Gemini is a brokerage Cryptocurrency Exchange where you can trade for Bitcoin and Ethereum using fiat (USD, Euros) in 42 licensed states in the U.S. and a few other countries.
GEMINI CRYPTOCURRENCY EXCHANGE HISTORY
After the suspension of Bitinstant, Charlie Shrem being indicted, and the creation of the BitLicense, the Winklevoss twins (of Facebook) set out to create something else within the Cryptocurrency realm.
This was Gemini, a Cryptocurrency trading platform started in 2015.
In 2016 it was one of the first to be licensed to trade Ether, and to this day, only have Bitcoin and Ether.
Gemini is very by the books and follows closely to what the law does and doesn’t allow.
TOP BENEFITS OF GEMINI
Ability To Purchase BTC and ETH with Fiat:
Gemini allows you to purchase Bitcoin and Ether by using a bank account with USD similar to coinbase.
Instant Deposits for ACH Transfers:
Many Cryptocurrency Exchanges won’t let you receive your Bitcoin until the bank processes and deposits the funds into the exchange.
On Gemini, when you transfer your funds and subsequently purchase your Bitcoin, you get it the day of. Although, you can’t transfer off their exchange until it clears.
Being close to the regulations and rules, Gemini makes you set-up 2FA (Two Factor Authorization) and subsequently helps you learn and start protecting your Cryptocurrency from the beginning of its purchase.
Dynamic Fee Process:
Gemini’s real-time, dynamic maker-taker fee schedule provides an institutional-grade trading experience that allows market participants to be charged as low as a 0 bps (0.00%) fee on all liquidity-making trades and be charged as low as a 10 bps (0.10%) fee on all liquidity-taking trades. (1)
THE CONS OF USING GEMINI
It's Not Too Friendly For A Beginner:
Gemini doesn’t have an interface as intuitive as Coinbase for the beginner.
You can set your price and end up buying you coin by choosing either the amount and price in BTC or the amount and price in USD.
Limited Selection of Coins:
If you are only trying to buy Ether or Bitcoin than gemini works perfectly well, but if you want any other coins Gemini doesn’t seem to be the answer.
Of course you can always purchase on Gemini and then move the coins to another exchange which is what us at GCA do often times.
Hefty Identity Verification:
When we signed up for gemini it took about a week for our identity to clear and allow us to buy coins (which then took another week to be able to trade).
They require 2FA (which is a good thing), your I.D., and a few other personals which then are verified over about a 3-10 day process.
WHAT WE AT GCA THINK OF GEMINI
Gemini isn’t anything special when it comes to a Cryptocurrency Exchange, besides the fact that it is one that accepts USD and allows you to set your own prices.
The interface isn’t too easy to use for the beginner (as it may be confusing seeing the charts and order books). Although, if you want to navigate it, go for it.
Alike many Cryptocurrency users, we love getting and moving our Cryptocurrency almost instantly so Gemini is typically not our first choice.
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