HowTo Buy Crypto – Part 7: GEMINI
Jumping back over the pond to the U.S. again, Gemini is a New York based crypto broker/exchange operating as a New York trust company regulated by the New York Department of Financial Services. Founded by the Winklevoss twins in 2015, its mission is to become “a world-class digital asset exchange and custodian based in the United States”. Currently serving the U.S., Canada, the U.K., Singapore, South Korea and Hong Kong, Gemini offers both BTC and ETH trading in USD, and a BTC/ETH cross as well.
Gemini currently only accepts ACH bank transfers and wires, reflecting the fact that their main target market is the institutional investor and high net worth individuals. Although I could not find information on their deposit and withdrawal fees, their trading fee schedule is posted on their website, and the rates are competitive.
Again, mainly aimed at institutional investors, Gemini gives their licensed custodian status prominent standing in their marketing focus – see their Custody Services Policy. U.S. customer funds are FDIC insured, and their Digital Asset Security is correspondingly appropriate for a company of this nature.
I wasn’t able to find much information about their ID verification process either, but according to Blockonomi and Hacker Noon it’s straightforward and basic. Edit: thanks to @milend for showing me that their Transfer Fee Schedule was right under my nose!
Last but not least, their FAQ is, as always, a very good place to start your search for more answers to your questions.
Previous posts in this series:
HowTo Buy Crypto – Part 1: LiteBit
HowTo Buy Crypto – Part 2: Coinbase
HowTo Buy Crypto – Part 3: GDAX
HowTo Buy Crypto – Part 4: Kraken
HowTo Buy Crypto – Part 5: Bitstamp
HowTo Buy Crypto – Part 6: CEX•IO
Read the "The Dos and Don’ts" here if you're not aware of my rules.
Thanks as usual @cryptographic! Helpful to have all this data aggregated, especially as everyone looks into new trading channels.
Gemini really pushes its FDIC insurance as one of its main selling points. While I do think it's an asset, it's a common misconception that this covers your cryptocurrency. FDIC insurance actually only covers your cash deposits (of which I would assume are minimal since folks are likely investing quickly into crypto upon deposit) so word to the wise there. Gemini does claim to have additional insurance to protect against "employee theft, computer fraud, and fund transfer fraud" but notably has "has no coverage for hacking," so the coverage is a bit vague. As always, your best bet is probably not to park your crypto in an exchange at the end of the day.
Gemini also had some scandals earlier where the site went down for maintenance during periods of HIGH volatility in December. Potentially purely coincidental but folks were none too pleased about and many were quite supsicious. Worth reading about here for anyone interested: http://www.businessinsider.com/bitcoin-futures-exchange-gemini-scheduled-maintenance-2017-12
What you say about FDIC insurance is absolutely true: you're only covered when you're in USD.
And thanks for the additional info too!
Perhaps this could be iformasi additional information, fee and withraw gemini.
thanks @cryptographic for your information
Very nice. I should have found that myself. Thanks!
https://gemini.com/transfer-fees/#
you're welcome ;)
Excellent overview and exchange Crypto-currency Gemini can be considered one of the most active and dynamically developing among the presented on the market. Before such an impressive project was offered to users, the management of the exchange did a great job in four directions: a product was created that became safe and licensed, and the question of compliance with legislative norms was worked out. Excellent service, innovation, instant service, the ability to purchase Bitcoin or Ethereum, and start trading right after replenishment of the deposit - all this sets the company apart from other crypto-exchange markets. A trader can easily and quickly acquire and sell a crypto currency (how to make money on crypto currency? Learn here), it is convenient to exchange it for fiat money (USD). The platform only works with two crypto currency: Bitcoin or Ethereum, respectively for trading there are available pairs ETH / USD, ETH / BTC, BTC / USD. The innovative service of the exchange was created in order to make trade in crypto currency a profitable and maximally comfortable occupation. Here, market orders are available, which will be executed immediately after their registration, you can use the functions of the auction, "a glass of quotes." Auctions will make it easy and profitable to conduct major transactions without worrying about constant price jumps, commissions and mutual settlement schemes, such auctions are now present on stock exchanges.
