Gemini 2018 Review – Is it Safe?

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Gemini 2018 Review – Is it Safe?

By | 2018-08-01T05:44:05+00:00 August 1st, 2018|Categories: Crypto Category|Comments Off on Gemini 2018 Review – Is it Safe?

 

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Among many different exchange platforms for the cryptocurrency, Gemini has emerged as one of the top players. It started operating back in 2015 and gained recognition for itself in the following years. It’s owned by Winklevoss twin brothers who filed a lawsuit against Mark Zuckerberg and gained $65 million from it.

They used a part of that money to invest into Bitcoin, making them owners of 1% of total bitcoins in the world. They are still today one of the largest holders of Bitcoin. They built a platform with a lawful approach, making it a trusty way to exchange cryptocurrency.

It allows buying and selling Bitcoins and Ethereum, and it also offers two-sided auctions. Gemini is one of the few platforms that provide you with the license for bitcoin and ether trading. It’s particularly popular amongst business owners, as one of the few trusty platforms that follow all legal agreements.

So far, Gemini supports USA, Canada, UK, Singapore, Hong Kong, Puerto Rico and South Korea.

Buying and selling

Deposits and withdrawals depend on how you operate. For users, there is a cap of $500 a day, and $15,000 a month. Institutions and organizations have a higher limit of $10,000 a day and $300,000 per month.

The minimum amount you are able to purchase on Gemini is 0.00001 Bitcoin and 0.001 Ethereum. Once you create the account on the Gemini platform, you will be given a Gemini wallet, so you can trade Bitcoin, Ethereum and USD easily.

Fees

When compared to other platforms, Gemini has pretty low exchange fees. While the bank might charge you for depositing USD, you can deposit BTC and ETH for free. Along with that, you are granted 30 free withdrawals every month.

Below 5,000 BTC or below 100,000 ETH will cost you a 0.25% fee of the volume of transaction. This is for the 30 day trial period only. If you exceed that volume, the fees go down to 0% for ETH and 0.10% for BTC.

Verification

After you sign up with Gemini, you will have to verify your email. After the email has been verified, you will be asked to upload your ID to verify your identity. After all the verifications have been completed, you will be able to use the platform for trading.

Supported cryptos

At first, Gemini was meant to be used for trading Bitcoin, later on, they added Ethereum. And until this day, these two are the only cryptocurrencies available for trade. You can buy ETH and BTC with USD, and this possibility is great because it allows you to liquidate your cryptos daily.

The Gemini platform supports also ETH versus BTC trading. It lists BTC versus USD, ETH to USD, and ETH versus BTC. Since the platform is still in development, they have shown that they are willing to add more cryptos in the future.

Even though Gemini supports Ethereum, Bitcoin is the most traded one with a market share of 54%.

2-sided auctions

These auctions made the Gemini famous. The buyers and sellers meet virtually to trade at the same point in time. The auctions take place at 4PM ET every day. The system works like any other stock market, the buyers and sellers registered on Gemini can trade, while the prices are going up.

Is it safe?

The most concern of any potential user of the trading platform is – is it safe.

Gemini has proven that is a reliable platform because of these factors:

  • It has great customer support and great user interface. You won’t see the automated response when you need help. You will be provided with proper customer care which also comes in the form of an email. The email responses are instant. Also, if you find yourself stuck at any point in time, you can check the detailed FAQ. The most time users wait for Gemini to respond is a few hours.
  • It gained a lot of trust amongst business owners because it’s an US-based company that follows all regulations, and it’s licensed for bitcoin trading. Its operations are regulated by the financial services of New York, and because of that it has to offer consumer protection, cyber security requirements, and it has to follow the anti-money laundering rules.
  • Gemini has a 2-factor authentication to make sure that all personal accounts are secure. All users are required to use this authentication in order to access their account.

How to use the Gemini trading platform?

Starting to trade using Gemini is quite easy, and it’s done in a few steps.

  1. First, you have to sign up. The information required to sign up is your name, email, and password.
  2. Next, you need to verify your email and add some details; your phone number and your location.
  3. After you fill in the details, you need to enable the two-factor authentication. It’s required, and it’s there for the safety of your account.
  4. Now you can add your bank account. You will use that account to make transactions and deposits.
  5. Once you filled up all the information required, you will need to upload your ID. When your identity has been confirmed, your profile will be completed, and you will be able to start trading.

Do start, deposit the desired amount of funds into your account. To do this, open the menu and select Transfer Funds, then Deposit into Exchanges, and lastly Bank Transfer.

To buy Bitcoin or Ethereum, go to Buy and select the crypto you want to purchase.

Pros and cons summarized

 

Pros

  • Effortless registration. Upon completion of registration, you will be able instantly to make the transactions.
  • Deposits are free. They won’t charge you for deposits and withdrawing, which is a great advantage.
  • The customer service is unmatched, and none of your issues will go unsolved.
  • It’s secure and reliable, and its two-factor authentication keeps your account safe from hijacking.
  • The platform is suitable for users and business owners.

Cons

  • Gemini doesn’t cover a lot of countries. There are only a few supported, and it’s not suitable for global trading.

In conclusion

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That summarizes the Gemini 2018 review. I hope you found everything you need to know to consider using this platform as your trading option. If you look for more reviews of other platforms, you can find them too on this site.

 

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