Content
- History
- Founders
- Gemini Exchange and Trading Interface
- User Registration
- Depositing and Withdrawing
- Trading on Gemini
- Other Trading Options
- Fee Structure
- API Keys
- Mobile App
- Security
- Token Listing
- Customer Service
- Regulatory Compliance
- Referral Program
- Conclusion
The business operations of the exchange are mostly open to the public, thereby enhancing transparency and user-inclusiveness. The exchange also believes that its mode of operation is the right one to utilise to ensure that the crypto ecosystem develops in the right way. To follow up on its claims, Gemini has obtained the Bitlicense, making it a New York Trust Company. This means that the Gemini is a registered cryptocurrency exchange operating under the laws of the New York State Department of Financial Services (NYSDFS).
Gemini currently has an average daily trading volume of $23,830,834 USD, according to CoinMarketCap data. This places the exchange in the 67<sup>th</sup> position on the global market.
History
The founders, Cameron and Tyler Winklevoss, announced Gemini's creation in June 2013; however, the exchange did not go live until 25<sup>th</sup> October 2015. Since then, the exchange has been expanding its financial services to numerous areas. In May 2016, Gemini got approved as the first licensed Ether exchange in the United States. In that same year, the exchange started allowing its customers to withdraw Ethereum Classic after a change in Ethereum's code protocol.In October 2017, the exchange also announced that users could withdraw Bitcoin Cash as long as they had funds in the accounts before the Bitcoin hard fork in August 2017. After that, CBOE collaborated with the Gemini exchange for its Bitcoin futures contracts’ settlements. Gemini also experienced a major problem in late 2017, whereby its website crashed for several hours due to high traffic.
The Gemini exchange established a partnership in March 2018 with Caspian, a crypto trading and risk management company. The partnership aimed to provide sophisticated trading tools for high-volume investors. Subsequently, Gemini integrated the block trading feature into its exchange in April 2018. This feature enables its customers to trade large volumes of digital assets outside the standard order books, generating more liquidity opportunities for its users. In the same month, it was stated that the exchange would be employing NASDAQ’s SMARTS technology for trade monitoring and prevention of price manipulation and fraud on the platform.
On top of that, the New York State Department of Financial Services approved the trading of ZCash on the exchange in May 2018, making Gemini the world’s first ZCash-licensed exchange. September 2018 saw the launching of Gemini’s stable coin, the Gemini Dollar, which the exchange designed to be pegged to the US Dollar.
In October 2018, the company also acquired cryptocurrency insurance to cover the coins or tokens held by traders on the exchange. In May 2020, Gemini partnered with Samsung to enable users to view their balances and initiate crypto transactions by connecting their Gemini accounts with their Samsung blockchain wallets. However, this feature is only available to Samsung smartphone users.
Gemini Founders
Gemini was established by two brothers, Tyler and Cameron Winklevoss, made famous by The Social Network movie and the Facebook controversy it depicted. While Tyler serves as the exchange’s CEO, Cameron is the President. The duo are prominent crypto investors, and reports indicate that they own 1% of the total number of Bitcoins in the world today. These brothers are close partners and pretty much alike in every aspect, including education and work backgrounds (not to mention the fact that they’re identical twins). They both have a Bachelor’s in Economics from Harvard University and an MBA from the University of Oxford – Said Business School.
Their professional experiences include:
- ConnectU.com: Co-Founders. December 2002 to February 2008 (five years, three months).
- US Rowing: April 2006 to December 2011 (five years, nine months).
- Winklevoss Capital: April 2012 to present.
- Gemini: Co-Founders. February 2014 to present.
The Gemini Exchange
Founded in 2015, Gemini is a New York-based exchange established with institutional investors and high net-worth individuals in mind. The exchange’s headquarters is in New York, with other branches in Canada, United Kingdom, Puerto Rico, Hong Kong, South Korea, and Singapore. It is also the first crypto exchange to obtain a license from the New York State Department of Financial Services. To this effect, the Gemini exchange must comply with the cybersecurity, capital reserve, and banking requirements laid out by the New York law.The founders, the Winklevoss twins, created the exchange to bridge the gap between the cryptocurrency market and traditional financial markets. Gemini also stands out from other exchanges by paying close attention to regulatory compliance and security. Digital assets are stored in highly secure cold storage systems. On top of that, the company’s LinkedIn page indicates that it has a large team of 200 members. This team consists of financial security experts who have worked for established firms, including Google, Microsoft, Virtu Financial and Bridgewater Associates, and so forth.
