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 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.
Gemini Trading fees
This giant American cryptocurrency exchange offers a flat trading fee of 1.00%. Gemini does accordingly not distinguish between takers and makers (at least not on lower trading volumes). For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model. The trading fee of 1.00% for takers and makers is extremely high though. It is actually 4 times higher (!) than the industry average (which is arguably around 0.25%). This is a strong disadvantage with this exchange.
Gemini Withdrawal fees
However, Gemini does not charge any withdrawal fees at all for withdrawing BTC. This is a very strong competitive edge in the market and really distinguishes Gemini from most other top crypto exchanges.
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.
Gemini’s security score is D, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with industry average when it comes to top crypto exchanges.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):