your funds for four to five business days to let the deposit fully settle. It’s only after this settling-in period that the Gemini exchange withdrawal facility can be used.
Gemini Exchange Verification Process, Time, and Documents
Since Gemini is a fully regulated exchange, it goes completely by the rules and the Gemini verification process is very stringent. Related to that, one of the common questions is “How long does Gemini verification take?”
How Long Does Gemini Verification Take?
Once you have submitted all of the Gemini verification documents, it takes about one to three days.
What Documents Are Required for Verification on the Gemini Exchange?
For verification, Gemini requires proof of your identity and address. For the former, submit the photo page of your passport or your driver’s license (issued in the U.S. or Canada).
For proof of address, you could use a utility bill (e.g. electricity, gas, or water). Note: The proof of address document should show your name and address and be no more than 90 days old. (Source: “Gemini digital asset exchange – review March 2018,” Finder, January 29, 2018.)
How to Deposit/Withdraw Money on Gemini Exchange
To make Gemini exchange deposits, follow these three steps:
Log into your account.
Click on “Transfer Funds” on the main menu bar.
Select the method of fund transfer.
Note: With Gemini, there aren’t many ways to put funds into your exchange account. The most common method is ACH deposit.
Does Gemini Exchange Accept Credit Cards?
No, the Gemini exchange does not accept credit card payments. In order to fund your account with U.S. dollars, you’ll have to link a bank account and initiate an ACH deposit.
Does Gemini Exchange Accept Debit Cards?
As of now, the Gemini exchange does not accept debit card payments.
Does Gemini Exchange Accept Wire Transfers?
Yes, Gemini exchange accepts wire transfers, but this service is available only for U.S.-based users.
Gemini Exchange Fees
The Gemini exchange fees are very low, ranging from 0.00% to 0.25%. These are among the lowest fees among all cryptocurrency exchanges.
Gemini Exchange Withdrawal Fees
There are no Gemini exchange withdrawal fees. It’s 100% free to withdraw your funds.
Gemini Exchange Deposit Fees
There are no fees for depositing U.S. dollars into your Gemini account either via wire transfer or ACH deposit. Note: While there are no Gemini exchange deposit fees, wire transfers may be subject to fees from your bank.
Gemini Exchange Trading Fees
Gemini has a real-time, dynamic maker-taker fee schedule that facilitates fees as low as 0.00% on all liquidity-making trades and as as low as 0.10% on all liquidity-taking trades.
The fee rate for each trading pair is determined by the gross trading volume for that trading pair in a month. Since the rate is dynamic, it is recalculated every day at midnight, Coordinated Universal Time (UTC), and is applied to all your trades after that time.
The more you trade, the lower the fees you pay (Source: “Trading Fee Schedule, Gemini, November 25, 2017.)
Gemini Minimum/Maximum Deposit/Withdrawal Limits
This cryptocurrency exchange does not have restrictions like a Gemini minimum deposit limit or a Gemini minimum withdrawal limit. However, bank transfers via ACH have certain limits.
Individuals can deposit $500.00 per day or $15,000 per month, whereas businesses can deposit $10,000 per day or $300,000 per month.
As for withdrawals, both individuals and businesses can withdraw $10,000 per day or $100,000 per month.
Gemini Minimum/Maximum Deposit/Withdrawal Times
Transaction processing times vary depending on the method of deposit or withdrawal. Wire transfers usually take less than 24 hours (same-day or next business day). However, bank transfer deposits could take four to five days.
The current list of Gemini-supported countries includes Canada, Hong Kong, Japan, Puerto Rico, Singapore, South Korea, the U.K., and the U.S. (except Alaska, Arizona, Hawaii, Oregon, and Wisconsin).
There are only two Gemini-supported digital coins: Bitcoin and Ethereum.
They can be traded with one another or bought with U.S. dollars. However, the dollars have to be from a wire transfer or ACH deposit.
Gemini Exchange Hack
While there have been stray individual hack attempts, the site has never been hacked. On November 28, 2017, the Gemini exchange site showed “504 Gateway Timeout” and crashed for several hours, but this was a technical glitch rather than a Gemini exchange hack.
Nevertheless, such incidents have still led people to ask questions like “Is Gemini safe?” and “Is Gemini a trusted company?”
Is Gemini Safe?
Gemini is one of the most secure cryptocurrency exchanges on the market for U.S. residents. It is governed by the U.S. Bank Secrecy Act (BSA) and anti-money laundering (AML) rules. Moreover, client deposits are eligible for insurance coverage from the Federal Deposit Insurance Corporation (FDIC).
Gemini accounts are equipped with two-factor authentication in order to safeguard the login process.
If you opt to use Gemini’s wallet services, a majority of your funds will be stored offline in a disconnected, air-gapped storage system in order to enhance safety.
Of course, you do sacrifice some privacy for better security (verification requires details like your social security number).
Gemini vs. Coinbase
Although Gemini is a late entrant to the cryptocurrency market, it is already considered one of the top exchanges. It stands up very well against the other best exchanges, as you can see in the following Gemini vs. Coinbase comparison.
Although Gemini rates very high in safety, I would urge all users to withdraw their funds from the exchange and store them in an offline wallet. It’s my golden rule for cryptocurrency trading.