Gemini Review

Here Are the Pros and Cons of Gemini

Gemini fact sheet

Gemini was built with security as the main priority. Because of this, there are numerous instruments to keep its users' funds as secure as possible. They have standard insurance policies provided by FDIC, as well as other additional insurance policies. They have a high-quality two-factor authentication system that makes sure that nothing is done on Gemini without proving your identity. This system makes sure that no one can get access to your account other than you.

When it comes to regulations Gemini is one of the few exchanges that is being regulated in every US state. They also have UK and Singapore licenses and operate in more than 60 countries.

This is a list of regulatory bodies that license Geminis' operations.

• FinCEN of the U.S
• Financial Conduct Authority of the UK
• Monetary Authority of Singapore 

Security measures of Gemini

As we mentioned before, Geminis’ main priority is security. There are different instruments that they have implemented to protect the funds of their users and ensure nothing goes wrong.

Since Gemini is a US company, they provide FDIC insurance. They also have different insurance policies and insure both hot and cold wallets.

Gemini also uses two-factor authentication which makes it impossible for someone to access your account. Whenever someone tries to log in to an account from a new location or a device they will have to pass two-factor authentication, as well as while doing a withdrawal or deposit.

Gemini, just like many other exchanges, keeps users' funds in cold wallets. These cold wallets are wallets that are not connected to the internet, which means it is impossible to hack into them.

Gemini does not offer a huge selection of tokens, but the tokens that are available are the ones most people look at for investing. Coins such as Bitcoin, Ethereum, Litecoin, Shiba Inu, and Dogecoin are all available alongside many others.

We might think that the small selection of cryptos available for trading is negative. But if we are security-oriented then it is the opposite. With such a small amount of coins, Gemini makes sure that the exchange doesn’t get flooded with many of the so-called shitcoins and scamcoins, which is a problem on many exchanges have.

Gemini also allows users to use many different trading strategies. Whether you want to hold crypto, day trade, or use other strategies, you are able to do so on Gemini.

Here is a short list of some cryptocurrencies that are available on Gemini. 

• Bitcoin
• Ethereum
• USDC
• XRP
• Solana
• Dogecoin
• Shiba Inu
• Polygon
• Stellar 
• Ave
• Cosmos

We also have to mention that your trading experience will be dependent on the country of your residence. Some cryptocurrencies and fiat currencies are supported only in certain countries. So before deciding to start trading on Gemini check if your country is supported and which coins you can trade with.

When it comes to fees and commissions associated with trading, Gemini uses a maker-taker fee model when we use API trading.

So who are the makers and who are the takers? Makers are people who trade futures by placing buy and sell orders on the market to be executed when the price reaches its desirable mark. For example, if someone places a sell order for 2 BTC to be sold when the Bitcoin price reaches $35,000 he is a maker. Takers are those who trade at the current market price. Makers are those who create liquidity and allow takers to make instantaneous purchases. 

Below you can see a chart of fees makers and takers pay on Gemini.

We also have to mention that Gemini has more fees associated with many different activities. They have a really good section on their website where they describe in detail each type of fee traders have to pay.

Gemini offers a wide range of services regarding cryptocurrencies. They have spot and margin trading which most traders use. Unlike some other big exchanges, Gemini does not offer futures trading to its customers.

What Gemini has good is its staking platform where you can stake 50+ cryptocurrencies for respectable APYs. Traders can also use Gemini Clearing which is their P2P trading platform where traders can settle trades outside the order book. 

Institutional traders and traders who plan on making big investments can also benefit from the Gemini OTC desk where they can make large purchases and sales of cryptos without the effects of slippage.

Gemini gives traders the opportunity to use trading bots to automate their trading experience. Gemini does not offer its own trading bots and because of that, we need to connect third-party bots using API keys.

While conducting research for this review, we took a deep dive into the Gemini website to analyze its strengths and weaknesses.

Navigation on the website is really easy. They have a smart and simple design. The most used sections of the website are at the top toolbar for quick navigation, while everything else is at the bottom with detailed information and an easy-to-understand system. 

Their support section is really well crafted. If you have any problems, you will be able to easily find a solution and if not, they have an AI chatbot that will help you to look for solutions. 

Cryptopedia is an educational platform for Gemini. It offers many different courses and educational materials for free

Their educational platform is divided into 5 segments.

Cryptocurrencies - here you will be able to learn about the most famous cryptos. How they work, staking, mining, and everything else there is to know. With more than 150+ articles you should be able to learn a lot. 

Security - here you can learn how crypto transactions work, from public to private keys and wallets as well as the security mechanisms associated with it.

Trading & Investing - here you will learn how trading and investing work, for both fiat and cryptos. You will be able to learn how to approach investing based on your goals, be it retirement or fast profits.

DeFi - in this section, you will be able to learn all about decentralized finances. You will learn about the newest developments in automation-driven, blockchain-based financial services in the world of decentralized financial markets.

NFTs - this is a section dedicated to the new trend of NFTs. Here you will be able to learn everything about non-fungible tokens, what they are used for, how to profit from them, and much more. They have information about all kinds of NFTs, be it art, gaming, music, sports, etc.

Pros & Cons of Cryptopedia

When it comes to customer support, Gemini does not fall short form other exchanges and even outperforms some of them.

They have a really well-crafted help center section. Here you can find solutions for almost anything you might face. It has a great search engine where you can easily find information. If that search engine was not enough, there is an AI chatbot that will help you look for solutions.

If the term "beginner-friendly" was an app, Gemini's mobile application would be that app. When you start up the application you are immediately shown cryptos you can purchase. It has a really good and smart navigation bar which gives you the option to look at groups of cryptos that fall under one category. These include top traded, recently launched, metaverse, DeFi, and many more topics. 

The Gemini mobile app is available on both Android & IOS. One thing is that they don't offer Pro and Lite versions of the app.

Creating a Gemini account and starting trading is not a hard process. Here we will take you through these three steps.

Step 1: Creating an Account

Creating an account on Gemini is a simple and fast process. When we get on the website, we need to press the Get Started button at the top right which will take us to the registration form. All we have to do is enter our first and last name, and email address and then set up a password.

After this, we will be asked to provide our phone numbers for SMS Verification. This is it, our account is ready for verification.

Step 2: Verification

Just like creating an account, the verification process on Gemini is a simple one. 

The first thing we need to do is to go to the My Account tab at the top right. There we will be given the option to Verify My Account. Once we get there we will be asked to upload our ID issued by the government and upload a selfie.

The verification process might take 2-5 business days.

Step 3: Deposit funds and start trading

The last step is depositing money into Gemini. To do so, we need to click Transfer.

After this, we will be taken to a screen where we have to choose the currency we want to deposit and the deposit method. Deposit methods can vary depending on your country of residence.

After filling out the necessary information and completing the transfer we are ready to start trading.

After thorough research and review of Gemini and what opportunities it gives to traders, we are able to recommend it to readers. 

If you are from the US then Gemini is the exchange you should go to as it is one of the few exchanges that operates in all 50 states. If you are from outside the US and Gemini provides its services for your country, It is a really good platform where you can be sure that your funds are secured as much as possible.