Gemini Review | Why use Gemini exchange | bestbitcoinexchange.io
Gemini is a large cryptocurrency exchange that can sit conveniently next to some of the other larger exchanges on the market. With the continued growth of the crypto exchange market, it can be difficult to know which one to trust and which one to disregard. Let’s be fair, wij don’t have time to go from webpagina to webpagina reading about puny details of all exchanges. And sometimes, the information introduced on one portal is simply not enough. You also have to consider whether the information is credible.
Wij have an in-depth analysis and detailed review of Gemini Bitcoin Exchange, having gone through the process of signing up and actually buying through the exchange. Merienda you have read this, wij hope you are placed to make an informed decision about whether to use Gemini to trade cryptocurrencies.
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ABOUT GEMINI EXCHANGE
Gemini wasgoed founded ter 2014 by the famous twee, the Winklevoss twins. They are famous for many reasons, one is for suing Facebook creator Mark Zuckerberg for their llamativo idea of the social networking webstek. They have had an rente ter bitcoin and cryptocurrencies te caudillo and were actually involved te Bitinstant – the webstek that wasgoed involved ter facilitating drug-deals. The twee however stated that they were only passive investors, and were not aware about the operations at length.
Gemini is based te the US, and draws the majority of its traffic from the US itself. They are fully operational ter overheen 45 states of America, along with UK, Singapore, Canada, South Korea, Puerto Rico and Hong Kong. Their fattest market however is undoubtedly the US. Gemini’s net-worth presently stands inbetween $1 to $Ten million dollars (it is difficult to pin-point the precies number, but they’re doing OK!).
The company is expanding leisurely, and so far has no history of being hacked, always a positive sign. The fact that it has not bot hacked does not mean it will never be hacked te future. Any malware attack on a webstek is almost unlikely to predict. Given the fact that Gemini has not fallen victim of an attack, trust from its user almohadilla proceeds to grow.
UNIQUE FEATURES OF GEMINI
The brothers focused on regulating their cryptocurrency exchange, which went te the opposite direction to other exchanges who followed the decentralised blueprint embarked by bitcoin. Before becoming operational, they became a fully registered and compliant enterprise, having the highest levels of banking reserves they could.
Another interesting feature about Gemini is its ‘AUCTIONS’ function. It should not be confused with the auctions that toebijten on Fresh York Stock Exchange, but there are similarities. Auctions toebijten twice a day, where large volumes of crypto-assets (particularly Bitcoin and Ethereum) are traded ter the short-time. This is a risky practice, spil petite traders might attempt to predict the market by studying the shift, and place orders to maintain the cálculo. Where big traders often win big, puny traders often take the brunt of the collateral. Spil with all market sentiment, thesis auctions can increase trading emotions such spil greed, fear and funk. It is advisable to be weary and not make sure you are correctly risk managed.
ADVANTAGES OF GEMINI
Some of Gemini’s positives include –
- The largest advantage of Gemini is that it has holds most of its Bitcoin and Ethereum ter offline wallets. They have only a petite portion available online, which makes them low-risk, especially if the example of an attack happens. Storing a lotsbestemming of cryptocurrency offline permits them to maintain high liquidity.
- There is no mention of a ondergrens amount that needs to be deposited to embark trading. This feature means traders can begin petite before enhancing size when needed.
- The websites interface is elementary to understand, and welcoming for the beginners. Very first timers will choose Gemini overheen other complicated interfaces like Bittrex or Binance Advance.
- Gemini permits bankgebouw transfers for international account holders, when most of the exchanges choose not to accept this function.
- It has 2FA (two coeficiente authentication) enabled, that adds an reserve layer of security to the account.
- The FAQ section of Gemini is utter of even the smallest details and queries that a user might come up with. Their customer support is sturdy, active and they typically react within a few hours. They also permit users to share their queries overheen email.
- Low fees is another advantage of Gemini. Chic from charging 0.25% of standard fees from users, Gemini also has a Poloniex-like maker and taker system. If the user is placing an order to buy something, they are considered spil the maker and the one who is selling is the taker. Takers will pay more than makers on Gemini. The maker fees also depends on the volume at the time, a high volume results te lower fees.
DISADVANTAGES OF GEMINI
Like any exchange, Gemini has several disadvantages, spil highlighted below –
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- The thickest downside of Gemini is that it permits for Ethereum and Bitcoin trading. No other cryptocurrency is available on Gemini. This restricts its multiplicity, and prevents traders from diversifying their portfolio. Hence, Gemini is limited to be a Bitcoin Exchange and an Ethereum exchange alone.
- For those who want to win big through margin trading, Gemini will leave you disappointed, there i s no functionality for margin trading.
- Gemini has no mobile application for users. They are only operational on the web.
- It is not available worldwide, only operating ter a few countries, namely – USA, UK, Puerto Rico, Singapore, Canada, South Korea and Hong Kong.
- Gemini has a history of crashes te the past. It is incapable to treat large traffic influx during peak times, and often crashes. There wasgoed an instnace where they were offline for a prolonged period and despite their repeated attempts to pacify the users, their unavailability added to the fright among users.
