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.
I've not had any complaints using Gemini for the last year. They have been brought down once by the increased volume (two months ago), whereas coinbase goes down every single time there is a price crash. I'm sure a lot of that has to do with the amount of users using coinbase vs. Gemini, but I'm much more confident in the twins' ability to scale their business based upon my experience with them thus far. They run their business in a very professional manner.
Plus, they offer 30 free btc withdrawals per month. Something they have continued to honor, despite very large fees of late.
An additional point to consider about Gemini is that the recent CME and CBOE Bitcoin Futures products use the Gemini Bitcoin rate to settle in cash when contracts expire so they have an interest to more institutional investors. In addition, the founders have one of the only regulated Bitcoin ETFs in the market under the ticker GBTC. So, liquidity is most likely provided utilizing the Gemini platform and exchange.
Gemini holds the reputation as being one of the most secure exchanges in the sector and employs a number of methods to ensure a high level of security on par with more traditional financial institutions. User accounts are backed up with two-factor authentication, which means that an additional device must be utilized in order to access the account and provides an additional layer of security.
Buy Crypto from GEMINI
i. Register for an account, fill out your full name, email.
ii. Enable Google 2FA (Google Authenticator)
iii. Link your Bank Account
iv. Verify your identity
v. The steps should be similar to the ones in setting up a Coinbase account
Thank You @cryptographic
Thank you for covering all these different exchanges. I am curious how long the centralized ones continue to receive the bulk of the money. At some point, as decentralization starts becoming a part of the mainstream, I have a feeling people will switch.
Speaking of decentralized exchanges, there is something I wrote about our favorite @stan baby (see how I led into that 😀).
It seems this could be a game changer in the crypto world...hell in the money world. I watched the video by @stan and he is mega-bullish on this.
https://steemit.com/bitshares/@taskmaster4450/did-bitshares-just-help-create-perfect-money
I was going to do a piece on OpenLedger, and then I discovered that they have temporarily disabled fiat gateways, and I struck the idea.
Just read your post. That looks really really exciting and I'm going to get up to speed at once.
Oh, and, by the way, the price technicals are looking very interesting too and I just happened to post something on that.
Gemini seems to be one of the safest exchanges of crypto-currencies in the world. First, the company's legitimacy. The security of the funds and the security of the account. Despite the fact that the service appeared quite recently, unlike most of its competitors, Gemini quickly won a huge share of the crypto-currency market . I think twins can be completely trusted.
@cryptographic,
Nope, I didn't hear about this exchanges before! I think this exchanges is not facilitating to Credit and Mastercard transactions! If it has I will aware about it!
If there is No Credit card transactions allowed I will have no way to invest funds via this exchanges as well. (My country limitations)
By the way I have another question to you! What do you think about Vote Bots! Are you think they are profitable enough or do you have any kind of strategy for Vote Bots? Because, I am testing their services as well.
Cheers~
They're working for me, but I'm sure the day will come when they're no longer profitable, or maybe not! Until then, I'll continue using them.
@cryptographic,
Kind of art is there! I also making a nice profit by using them! Are you using
https://steembottracker.com/
to identify the best bid time?
Cheers~
thanks for information on how to buy crypto like your post it is information to us 😊
crypto not stabil for a fiwe days ago..
@cryptographic
well i really appropriate this hard work .. really helping us
I've done a lot of research into exchanges and I would say Gemini is one of the top ones out there at the moment, provided you understand the technical background of the exchange and are using the exchange for legitimate purposes.
One of the biggest advantages with Gemini is that the vast majority of coins are kept in cold storage, i.e. if Gemini were somehow hacked they would lose only a small portion of all coins on the exchange. Of course you should be transferring everything into a cold storage wallet of your own but Gemini's cold storage is a nice safeguard for those who n00bz who don't know better; sadly, there are a LOT of n00bz out there in cryptoland these days.
Other major advantages include the low fees, verification process for fund transfer and allowing you to trade with bank-transferred funds which haven't fully cleared (would obviously be reversed if funds didn't clear). Two factor authentication and especially connection to the Authy app is a nice bonus but not too unique for exchanges these days.
The only major cons I can see to Gemini is a lack of analytical graphs and chart options. I'm an extremely analytical person and love having heavily detailed graphing information. I have to go to other sources to obtain detailed charts and related material.
Lots of other users and reviewers have complains about significant downtime but I have only once experienced any issue with Gemini downtime so far. Please realize that they very likely shut down temporarily during extreme demand times, Gemini and most other exchanges only have so much capacity for trading volume; this isn't the Dow or NYSE so don't expect the same out of crypto exchanges.
