Gemini Exchange: Is It Worth All the Hype?
Founded in October 2015, by twins Tyler and Cameron Winklevoss, Gemini Exchange is one of the most well-known and used bitcoin exchanges in the world. The Winklevoss twins, widely known for suing the founder of Facebook, Mark Zuckerberg, own around 1% of the bitcoin currently in circulation around the globe.
The New York-based exchange is one of the few in operation in the USA, it fully complies with banking standards, and is a legitimately registered enterprise. The unique approach that the Winklevoss twins took to establishing Gemini, has made it a widely trusted exchange, with world-class practices that meet regulations.
In our Gemini Exchange review, we’ll be looking at the overall experience that greets users who venture into the unique world of cryptocurrency exchange through Gemini. Our Gemini Exchange review looks at interface, security, currency support, customer support, and cost – all key factors that have brought Gemini to the public eye and allowed it to stay there.
The Gemini Exchange Experience
As a leading exchange that’s regulated by the New York State Department of Financial Services, you would expect Gemini Exchange to be different to the other exchanges that offer similar services around the world. In many ways, Gemini Exchange have differentiated themselves from the crowd, starting with their interface.
The feel of the Gemini Exchange interface instils a sense of user confidence. The design is easy to get to grips with, clean and straightforward, and doesn’t throw in any unnecessary frills. The exchange is very responsive and smooth, with price changes appearing quickly and loading times being very fast.
As you may notice as our Gemini Exchange review progresses, the exchange isn’t packed full of features, but it does have some excellent security aspects – as you would expect from any cryptocurrency exchange.
There are cold-storage techniques in use, web services for Amazon, and a two-factor authentication. On top of these security measures, FDIC insures all US dollar accounts, and the exchange is consumer protection law and digitial asset regulation compliant – instilling more confidence in the overall approach that Gemini has taken.
Gemini are extremely transparent about their exchange security, so you’ll have no problem navigating the site to find just what you need.
One area where Gemini Exchange is lacking slightly is in currency support. For the most part, Gemini targets the USA community, with US dollar support, along with two cryptocurrencies: bitcoin and ether. Users can trade real dollars and make withdrawals and deposits in dollars, which despite being an excellent set of options, doesn’t account much for an international audience.
Despite the limitations on fiat currency, Gemini has expanded out of the States and can now be used in many locations across the world, including Hong Kong, Canada, and the United Kingdom. Gemini Exchange have also recently expressed the consideration of adopting new currencies, especially after the success of Ethereum trading and the strength of ether on the market.
The customer support offered by Gemini Exchange is not as comprehensive as some might like, but in many ways, is still a step-up from most of the competition. The main form of customer support is through emails, which have a relatively quick response time.
There are also FAQs on the website that provide in-depth answers on Gemini Exchange and can very aptly assist in more queries about the workings of the exchange. For further information, there is also a great blog on the site with comprehensive articles on the ins and outs of bitcoin exchange.
Gemini Exchange Costs
The fees for using Gemini are be considered to be around the industry standard, although are a little difficult to get to grips with if you’re new to using cryptocurrency exchanges. There is a big benefit here though, with the elimination of fees during withdrawal and deposits.
Unless you’re making trades in serious volume, in which case the taker fees can be reduced to 0.15% and the maker fees can be reduced to 0%, the expected costs will be around 0.25% for takers and 0.25% for makers.
From what our Gemini Exchange review has covered, you can get an idea of just why the public opinion of Gemini has been quite positive. This is partly due to the open approach that the Gemini Exchange has taken, both by making its founder’s publicly known and showing clearly that everything is above board.
Of course, the Gemini Exchange review base has not been all positive. The fees are not overly competitive, not many currencies are supported, and the limited accessibility hasn’t made a massive impact on the worldwide audience.
That being said, as our Gemini Exchange review has covered, Gemini is built on a strong grounding and backed as a trustworthy exchange option. For bitcoin or ether trading made easy, Gemini reigns supreme as one of the best exchanges to go to.
Is it worth all the hype? It certainly could be if it keeps going so strongly.