- Despite suggesting regular operations te countries like Singapore, Hong Kong, UK, Canada and South Korea, Gemini only permits trading ter USD (United States Dollars). The user cannot add any other currency. This calls for currency-conversion, and the international users have to pay unnecessary charges. This can be avoided by simply adding circunscrito currencies, which they are yet to do.
SIGNING UP ON GEMINI AND SECURITY FEATURES
The signing-up process is quiebro secure. Merienda the fresh user adds his name, email ID and password, he is sent an activation code to his email. Only after he comes in that activation code, is he permitted to proceed with his fresh account. This depicts the high level of security and safety of the exchange.
After this, it is advised the user activates 2FA, which actually comes almost spil a mandatory option. After setting up 2FA (two-factor authentication), the user can listig his handelsbank account and vereiste submit the relevant documents, and get their account verified. The account verification is usually quick and relatively slick. After verification, the user is free to use Gemini to buy BTC and ETH, or to simply buy and hold for an investment purpose.
REGULATIONS AND REACH
Gemini, operating ter overheen 45 states of USA is compliant with American code of conduct and is very much on the side of the government when it comes to legality. It permits customers from other international domains, but only permits USD deposits te their handelsbank accounts, not ideal. They are expanding their operations and attempting to add more international diversity, however before they cross that bridge they vereiste solve the punt of large influxes of traffic. Their crashes and maintenance cracks have already cost the users strenuously, and spil a result has caused users to look elsewhere.
Spil vanaf similarweb.com, Gemini managed to pull overheen 7 million views ter the past six months. It is not spil popular spil Binance, Coinbase, Bittrex and other exchanges, but it maintains a strong-hold at being one of the most popular exchanges te the US, with overheen 75% of its traffic comes from the US.
When compared to popular competitors like coinbase.com and gdax.com, it wasgoed found that Gemini has the lowest visits. It has permanently bot below 50 million ter views, while coinbase.com has the highest views of overheen 359 million.
SOCIAL MEDIA INFLUENCE
Social media has a forearm ter the popularity of cryptocurrency exchanges. While studying about Gemini, it wasgoed discovered that YouTube contributes maximum (42.2%), followed by Reddit (21.1%), Facebook (20.5%), Twitter (7.9%) and WhatsApp (Three.1%).
CRYPTOCURRENCIES SUPPORTED BY GEMINI
Spil discussed earlier, Gemini supports only Ethereum and Bitcoin. This restricts it from becoming popular among altcoin investors. Bitcoin and Ethereum are the two most common currencies on every cryptocurrency exchange, but Gemini is not doing anything different or unique by supporting thesis two coins, which could be seen spil a disadvantage.
Gemini does not support insignificante trading, which may not be an punt for those who have a lotsbestemming of backing but for traders who want to leverage their position, it does pose a serious stumbling block. The unique feature about the Gemini exchange is the auctions feature. They permit users to predict the market shift, and speculate the switches. But it can be identically dangerous considering the high volumes involved.
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If speculations are on the wrong side, it can create a scare among public. And wij all know, fright is never good! Especially if wij consider how the last two months have bot ter the cryptocurrency market, it is nothing brief of a ruthless bloodbath (Jan & Feb 2018).
Gemini has one of the most reasonable toverfee structure of all exchanges. It charges a standard 0.25% toverfee from transactions made. They also have a maker-taker monster, similar to Poloniex, ter which they opoffering discounts and low fees to the ones who are ‘buying’ the cryptocurrency. The fees further depends on the volumes spil well. If the volume of the currency that you want to buy is high, the fees is lower. Hence, if you project to buy $1000 worth of currency, buy it ter one go to save your bucks!
Gemini, however does not charge any deposit fees. If you deposit USD (through ACH) or Bitcoins, it will toebijten free of charge. Bankgebouw transfers will cost $15 and $25 on deposits and withdrawals respectively. ACH takes almost one business day to process. So, it is better to always keep some money ter your crypto-exchange account to buy when the price dips. Instant orders can only toebijten if the money is available.
When compared to other exchanges like Coinbase and gdax, the fees of Gemini are lower. Coinbase charges almost 1.49% on buying or selling, and overheen 3% fees on credit and debit card transactions. Gdax charges only takers, and it has kept maker toverfee zero. The takers price varies depending upon volume traded. If the volume traded is too high, the fees are diminished by 0.01%, otherwise it is a standard of 0.25% for transactions of all kinds.
Gemini has a very detailed and in-depth section of FAQs ter which the users can find answers to all kinds of queries. They also have very active customer support executives who will react typically ter a duo hours, when you send them an email.
Their customer support responses used to be quick, but recently the users have bot complaining about delays and no-replies, which isn’t ideal. Gemini vereiste improve is technical issues that it proceeds to run into when overcharged with traffic.
Gemini is undoubtedly one of the most popular cryptocurrency exchanges operating ter the US, but if wij talk about the universal level, its reach is nowhere near to the likes of Bittrex, Binance and Bitfinex. It is secure and safe, and they have offline reserves for storing the cryptocurrency, which makes them a downright reliable wallet, but is certainly slagroom for improvement. They vereiste concentrate on enhancing their customer support, followed by adding more cryptocurrencies to their system. But a big problem to resolve is the way the webstek reacts to enlargened traffic.