The Gemini exchange has always been a crypto platform destined to be noticed, founded as it was by the Winklevoss twins. The brothers Cameron and Tyler are probably most famous for successfully suing Mark Zuckerberg for running alone on the Facebook project, something the twins claimed they helped initiate.
They are also famous for having become bitcoin billionaires in the coin’s rise over the last two years, having bought a substantial holding several years ago. After gaining some $65 million in settlement with Zuckerberg, the brothers invested $11 million in Bitcoin, making them one of the single largest BTC holders in the world.
The brothers’ long-term confidence in bitcoin developing as a global store of wealth filters through the exchange. The platform has clearly been built for a professional experience of crypto, destined to grow into the future. With tremendous financial backing and a focus on high net worth individuals and institutional funds, the Gemini exchange has been pitched as a dedicated bitcoin and ether trading facility. The exchange is also enabling fiat users to buy into digital coins.
In just two short years, the company has grown to be a respected, prominent digital exchange with impressive trading volumes. Consistently in the top 20 of busy exchanges, Gemini is attractive to many especially institutional traders for being a bridge between legacy financial markets and the cryptosphere.
The site is intuitive and easily navigated, even for newcomers, while live data and trading intel populate the platform in a logical, user-friendly manner. The platform is currently open to users from some 45 American states, Canada and Puerto Rico to the north and south, the UK across the Atlantic, and Korea and Singapore in the far east.
|P2P / Centralized||Central|
|Owners||Cameron & Tyler Winklevoss|
|Locale||New York, USA|
|Coin Listing Process||Closed|
The exchange was launched in October 2015 and its name is a play on the twinned nature of brothers Tyler and Cameron, Gemini being the zodiac twin symbol.
Gemini Trading Volumes
Trading volumes on the exchange sit around $44,419,524. It is noteworthy that while the platform enjoys diverse and perpetual retail trader patronage, business and big-hitter investment and trade through the exchange is more pronounced than most others.
Aimed at the outset at being a top-tier exchange, were a crypto Wall Street to exist, the brother’s financial clout and proximity to legacy brokerages and other fintech outfits has also styled the platform.
The Number of Coin Pairs on Gemini
A total of only six coin pairs are hosted on the exchange, with the core offer centered on BTC/USD, ETH/USD and also ZEC/USD.
Gemini Exchange is still owned by twin brothers Cameron and Tyler Winklevoss.
Gemini Operating Location
The exchange is based in the crypto-centric state of New York and is registered as a New York State limited liability Trust. Gemini has from the beginning tied into developing regulatory requirements, even mooting a self-policing crypto industry body, which they proposed Gemini leads. The exchange’s persistent lean towards top-end legacy financial expertise and application certainly gives it the credibility to establish such an industry body.
Legislators the world over have now issued their initial barrage of regulations set to control digital exchanges, and protect consumers. The platform attracts many for its manifest security protocols and relatively prompt and efficient transactionality.
Gemini’s Main Function, Features, Benefits, and Reputation
The principal benefit of the exchange for the majority of users is simply the ability to buy and trade BTC, ETH and Zcash (ZED). The platform also accepts fiat bank transfers that are immediately available for trading, and a high percentage of traders concentrate on the BTC/USD pair. Unlike many other exchanges, the exchange perpetuates the ethos of the original one and only digital coin being the prime focus, alongside the dollar’s international appeal.
Users can also tap into ethereum, with zcash the final coin deemed worthy of purchase and speculation. Users have the pleasure of immediate functionality with wire transfers, but funds cannot be withdrawn until the deposit has fully cleared.
The exchange’s marketplace allows users to submit Market Orders, being orders filled immediately at prevailing prices and Limit Orders that enact when prices reach a predetermined level. Traders also employ Immediate or Cancel (IOC) Limit Orders – orders immediately filled at the prevailing or better price and Maker or Cancel (MOC) Limit Orders, being orders that enact based on a specified-price, continuous order book.
Gemini also resembles many legacy exchanges in that it is essentially a “full reserve” exchange, meaning that all the orders users make on the platform are funded completely. This is not the same as margin trading – something Gemini doesn’t offer – and users will find their orders canceled if their order books’ outstanding interest exceeds their account balance in any given moment.
Gemini allows users to deposit all trading currencies without charge, and also grants 30 free withdrawals within one calendar month. Any additional withdrawals over and above the pegged value of the free withdrawals attract the relevant network mining fee.
Actual trading fees are 0.25 percent for both makers and takers, although higher trade volumes attract a reduced percentage. Makers will pay zero fees for a 30-day trading volume of 100,00 ether or 5,000 bitcoin.
A rising need of institutional investors and one currently being mooted if not implemented by some others, custody services are available at Gemini, a further indicator of their institutional focus.
The exchange doesn’t accept any other fiats except the USD, and although ether and zcash represent new pairs, it is a focused, tailored and professional trading post, not being many coins to many people. The addition of Zcash is indicative of the company’s analysis and belief in the cryptocurrency as a rising star.
Gemini KYC and AML Requirements
Being at the forefront of the industry’s welcoming of global regulation in order to safeguard consumers and generate a professional, safe image, Gemini users will need to submit all key identifying documentation for a thorough verification process. Because of its focus, security is visible, transparent and top of the agenda.
Gemini Fiat Acceptance
Gemini does accept fiat currency, but only the USD is welcome as a means of deposit, trade and withdrawal for fiat entrants.
Gemini Trust Level
Gemini has always been expected to and has manifested the highest level of security possible. As an exchange offering custody and pitching for corporate money, security maintenance is possibly even more pronounced and imperative on the platform.
Users enjoy their USD holdings on the exchange being insured with the Federal Deposit Insurance Corporation (FDIC), and the exchange cold vaults holdings while also employing all now-standard security protocols typical of digital exchanges all over the world.
Gemini Customer Experience and Support
Institutional investors might appreciate the corporate-level sense of security, but it is equally attractive to individual traders as well. The exchange’s commitment to security, as well as its tailored offering with very competitive fees, is making it a popular, growing platform, already among the top 20 in the world.
Gemini Security History
The Gemini exchange has never been hacked and probably due to its larger than usual dedication to and display of security protocol upon protocol – necessary architecture to entice institutional funds – remains known as a fierce and savvy manager of users’ security.
The exchange’s copious application of needed protocols to address crypto regulations and innumerable imaginings of consumer protection legislation also sees online assets hosted on Amazon Web Services, resulting in additional security layers.
Gemini Listing Procedures
User input on coin listings isn’t enabled, and the exchange is one where listed coins are a closed book, at least closed to user input, beyond the obvious ability of any user to make suggestions nonetheless. There are, however, no real given protocols users can follow to formally request coin listings.
Gemini redefines what a “solid digital exchange” looks like, being highly professional, savvy and security-driven. The exchange has a sterling public reputation and, far from being seen as elitist, many average coin traders favor the exchange too, attracted by the same benefits as institutional traders.
Although a relatively new exchange in the cryptosphere, its model has been well received, and the public typically expect nothing but extreme professionalism and fiduciary duty from the Winklevoss twins.
At current interest levels and in evaluating the company’s stance and procedures, it must be concluded that the future will very likely see Gemini ranked within the very top tier over the short term. In spite of its sophistication, the exchange makes it easy for all comers, big and small, to trade digital assets with ease and simplicity.