One of the advantages of the company is a great deal of attention being paid to the security of the trade process of the crypto currency, today it is one of the most reliable such sites having financial regulation of the Financial Services Department of New York. Thank you @cryptographic
@cryptographic
Verifications take a long time now if you are late to the game. Some places don't even let you sign up so be happy they will let you in eventually. Since Gemini is the holy grail of exchanges at the moment, view it as a very exclusive club. If you are lucky enough you will be let in one day.I applied on December 28th and wasn't verified yet. It will take time 😒
Better information gives about Gemini exchange @cryptographic. In all perhaps one of the most considered and well positioned exchanges to capitalise on the bridge between main financial markets and the present ecosystem. A breath of fresh air in bringing a touch of wall street class & security to the innovative yet nascent Bitcoin arena. Deposit and withdrawal fees are 0 and trading fees are 0.25% off both sides of the trade.This gives the exchange the ability to deal both with institutional clients and individuals.Only has problem to me Gemini accept only ACH bank transfers and wires and other features ok.
Joined 6 months ago, took about a month for them to accept my bank as a source for ACH. Other than that seems fine for now, but I barely have 1.1eth and don't trade much yet.
Keep in mind there's no app, and their website doesn't render too well on mobile but it's useable.
They only trade ETH and BTC, none of the others.
Fees seem ok I guess, at my level it's like $1.25 USD for $500 worth of eth at 450. ACH daily limit is $500, it resets at 5pm ish, wire transfer is much higher.
While I've not had to use them yet, I've heard allot of bad about their customer service, but that seems to go for all USD exchanges.
@cryptographic
I found lot of cryptocurrency exchanges. Still moment Gemini has better options I found. Gemini is a cryptocurrency exchange platform where investors can buy BTC and ETH using US dollars or just trade between BTC and ETH. It’s a robust tool for more advanced traders, but it’s also has clean, easy to use interface that even a total beginner can quickly get the hang of.
What sets Gemini apart from other exchanges is its embrace of regulation and compliance it’s the first US exchange to be officially licensed for both ether and bitcoin trading. This is an exchange that aligns itself with financial legal institutions, and that legitimacy gives it a certain advantage over other platforms.
It’s not just the appealing visuals of this exchange that cater to high-volume traders, it’s also the prices. Fees range from 0.00% to 0.25%, depending on your 30-day trading volume: heavier traders get the slimmest fees.
@cryptographic, I find much information about Gemini's ID vericgication process via below source.
Now begins a three-step identity verification process:
Linking your cell phone number up with your account — this makes receiving login verification codes easy. It’s a pretty standard requirement for a lot of exchanges, as two-factor authentication massively enhances your account security.
Linking your bank account using your normal online banking login credentials — just log in using your normal username and password. The bank account must be in the same name as the new Gemini account holder.And don’t worry, your username and password are safe and secure — this step simply makes depositing funds quick and easy. If you don’t want to fork over your login information, you can verify your bank account using a wire transfer instead.
Finally, they will ask you to submit documentation that proves your identity and address, like a copy of a bank statement with your address clearly printed.
Source: https://hackernoon.com/a-beginners-guide-to-trading-on-gemini-2c76eda7d58
I registered with Gemini last year, but it took them quite a long time to approve my account, meanwhile I started using Coinfloor, mainly because I can trade there using GBP, the currency in which I get paid at the moment.
I wrote an article about my experience with Coinfloor, while now I am trying to figure out how best to explain it to my mortgage advisor. I would appreciate any help on the subject.
Thanks for dropping in and sharing that. Looks like really interesting stuff that I can't wait to read!
Excellent information friend and all these developments and existence of more and more new exchanges proves that crypto has bright future ahead and it also give more strength to crypto space, all such new prominent exchanges will catch more investor's and trader's, so it directly beneficial for whole crypto space, thanks for sharing your knowledge with us friend, Stay blessed
Whao. The Winkelvoss twins? No shit! I didn't know they had a broker/exchange firm. That's amazing. Major respect for them, being one of the first and biggest investors in crypto. I bet their exchange would be awesome. Going to check out the FAQ for sure.