A copy and peste should be a quote also have the link to the original.
https://www.cryptocompare.com/exchanges/gemini/reviews
@cryptographic Gemini have Lower Price This is a Comparison :
Price : Very Low
But They Accept only Bank Transfer
BTC in Gemini : 10132$
Coinmarketcap : $10433 $
Great find out
@cryptographic - Sir nice you decided to share us a full review of Gemini Crypto exchanges... Unlike other crypto exchanges Gemni is not hacked since it's launch (2015)... It's a good sign Sir... It's a good sign to say they are doing a profession crypto business... Moreover, Sir they have very lower fee for exchanges too...
Sir you had a doubt about Gemini's ID verification process...
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.This is what I found as a answer Sir...
There are four stages that you need to go through in order to have the account verified.
If your country is not part of their operation yet, you can try creating an account with their sandbox trading platform. All you need to have is an active phone number and you’re good to go! We did go for this option since our country of origin is not part of their current operation.
Sir this is the source of this reference...
https://www.bestbitcoinexchange.net/en/gemini-com/
+W+
Gemini is a new Bitcoin trading platform started by the Winklevoss twins (the people who accused Mark Zuckerberg of stealing their idea of Facebook).
The Winklevoss twins claim to own about 1% of all Bitcoin, making them among the largest holders of Bitcoin in the world. They started this platform in the middle of 2016, and are desperately trying to become the most active and reputable Bitcoin exchange on the market.
But you wouldn’t know any of this unless I told you. Because there’s nothing about any of that on their website. In fact, their “About” section is not descriptive at all, and it simply talks about the amazingness of their platform. It’s a very big put off to not know anything about the company which I am about to share my sensitive personal and financial details with.
This cryptic website does not look very friendly in any way. It conjures up images of outer space (and the Gemini space program) leaving me with a feeling of entering the deep, dark unknown. That’s not exactly what I’m looking for when I’m about to make a substantial monetary investment.
@isco, when you cut and paste a quote, you should acknowledge the original author by posting the link to their work.
https://coinsutra.com/gemini-bitcoin-exchange-experience/
Just set up an account! This might be a blessing in disguise, I love those two guys Winklevos twins and want to support them the way they have been supporting bitcoin! Didn't realize they had a good stable platform since I've heard horror stories of all the other exchanges. I'll be happy my fees are going to those two because they seem to support bitcoin a lot more than the coinbase CEO. I am grateful to coinbase for what they accomplished but I think competition between exchanges is extremely important here after the fiasco that went on yesterday!Winklevos twins are believers in bitcoin .
The Gemini bitcoin exchange was devised by a famous pair of twins, Cameron and Tyler Winklevoss. You might remember them as the Olympians who sued Mark Zuckerburg. But today, you should be thinking of them as owners of nearly 1% of the world’s bitcoin, as well as a legitimate trading exchange named Gemini.
These American brothers brought Gemini to the world in 2015, and they used a very different approach to building a cryptocurrency company. Based in New York, they took a route that most others were desperately trying to avoid: regulation. Before launching the exchange, it became a fully compliant and fully registered enterprise, and it held the highest levels of both capital reserves and compliance to banking standards.
The ‘Winklevii’ continue to strive to build a world-class exchange of digital assets. Their underlying philosophy in the unruly cryptocurrency world is to always ask for permission, rather than beg for forgiveness.
It is clear that the company has designed itself to stay completely above-board every step of the way. Many now see it as one of the most—if not the most—legitimate trading platforms in the world.
Functionality
The Gemini platform is very nicely designed to enhance user confidence. I found it very simple to use.
While it is not packed with advanced features, it does provide a smooth, quick, responsive experience. The exchange chugs along nicely. Its balances, orders, and prices instantaneously change, so you’ll never lose your place. This feature is important to me in any exchange. In the past, I have been frustrated elsewhere by slow loading times and dippy connections.
Security-wise, it provides the functions you would expect, including two-factor authentication, which is a must in any financial account. The website explains security measures in a transparent manner, including cold-storage techniques and Amazon Web Services. This transparency is important to know about, especially if you are working with large transactions on a regular basis.
Source https://99bitcoins.com/gemini-bitcoin-exchange-review/?gclid=CjwKCAiA8bnUBRA-EiwAc0hZk72pQMi8qUOovJ2twEsOB9BNLEKxj77hQZTvDoyQgs1ZRfxcXzLfrBoCOEkQAvD_BwEThanks, but you could have just dropped the link.
yaah it security must be appriciated!Layered access-controls are connected to our generation condition to limit access to workers in view of part, following the standard of minimum benefit.
