Gemini is one of the cryptocurrencies exchange platform. The company is based in US and with more than 30 difference crypto assets for exchange in their platform. It was established in 2015 which is now almost 7 years in the cryptocurrency business. Gemini has two trading platform for bigginers or inexperienced traders and also for experienced trader as ActiveTrader.
The Gemini platform has a good and better user interface for beginner’s traders/investors that suited for unexperienced traders who only need to buy or sell crypto assets without much doing technical analysis while Gemini ActiveTrade has advanced charting tools that suited for experienced traders/investor, its super-fast trade executions without delay. Trade only if you’re an experienced trader, it’s easy to lose your investment is not recommended for beginners or inexperienced traders
Gemini Pros and Cons
Pros:
- Easy account opening
- Offer two different platform for beginners and experienced traders/investor based on your skills
- Access to hot wallets and institutional-grade cold wallets
- Available for US traders
- Regulated in US by cybersecurity regulations promulgated by the New York Department of Financial Services
- Has more than 30 coins for Buying, selling, and stored
- offer ActiveTrader for experienced traders/investors
- Option to earn up to 7.4% interest on your crypto
- 24/7 customer support
- Offer educational resources including webinars, real-time news, FAQs and more
Cons:
- 0.50% Convenience Fee when you trade via the desktop or mobile app as a commission fees
- Fee structure is expensive for small trades
- Limited number of cryptocurrencies available
Gemini Tradable Assets and Markets
Gemini offers a varieties of major and minor cryptocurrencies which including:
· Bitcoin
· Ethereum
· Dogecoin
· XRP
· Cardano,
Gemini minor cryptocurrencies including:
· Orchid
· ZRX.
· And many more
Gemini offers crypto pair for trading including BTC/USD and ETH/USD. And also supported other major fiat currencies including EUR, GBP, AUD, CAD, HKD, and SGD.
Gemini Wallet
The Gemini has offer a great ways of storing crypto assets in their platform you don’t need to worry about losing your assets by attacker’s thief. You can use Gemini deposit addresses to hold your crypto assets in either an insured hot wallet or an institutional-grade cold wallet. Most crypto traders are wary about the security standards that typical hot wallets provide, however, Gemini’s wallets offer several features that ensure your assets are secure. When it comes to compatibility, the Gemini hot wallets cover all the cryptos that are offered through the platform.
Gemini’s hot wallets are insured by world-class underwriters. Simply put, this protects you against hacks and theft of digital assets. Gemini continues to improve its wallet infrastructure as a way of supporting more currencies and upgrading its network usage for better customer experiences.
Gemini Payments
What options do you have when trying to fund your Gemini account?
Gemini offer four different payment method in their platform which are:
· Fiat currency
· cryptocurrencies
· ACH
· Wire transfer
Fiat Currency
To deposit funds with fiat currency you will need to link your bank account. Adding your existing bank account can be done by going to the Funding Sources page and clicking on the Get Started link. After setting up your bank account details, you can finish the bank verification stage by depositing funds into your account via a wire transfer.
Wire Transfer
Funds that are sent using wire transfers before 15:00 ET are usually available in your account within the first 24 hours or the following business day.
ACH
ACH deposits are available for trading instantly.
Cryptocurrencies
Depositing funds with supported digital assets you will be required to instruct your external wallet and service provider that holds the cryptocurrencies to initiate the withdrawal to your Gemini deposit address.
Gemini Fees and Commission
The Gemini commission fees is based on the which platform you have used to buy and sell the digital assets as I mention in the previous Gemini offer two different platform for beginners mostly trade on Normal Gemini trading platform or exchange while experienced trader may trade on ActiveTrade platform. A convenience fees is charge 0.5% when you trade on Gemini mobile app or Gemini web.
Example: let’s say you want to purchase etherium worth of $300 of and that the current market price of ETH is $40,000. Upon placing your order, you will be presented with a quoted price of $40,200 per etherium because it is the current market price of $40,000 and plus 0.5% convenience fee.
After you have entered your order, the crypto exchange in question will also apply the relative transaction fee of 1.49%, which is deducted from your trading account. Therefore, when you place an order for $300 worth of Bitcoin, you will take $104 worth of ETH at the current market rate in addition to the convenience fee.
Below are the list of commission fees charge by Gemini platform.
|
Mobile / Web Order Amount |
Gemini Transaction Fee |
|
$0 – $10 |
$0.99 |
|
$10 – $25 |
$1.49 |
|
$25 – $50 |
$1.99 |
|
$50 – $200 |
$2.99 |
|
$200+ |
1.49% of your mobile order value |
|
|
|
Deposit Fees
Gemini charge 3.49% of total purchase on debit/credit transfer
Withdrawal Fees
|
Withdrawal types |
|
Cost (more than 10 per month per withdrawal) |
|
Bitcoin |
|
0.001 BTC |
|
Bitcoin Cash |
|
0.002 BCH |
|
Ether |
|
0.001 ETH |
|
ACH |
|
Free |
|
Wire Transfer |
|
Free |
|
Dogecoin |
|
2 DOGE |
|
Gemini Dollar |
|
Free |
Gemini charge zero fees commission on anything less than 10 month for withdrawal
Other Fees
|
Custody Fee |
0.4% |
|
Minimum Balance |
None |
|
Setup Fee |
Waived |
|
Admin Withdrawal Fee |
$125 |
Note that Gemini custody fees mean Gemini allow their user to hold some cryptocurrencies in a safe and regulated storage offline (cold storage) for maximum security against thief in case of attack. Also a Gemini Custody users benefit from segregated accounts that use unique digital asset addresses.
