Category: 1. Gemini review

Cryptocurrencies have gone from obscurity to mainstream investment in the space of just a few years. If you aren’t holding any right now, you almost certainly will be in the very near future.

There’s a limited number of cryptocurrency exchanges and trading platforms and even fewer that are worth considering. Gemini is one of the top platforms for cryptocurrencies and should be on your shortlist of candidates for the crypto portion of your portfolio.

eToro

This company is both an investment brokerage and a cryptocurrency exchange. You can buy and sell 25+ cryptos with fees no greater than 5%. It also provides a virtual trading account for up to $100,000 to help you either learn to trade or to become a better trader.Disclaimer: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Archived, “Virtual currencies are highly volatile. Your capital is at risk.”

Coinbase

This is one of the most popular cryptocurrency platforms in the industry. You can trade more than 100 cryptocurrencies, with fees ranging between 0.5% and 4.5%, depending on the crypto. It requires a $2.00 account minimum and minimum trade amount of $2.00. It also provides a digital wallet to store your cryptos.

Robinhood

This is an investment app where you can trade stocks and exchange-traded funds (ETFs). But Robinhood also lets you buy and sell cryptocurrencies commission-free 24 hours a day. It provides trading in bitcoin, ether, dogecoin, and other popular cryptocurrencies.

Customer service with Gemini is extremely limited. You can contact the company only by in-app email. There is no capacity to reach it by phone.

Is Gemini Regulated and Safe?

Gemini is a New York trust company, regulated by the New York State Department of Financial Services (NYDFS). As such, the company is subject to capital reserve requirements, cybersecurity requirements and banking compliance standards established by both the NYDFS and New York Banking Law.

The company is both a fiduciary and a qualified custodian. As a fiduciary, it’s required to put the interests of clients ahead of its own, with a duty to preserve good faith and trust. As a qualified custodian, it’s approved by one or more government agencies to hold assets on behalf of clients, similar to banks and investment brokers.Please note: There’s no indication the platform participates in programs like the FDIC or SIPC to protect investors against broker failure. But Gemini has launched a captive insurance company — Nakamoto, Ltd — to provide $200 million (approximately 0.8% of total assets) in insurance coverage for cryptocurrency held through Gemini Custody.

Security Keys

To provide personal security, Gemini supports security keys. These are available on both desktop and mobile platforms and represent a stronger form of two-factor authentication (2FA).

While 2FA requires an additional verification method over and above a password, security keys provide an even stronger level of protection in authenticating your account. It does this by delivering hardware-backed cryptographic proof of your identity.

First, you need to buy a security key, such as a YubiKey or Feitian key. Or use your fingerprint ID sensor on your computer or mobile device. Register your key on the Gemini website or app. You need to use two security keys if you want to avoid using 2FA. You then use your security keys to sign into your account, make withdrawals or perform other protected activities.

Gemini Pros & Cons

 Pros

• Fully Regulated — Gemini is a fully regulated cryptocurrency exchange in New York and other states.
• Various Coins Supported — You can trade 33 different cryptocurrencies.
• Earn Interest — Earn up to 8.05% interest on your Gemini Earn crypto balance.
• Insurance Protection — The platform offers the first captive insurance coverage for crypto storage in the industry.
• Access worldwide — Gemini is available in dozens of countries, in addition to all 50 states in the U.S.

 Cons

• Confusing Fee Structure — The fee structure is somewhat confusing and depends on whether you’re trading using ActiveTrader or via web or mobile device.
• Limited Customer Service — Customer service is limited to email contact only.
• No Margin or Short Selling — Gemini does not support margin investing or short selling.
• No FDIC or SIPC Protection — Except for Gemini dollars, accounts are not protected by FDIC or SIPC.

• You can fund your account with regular currencies (fiat currencies such as U.S. dollars) or with digital assets.
• If you fund it using regular currency, you need to link your bank account with your Gemini account. You can do this on the Funding Sources page of the Gemini platform. The external account can be linked by using Plaid or providing your online banking credentials. However, you have the ability to manually link your bank and input wire information.
• If you fund your Gemini account using digital assets, you need to instruct your external wallet — or the service provider that holds those assets — to initiate a withdrawal to your unique Gemini deposit address. Currently supported digital assets include bitcoin, bitcoin cash, ether, litecoin, zcash and filecoin.

To open an account, provide your basic information, including your name and email address. Then create a password, agree to the user agreement and privacy policy and click next.

From there, you’ll be directed to provide other information, including:

• Social Security/tax ID number
• Home address
• Your cell phone number
• Date of birth (you must be at least 18 years old at the time of application)

Federal financial regulations require Gemini to collect information about your source of wealth.

