Gemini Exchange Review 2021 | Is it Safe, Legit or a SCAM

What is Gemini?

Gemini is a cryptocurrency exchange that was created in 2015 by Winklevoss twins. If you don’t know who this twins are, they are the ones that had a legal fight with the owner of Facebook claiming he stolen their idea. In the end they won the trial and got over 60 million dollars for it. They later invested in bitcoin and decided to open their own cryptocurrency exchange which was called Gemini obviously because of the fact that they are twins.

Gemini was the first exchange to ever be licensed for ethereum trading. Their headquarters are based in New York and the exchange is fully licensed and regulated there. This is not something many exchanges can be proud of as New York is one of the hardest state in the world when talking about cryptocurrency regulations.

Initially Gemini was available only for US citizens but they expanded and now they are accepting customers from around 50 different countries. This is still not great considering other exchanges accept customers from hundreds of countries but given the fact that it is licensed in the US there are certain restrictions applied.

Gemini has around 45 cryptocurrencies available for trading on their exchange platform and the number of trading pairs is also limited. You will find some of the coins in top 10-20 but keep in mind that there are still lots of coins missing from their exchange.

Gemini Products

Gemini mobile app allows you to trade cryptocurrencies regardless of where you are by using your smartphone. Using the mobile app you can easily create your own crypto portfolio and buy or sell faster. The app is available on App Store for IOS users, on Google Play for Android users and it’s also available on Galaxy Store for users of tablets

Gemini web exchange allows anyone to buy, sell and store their cryptocurrencies all in one place very easily. You can manage your portfolio here and check how well it’s doing, while also being able to trade your assets on a very attractive interface.

ActiveTrader is a Gemini exchange platform available for more experienced traders. Transactions made here are completed is less than 1 second, you have otc trading, multiple order types and charts more advanced.

Gemini Clearing is a service where Gemini acts as a 3rd party during an exchange completed between 2 different traders. Both of these users need to have KYC verified, and the transaction is done anonymously. The transaction can be completed immediately or at a fixed point in the future.

Gemini Dollar is a product of Gemini company that wants to combine the security of fiat dollar with the technology of blockchain digital assets technology. Gemini dollar is backed by real dollars stored at a State Bank in New York, being one of the first stablecoins that are regulated.

Gemini Pay

Gemini Pay is an original Gemini product that allows customers living in the US to spend their cryptocurrencies at merchants using a debit card card connected to your smartphone. You can select from multiple cryptocurrencies to use like Bitcoin, Bitcoin Cash, GUSD ( Gemini USD), Litecoin and Ethereum. The process is very simple, you just choose your shops where you want to pay, you choose the cryptocurrency you want to pay with and then you use your mobile phone just as a contacless card to pay with. There are at least 30.000 different merchants and shops spread around the US where you can pay using this method. And the coolest thing about all of this is that there are no fees and no taxes involved in spending your cryptocurrency.

Gemini Fees

The fees for using the Web and mobile exchange are fixed, depending on the amount of money traded,as shown in the image below. Keep in mind that Gemini will also add a 0.5% fee on all prices available on the exchange meaning if the price of bitcoin is 1000$ you’ll buy it for 1005$ and also pay the fees according to the table below.

In order to avoid such high fees it is recommended to use the ActiveTrader platform. The fees here work on a normal basis of maker/taker fee, and they depend on your trading volume registered in the last 30 days.

Security of Gemini

Gemini is a regulated exchange and it is licensed in New York by the department of financial services. You have to understand that it is extremely hard to get such a license, first of all in the US but especially in New York. Because of this everyone that wants to trade on Gemini needs to verify his identity.

Gemini keeps most of their funds in cold storages that are offline. This kind of wallets that Gemini uses have been tested by multiple companies and they’ve proven to be the wallets with some of the highest level of security in the world.

Gemini Referral Program

In comparison to other referral programs from exchanges, Gemini does not offer you commissions from the fees paid by your referrals. Instead Gemini offers both you and your referrals 10$ each, when your referral trades an amount of minimum 100$ or the approximate value of that if you are using a different currency. This reward will only be available if your referral completes the trading requirements during the first 30 days after he registers on the exchange.

How to join Gemini?

Visit https://gemini.com/, click on Get Started and complete the form shown there. You’ll need to complete your full name, you email adress and a password, afterwards you’ll also need to verify your mobile number. KYC will not be asked at registration but you won’t be able to withdraw any funds from your Gemini account until you have completed the KYC verification, which consists in sending them copies of 1 and in some cases 2 documents issued by national government in your name.

 

I have certainly heard of Gemini wallet and exchange but I have never used this platform. You share some interesting information on this article regarding the creators of Gemini. I did hear about the lawsuit but did not realize those who filed the lawsuits where the same brothers who created Gemini.

 

Gemini exchange is also one of the crypto wallets recommended by Brave browser. Gemini exchange is very safe never been hacked, and very easy to use, Gemini can also accept fiat money (USD), unfortunately a few years ago I tried to register but was rejected because I am not an American or European citizen, so I used Uphold wallet to receive BAT from Brave browser.

 

The problem with this type of exchanger is that they can only support a certain countries and left the rest out of their services. I am to use it if they are dashboard and interfaces are user-friendly.

 

I am using coinbase for many years and I have had no issue, therefore, I would never ditch coinbase for another exchanges. However, I would also like to use secondary exchanges.

 

This would be the first time I will hear about this exchange platform. Well, I am new to the system with just a year of trading and exchanging experience. Currently, I use Binance for my transactions and it is good.

 

Thanks for bringing this in, definitely with the status of the exchange platform, I can. beat my chest as regards readiness for trading on such a platform.

 

Thanks for the update. This is a crypto currency exchange platform that makes it easy for both traders and investors to make money from the crypto currency exchange Business

 

This is a good crypto currency platform one can use to start his or her crypto Business. I have read some good review about this platform in this past and I can say they are good

 

Well this platform seems to have a lot of goodies in it from what you have Elaborately written concerning it. But I have not personally used this exchange before and couldn't say much about it either at this moment

 

It's good to know that Gemini was created by twin brothers who won a lawsuit against Facebook owner which they claimed he stole their idea of creating Facebook. If Gemini exchange can expand to other countries in Africa, Asia and rest of the world, it will really make sense.

 

I have always known that there are so much to learn in this forum through comments and talented individuals here while earning some money. Personally, before now I did not know that such platform mentioned above exist. I just like its unique referral program which is different from other exchanges. So much money to be made in this section. Thanks for sharing.

 

I have heard story of how Facebook owner stole the idea of the twin brothers. The whole idea of Facebook came from them but Mark Zuckerberg, cornered them to go create Facebook.