Gemini crypto currency exchange review 2019: trading bitcoin, ripple, litecoin, etherium. Is Gemini safe, legitimate firm or scam?


Introduction

Gemini is a highly popular cryptocurrency exchange platform that allows the trading of Bitcoin (BTC) and Ethereum (ETH). Gemini was founded by twin brothers, Cameron and Tyler Winklevoss. These brothers also graduated from Harvard, competed in the Olympics, and eventually became early adopters and investors into Bitcoin and other cryptocurrencies. Many attribute Gemini as being one of the first exchanges to seek legitimization from Wall Street, Private Equity firms, and Venture Capitalists.


First Glance

Gemini Exchange Review
A first look at Gemini’s homepage (above) shouts professionalism, innovation, and excitement. The neat layout is quite appealing to potential users who are looking for a safe place to park their cryptocurrency investments. This page is also very intuitive and new users have no difficulty in navigating their way around. Gemini’s homepage also shows their coin pairings as well as real-time values for those pairings. All in all, new users are comforted by the clean and sharp look of this page. First impressions make quite the difference, and Gemini knocks it out of the park in this category.


Gemini Exchange Fee Structure

There is no charge or subscription fee to be a Gemini user. There are also no fees for depositing funds into your account for trading, but like every other exchange, Gemini does charge transaction fees. The fees vary and are actual slightly confusing for a new user. The base fee is 0.25% per transaction, but this percentage can decrease based on various factors such as the volume that is being traded and what type of transaction is being executed. For a greater understanding of the intricate fee structure, simply Googling “Gemini fee structure” will produce some tables and charts that further explain Gemini’s policies.

As far as withdrawals are considered, Gemini will not charge withdrawal fees if a user withdrawals less than 10 times per calendar month. Anything above 10 withdrawals per month will be charged a flat rate in terms of BTC (.002) or ETH (.001).


Gemini Exchange Trading

One of the greatest things about Gemini is the option to make deposits directly from a bank account via an ACH deposit of wire transfer. This capability has most likely attracted many new users towards Gemini as opposed to some other exchanges that only allow transactions from pre-existing wallets. Here is an example of how this works:

1) Jack signs up for a new Gemini account with a username, detailed password, and a two-factor authentication code via the Authy app.

2) Jack then connects his personal checking account to his Gemini account by providing his checking account and routing numbers.

3) Once his checking account is verified in Gemini’s system, Jack is free to deposit $500 per day/$15,00 per month via an ACH deposit to his checking account. He can also coordinate a wire transfer for just about any amount he would like.

Step #3 above can also be used in the opposite direction when withdrawing funds from a Gemini account back into a user’s checking account. For full disclosure, Gemini has received some negative feedback on their deposit/withdrawal system. Some users have missed Gemini’s 3 P.M. eastern time zone cutoff for deposits. When this deadline is missed or simply forgotten about, deposits will not appear that same day. Instead, the deposits may take 4-7 days! This has caused a lot of panic and frustration among Gemini members, so be sure to execute all deposits before 3 P.M!

Gemini Crypto Trading Review

Pictured above is a screenshot of Gemini’s “buy” page on a user’s account. This page is beyond simple, even for the most novice crypto investor. It provides the option of buying on a continuous orderbook or auction which just gives the user the choice of how they’d like to process the transaction. Once the user selects an option (continuous orderbook is used more often), the user simply needs to select their currency pair (BTC/USD, ETH/USD, or BTC/ETH), the order type (limit, market, limit-immediate or cancel, and maker-immediate or cancel), and quantity. The price of the specific pair as well as the total cost will automatically populate for the user. Before finalizing the order, there will also be a pre-calculated fee and final total. Adding the fee at this point is a great disclosure for users and ensures that there will be no surprises after an order is executed. After the “buy” button is pushed, Gemini will send a confirmation to the user and will also post a record of the transaction listing the blockchain specific details on the user’s homepage.

For selling on Gemini, the screenshot above is almost the exact same. All of the details stay just about the same, with the exception that everything is labeled for a “sell” transaction instead. Sell transactions will typically happen nearly immediately as well. Overall, the whole buy/sell process on Gemini is very user friendly, organized, and streamlined.


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The User Account

Gemini Bitcoin Trading Review

The above screenshot is of an actual Gemini user’s “Dashboard” (essentially the homepage). This page is extremely valuable and consolidates all the information that any user may like to quickly check up on. Many users also like the fact that Gemini translates an overall portfolio value into Dollars (see “Notional Account Value” in the top right corner). A quick glance at the above screenshot shows that the user doesn’t have any coins/funds in their account. It is highly likely that the above user used Gemini as a gateway into cryptos and has since transferred funds into other exchanges that offer a larger spectrum of altcoins to invest in. This has been a worry for Gemini, and there has also been rumor of them adding additional coins to their offering to keep up with other exchanges. Unfortunately, Gemini being one of the more regulated exchanges, presents a small likelihood of adding new coins in the near future.


Bottom Line

For the most part, Gemini has had rave reviews from users and seems to be staying on top as one of the best crypto exchanges. Gemini makes it easy for users to deposit directly from their bank accounts and begin investing in BTC and ETH. Some common gripes from users include long deposit timelines and account freezes (nothing unique from other exchanges). Another thing for new users to consider is the apparent lack of anonymity in using Gemini. Obviously, making deposits from a personal checking account into Gemini isn’t the most “under-the-radar” transaction in existence. Bottom line, it seems that Gemini is here to stay. They continue developing their platform to provide a great experience to users and it seems like they’ve got a lot of the big kinks all worked out. Recommended!



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