Gemini is a crypto exchange founded back in 2015 by two prominent tech brothers – Tyler and Cameron Winklewoss. Before we go into details of our Gemini review, let’s swiftly touch upon the movie-like trajectory of Gemini founders.
If these names sound familiar, it is probably because you heard about them in Facebook scandal where they accussed Mark Zuckerberg that he stole their idea for his social network. The matter was taken to court and the Zuck-Buck had to pay a hefty damage fee of $65 millions.
A lot of those millions were spent on bitcoins as the brothers vowed to own 1% of all 21 million bitcoins, a goal which they claim was reached back when bitcoin was much cheaper. Astronomic gains bitcoin made afterwards made the brothers change the first letter in their financial description: from millionaires to billionaires.
In the process of expanding their crypto riches, the brothers started a Gemini exchange – the exchange we are reviewing today.
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Signing up on Gemini
Gemini of today is one of the powerhouses of crypto trading. The exchange is well-reputed and one of the leaders in mainstream penetration thanks to their aggressive ad campaigns on buses, billboards and mainstream media.
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The signing up process is pretty straightforward – you click the required fields and enter your data, travelling down the line up to the point where you receive your confirmation email that needs to be clicked in order to activate your account.
Once you are done with that, you need to fill out your profile with following data:
- location and phone number (make sure to immediately setup 2FA for higher security)
- add bank account as that is the only option to fund your Gemini account
- upload your government issued ID in order to get verified. This KYC procedure is the norm these days and aside of couple of decentralized exchanges, there are no unregulated crypto exchanges anymore.
- Functionality – The Gemini platform is well designed and easy to use. The interface is kept relatively simple and provides a smooth and efficient user experience. Key data on prices, orders, and balances update instantaneously, which keeps the platform extremely responsive, and allows users to stay on top of their dealings.
- Security – Gemini remains fully compliant with all digital asset regulations and consumer protection laws and as a result, operates at a high level of security and professionalism. US Dollar Accounts are insured by the FDIC, with funds held in a New York-chartered bank. All digital assets are put into cold storage, while online assets are hosted on Amazon Web Services, which also utilize a host of additional security measures.
- Customer Support – Gemini provides an in depth FAQ that seeks to answer the most common questions, as well as a blog that provides its users with instructions on how to buy and sell Bitcoin. Specific user inquiries are handled via email and Gemini aims to reply to customer questions within a few hours.
- International Availability – The exchange is currently available to approximately 45 U.S. states, Canada, Hong Kong, Puerto Rico, Singapore, South Korea and the United Kingdom.
With regards to transfers, Gemini operates a low fee policy and platform users can deposit Bitcoin, Ether, and make bank and wire transfers free of charge. However, individual banks may charge their customers a fee to wire money to their Gemini account. Withdrawals on the platform are also fee free, and all customers receive 30 free withdrawals per calendar month. Any withdrawals above this amount will result in fees equal to the mining fees payable on either network. This is estimated to be approximately 100,000 satoshi (0.001 BTC) per transaction on the Bitcoin Network and 0 GWei (0 ETH) per transaction on the Ethereum Network.
Is Gemini safe
Both short and long answer would be yes – Gemini is a safe place to buy or store your bitcoins (but if you don’t plan to trade them, better move them to a hardware wallet you contorl). Gemini is a reputed and FDIC insured company registered in US and due to its high-end security infrastructure and immaculate reputation, it is one of the favorite platforms for investors and institutions with deep pockets.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com