The Gemini exchange also developed GUSD, a fiat-based stablecoin designed to help individuals transact with the US dollar in a fast, cheap, and efficient way. Gemini offers limited crypto-to-crypto and crypto-to-fiat trading pair options, meaning that it was not designed for traders who wish to trade a wide array of altcoins. The exchange currently supports 39 currency pairs; however, it hopes to list more in the near future. Since the exchange is regulated by the NYSDFS, users must go through a KYC and AML verification process while registering on the website.
Users can also take advantage of the Gemini Custody feature to store and manage their tokens on a secure and user-friendly exchange. This feature is basically designed for institutional investors who deal with large volumes of digital assets. On top of that, Gemini Custody offers a multi-layered security architecture, sub-account functionality, and the ability to store over 30 digital assets.
In summary, the features that keep Gemini a step ahead of other exchanges include:
- Intuitive User Interface: The exchange looks visually appealing and offers advanced trading tools for investors. With this feature, both beginner and advanced traders can navigate the website without any hassles.
- Mobile Trading: Gemini developed a mobile application so that its users can access most desktop features from their smartphones, giving them a better trading experience while on the go. As long as the user is not attempting to place complex trades, the app will certainly be able to cater to his needs.
- Fast Transactions: The exchange is in partnership with a prominent cryptocurrency payment processor, Flexa, enabling users to spend their funds from the Gemini wallet seamlessly.
- 24/7 Customer Support: Gemini’s customer service is made up of a team of highly trained professionals. The website also features a detailed FAQ section to help customers resolve minor issues easily.
- Regulation: Gemini is one of the most regulated cryptocurrency exchanges in the world. It operates under the laws of the New York State Department of Financial Services. The exchange also complies with banking standards, making it ideal for both individual traders and institutional investors.
- Gemini Clearing: This is an automated clearing and settlement service for trades taken off the exchange. The exchange uses this feature to provide clearing services for pre-organised trades, making it possible to settle trades promptly and reduce counterparty risks. On top of that, Gemini ensures that only the parties involved are made aware of the details of the trade, thereby enhancing security and privacy. Other valuable features of Gemini Clearing include price competitiveness, immediate trade execution, and absence of trade volume limits.
Gemini Trading Interface
The trading interface on the exchange is simple and intuitive. It consists of a white background with a nearly advanced trading chart located at the centre. There is also a night mode option to reduce the effect of light rays on the eyes of traders. It is located at the top-right corner of the chat. Here, the user must click on the Theme button to select the Dark Theme option.Gemini’s trading chart supports seven time frames, including the one-minute, five-minute, fifteen-minute, 30-minute, 1-hour, six-hour, and daily time frames. The chart is also designed to enhance flexibility by allowing traders toggle between candlesticks and line graph charts. On top of that, the chart displays the Open High Low Close (OHLC) values and trading volumes of the candlesticks and line graph. Furthermore, the trader can view the current market price, bid and ask spread, the daily percentage change in price as well as the 24-hour price range.
The left-hand side of the chart houses the order execution panel. This window is designed to enable investors to trade easily by simply inputting their trade parameters and clicking on the Buy or Sell button. There is also a drop-down menu at the top, where traders can select their currency pair of choice. Users can also take advantage of the plethora of trading options supplied by Gemini on this window. Furthermore, this panel supplies traders with real-time information about their trading balance, and users can easily use the Add Funds button here to make deposits.
Traders can view the continuous and block trade order books as well as the daily auction data on the right-hand side of the interface. This panel helps users to gain insight on the price, volume, and types of trades taken by other traders on the exchange. The transaction history panel is also located directly below the trading chart. With this window, traders can monitor their current orders and keep track of closed traders for journaling.
User Registration on Gemini
The user registration process on Gemini is short and simple. Here, the exchange collects users' personal data to enable them to track transactions and prevent fraudulent activities. In addition to this, Gemini has a secure system for data collection; therefore, users need not worry about data theft.To register on the exchange, the user must first visit the official Gemini website. Next, he must click on the Get Started button at the top-right corner of the interface. On the next page, the user will be presented with a registration form containing five data fields. He must input his first name in the first field, while his middle name must be keyed into the second field. Then, he is required to input his last name on the third field. Also, there is a fourth field where he must type in his email address.
The exchange will use the address submitted to periodically send important information to the user. The last field is for the password. Here, the user must input a password that has at least eight characters, including a symbol, number, or upper-case alphabet. After completing the form, the prospect must check a box to agree to the User Agreement and Privacy Policy of the exchange and finally click on Next to continue.