Gemini Transfer Limits
Gemini has some limitation for fund transfer on some different types of payment method
ACH Bank Transfers
|
Account types |
Limit |
|
Verified individual accounts |
Daily limit of $5,000 Monthly limit of $30,000 Withdrawal limit of $100,000 |
|
Institutional accounts |
Daily limit of $10,000 Monthly limit of $300,000 Daily withdrawal of $100,000 |
It is important to know that all ACH deposition limits reset after 24 hours of business days.
Debit Cards
Gemini allow only $1,000 daily limit on debit card purchases. It is important to know that debit card only allow for funding to buy digital assets in Gemini, but not allow for fund withdrawal in Gemini platform.
Wire Transfers
Gemini has no limitation on deposit for individual or institutional accounts, but there are minimum withdrawal of $100 for wire transfers method.
Cryptocurrencies
Gemini has no limitation on deposits for both institutional and individual accounts. But Gemini allowed 10 complimentary withdrawals of crypto per month for Traders in their platform.
Gemini Mobile App
The Gemini mobile app is compatible with both Android and IOS devices, and is available for download on Google play store for Android user and Apple store for Iphone user. Gemini mobile app is very user-friendly for both experienced and inexperienced traders/investors it has a good and awesome graphic interface, in addition to that the app is work similar to web version you can do anything from registration, buying, selling digital assets, do some research before executing some trade and managing your digital portfolio assets within the mobile app.
Gemini Trading Tools and Features
Gemini has integrate Tradingview chart for their user to carry some technical analysis before executing some trade this is an opportunity for an experienced traders/investor can take advantage of TradingView, a platform that supplies real-time insights and market data to traders on a daily basis. Gemini users can place buy orders and sell cryptos using the TradingView platform.
TradingView provides access to advanced charting and screening tools, social features, and watchlists to optimize your trading experience and order execution while preserving the high levels of security when trading on the Gemini platform.
The standard features of Gemini are designed for beginner traders, while Gemini provides access to several advanced tools, called ActiveTrader platform. The ActiveTrader platform supports advanced charting, more trading pairs, order types, and extensive order book visibility.
The ActiveTrader platform supports eight order types which are as follows:
- Limit: Indication of Interest (IOI)
- Stop-Limit
- Limit: Immediate-or-Cancel (IOC)
- Limit: Fill-Or-Kill (FOK)
- Limit: Maker-or-Cancel (MOC)
- Limit: Auction-Only Limit (AO)
- Market
- Limit
Gemini Security
Gemini holds most of your crypto assets in its offline cold wallet, with a small percentage stored in its insured hot wallet.
Gemini Cold Wallet
- The Cold Storage system uses Hardware Security Modules (HSMs) that have obtained a Federal Information Processing Standards (FIPS) 140-2 Level 3 rating.
- Every private key is generated via the Hardware Security Module and is stored and managed there indefinitely.
- The Gemini Cold Storage uses a multi-signature digital signature scheme to remove single points of failure and enhance protection against the compromise or loss of private keys.
- All HSMs are globally distributed and kept in highly secure facilities, moreover, operating the HSMs requires a coordinated effort of several employees.
Gemini Hot Wallet
- Gemini’s hot wallets function with HSMs that have gained a FIPS 140-2 Level 3 rating.
- Gemini applies tiered, role-based access-controls to its production environment where multi-factor authentication is required for administrative access.
Gemini security and Certification
Gemini is a US-based company New York trust company that goes through frequent bank examinations and complies with the New York Department of Financial Services’ cybersecurity regulations. Gemini is the first crypto exchange to complete both SOC 1 Type 2 and SOC 2 Type 2 exams, as well as earn an ISO 27001 certification.
To log in to your Gemini account or make cryptocurrency withdrawals a Two-Factor Authentication (2FA) is required. Gemini also supports Hardware Security Keys via WebAuthn for additional layers of security to protect your online account from targeted attacks. You can also set up an Approved Address list that limits your crypto withdrawals to addresses that have been approved, or freezes all crypto withdrawals from your account. Furthermore, rate limiting is triggered with some account actions, including login attempts, as a way of combating online hacking.
Gemini Customer Service
You can contact Gemini’s customer support by submitting a request, through
· email, as well as a useful FAQ page and
· Chatbot. When it comes to submitting a request simply specify the topic, your email address, as well as a brief description of the issue, and a member of the Gemini support staff will reply as soon as possible.
RISK DISCLAIMERS
This website includes information about cryptocurrencies, (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money. knowaboutcryptocurrency.blogspot.com encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved. All contents on this site is for educational, and informational purposes only and does not constitute any financial advice. Consult relevant financial professionals in your country of residence to get personalized advice before you make any trading or investing decisions. Knowaboutcryptocurrency.blogspot.com may receive compensation from the brands or services mentioned on this website at no additional cost to you.
Risk Warning: Trading CFDs on leverage involves significant risk of loss to your capital.
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