Gemini Exchange ReviewCentralized
24h Trading Volume3423.034 BTC
Gemini Exchange Review
Full list of withdrawal fees here
Gemini Deposit feesFree
Accepted Payment MethodCrypto to Crypto, Crypto to FIAT
Gemini Exchange Score Analysis
Gemini, which was established in 2014 and started operating late 2015, has long been one of the most important crypto exchanges, founded by the Winklevoss brothers of prior Facebook fame who eventually turned to full-on crypto and Bitcoin believers. Gemini believes in transparency and user empowerment, and have outlined their principles of operation, citing the actions and method they believe are the right ones to employ in the process of advancing crypto and developing its ecosystem in the right way.
In practice, Gemini has followed up on its own claims, and has since become a New York Trust Company, acquired the Bitlicense – which means they are a certified crypto company operating under the supervision and in cooperation with the New York Department of Financial Services (NYDFS), and have secured insurance for all user funds deposited on the exchange – an industry first and a major “user magnet”. The downside following this method is the limitations imposed on the company: they must cooperate with regulators regarding decisions which might prove to be problems in the future – such as listing of a new cryptocurrency – a disadvantage of any industry first-mover and a burden Gemini carry proudly and with much confidence – and, dare we say – admirably. In October 2018 Gemini launched the GUSD, its own fiat-backed stablecoin, as part of the “stablecoin race” of late 2018 and in an effort to gain market share over this fast-growing segment and enable everyone to send US Dollar in a simple, efficient, instant and cheap way.
Their reserves are monthly attested to by a third party. Gemini has a significantly large team – according to LinkedIn, around 150 are under its employment – a capable team, which rich backgrounds in business and finance, with the Risk manager – Yusuf Hussein – being an accomplished security expert, working in the field since 2005. Gemini’s target userbase are mostly institutional clients and high net-worth individuals, and those who fit the description (who also value rule-adhering and regulatory compliance) have no better place to enter this asset class, provided their location is served by Gemini.
On the other hand, users who are retail investors from underserved countries (most of the world) who are not necessarily looking to trade simply some of the top cryptocurrencies and might want to try their hand at some of the more “”exotic”” coins, or even simply users who are engaging in less-than-legitimate activity will find no luck at this exchange: aside from heavy KYC-AML procedures and very high trading fees if a user’s trading volume is low, Gemini only allows trading in five cryptocurrencies as of this writing: BTC, ETH, BCH, ZEC and LTC. To conclude, Gemini does only a certain type of business as of today – and it does it best. Those who tick all the boxes Gemini has chosen to tick – are welcome on the exchange and will find no better place to trade or invest, and those who don’t – simply won’t pass the front gate.