Regulatory access to our generation condition requires multi-factor verification.
Hot Wallet enter administration is established in equipment security modules ("HSMs"). We utilize the facilitated CloudHSM benefit gave by AWS, which offers devoted HSMs inside the AWS cloud!
glad to see it regulated by the New York Department of Financial Services! and buiding trust is more important
Your series is getting interesting. Exposing us to alot of exchanges out there. That's wonderful.
I'd like to add more info to what you have:
Based on verification provided, cex.io has four different account levels. Your daily buying limit is dependent on your account level.
There's the basic account, which can buy up to $400 worth of bitcoins per day, and up to $2,000 per month but cannot buy via bank transfer.
There's the verified account, which can buy up to $10,000 worth of bitcoins per day, and up to $100,000 per month and can buy via bank transfer and credit card.
Then there is the individual business and also the corporate account that can buy unlimited amount of bitcoin.
Gemini has a fast and beginner friendly services. Unlike some other exchanges, you can begin trading as soon as you deposit via bank transfer. But one of its flaws is, you cannot withdraw from the exchange until your deposit is fully processed, this allows you to purchase your first Bitcoin or Ethereum immediately after depositing.
Available Cryptocurrencies: Bitcoin & Ethereum
Deposit/Withdrawal Methods: Bank Transfers and Wires
Allows immediate trading when you deposit via bank transfer, although you can’t withdraw purchased cryptocurrency funds until your bank transfer has been fully processed.
Trading Fees: 0.25% or less
Above Average Customer Support
Gemini gets the pass mark for me
Gemini is my preffered exchange for these reasons: 1) Instant ACH Deposit. You can deposit from a bank, and instantly trade with those coins. Up to $500 a day 2) Lower Fees. No deposit fee, trading fee only .25% and no withdrawal fee.
Things I would like to see improved: 1) Allow more ach deposits daily, maybe through better verification, up to 5k a day, 25k a month.
2)Add more coins
3)Implement SegWit. If you can implement segwit it shows you are dedicated to improving BTC.
4 ) Support weekly/monthly buys. This is a simple concept, and Coinbase has a lock on it in the USA.
Founded in New York in 2014 by Tyler Winklevoss and Cameron Winklevoss, whom many of us have seen as Winklevoss brothers in the social network movie and won a $ 65 million american bill for Mark Zuckerberg's lawsuits, the American and the world's most famous bitcoin, ethereum and similar crypto money.
Thanks for sharing i will done upvote I always see your post.
nice post..Thanks for sharing i will done upvote
This is very meaningful information for all crypto users for those wanting to buy crypto ..
great one......//////////..........////////////
Thanks for the post @cryptographic! Please let me know when you're going to complete this series of posts about buying crypto. I believe I could help to put all of these exchanges into a single grid in order people could have a chance to quickly compare exchanges by different criteria like: supported countries, BTC/USD exchange rate, ways of payment, Fees, complexity of registration, etc
Personally for me it was important to find the way to buy crypto that was working for my country and supported debit card. I used coinmama service (it's not an exchange, more like a broker). They have simple interface, support a lot of countries including my homeland. Bad thing is that after all fees and a bit high exchange rates I have to pay +12-14% to exchange rate on main BTC exchanges (using debit card).
gemini oh damm i haven't even heard or seen at least the logo too this is quite surprising to me hahah but that's what your post is all about :D
Always got to know something new and different : )
omg learn to use the bidbots you suck at it XD
if you need help, be sure to ask
It's pretty profitable the way I'm doing it. Have you got something better?
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Hello @cryptographic,
Incredible article. The exchanges was founded by 'the Winklevoss twins' who is most well known for suing Mark Zuckerberg over Facebook, claiming he stole their idea. Extraordinary good idea to review about this exchange. It's one of the best exchanges which is insured by the FDIC, and funds held in a New York-chartered bank.
Key Features
Source : https://blockonomi.com/gemini-review/
~@mywhale
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amazing post,,,i think your post is learning buy to crypyo ,,thanks for sharing
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Well as the way it is going for BTC it might take some time to get new investors on board !While the investors that are in here for some time they are indeed taking this great offer to get as much as they can !It will sure help a lot buddy to those !
Keep up the good work bro !
Hallo sir i agree with your suggestion, be careful is the best option because all of these things could have happene