Gemini will then send an email bearing a confirmation link to the prospective user. Once he clicks on it, he will be moved to the phone number verification page where he must input a valid phone number. After that, the exchange will send him a code to verify the number’s legitimacy (also known as Two-Factor Authentication).
Next, the prospect will move on to the next page, where he will be required to input his residential address. This page also contains five data fields, including the home address, city, state, and postal code of the user. In addition, there is an optional field to input a second address if the user has one. After completing the form, the prospect must click on Next to continue.
The user will then be taken to the identity verification page. Here, the exchange will ask for a government-issued, which the user must upload to proceed to the next step.
After that, the user must input his passport number on the next page and click on Next.
The next step will require the user to upload the front and back images of his government-issued ID. Then, he must input the national ID card number and click on Next to proceed.
The exchange will ask for his date of birth, and the user must ensure that it tallies with the information on his identity card. Once he inputs the date, he must finally click on the Submit button to complete the registration process.
Gemini also provides an option for traders to open institutional accounts. To sign up as an institutional investor, the trader must choose the Create A Business Account option on the user registration page. Here, the user is required to fill in a form with eight data fields. The information required includes the legal business name, company type, country of business, state, legal first name, middle name, and last name of the investor, as well as the company's email address.
After completing this form, the investor must click on the Continue button to proceed to the next step. Once the form is submitted, an account representative from Gemini will contact the investor with further details about the registration process.
Depositing and Withdrawing on Gemini
Money is an essential tool for trading; therefore, traders must make a deposit before they are allowed to trade on the exchange. Gemini enhances flexibility by ensuring that users have a collection of deposit and withdrawal options from which they can choose. Here, traders enjoy fast and simple transaction processes for both crypto and fiat deposits and withdrawals. In the subsequent sections, we will shed more light on the exchange’s available transaction options.Fiat Deposit
This option allows users to deposit either US Dollar (USD), Australian (AUD), Canadian Dollar (CAD), or Hong Kong Dollar (HKD) into their Gemini account. To make a fiat deposit, the trader must go to the Transfer drop-down menu at the top-right corner of the trading interface and click on Deposit Into Gemini. This action will take him to the next page, where he is required to click on the currency drop-down menu to choose his fiat currency of choice. He will also be required to choose either ACH or wire transfer payment options.After that, the user must choose the bank account from which he wishes to make the deposit and click on Continue. Then he must input the deposit amount and click on Continue again. The trader must then review the payment information to ensure its correctness and finally click on the Confirm button to authorise payment. It is worth noting that the user must add his bank account information to the payment system of the exchange before he can deposit funds into his account.
Crypto Deposit
Gemini currently supports 13 cryptocurrencies, and traders can make deposits with any of them. To deposit crypto, the user must go to the Transfer drop-down menu and click on Deposit Into Gemini. On the next page, the trader must go to the currency drop-down menu to choose his preferred cryptocurrency and click on Continue. The exchange will generate a wallet address, which the trader must use to make the deposit. Here, he can copy either the address or scan the QR code, after which he must go over to his external wallet to deposit the funds. After that, he must click on Done, and Gemini will start processing his transaction immediately.Fiat Withdrawal
The exchange offers easy and straightforward withdrawal processes. To withdraw fiat from the exchange, the trader must go to the Transfer drop-down menu and click on Withdraw From Gemini. He must then go to the currency drop-down menu to select his fiat currency of choice, after which he must click on Continue. Next, the trader will also have to choose his withdrawal destination and input the amount he wishes to withdraw. Then, he must review the withdrawal information to verify its correctness and finally click on Request Withdrawal to complete the process.Crypto Withdrawal
To withdraw cryptocurrency, the user should go to the Transfer drop-down menu and click on Withdraw From Gemini. He will then be required to go to the currency drop-down menu to select his preferred cryptocurrency and click on Continue. The next steps are to choose the withdrawal destination and key in the amount. Then, the trader must review the transaction details and finally click on Request Withdrawal to authorise the transaction.Trading on Gemini
Traders on the Gemini exchange must undergo full KYC and AML verification before they are allowed to trade. The exchange does this to maintain its resolve to help enhance transparency in the crypto ecosystem. Gemini currently supports only 39 crypto-to-crypto and crypto-to-fiat trading pairs.Although the exchange does not provide as many options as other exchanges within its class, traders can still take advantage of the available options to grow their crypto portfolio. To trade on the exchange, the user must log in to his Gemini account, carry out his analysis, input his trade parameters, and finally click on the Buy or Sell button to place an order. Gemini offers various trading options for its customers, and we will be discussing them below:
Market Order
A market order is an order type that instructs a brokerage to execute a trade at the current market price. Market orders are generally prioritised over other order types; therefore, they are mostly executed immediately during regular trading hours. Investors who wish to trade digital assets quickly and without partial fills often take advantage of this order type. However, the trader must note that the execution price of a market order is not guaranteed, especially in a highly volatile market.Limit Order
Investors use this order type to buy or sell a digital asset at a particular price or better. Here, the order will only be executed when the asset reaches the predetermined price. Retail traders mostly use limit orders to ensure that they do not enter a trade at an unfavourable price. Limit orders also serve as a means of regulating the price of a digital asset or commodity.An investor who wishes to purchase an asset will use a buy limit order. With this, he can buy a particular volume of the asset at or below a set price. On the other hand, traders use the sell limit order to sell a particular digital asset. It allows them to sell a specified quantity of assets at or above the predetermined price.
