Exchange Reviews

5 features that describe Gemini virtual currency exchange

Gemini virtual currency exchange has set a new standard in the cryptocurrency market due to its openness to work with regulators. Also, the exchange has been at the forefront in enabling high-level security features for its users. Gemini’s focus on regulations and security has attracted both institutional and retail investors on the platform.

Here, were dissect Gemini into five large chambers.

1. Gemini Security

When it comes to security, Gemini is not your ordinary cryptocurrency exchange. Its security level is almost, if not already, at the level of top traditional financial firms. To take it a notch higher, the exchange demands that users enable a 2FA method for added account security.

Gemini

Gemini utilizes a cold storage system to store cryptocurrencies and the Federal Deposit Insurance Corporation (FDIC) insures its fiat deposits. Gemini uses AWS (Amazon Web Services) to hold online funds. AWS has its own set of security features such as two-factor authentication, hardware security, and multi-level access. The heavy focus on security enables its users to handle even large trades without fear of losing funds.

2. Gemini Customer Support

Gemini has a detailed Help Center that is divided into trading, general, security, and developer sections. This categorization helps users to quickly locate their section hence saving time which is a very crucial ingredient when trading on cryptocurrency exchanges.

However, the categories only include the most common problems encountered on the platform.

Therefore, Gemini provides email support for unique queries whose solution cannot be found on the Help Center. Emailing the exchange’s support is done by sending a request using the ‘Submit request’ form.

Additionally, Gemini has a Live Chat and an active social media presence which can also be used for seeking answers and or clarifications on pressing issues.

3. Trading Limits And Fees

Generally, Gemini doesn’t impose trading limits neither does it cap the allowed amount of deposits and withdrawals. But, individuals using Automated Clearing House (ACH) to transfer funds are limited to 500 U.S dollars per 24 hours while the monthly limit stands at 15,000 U.S dollars. For institutional investors using ACH, their daily and monthly transfer limits stand at 10,000 and 30,000 U.S dollars respectively.

Gemini

Bitcoin (BTC) and Ethereum (ETH) purchases have a minimum of 0.00001 and 0.001 respectively. For withdrawals using bank wire transfer, Gemini imposes withdrawal limit of 100 U.S dollars on both individual and institutional customers.

The exchange offers 10 complimentary withdrawals of virtual currencies regardless of the volume within 30 days. Exceeding the allowed complimentary withdrawals attracts charges. However, withdrawing Gemini’s stable value coin, GUSD, is not included in the 10 complementary withdrawals.

Gemini attracts more users by charging low fees. BTC and ETH deposits are free so does deposits through bank wire transfers. However, for wire transfers, the bank may charge a fee on their end. For withdrawals, the crypto exchange allows its users to enjoy 30 feeless withdrawals within one month. Initiating more than 30 withdrawals calls for a withdrawal fee.

On the other hand, makers and takers are subjected to a 0.25 percent trading fee. Gemini exempts makers from paying the fee on condition that their trade volume is above 5,000 BTC or 100,000 ETH within one month. For takers, the same rules apply, but instead of enjoying a 0 percent trading fee, they enjoy a 0.10 percent fee.

4. Supported Countries And Cryptocurrencies

With its headquarters in the United States, Gemini has a substantial presence in the U.S except in the state of Hawaii. Other countries that the exchange operates in include Hong Kong, Canada, the U.K, South Korea, and Singapore.

Gemini supports Bitcoin (BTC), Ethereum (ETH), Zcash (ZEC), Bitcoin Cash (BCH), and Litecoin (LTC). It has 16 trading pairs and plans to add more coins and trading pairs in the future.

5. Gemini Marketplace

More to its regular trading, the virtual currency exchange has central limit order books that have a price-time model. Users of the Gemini marketplace can place conditions on issued orders. Examples of conditions include orders that are fulfilled with the best matching price at the time of issue. These are known as marker orders.

Gemini

Additionally, there are those orders that are supposed to be fulfilled when the quoted or higher price is reach; limit orders. Others include Immediate or Cancel (IOC) Limit orders and Maker or Cancel (MOC) Limit Orders. Note that IOC and MOC orders can be partially filled after which the orders are canceled and removed from the order books.

Final Words

Gemini is the best virtual currency exchange to start and maintain your crypto trading activities. However, you will need to be content with the limited choice of cryptocurrencies currently listed on the platform. With Gemini security, is guaranteed and low trading fees are an excellent way to make sure you enjoy your trading profits.

You may also be interested in:

Share the news on;
  •  
  • 4
  •  
  •  
  •  
  •  
  •  
  •  
    4
    Shares
  •  
    4
    Shares
  •  
  • 4
  •  
  •  
  •  
  •  
  •  
coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

Comments are off this post!