Gemini Exchange Reviews
Gemini is a popular digital currency exchange that was started in 2015 by the Winklevoss twins. It is a fully regulated and licensed Bitcoin exchange company with operations in the United States, United Kingdom and Canada.
Gemini only offers trading in three currencies; Bitcoin, US Dollar, and Ethereum. If you don’t know, Ethereum is a cryptocurrency whose popularity has been increasing drastically in recent months, and can only be used on the Ethereum blockchain. At the time of our review, Ethereum was the second largest cryptocurrency by market cap.
The Gemini exchange has a number of security features, including 2FA. While looking for an integrated two-factor authentication to match, Authy appeared to be the best option for Gemini. Accounts managed by both individuals and institutions are available from this Bitcoin exchange.
A Secure Platform for CryptoCurrency Trading
Gemini.com’s main focus is to serve institutional firms and individual traders that are looking to exchange and hold digital assets like Ethereum or Bitcoin. Because they appeal more so to institutional investors than individuals, the platform works similar to how these types of clients are used to trading various international currencies like bonds, debts and stocks. It works similar to a bank for those who have digital assets but do not want the challenge of securing it on their own.
This company decided to explore another route that has not been considered by most other Bitcoin exchanges. It opted to jump through a regulatory hoop by applying for status as a New York State Limited Liability Trust as opposed to going for a Bitlicence.
This created an opportunity for Gemini to deal with both individuals and institutional clients alike. In recent years, the founders have also made several announcements indicating their interests in allowing their traders access to various other cryptocurrency markets.
Exchange Security & Compliance
These are some of the best features of the Gemini Bitcoin exchange. It is capable of maintaining an entire compliance with all consumer protection laws and digital asset regulations throughout its activities. The US Dollar, which is one of the currencies accepted for trade at Gemini.com are completely FDIC insured, similar to a traditional banking institution. This means that Gemini protects all of its digital assets with top class cold storage system that are capable of securely storing all of the assets of the company and its users.
The hot wallet is the only portion of the Gemini platform that is supposed to be kept online. The hot wallet is hosted by Amazon Web Services. With this, the security is fully guaranteed since it has multi-factor authentication, tiered-access controls, and even a dedicated hardware security modules.
Supported Currencies at Gemini
Gemini Bitcoin exchange has a marketplace that is open 24/7/365, and carries out its trading in three pairs; ETH/USD, BTC/USD and ETH/BTC. Customers can trade instantly by putting their orders to but or sell with the orders fulfilled at any variety of prices or any price with orders that are on the limit order book.
Customers can also go ahead and place their own limit orders to buy or sell. However, such orders are not enacted immediately unless there is another user who desires to trade at or higher than the limit price. A limit order will stay on the order book until its time of fulfillment arrives, but a consumer can decide to cancel it.
Customers at the Gemini Bitcoin exchange trade from pre-funded accounts. Those who use ETH, BTC, or wire transfers have no limit on withdrawals or deposits. A client who uses an ACH transfer and has an individual account has the liberty of depositing up to about $500 USD in a day and $15,000 USD in one month. For an institutional account, up to $10,000 USD can be deposited in a day and $300,000 USD in one month. Limits can be increased for larger institutions by contacting Gemini support.
Withdrawal for both institutional and individual trading accounts are capped at $10,000 USD per day with no limit on monthly withdrawals. As indicated earlier, accounts that trade in US Dollars are fully insured by the FDIC and kept in a New York-chartered bank. This is one of the many security measures that has been undertaken to ensure that all the funds are kept safe at all times.
It is also very important to note that Gemini trades on a dynamic taker/maker fee as well as a rebate schedule. This gives the traders an opportunity to get up to a 0.15% rebate on liquidity making trades. On the other hand, takers are charged only up to 0.15%. This amount, however, will depend on the ratio of buy and sell over the past thirty days as well as the gross trading volume. It is released every 24 hours.
Gemini Exchange API
Gemini Trust provides an application-programming interface that works best for trading, for accessing order book data and other transactions. It has a help center that is open for 24/7 but is only accessed through an online request form via their website.
It is worth noting that Gemini is fully accredited and one of the most secure Bitcoin exchanges that have its base in the United States of America. It only operates in three currencies and provides fees and rebates on a maker/taker schedule.
Security and Regulations: Brokering Trust
Gemini has created the most compliant and secure digital asset exchange that is currently available for Bitcoin users. The company was launched with a security-first mentality, and that has enabled it to achieve much in this business. Compared to most other Bitcoin and cryptocurrency exchanges that are currently trading in the market, Gemini has the highest degree of regulatory and compliance oversight.
This ensures that consequences such as security breaches do not threaten the operations of this company that has attracted many clients all across. In the world of the digital asset, a security failure would not only mean the loss of all the funds but also the trust that the company has worked over the years to gain.
Gemini has deployed an information security resource that comprises of a wide spectrum of security features and only applies reputable third party partners to offer an architecture that is mainly developed for the consumers.
Gemini carries most of its trading’s via its official website Gemini.com. Users, therefore, have the opportunity to view portfolios, holdings, order books as well as market conditions. They can also confidently set prices and place buy or sell orders in an open forum.
2-Factor Authentication & Security Features
One of the great security features that set Gemini apart from others is the Authy two-factor authentication by Twilio. This feature is built right at the beginning of the flow of transactions.
Right from the start, Gemini knew that they could not only depend on passwords and usernames to offer protection to their accounts. The need for a two-factor authentication was recommended, and this made them investigate different two-factor authentication solutions that were on the market to best fit their users’ needs.
After checking the Google Authenticator and other token and phone based systems, as well as a fully SMS based system that could send codes at the logging time, they finally settled on Authy as their official 2FA platform.
Gemini is one of the well-placed exchanges to capitalize on the bridge that exists between the present ecosystem and main financial markets for financial institutions, making Gemini the next generation Bitcoin exchange.
Submit your review