Limit orders help investors to limit their losses and maximise profits. The Gemini exchange supports a collection of limit order types, and here they are:
Stop Limit
A stop-limit order is a conditional order type that combines the features of a stop order with that of a limit order, thereby reducing a trader's risk. This order type is used to execute a trade at a set price or better within a given period after a particular stop price has been hit. Once the current market price hits the stop price, the stop-limit order automatically changes to a limit order. Stop limit orders are closely related to stop-on-quote orders. Like every other limit order type, the execution of stop-limit orders is not guaranteed because the value of the digital asset may not reach the predetermined stop price within the given time.Immediate or Cancel
An immediate or cancel order instructs the broker to execute all or part of an order immediately. If by any chance, a portion of that order is not filled, it is cancelled instantly. Investors can use this order type to specify the duration of an order in the market as well as the conditions under which it must be cancelled. High-volume traders mostly use IOC orders to ensure the uniformity of their order execution price.Let’s assume an investor wants to purchase 1,000 BTC at a particular price. If the broker can only fill an order of 900 BTC, the remaining 100 BTC will be cancelled immediately. This order type also helps day traders to reduce the risk of forgetting to cancel an unfilled order at the end of a trading day.
Fill or Kill
Fill or kill order is an immediate request for a broker to fill an order immediately and at a particular price. If this order cannot be executed instantly, it must be cancelled. For example, if an investor decides to buy 5,000 ETH at $99, he could use a fill or kill order. Here, the broker must meet the conditions of the investor before the trade can be filled. If the broker can only execute a portion of the order at the trader’s set price, the order will be cancelled. Likewise, if the broker can place an order for the required volume, but at a higher price, the order will also be killed. Conversely, if the brokerage can place an order for the required quantity at the desired price, it will be filled instantly.Maker or Cancel
This is an order type that’s unique to the Gemini exchange. A maker or cancel order allows an investor to enter a trade only as a maker. If this is not possible at that particular moment, the order will not be filled.Other Trading Options
Apart from the regular order types offered by the Gemini exchange, there do exist other trading options that are available for traders to explore.Gemini Auction
The exchange organises daily auctions for select trading pairs, giving traders an opportunity to discover key price points. Here, the closing price for every auction is one that reduces the imbalance between the buy and sell orders, while also executing the highest aggregate trade volume on both the continuous and auction order books. The imbalance is the total value of the difference between the total buy orders and sell orders at a particular price on both the continuous and auction order books.A unique feature of the Gemini auction is that it rounds up the results of the Walrasian tâtonnement technique used in economics to explain how the forces of demand and supply control prices and market clearing volumes. The exchange keeps the auction market open and accepts orders until the auction begins. Once the auction starts, orders will no longer be accepted. This auction feature is similar to those used by NASDAQ, NYSE, Bats, Arca, and other prominent stock exchanges in Europe and Asia. It is worth noting that there is a schedule for various auction sessions, and users can find detailed information about the schedule on Gemini’s marketplace page.
Gemini Block Trading
This is a fully automated block trading service hosted on the exchange. Block Trading gives traders the ability to trade large volumes of tokens outside the continuous order books and auction. With this feature, traders can create an additional means of sourcing funds while placing high-volume orders. The Gemini exchange has certain criteria that traders must meet before they can enjoy this feature, and they are as follows:- Indication of Interest: This requires the taker to specify the trade type, quantity, price limit, and minimum amount required to fill the quantity. The maker only receives the collar price, order quantity, and minimum quantity. Indication of interest has a time span of one minute during which the makers can submit block orders. It is also worth noting that the exchange does not allow the market makers to cancel block orders.
- Price Collar: The price limit of a block order must not be more than 5% of the related continuous order book’s midpoint at the time of order submission.
