Cryptocurrency exchange : Gemini review... let's analyze the pros and cons of this cryptocurrency exchange in order to have a more detailed picture.
Gemini was founded in 2015 by Tyler and Cameron Winklevoss (Facebook co-creators). Despite the more recent launch than most of their competitors, Gemini has quickly gained a huge percentage of the cryptocurrency exchange market. In this Gemini review, I will show you the pros and cons of this exchange .
- Key information
- How to use Gemini to buy Bitcoin and Ethereum
- Is Gemini safe?
- Positions supported
- Deposit limits
- Withdrawal limits
Gemini Review : summary information
Another advantage of Gemini is their fast service and for beginners. Unlike most stock exchanges, Gemini allows you to start trading as soon as you make a deposit by bank transfer. Although it is not possible to withdraw from the cryptocurrency exchange until the deposit is fully processed, this allows you to purchase your first Bitcoin or Ethereum immediately after the deposit.In a fast-growing industry, many cryptocurrency exchanges have struggled to keep up with growing customer support needs. Now known for their above-average customer support, Gemini has separated from the group.
How to use Gemini to buy Bitcoin and Ethereum
Below we will show you the process for creating a Gemini account and purchasing cryptocurrency with a bank transfer.
Registering on Gemini is a multi-step process in itself.
After verifying your email, you will be subjected to the Gemini registration process. You will be asked to:
- Enter the location and phone number, then enable 2-factor authentication (2FA). 2FA will help you protect your account by requesting an additional code when logging in.
- Add the bank account you wish to use to deposit. Bank transfers and cables are the only deposit methods currently accepted at Gemini.
- Verify your identity by uploading your government-issued ID. This is required by almost all cryptocurrency exchanges that allow users to deposit, withdraw and exchange in legal currencies (USD, EUR, GBP, etc.). Exchanges must comply with various government regulations. This verification can take a few days during periods of high application volume.
2) Deposit funds to Gemini
Once you've created and verified your account, it's time to make a deposit. Through the menu, select Transfer funds> Deposit in Exchange> Bank transfer. Enter the amount you wish to deposit (limited to $ 500 if using bank transfer).
When using bank transfer, the deposit will be immediately available for trading .
3) Buy Bitcoin and / or Ethereum
Through the menu, go to the couple you want to exchange. If you want to buy Bitcoin, go to Buy> BTC / USD.
Enter the price and quantity for your purchase order. You can also choose a preset market order
Once the purchase is complete, you will have Bitcoin in your account. Keep in mind that you cannot withdraw until the bank transfer has completed processing, although you can sell the Bitcoin that you purchased in the cryptocurrency exchange .
Is Gemini safe?
If you're reading this Gemini review, Gemini's security is probably one of your biggest concerns. In short, Gemini appears to be one of the safest cryptocurrency exchanges . Below I will examine how Gemini holds up in 3 crucial aspects of cryptocurrency exchange security .
This New York-based cryptocurrency exchange Gemini is fully regulated and compliant with all necessary regulators.
Gemini Trust Company, LLC is regulated by the New York State Department of Financial Services (NYSDFS). This requires that they meet the capitalization, compliance, anti-money laundering, consumer protection and cyber security requirements set by the NYSDFS.
Users may also think that the company was founded by the Winklevoss twins. After Facebook's co-creation and rowing in the Olympics, Tyler and Cameron Winklevoss have invested in a series of successful startups.
Gemini takes a series of steps to ensure that clients' funds are securely stored.
Most cryptocurrency funds are stored in offline cold storage rather than hot bills. Multi-Signature technology is used to eliminate single points of failure. These offline portfolios are stored in multiple protected facilities. You can learn more about Gemini's security here.
Fiat funds are FDIC insured, up to $ 250,000. These funds are separate from corporate operating funds.
Personal account security
Gemini requires all users to enable 2-factor authentication, which will be used as a second code at the time of access and collection. You can use SMS texts or the Authy app as 2FA methods.
Customers of Gemini services in the United States, Canada, the United Kingdom, Puerto Rico, Hong Kong, South Korea and Singapore.
- Bank transfer $ 500 per day, $ 15,000 for 30 days.
- Unlimited bank transfer.
- Unlimited cryptocurrency.
- Bank transfer $ 100,000 per day.
- Unlimited bank transfer.
- Unlimited cryptocurrency.
Deposits and withdrawals have no commissions on Gemini.
Trading on the cryptocurrency exchange comes with commissions, but they are typically 0.25% or less.
Gemini is a low cost method for beginners to purchase Bitcoin and Ethereum. The company quickly built a high reputation in the cryptocurrency community, thanks in part to above-average customer service.
The main disadvantages of Gemini are their limited deposit methods and the available cryptocurrencies .