Updated: Apr 10, 2020
Gemini is a perfect place for newbies to wet their feet in the world of crypto. It is the first licensed crypto trust company to be registered with the NYSDFS. This means a high level of security for your crypto assets and funds. You can trade cryptocurrencies and make fiat deposits across a wide range of order types. Gemini is also one of the few US-based exchanges to offer dollar-to-crypto and crypto-to-crypto trading.
This quick guide will touch upon the pros and cons of Gemini while detailing its background, trading fee, funding options, and other features.
Why Should Beginners Choose Gemini?
A fair tier-based fee structure
Great customer service
Easy to use
Licensed U.S. Exchange
What’s not to like?
Limited supported cryptocurrencies
Limited deposit methods
It’s not mobile-friendly
Brief Background of Gemini
Gemini is based in New York and was launched by the Winklevoss twins in 2015. Tyler and Cameron Winklevoss are known best for suing Mark Zuckerberg over Facebook and also for being the first Bitcoin millionaires.
What is the Trading Fees on Gemini?
Gemini operates on an extremely low fee policy with regards to transfers. The platform allows the free deposit of Ether, Bitcoin, and wire or bank transfers. However, individual banks may charge their customers a wire transfer fee. Gemini does not charge for either withdrawals or deposits. The only fee charged is for trading and that is 0.25% or less, depending upon the trade volume in a month.
Free withdrawals are capped at 30 in a month. Any withdrawals above 30 are subject to the mining fees payable on either network. This is approximately 0 GWei (0 ETH) per transaction on the Ethereum Network and 100,000 satoshis (0.001 BTC) per transaction on the Bitcoin Network.
Gemini fees can be a little confusing to understand if you are a beginner since they are different from other digital exchange platforms. The fee depends on your 30-day trade volume and has six tiers to it. Every night at midnight UTC the fees are recalculated for each trading pair.
Is Gemini Versatile in Terms of Trading?
There are only five cryptocurrencies supported by Gemini - BTC, ETH, BCH, LTC, and ZEC. This is because the exchange seeks to be a highly trusted exchange preferred by institutions. Many of the newer cryptocurrencies can disappear overnight. Gemini would look less mature and sophisticated if it is forced to delist an asset. Hence, the exchange is taking things slow.
The following trading pairs are currently supported:
However, the trading platform is versatile in terms of order types. It offers the following:
Limit: Immediate-or-Cancel (IOC)
Limit: Fill-Or-Kill (FOK)
Limit: Maker-or-Cancel (MOC)
Limit: Auction-Only Limit (AO)
Limit: Indication of Interest (IOI)
Gemini, like most US-based exchanges, does not offer Margin Trading.
How are deposits and withdrawals made on Gemini?
Gemini accepts BTC and ETH as deposit and withdrawal options. The only fiat currency accepted on the platform is US dollars. In the US it accepts deposits made by ACH (automated clearing house). These are the two deposit and withdrawal channels:
Local bank transfers from US banks.
Credit/debit card: VISA, MasterCard, and American Express cards are accepted.
How User-Friendly is Gemini?
The platform is easy to use and is well designed. The interface provides an efficient and smooth user experience. It is also relatively simple. Key data on the platform for orders, prices, and balance updates are extremely responsive. In some cases, it is almost instantaneous, which allows users to keep on top of their trade dealings.
Gemini Customer Service
An in-depth FAQ is provided by Gemini that helps to answer the most common questions. They also have an active blog to provide users instructions on to purchase and sell crypto assets. You can send them an email with specific user inquiries. Most emails get replied within a few hours.
The Bottom Line
Gemini has become a major powerhouse of crypto trading. It is well-reputed and one of the leading exchanges with mainstream penetration. This is because of their aggressive branding and ad campaigns on billboards, buses, and other channels.
Gemini can be the perfect option for beginners if they value security over everything else. It is well-suited for people looking to exchange large amounts of fiat currency into the 5 supported crypto assets. It offers additional security features being fully licensed.
Since many beginner investors, traders, or adopters start with Ethereum or Bitcoin as their first introduction to crypto space, Gemini offers a fine platform to start. The only drawback is the number of details required to set up an account and get a feel of the platform.