- Price Requirement: The price limit of a sell block order must be below the related continuous order book’s midpoint. On the other hand, the price limit of a buy block order must be above the related continuous order book’s midpoint.
- Minimum Quantity: The minimum quantity for block trades on the exchange are 5 BTC/ 100 ETC/ 500 LTC/ 200 ZEC/ 100 BCH.
- Fill Allocation: Gemini prioritises fill allocations on a price-time basis.
- Minimum Required Fill: The minimum required fill quantity on Gemini is 5 BTC/ 100 ETC/ 500 LTC/ 200 ZEC/ 100 BCH.
- Trade Information: The exchange releases this information 10 minutes after the execution of a block trade.
- Fees: Gemini does not charge any fees for block trading.
- Registration: The taker can enter a block trade without registering. However, anyone who wishes to become a maker must go through a registration process before he can engage in Gemini’s block trading. To become a maker, the investor must send an email to sales@gemini.com.
- Order Cancellation: Traders cannot cancel block orders once they have been placed.
- Order Placement: Orders can be placed through the ActiveTrader platform, FIX API, or REST API.
Gemini Fee Structure
The fee schedule on the exchange varies, depending on the product and level of usage. These fees are competitive and in accordance with industry standards. The subsequent sections will give a detailed description of the fee schedules on the Gemini exchange.Trading Fees
Gemini also makes use of a maker-taker fee model to determine users’ trading fees. Orders that absorb liquidity are charged differently from orders that bring in liquidity. If a trader places an order that is filled instantly, it takes liquidity from the exchange, meaning that he is a taker and will be charged as one. On the other hand, if an investor places an order and it is not executed immediately, Gemini will take it to the order book, thereby adding liquidity to the exchange.Therefore, the investor will be considered a maker and charged as one. An order can also be subject to both fees. Assuming an order is partially filled, the exchange charges a taker fee for the filled portion. The remainder goes to the order book and will be subject to a maker fee once it is filled. Gemini determines users’ fee rates by adding up their trading volume for a 30-day period. Here, a user’s trading fee will keep decreasing as his trade volume increases. The exchange recalculates the fee rate every midnight (UTC) and applies it to users’ trades.
The exchange has two basic categories of trading fees, including the mobile fee and web fee schedules. However, their fee structures are similar. Every trade placed on the web or mobile application attracts transaction and convenience fees. Before a trade is finally executed, the exchange will send a quoted convenience fee as well as the transaction fee charged according to the order size.
Gemini calculates the convenience fee at a rate of 0.50% above the current market price of a particular trading pair at the time of providing the quoted price. It is possible for the convenience fee to be higher or lower than 0.50% because of the price fluctuations between the time Gemini sends the quoted price and the time a trader’s order is executed. However, this will have no effect on the price the trader pays.
The exchange has various fee structures for different currencies, and the tables below give a detailed summary of these fees:
| Order Amount in USD | Transaction Fee |
|---|---|
| ≤ $10.00 | $0.99 |
| > $10.00 but ≤ $25.00 | $1.49 |
| > $25.00 but ≤ $50.00 | $1.99 |
| > $50.00 but ≤ $200.00 | $2.99 |
| > $200.00 | 1.49% of the order value |
| Order Amount in HKD | Transaction Fee |
|---|---|
| ≤ $100.00 | $10.00 |
| > $100.00 but ≤ $200.00 | $12.00 |
| > $200.00 but ≤ $500.00 | $20.00 |
| > $500.00 but ≤ $1500.00 | $24.00 |
| Order Amount in CAD | Transaction Fee |
|---|---|
| ≤ $15.00 | $1.49 |
| > $15.00 but ≤ $50.00 | $2.99 |
| > $50.00 but ≤ $100.00 | $3.99 |
| > $100.00 but ≤ $250.00 | $4.99 |
| > $250.00 | 1.49% of the order value |
| > $1500.00 | 1.49% of the order value |
| Order Amount in AUD | Transaction Fee |
|---|---|
| ≤ $15.00 | $1.50 |
| > $15.00 but ≤ $35.00 | $2.20 |
| > $35.00 but ≤ $75.00 | $3.00 |
| > $75.00 but ≤ $250.00 | $4.50 |
| > $250.00 | 1.49% of the order value |
API Fees
