Gemini is a trading platform that is run by the Winklevoss twins. You probably remember them for suing Mark Zuckerberg, founder of Facebook for allegedly stealing their idea as they stated. Gemini is a US based, fully regulated, fully compliant New York-based exchange for individuals and institutions. They are regulated by the New York Department of Financial Services and held to the high level of capital reserve requirements and banking compliance standards.
Gemini operates in a total of 42 states, as well as Washington D.C., Canada, Hong Kong, Japan, Singapore, South Korea and the United Kingdom. The states they do not operate in are Maine, Michigan, South Dakota, Arizona, Oregon, Washington, Alaska, and Hawaii.
Setting up an account is very simple. Although it does take 3-4 days for verification. After inputting all of your information and phone number that has the ability to receive text messages, you have to scan and upload your government issued ID and a current utility bill and that can’t be a bank statement. It has to actually be a utility bill that comes to that address under your name.
On a side note, if anybody is using a Google Voice phone number that is not an accepted phone number that Gemini will accept, they will not be able to send text messages to that number for verification.
Once your account is verified, and your bank account linked, you’re able to deposit and withdraw U.S. dollar, Bitcoin and Etherium only. You’re able to buy and sell the following pairs:
- US Dollar to Bitcoin
- US Dollar to Etherium
- Bitcoin to Etherium
- Or Etherium to Bitcoin
Deposit and transfer fees are completely free for Bitcoin, Etherium and wire transfer as well as ACH bank transfers. Keep in mind that your bank may charge you to send you the wire transfer into your Gemini account, but Gemini will not charge you to receive it, they will also not charge you to send out a wire transfer from their platform,
Gemini also allows you to make a deposit and use the funds to buy Bitcoin or Etherium within a matter of seconds, so you don’t really have that 3-4 day waiting period like you do with other exchanges. Once you make that deposit, it’s instantly available to allow you to trade.
There is a bank deposit limit, that is $500 per day and $15,000 per month. So everyday, you can go in and deposit of $500 until you get to that maximum of $15,000. US dollar bank transfer withdrawals limit is basically $10,000 per day or unlimited for US dollar wire transfers. If you would like to deposit more than your daily or monthly limit allows, than you’ll have to do a wire transfer for a larger amount. They also have, what’s called instant bank account verification for larger well known banks, those would be Bank of America, Capital One, Capital One 360, Charles Schwab, Chase, Citi, Fidelity, Navy Federal Credit Union, PNC Bank, Sun Trust, US Bank, USSA and Wells Fargo. That’s a total of 14 banks that you can use for instant verification without having to wait 4-5 business days like it would normally take for some of the exchanges.
Instant verification for someone that might not know what it is basically a way for Gemini to link your bank account without having to wait that 4-5 day waiting period. What they’ll do is make a small deposit into that account, it could be $0.10 or $0.15, it’ll take 3-4 business days for those deposits to arrive into your bank account and then you’ll have to go into that exchange and verify what those 2 small deposits are and that’s how they’re able to link your account with the other exchange.
When you do your instant verification, you click on the name of the bank that you have, they’ll ask for your login information and security questions if you have any of those setup for that instant linking between your bank account and Gemini. If your bank account is not listed as one of the instant verifications and you want to link your account, then you’ll have to do a wire transfer which then they will use the wire transfer information to verify your account and they’ll be able to setup that ACH bank transfer for you. They will also reimburse you up to $20 to offset the wire transfer fee that your bank may charge you. The $20 reimbursement is only for linking an account that you’re not able to link through the instant verification.
When you are withdrawing funds, they allow free ACH transfers, or wire transfers with no fee on their end. Remember, your bank may charge you to receive the wire transfer depending on what type of relationship you have with them.
Buying and selling on Gemini is very straightforward. Trading fees are pretty much standard with the other exchanges, they’ll basically charge you .25% when you buy or sell. Now those fees can be reduced, not really going to get into that because it’s a pretty complicated, but you can reduce that .25% fee and that all depends on your buy, sell ratio as well, as the amount you’re buying, the volume your contributing to the exchange.
Some of the cons with Gemini is that they really don’t have a good charting platform like some of the other exchanges do. It’s basically a historical data chart and not a candlestick chart pattern. It’s not what traders want to look at to determine minute to minute or day to day price movement and the other downfall with Gemini is they only allow you to trade Bitcoin and Etherium only. Some users have preferences to trade Litecoin, Dash, Monero and some other popular cryptocurrencies, but currently at this time it’s only for Bitcoin and Etherium. So if you’re looking to trade other cryptocurrencies aside from Bitcoin or Etherium this may not be the platform for you.
If you’re an eligible investor, click here to sign up for free to start buying or investing in digital currencies instantly with ZERO fees.