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Gemini ReviewExchange
Withdrawal fee: 0.00 Taker fee: 0.25% Maker fee: 0.15% |
Gemini represents one of the world’s top-ranking cryptocurrency exchanges, boasting a trading volume of approximately $33 million per day at press time. Gemini was announced in June 2013 by Tyler [LinkedIn] and Cameron Winklevoss [LinkedIn], commonly known as the Winklevoss twins. The platform was publicly launched two years later, in October 2015.
The private company is headquartered in New York, US, and is one of the first exchanges licensed by the New York State Department of Financial Services (NYDFS). With over 100 employees, the company is actively pioneering the future of the cryptocurrency financial market [Wikipedia].
Trading and Withdrawal Fee Schedule
Gemini exchange adopts a somewhat complicated fee schedule, as it is decided into five separate categories. These are mobile fees, web fees, ActiveTrader fees, custody fees, and transfer fees. Here’s a brief overview of the main fees practiced by the exchange:
ActiveTrader fees
Fee rates for trading pairs are determined based on users’ gross trading volume across a number of services. A $0 trading volume will incur a taker fee of 0.35%, a maker fee of 0.25%, and an auction fee of 0.25%. On the other side of the spectrum, a high-volume trader who transacts above $500 million on a 30-day basis will only have to pay a taker fee of 0.03%.
| 30-day Trading Volume in (USD) | Taker Fee | Maker Fee | Auction Fee |
|---|---|---|---|
| 0 | 0.35% | 0.25% | 0.25% |
| ≥ $500K | 0.25% | 0.15% | 0.20% |
| ≥ $2,5M | 0.25% | 0.15% | 0.10% |
| ≥ $5M | 0.15% | 0.10% | 0.10% |
| ≥ $10M | 0.15% | 0.10% | 0.00% |
| ≥ $15M | 0.10% | 0.00% | 0.00% |
| ≥ $50M | 0.075% | 0.00% | 0.00% |
| ≥ $100M | 0.05% | 0.00% | 0.00% |
| ≥ $250M | 0.04% | 0.00% | 0.00% |
| ≥ $500M | 0.03% | 0.00% | 0.00% |
Web fees
A web order amount of under $10 entails a $0.99 transaction fee, whereas web order transactions above $200 incur a percentage fee of 1.49%.
| Web Order Amount (USD) | Transaction Fee (USD) |
|---|---|
| ≤ $10 | $0.99 |
| > $10 | $1.49 |
| > $25 | $1.99 |
| > $50 | $2.99 |
| > $200 | $1.49 of your Web Order value |
Mobile fees
Mobile transactions under $10 require a flat fee of $0.99, and order amounts above $200 are charged at 1.49% of their value.
Deposit and withdrawal fees
Wire transfers and deposits made via cryptocurrency are processed without additional costs. Debit card deposits require a 3.49% fee of the total purchase amount. Withdrawal fees are only required if you’re making over ten withdrawals on a monthly basis. The cost is dependent on your crypto of choice.
Exploring the Trading View
Gemini features two separate trading views – one is highly minimalistic and relatively simple, whereas the other one is designed for advanced traders chasing the next pump.
Gemini Exchange
By using the exchange interface, customers can access a streamlined trading view. Simple tools are provided to help users make smart transactions and understand the crypto market. Gemini provides features like portfolio management, recurring buys, price alerts, and support for multiple pairs.
Gemini ActiveTrader
ActiveTrader is a high-performance platform designed to deliver a top-notch experience to professional traders. Amongst its feature catalog, users can find block trading, auctions, numerous order types, and advanced charting. Traders can also expect central limit order books, dynamic maker-taker fees, and auctions for specific trading pairs.
The main order types include buy/sell limits, buy/sell stop, OCO, market buys/sells, GTDs, and more.
Supported Countries
Gemini is mostly focused on serving customers based in the United States; thus, features like ACH deposits are only available to US traders. Its main features are also accessible from Europe, Canada, South Korea, Singapore, Hong Kong, and the United Kingdom.
Deposit and Withdrawal Methods
Accounts can be funded via fiat currency and digital assets. The main fiat deposit methods are local bank transfers, alongside credit and debit cards like Visa, MasterCard, and American Express. The main cryptocurrency options include Bitcoin, Ethereum, Bitcoin Cash, Chainlink, Litecoin, Uniswap, Zcash, Gemini Dollar, and others.