Gemini charges fees for orders placed via API. They are also calculated by checking a trader’s gross trading volume over a 30-day period. The exchange calculates API fees every midnight (UTC) and applies it to all orders placed on the next trading day. Traders must also note that API fees for buy limit orders will be added to the execution price once the order is filled. Conversely, the exchange deducts the fees for buy market orders from the execution price of the trade. For sell trades, API fees for market and limit orders are charged on the profits of the trade.| 30-Day Trading Volume in USD | Taker Fee | Maker Fee | Auction Fee |
|---|---|---|---|
| 0 | 0.350% | 0.100% | 0.200% |
| ≥ $1,000,000 | 0.250% | 0.100% | 0.150% |
| ≥ $2,500,000 | 0.200% | 0.075% | 0.125% |
| ≥ $5,000,000 | 0.150% | 0.075% | 0.100% |
| ≥ $7,500,000 | 0.125% | 0.000% | 0.075% |
| ≥ $10,000,000 | 0.100% | 0.000% | 0.050% |
| ≥ $15,000,000 | 0.100% | 0.000% | 0.000% |
| ≥ $25,000,0003 | 0.075% | 0.000% | 0.000% |
| ≥ $100,000,000 | 0.050% | 0.000% | 0.000% |
| ≥ $250,000,000 | 0.040% | 0.000% | 0.000% |
| ≥ $500,000,000 | 0.030% | 0.000% | 0.000% |
ActiveTrader Fees
These are fees charged for orders placed on the ActiveTrader platform. Here, the method of calculation here is similar to that of the API fees. Below is a detailed table of the ActiveTrader fee schedule on Gemini:| 30-Day Trading Volume in USD | Taker Fee | Maker Fee | Auction Fee |
|---|---|---|---|
| 0 | 0.35% | 0.25% | 0.25% |
| ≥ $500,000 | 0.25% | 0.15% | 0.20% |
| ≥ $2,500,000 | 0.25% | 0.15% | 0.10% |
| ≥ $5,000,000 | 0.15% | 0.10% | 0.10% |
| ≥ $10,000,000 | 0.15% | 0.10% | 0.00% |
| ≥ $15,000,000 | 0.10% | 0.00% | 0.00% |
| ≥ $50,000,000 | 0.075% | 0.00% | 0.00% |
| ≥ $100,000,000 | 0.05% | 0.00% | 0.00% |
| ≥ $250,000,000 | 0.04% | 0.00% | 0.00% |
| ≥ $500,000,000 | 0.03% | 0.00% | 0.00% |
Deposit and Withdrawal Fees
Traders do not pay any fees when they deposit funds into their Gemini accounts. However, they must note that their local banks could charge certain transaction and conversion fees for the process. Also, the exchange does not charge withdrawal fees for wire transfer and ACH withdrawals. But token withdrawals are subject to transaction charges. Although the withdrawal fees on Gemini are a bit higher than the industry average, it is still within an acceptable range. Below is a table that gives a detailed summary of the deposit and withdrawal fees on the exchange:| Payment Option | Deposit Fee | Withdrawal Fee |
|---|---|---|
| Bitcoin | Free | 0.001 BTC |
| Ether | Free | 0.001 ETH |
| Litecoin | Free | 0.002 LTC |
| Bitcoin Cash | Free | 0.002 BCH |
| ZCash | Free | 0.002 ZEC |
| Chainlink | Free | 0.01 LINK |
| Orchid | Free | 1 OXT |
| Dai | Free | 0.1 DAI |
| BAT | Free | 1 BAT |
| Amp | Free | 10 AMP |
| Compound | Free | 0.001 COMP |
| Paxos Gold | Free | 0.0001 PAXG |
| Wire Transfer | Free | Free |
| ACH | Free | Free |
Geographies Served
Due to the regulatory standards of the exchange, its services are available to only a few countries across all continents. These countries include Bermuda, British Virgin Islands, Cayman Islands, Argentina, Brazil, Chile, Peru, Austria, Belgium, Bulgaria, Czech Republic, Croatia, Denmark, Cyprus, Estonia, Finland, Gibraltar, Greece, Hungary, Iceland, Italy, Ireland, Liechtenstein, Latvia, Luxembourg, Lithuania, Malta, Norway, Netherlands, Portugal, Poland, Romania, Switzerland, Slovenia, Slovakia, Sweden, Spain, United Kingdom, Hong Kong, India, Israel, Myanmar, Philippines, Singapore, South Korea, Taiwan, Turkey, Vietnam, Australia, New Zealand, Egypt, Nigeria, and South Africa.API Keys
This feature is designed for developers who wish to enjoy faster trading services while paying lower trading fees. The exchange offers both private and public REST APIs. The private REST API allows users to access all trading functionalities on the exchange. Traders can avail themselves of this tool to place and monitor active trades and also cancel orders. They can even use the private REST API to check their account balance and view their trading history.On the other hand, users can take advantage of the public REST API to check recent trading activities and view the current order book. On top of that, the WebSocket API is available for traders who want to stream data. The exchange always advises its customers to test the API on the Sandbox environment before using it on a live account. Sandbox offers demo funds, which traders can use to test the API. Users can get every detail of Gemini’s API services on the API documentation page.
