Gemini Review

Photo by Ivan Babydov

We've all heard of the Gemini exchange, plastered on buses and billboards across numerous cities. However, are they really still worth it and should you consider them? Hi, this is "Mr.Crypt" and in this blog-post  I'll take an in-depth look at this exchange.  I need to give you a disclaimer before I talk about Gemini. I am not a financial advisor , I'm just an educator and this blog post is written with the sole purpose of providing you factual information. Please contact a financial advisor if your portfolio has been killed. If you're new here, you might be feeling a little bit lost right  My name is "MrCrypt "and I am your crypto geek here at the cryptolibrarynow . I pass on the knowledge of cryptocurrencies, exchanges, DeFi, protocols, NFT'S and market analysis are just a few of the topics I tackle on the daily basis. Now enough with the intro. Let's get it on , Let's unpack "What Is" Gemini... 

Let's start with a bit of an overview now. Gemini was established in 2015 and is based in New York. It was founded by the Winklevoss twins. You know, the same twins of Facebook fame who invested millions of their lawsuit winnings into crypto. Those guys. They focused most of their attention recently on expanding the Gemini exchange and is recently broken into the top 20 exchanges in terms of Bitcoin trading volume. They're also one of the best known Fiat gateway exchanges next to Coinbase. Essentially an easy exchange for swapping U.S. dollars into cryptocurrencies, Gemini is available in 45 U.S. states, as well as a few other countries including Canada, the UK, Hong Kong and Singapore. Now this is all well and good, but are they safe? Well, firstly, Gemini is registered as a New York State limited liability trust. This means that they have Federal Deposit Insurance on U.S. dollar account balances under $250,000. So your Fiat balance is safe up to this amount. On the crypto side, they make use of cold storage for the bulk of their coin reserves. They also have a pretty robust trading infrastructure that makes use of advanced data centers used by Wall Street banks. So All in all, a pretty safe exchange. What coins can you buy at Gemini? Well, here the choice is actually quite limited. They only have Bitcoin, Bitcoin Cash, Litecoin, Ethereum and Zcash. This is much less than those that are offered by the likes of Coinbase on their pro trading platform. Moving on there, fees are another really important consideration. For any trader. There are a number of different fee schedules that you have. At Gemini, for example, you have a web trader fee schedule, a mobile fee schedule, an active trader schedule, etc.  Let's take a quick look at their active trading fees as these are generally much more applicable to an exchange. Gemini operates a maker taker fee model on their exchange books. This means that they'll reward those traders that make a market with slightly lower fees. These are also dynamic and will decrease the more volume that you trade. To give you an indication, these fees range from 0.1% to 0.35%, and this is about in line with the fees that I've seen at other exchanges such as Kraken and Bitstamp. Thank you. Though Gemini makes up for this in their transfer fees, you pay no fees on funding in crypto or Fiat at the exchange, which is a nice touch. Funding and withdrawals at Gemini are really pretty straightforward and can be done in crypto or through Fiat with a range of transfer options. Perhaps the easiest way to fund your account with U.S. dollars is through a simple wire transfer. Gemini has a New York based bank which can quickly register these pens now for those of you for whom privacy is a big concern. You'll be disappointed to know that Gemini is a full KYC exchange. This means that you'll have to verify your identity before they allow you to trade on their platform. Now, once you've verified your account, you're ready to start trading. And this is where the Gemini trading technology comes in. They have two methods for you to get your hands on some coins. One is through the simple bio cell functionality in your account dashboard. This has all the basic requirements for beginner traders who are just dipping their toes in cryptocurrency. Quick and easy for the more advanced traders out there, Gemini also has the pro platform called Active Trader. This is in direct competition to the likes of Coinbase Pro and binance. Here you can place orders on a continuous orderbook, although it is quite basic from a charting perspective  Now, are you always on the go? Gemini has a mobile app that has most of the features that you'll find on the basic platform. It's available in the iOS and Android stores if you want it to take a look. Jim and I also has pretty robust API functionality, so budding developers amongst you can start coding away at your own bots and algorithms. And finally, I want to take a look at customer support. This can often be a big frustration for many. A cryptotrader Gemini is a bit of a mixed bag in this department. Some users have complained about the slow response times that they've had to wait for particular tickets, however, when I reached out to them on a recent account related query. They responded to me within two hours, so it may just have been a function of how the queries they were getting at that particular stage. I did take issue with their live chat function on the site. This is not really manned by anyone and as such can't really be considered a chat feature. It merely redirects you to the FAQ section. Unfortunately, there's no customer support phone line like there is at Coinbase or Bitstamp, for example, although I've not found these to be essential at other exchanges I trade on. So in conclusion then, Gemini is a well run exchange that has U.S. government regulations and strong exchange security. They also have strong market liquidity as well as extremely easy U.S. dollar funding and withdrawal options. Moreover, their range of trading platforms, apps and other technologies should be enough to satisfy traders of all skill levels, of course. I would have liked to have seen more crypto assets to trade as well as slightly lower trading fees, but these should not be a deal breaker in my opinion. If you are going to be trading at Gemini, make sure that you understand the risks that come with cryptocurrencies. No exchange can save you from market volatility.  That is all for today's blog-post . 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