Introducing the Gemini Dollar (GUSD)
To facilitate risk mitigation, Gemini has created its very own stablecoin pegged to the US dollar. According to the company, the Gemini dollar represents the world’s first regulated USD stablecoin, designed to ensure excellent usability alongside superior scalability.
The GUSD runs on the Ethereum blockchain network as an ERC-20 token, so it has most of the standard advantages associated with cryptocurrencies apart from price volatility. Trading volumes are rapidly increasing thanks to the numerous use cases that exist. Companies like BlockFi, Flexa, Harbor, and Travala, have already created GUSD-based products and services.
Constant audits ensure that the GUSD is issued on a 1:1 basis, meaning that there are corresponding real-life dollars to account for each GUSD in circulation. Real dollars are stored via the State Street Bank and Trust Company. Audits are carried out by BPM, an established public accounting company.
Reviewing the Gemini Mobile App
Gemini is well-aware of the fact that a significant percentage of crypto-related traffic is carried out via mobile devices. The mobile app aims to make trading via mobile a breeze by granting users access to its proprietary crypto wallet and exchange services.
Trades are easily and securely made via the app, which boasts a simple user interface. Additional functionalities allow for price tracking, price alerts, portfolio management, scheduled purchases, asset storage, and more. While the mobile app is certainly not as powerful as the web interface, it provides most services that you’d need to trade on the go.
Store Your Crypto via the Gemini Wallet
The Gemini Wallet has two main storage functions – insured hot wallet storage and institutional-grade cold wallet storage.
Thus, the wallet is a formidable choice for both small-scale and large-scale investors. It’s generally recommended that users do not keep their funds in exchange wallets, since these platforms are custodial, meaning that crypto owners cannot control their private keys. However, Gemini promises that security risks are efficiently mitigated thanks to its highly-secure infrastructure. The wallet supports all of the listed tokens and comes along with 24/7 customer support, constant audits, and industry-leading engineering for additional functions, such as support for SegWit and native SegWit bitcoin addresses.
An Overview of Gemini’s Other Features and Services
Gemini Custody
With the Gemini Custody function, crypto whales can easily store their digital assets within a compliant, secure, and insured platform. This service promises $200 million in insurance coverage and sufficient trading liquidity. Customers should keep in mind that Gemini Custody is managed by Marsh and Aon, a licensed third party.
Gemini Clearing
The clearing function was designed to allow big trades to happen off the order book. The reasoning here is simple – large transactions have the tendency of influencing market prices while drawing undesired attention. Through the Gemini Clearing service, pre-arranged trades are quickly confirmed and settled by the platform. With competitive pricing, no minimum transaction size, and anonymous settlement, off-exchange trades can be securely processed without counterparty risks.
Gemini Pay
Last but not least, Gemini Pay allows users to live off their cryptocurrencies by facilitating crypto-based transactions at over 30,000 retail merchants throughout the United States. At this time, the Gemini Pay function supports transactions via the Gemini dollar, bitcoin, litecoin, ether, bitcoin cash, and zcash. Once a payment method is selected, Gemini Pay will unveil a QR code that must be scanned by the retailer. In doing so, cryptocurrencies can be finally used to pay for real-life goods. Of course, a cryptocurrency debit card may provide additional use cases, but Gemini does not provide such a service.
Getting Started with Gemini
Gemini has invested considerable resources into creating an easy-to-use exchange for customers worldwide. To register an account, users must enter their full name, email address, and password. More personal information may be required depending on how you’re planning to use your account. Like most other centralized cryptocurrency exchanges, a know-your-customer (KYC) verification is required to trade above specific thresholds. KYC/AML procedures are mandated by regulators worldwide.
Security
Gemini has adopted a security-first mentality. The platform aims to defend itself against external threats while mitigating human error and insider access.
The exchange has publicly stated that most of its assets are stored in an air-gapped cold storage system, meaning that it’s virtually impossible to gain unauthorized access to user funds. Of course, a percentage is still kept in its hot wallet, as exchange liquidity is necessary for efficient business operations. Multiple security protocols have been implemented to protect both forms of asset storage.
Gemini has never been hacked, yet it’s been subjected to several failed cyber-attacks. Lastly, a number of users have been defrauded via a market manipulation scheme.
Bottom Line
To wrap things up, Gemini’s exchange ecosystem provides most of the features that would be expected from a top-ranking exchange. It’s certainly not the most popular platform by trading volume, but most users are satisfied with its service catalog. In the future, Gemini is likely to pioneer new features that further drive crypto adoption in the United States and other regions of the world.
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