The exchange offers a fast and easy process of creating API keys. Here, the user must go to the Account drop-down menu and click on Settings. He must then scroll down to the API option and click on it to switch to the API tab. After that, he must finally click on Create A New API Key to complete the process.
Mobile App
Users can take advantage of the Gemini mobile app to access most of the exchange’s functionalities while on the go. The exchange’s homegrown app offers an intuitive interface, making it incredibly user-friendly. Using the mobile platform, traders can trade all crypto pairs and even set push notifications on their Gemini account. On the flip side, traders cannot access the ActiveTrader platform or any advanced features or order types of the exchange. Therefore, if the trader isn’t looking to make or take complex trades, the app will certainly serve all his needs.Traders can download the Android version of the Gemini app on Google Play Store. It currently has an average rating of 3.2 out of 5 after being reviewed by 1,868 users. The app has recorded over 500,000 downloads; however, some of the reviews indicate that users are not exactly happy with the app's performance.
Users can also get the free IOS app from the Apple Store. The IOS app seems to perform better than the Android version, with an average rating of 4.7 out of 5 after being reviewed by 8,600 users, and is currently compatible with the iPhone, iPad, and iPod touch.
Security
To date, Gemini has been known as one of the most secure exchanges in the crypto space. The exchange uses a selection of advanced tools to maintain a high level of security, making it practically impenetrable. Gemini has never experienced any security breaches since its inception, and this is a sign of the exchange's utmost dedication to the safety of its customers. Here are the tools and methods used by the exchange to prevent malicious attacks:Asset Security
Gemini stores the majority of its funds in an air-gapped, offline cold wallet. However, the exchange holds the remaining portion in a secure online wallet hosted on Amazon Web Services. This offers an extra layer of security because AWS employs some cutting-edge security features, including tiered or role-based access control and multi-factor authentication for administrative access. On top of that, the hardware security modules (HSMs) used on the platform have attained a FIPS 140-2 Level-3 rank or higher. In addition to this, the exchange offers FDIC insurance for every US Dollar account, and funds are kept in a New York-chartered bank.On the other hand, cold wallets’ HSMs generate all private keys, which it stores and manages internally. The HSMs used by the exchange are stored in highly secure locations, which are geographically distributed. Gemini has also employed an electronic multi-signature system to prevent single points of entry. To this effect, multiple employees or admins must coordinate every action carried out on the HSMs. This helps the exchange to maintain its impenetrable level of security, even when an admin's private key is lost or compromised. It is worth noting that the cold and hot storage systems have similar security levels.
Account Security
Traders on the Gemini exchange are mandated to install the 2FA feature on their accounts to enhance security. Before any login attempt or withdrawal is authorised, the trader must input a seven-digit code generated by his Authy app. The exchange also supports WebAuthn and hardware security keys, enabling its users to store their authentication codes offline.There is also an IP address whitelisting feature on the platform, allowing users to block every crypto withdrawal on their accounts. It also enables them to restrict withdrawals to whitelisted cryptocurrency wallet addresses only. On top of that, the rate-limiting feature can be applied to several account operations to help prevent brute force attacks. Gemini uses file encryption tools to secure users' personal data, passwords, and other sensitive information.
Infrastructural Security
The exchange collaborates with web security companies to prevent DDoS attacks. Also, the internal section of the exchange has isolated access controls, which are not revealed to the public. In addition to this, Gemini transfers all its data through an encoded Transport Layer Security connection. The exchange further enhances data security by taking advantage of the HTTP Strict Transport Security (HSTS) and Content Security Policy (CSP) features embedded in modern browsers.Internal Controls
The exchange uses multiple signatories to transfer funds out of the cold wallet. Even the founders cannot transfer funds out of the wallet singlehandedly. Every employee on the Gemini exchange must go through a credit and criminal background checks before they join the team. Gemini team members are also subject to occasional checks as long as they are on the exchange’s payroll. Gemini does not store any valued credential or information in its offices, including private keys. All sensitive information is stored in secure and highly monitored offsite facilities. Also, employees and admins must use the public key authentication licenses stored on hardware tokens if they wish to access the system remotely.Token Listing
Currently, the exchange does not have an open listing process for tokens. Therefore, private developers are not allowed to send proposals to list their coins on the exchange. Gemini handles coin listing by itself and unilaterally decides on the tokens eligible for the platform.Gemini Dollar
Gemini created its official stablecoin, Gemini Dollar (GUSD), which is backed by US Dollars stored at Boston State Street Bank. The stablecoin was launched in 2018 after the Gemini exchange received approval for the NYSDFS. Although Paxos also released its NYSDFS-approved stablecoin on the same day, Gemini has always maintained that the Gemini Dollar is the first legalised stablecoin. To balance the value of the GUSD, the company holds US Dollar deposits that match the number of tokens it circulates.The founders of the exchange state that the aim of developing the GUSD is to bridge the gap between the crypto ecosystem and the traditional finance sector. So far, they have achieved great results by making the GUSD stand out due to the NYSDFS regulation placed on the token. The Gemini Dollar is covered by an FDIC deposit insurance program and traders on the platform can make Ethereum payments by converting USD into GUSD.
