A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Gemini consists of four parts: general information, fees, deposit methods and security.
Gemini is an American cryptocurrency exchange. The Winklewoss twins (otherwise more known as the twins that started Facebook together with Mark Zuckerberg) founded it. America is in many ways the ruler of cryptocurrency right now. It has a very impressive number of cryptocurrency exchanges and a large part of the everyday cryptocurrency trading occurs on American exchanges or on other exchanges but involving American traders. A few of the cryptocurrency exchanges coming from the USA are Coinbase, Gate.io, Paxful, ItBit and Bitquick.
The exchange is a New York trust company regulated by the New York State Department of Financial Services (NYSDFS). All USD deposits are held for the customers’ benefit at FDIC-insured banks. All digital assets are custodied in trust on the customer’s behalf. These are phenomenal aspects of this exchange and makes it different from most other top crypto exchanges.
As the exchange is American, US-investors can also trade here.
Most people prefer to do their cryptocurrency trading via desktop. But there are also a lot of people doing it via their smart phones or reading tablets. If you are on of those people, you’ll be happy to know that the Gemini trading platform is also available as a mobile application.
Gemini Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Gemini:
Gemini Trading fees
The fees charged by this exchange are a bit more complex than other exchanges, as they consist of two parts. One part is the "Convenience Fee". This is a percentage of the purchased/sold amount. The Convenience Fee is what is closest to the normal trading fee charges at most other exchanges. The global industry average trading fee is around 0.10%-0.15% today (previously a bit higher, up to 0.25% as average). Gemini charges 0.50%, so it's a fair bit higher than industry average.
Then, in addition to the 0.50% trading fee, you also have to pay a transaction fee, which is a fixed USD-amount for smaller purchases. The USD-amount ranges from USD 0.99 to USD 2.99 for purchases between 0 - USD 200. However, above that (for any purchases above USD 200), you need to pay 1.49% of the order value.
To conclude, for any orders above USD 200 in value, you pay 1.99%. This is a very high fee.
Gemini Withdrawal fees
Gemini charges 0.001 BTC when you withdraw BTC. This is an acceptable fee level, but it is still a bit higher than the global industry average BTC-withdrawal fee. The global industry average BTC-withdrawal fee is 0.000812 BTC. The difference between the global industry average fee and Gemini’s withdrawal fee might be insignificant to many people. However, from our perspective, the withdrawal fee is more of an indicator of where in the global fee landscape an exchange wishes to place itself.
This trading venue offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason.