If you want to sell or buy Bitcoin or Ethereum, but you have no idea where it is better to do it then this review will let you know if the Gemini exchange will help you with this.
Basic information about Gemini crypto exchange
Gemini is a platform for exchanging Bitcoin and Ether (the main currency of the Ethereum blockchain). It was founded by twin brothers Winklevoss back in 2015. The name itself (Gemini) is a reference to the constellation and zodiac sign, which means a pair of twins.
The Gemini crypto exchange currently employs about 50 employees and is the 39th in terms of trading volume in the world, according to Coinmarketcap. Although the trading volume of Bitcoin and Ethereum on Gemini is high, the platform cannot compete with platforms that offer a wider selection of cryptocurrencies, such as Binance.
Gemini is a direct competitor to exchanges like Binance and Kraken. The reason for this is that this Bitcoin exchange offers crypto-to-fiat payments as well as BTC / ETH exchanges.
The Winklevoss brothers’ platform is often referred to as one of the safest on the market. There is an explanation for this, as it offers many additional features to protect users from hacking. It is considered so secure that it is used as an exchange for placing Bitcoin futures.
Gemini is available online for every state in the United States, as well as Canada, Hong Kong, Puerto Rico, Singapore, South Korea, and the United Kingdom.
What coins does the Gemini exchange offer?
Gemini only supports Bitcoin and Ethereum. The reason is the same, Gemini wants to become the most reliable and trusted company for government agencies. Most new cryptocurrencies do not perform well, and if Gemini has to exclude them from the list at some point, then its credibility will be undermined.
What deposit methods does Gemini accept?
Update 2021: Gemini now accepts fiat currencies (USD only) and various digital assets such as BTC, ETH, LTC, BACK, BUT, LINK, and more.
Exchange Gemini accepts deposits made through ACH (Automated Clearing House) in the United States and wire transfers from other countries. Replenishment of the exchange in Bitcoins and Ether is also possible. At the moment, there are no other ways to make deposits.
Commissions of Gemini crypto exchange
All of these payment methods are free from Gemini. However, when making bank transfers, a commission may be charged by the bank.
In addition, users will need to pay network fees if they want to deposit with Bitcoin or Ether. Although this commission is present when conducting transactions in any cryptocurrency.
Gemini’s fees are slightly different from those offered by other digital currency exchange platforms. It depends on your 30-day trading volume. There are six levels of commission in total. Starting from novice traders to those who work with large amounts of cryptocurrencies. Every day at midnight UTC, the commission for each trading pair is recalculated.
Account verification
Since the platform tries to comply with various regulations, confirmation is required even when creating a regular account. There are three steps in total to verify your identity: linking your mobile number for two-factor authentication, linking a bank account, and finally providing documents about your address and identity.
The verification process is an important part of the account setup process. To make it as clear as possible for new users, step-by-step instructions are provided below:
- First, go to gemini.com;
- Click Register at the top of the page;
- Fill in the information on the next page. It will include your full name, email address, and password. When you’re done with this, read and accept the User Agreement and Privacy policy;
- After that, you will need to click on the Create my account button;
- On the next page, fill in your phone number. It is very important to use your valid number as it will be required for the verification process. You will be sent a confirmation code to verify it. You will have to enter this code in the appropriate field;
- The next step is to link your bank account to your Gemini account. In the future, this will make the process of making deposits in US dollars faster. Just fill in all the required fields and select the one you need;
- After adding your bank account, you will need to verify your identity. It will include the provision of various forms of documents;
- Gemini exchange requires both a photo of the ID card and a confirmation of the client’s residence address.
The verification process of your account after submitting all the necessary documents takes from one to three days. Although, some functions will still be available to you in the waiting process, such as deposits in cryptocurrency and making an exchange between different trading pairs. However, withdrawals and deposits in fiat currency will only be available after the confirmation process is complete.
