RESEARCH & ANALYSIS
FOR THE CRYPTO ECONOMY.

Gemini

Gemini Exchange Review

Centralized

Gemini Exchange Rating 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.

    Gemini Exchange Review, Trading Fees, Deposit and Markets

    • 24h Trading Volume

      604.224 BTC

      • Gemini Total Trading Pairs

        15

        • Gemini Margin Trading

          No

          • Gemini Deposit fees

            Free

            • Gemini Fiat Deposit

              Yes

              • Accepted Payment Method

                None

                • Gemini Native token

                  N/A

                  • Native token smart contract

                    N/A

                    • Gemini Trading Markets
                      • Gemini Stablecoins trading

                        N/A

                        Gemini Markets Data

                        Market Price Volume(24h) Change(24h) Last update
                        BCH/BTC Ƀ 0.03084 BCH 259.73

                        Ƀ 0.00024

                        0.78%

                        2019-09-23 10:59:23
                        BCH/ETH Ξ 1.52 BCH 0

                        Ξ 0.0

                        0.00%

                        2019-09-18 06:57:59
                        BCH/USD $ 300.69 BCH 873.00

                        $ -6.15

                        -2.00%

                        2019-09-23 14:35:21
                        BTC/USD $ 9,852.36 Ƀ 875.96

                        $ -135.16

                        -1.35%

                        2019-09-23 14:37:19
                        ETH/BTC Ƀ 0.02098 Ξ 844.76

                        Ƀ -0.000080

                        -0.38%

                        2019-09-23 14:27:26
                        ETH/USD $ 207.14 Ξ 8,065.83

                        $ -3.90

                        -1.85%

                        2019-09-23 14:36:48
                        LTC/BCH BCH 0.2336 Ł 40.00

                        BCH 0.00080

                        0.34%

                        2019-09-23 03:20:47
                        LTC/BTC Ƀ 0.007360 Ł 434.49

                        Ƀ 0.00013

                        1.80%

                        2019-09-23 14:30:10
                        LTC/ETH Ξ 0.3530 Ł 151.57

                        Ξ 0.014

                        4.22%

                        2019-09-23 07:37:43
                        LTC/USD $ 72.39 Ł 7,571.07

                        $ -0.15

                        -0.21%

                        2019-09-23 14:37:34
                        ZEC/BCH BCH 0.1586 ZEC 0

                        BCH 0.0

                        0.00%

                        2019-09-19 06:42:45
                        ZEC/BTC Ƀ 0.004580 ZEC 3.60

                        Ƀ -0.00011

                        -2.35%

                        2019-09-23 12:14:22
                        ZEC/ETH Ξ 0.2184 ZEC 2.14

                        Ξ -0.028

                        -11.51%

                        2019-09-23 12:14:22
                        ZEC/LTC Ł 0.6660 ZEC 0

                        Ł 0.0

                        0.00%

                        2019-09-18 20:03:48
                        ZEC/USD $ 45.54 ZEC 795.48

                        $ -1.26

                        -2.69%

                        2019-09-23 14:35:21

                        Gemini Withdrawals

                        • Daily Withdrawal Limit

                          $10,000 per day

                          • Gemini Withdraw fees

                            Full list of withdrawal fees here 

                            • Gemini Withdraw fees discount

                              N/A

                              • Proof of Reserves

                                N/A

                                Gemini Overview

                                • Gemini Trust Company, LLC or in short, Gemini, is a cryptocurrency exchange / digital asset exchange with headquarters in the United States in the City of New York (NYC or New York City). A review of Gemini exchange reveals that it was founded in 2014 by the Winklevoss twins (Winklevi or Winklevii) – twin brothers Cameron and Tyler Winklevoss who are well-known for their involvement in and support for Bitcoin.

                                  Gemini is a regulated crypto-asset platform licensed by the New York State Department of Financial Services or in short, NYSDFS – a regulatory agency responsible for the regulation of financial products and services in the State of New York. Gemini became the first ether exchange (June 2016) and the first Zcash exchange (May 2018) to be licensed (or regulated for that matter).

                                  Gemini found itself in the news in the spring of 2019 when it was reported that Facebook had spoken with Gemini about Facebook’s plans to implement their own currency -- the media couldn’t resist a story about a potential allyship between the Winkelvii and their known rival Zuckerberg. It remains to be seen whether cryptocurrency will heal this rift, or if the players in question will just build a new rivalry around competing currencies and exchanges. The Winkelvoss twins have been public about their desire to take cryptocurrency mainstream. Facebook could be seen as an ally in the fight for mass adoption, or a competitor to be the main driver behind mainstream acceptance of crypto.

                                  A Gemini review shows that this licensed digital exchange has operations in the States, Canada, Hong Kong, Singapore, South Korea and the United Kingdom. The Gemini website seems to be only available in English, although it may be possible that it automatically switches to the primary language used in a specific geographic area (depending on the IP address used).

                                  In addition, Gemini seems to cater to both individuals and institutions. They make use of a maker-taker fee model and offer trading via both their website and API. Gemini is also the issuer of the Gemini Dollar (GUSD) that is 1:1 pegged to the USD. GUSD is the first regulated stablecoin in the world.

                                  Gemini serves the cryptosphere via about 12 active markets and the main currencies available for trading seems to be Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Zcash.

                                  Gemini allows fiat-crypto trading alongside crypto-to-crypto trading. Accepted fiat currency is USD, and deposits can be made via bank transfers without a fee. Credit cards are not accepted as a valid method of payment for the time being. This renders the exchange an entry-level exchange, meaning it is very friendly towards new cryptocurrency exchanges. One of the most innovative aspects of Gemini is their “Sandbox” website, which acts as a practice account for those who are just starting out and want to know more about the industry and the exchange itself. Signing up to the Sandbox website requires two-factor authentication (2FA).

                                  One of the biggest problems that users have faced when starting out on this exchange is the fact that the platform requires a lot of personal information for a user to be verified. Account verification is done in three steps, which include mobile phone verification, bank account verification followed by the submittal of personal documents such as ID and address. Comments online mention Gemini asking for social security numbers for verification, though this is not mentioned as an official step in the process. The Winklevoss twins have opted for this kind of a verification system in order to prevent any fraudulent activity as much as possible. Even though the exchange is one of the most secure ones out there, due to its advanced security techniques and transparency, those who do not feel comfortable in providing such information might be deterred from using this platform.

                                  There are also complaints on certain online platforms by users who suspect the exchange of mishandling their funds. Such complaints arise from the fact that the exchange goes offline when there’s high traffic on the website. This might happen frequently as Gemini is one of the most popular exchanges out there. This has caused some users to report fraudulent activity, however, such complaints have not been proved to be true. The exchange still remains secure, transparent and trustworthy.

                                  Gemini Exchange KYC and AML

                                  Gemini Exchange Additional Information