The GUSD is an ERC20 token developed on the Ethereum blockchain, meaning that tokens are created by executable smart contracts. An online key is used to sign the contract responsible for increasing the supply. However, there is a limit, which the online keys cannot exceed, thereby enhancing token issuance security. If there is any need for more tokens, the exchange uses an offline signature to authorise the minting of more coins. In addition to this, the exchange collaborates with a security company, Trail of Bits Inc., to audit its smart contracts.
When a trader wants to withdraw with GUSD, the exchange will create the coins, which can be transferred to the customer’s Ethereum address of choice. Also, the USD equivalent of the Gemini Dollar will be deducted from the trader’s account instantly.
Customer Service
Savvy traders always check the customer support system of exchanges before signing up. Therefore, the importance of rendering good customer service can never be overemphasised. Gemini's customer service team states a clear belief in building strong relationships with users by providing the appropriate help when needed. The exchange also enhances self-help services through its detailed FAQ section. With this, an investor can find answers to their questions, and solve minor issues that may arise while trading on the exchange.However, if a user has a question, which is not answered in the FAQ section, or he is experiencing a big technical problem, he can send an email to the support team. The team typically responds within a few hours. Alternatively, the user can raise a support ticket from the Help Desk. But the exchange advises its customers to provide all relevant information so that the team can attend to queries faster and more effectively. There is also a live chat feature which is operated by an agent. The only downside of Gemini's customer support is the unavailability of a telephone support line, which is available on the other major exchanges.
Regulatory Compliance
The Gemini exchange is a New York trust company, meaning that it is registered under the New York State Department of Financial Services. As a well-regulated exchange, Gemini complies with consumer protection, cybersecurity, and anti-money laundering guidelines of the regulatory agency. Gemini also has a Privacy Policy, helping them to protect users’ information and transaction history. The policy clearly states the type of information the exchange collects from its customers and the conditions under which the company will release users’ information to government agencies and financial institutions.On top of that, the exchange also has a detailed User Agreement page where it points out the various rules that users must follow on the exchange. The user agreement also gives Gemini the right to punish any customer who defaults. The Legal page on the platform also contains other agreement pages for API, market data, AML, and Gemini Custody. Traders are advised to go through these pages to know how the exchange operates before signing up.
Gemini Referral Program
Gemini is always on the look-out for influencers and content creators who would like to spread the word about the exchange. Traders on the exchange are also allowed to participate in the affiliate program. To get started, the intended affiliate must apply to join the program. After that, the exchange will review his application. If he receives an approval, Gemini will provide a unique referral link, which the affiliate can use to invite people. For an affiliate to earn a commission, his invitee must trade a minimum of $100 within 30 days of registering. Here, Gemini will credit his account and that of his referral with $10 worth of bitcoin.Conclusion
Gemini is undoubtedly one of the most intuitive and highly regulated exchanges within the crypto space. It also employs cutting-edge security measures, ensuring that users’ assets are kept from cybercriminals. The exchange was designed for professional traders and institutional investors who take high-volume trades daily.Over the years, Gemini has acted as a bridge between the crypto industry and traditional financial institutions. There are also numerous payment options, making it easy for users to deposit and withdraw their funds. All in all, Gemini is a great exchange for traders who have no problems with strict regulations.
Trading cryptocurrencies (or any other financial instrument) comes with significant risk, meaning that there is a potential for loss. Also, trading results always vary, and outcomes or profits are not guaranteed. Prior to investing in any digital asset, the investor must consider his objective, risk limits, and level of expertise because it is possible to lose his principal investment. In an event whereby the investor is confused about the factors mentioned above, he should seek the services of an experienced financial advisor to gain clear insight.