You also need to furnish proof of identity, such as a valid state-issued ID, driver’s license, passport, or passport card. If you’re an international applicant, you need to provide proof of address. This can be a full-page scan of a bank statement or utility, cable or cell phone bill listing your home address. The document can’t be more than 90 days old at the time of submission.

Gemini imposes a transaction fee, which varies by country. The trading fees presented below are for U.S. residents, based on U.S. dollar transactions.

In addition to the various fees listed below, Gemini charges a convenience fee when you place a trade, 0.50% of the market price. And Gemini charges a 0.4% Custody Fee.

Web & Mobile Transaction Fees

• $10 or less: $0.99
• $10 to $25: $1.49
• $25 to $50: $1.99
• $50 to $200: $2.99
• More than $200: 1.49% of your order value

ActiveTrader Transaction Fees

Transaction fees using ActiveTrader are based on your 30-day trading volume. The fee structure works on a sliding scale, with lower fees charged to investors with higher monthly trading volumes.

Those fees are as follows:

30-DAY TRADING VOLUME	TAKER FEE	MAKER FEE	AUCTION FEE
Up to $499,999	0.35%	0.25%	0.25%
$500,000 to $2.5 million	0.25%	0.15%	0.20%
$2.5 million to $5 million	0.25%	0.15%	0.10%
$5 million to $10 million	0.15%	0.10%	0.10%
$10 million to $15 million	0.15%	0.10%	0%
$15 million $50 million	0.10%	0%	0%
$50 million to $100 million	0.075%	0%	0%
$100 million to $250 million	0.05%	0%	0%
$250 million to $500 million	0.04%	0%	0%
$500 million and above	0.03%	0%	0%

Transfer Fees

When adding funds or cryptocurrency to your account, there is no transfer fee. That includes wire transfers. However, there’s a fee of 3.49% of the total purchase amount for debit card transfers.

For the withdrawal of cryptocurrency, fees vary based on which crypto you make the withdrawal in. No fee is charged if you make 10 or fewer withdrawals from your account within a calendar month. However, Gemini charges a fee if you make more than 10 withdrawals in a calendar month. The applicable fee depends on the crypto withdrawn.

For example, the bitcoin fee is 0.001 BTC ($50.00 based on a BTC price of $50,000). The ether fee is 0.001 ETH ($3.00 based on a $3,000 price), and litecoin is 0.002 Ł (50¢ based on a price of $250).

Geminis Mobile Trading App provides all the functionality of the web-based version.

• You can buy, sell and withdraw cryptos through the app wherever you are.
• You can also manage your portfolio.
• The fees that apply to using the mobile app are the same as for the web version, as listed below.
• The Gemini Mobile App can be downloaded from the App Store for iOS devices. It’s also available for Android devices at both Google Play and the Galaxy Store.
• There is no fee to download the app.

Gemini is currently available in 51 countries in addition to the United States. These include:

• Africa: Egypt, Nigeria and South Africa
• Asia: Hong Kong, India, Israel, Myanmar, the Philippines, Singapore, South Korea, Taiwan, Turkey and Vietnam
• Europe: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, Greece, Guernsey, Hungary, Iceland, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland and the UK
• North America: the British Virgin Islands, Canada and the Cayman Islands
• Oceania: Australia and New Zealand
• South America: Argentina, Brazil, Chile and Peru

Gemini continues to expand its geographic reach, so more countries will be added to the list above.

Gemini supports 33 cryptocurrencies, including bitcoin, bitcoin cash, ether, and litecoin. You can also get general information, such as the price, for more than 20 other different cryptos.

How to Buy Cryptocurrency Using Gemini

You can buy cryptocurrencies on Gemini website using a five-step process :

1. Select a digital asset from the left side of your home page.
2. Select “Buy” and select if you would like to make a single buy or recurring buys.
3. Click “Next” to input the order amount.
4. Click “Review Order” to move to the confirmation screen.
5. Once reviewed, click “Place Order” for your order to immediately execute.

You use the same process for buying cryptocurrencies on the mobile app but with a couple of modifications. First, tap the “Market” tab at the bottom left of your screen. Then follow the steps listed above. But when reviewing your trade at the last step, swipe to confirm your order for execution.

Gemini works as an all-inclusive cryptocurrency exchange. That means you can do all things crypto on the platform. That includes buying, selling, and managing your crypto investing.

It’s important to have a specialized cryptocurrency exchange if you’re serious about investing in digital money. Cryptos are a unique asset class that requires special handling.

Exchanges accommodate investing and trading in cryptos. And they allow you to convert sovereign currencies (like dollars and euros) into cryptos and then back into sovereign currencies. That’s a process that has not yet been adopted by major investment brokerages.

After you sign up for the service you have everything you need to invest in the growing cryptocurrency investment class.