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Table of Contents

1. What is Gemini?
2. About Gemini’s creation and its owners
3. Coins supported by Gemini
4. Pros and Cons
1. Pros
2. Cons
5. What is the Gemini Dollar (GUSD)?
6. Products and Services offered by Gemini
1. Gemini ActiveTrader™
2. Gemini Earn™
3. Gemini’s Clearing™
4. Gemini Custody™
5. Gemini Pay™
7. Gemini fees
8. Gemini deposit methods
9. Gemini Supports Apple Pay and Google Pay

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What is Gemini?

Started in 2014 by the earliest Bitcoin investors, the Winklevoss twins, this Bitcoin and Altcoin exchange quite quickly reached a lot of people. When this exchange started, it only supported Bitcoin and <>bEthereum (Ethereum’s blockchains native cryptos). Now, Gemini, the world’s first licensed Ether exchange, allows you to buy pretty much all the famous cryptos that you can name of.

So, why the name Gemini? You might be thinking right now. After researching and finding for several weeks, the team settled on the name “Gemini” for a number of reasons. As said by the Winklevoss’ “Gemini is the Latin word for “twins” and as such, it inherently explores the concept of duality. We were drawn to this both because of the two worlds of money (old and new) that will intersect on the Gemini platform as well as the two-way nature of trade that it will facilitate.” they thought that this was the perfect name. Another reason is because Gemini is a constellation and a zodiac sign that depicts a pair of twins. Smart thinking, right?

Based in New York, this exchange offers users a variety of services as well as “on and off ramps”. On-ramp is when you receive cryptocurrency in exchange for something. In short, you offer fiat money in return for cryptocurrency. An off-ramp is when you spend cryptocurrency in exchange for something. In short, you receive fiat currency from your cryptocurrency. This makes it an undeviating competitor to other “on-ramp and off-ramp” exchanges like CEX.io or Kraken.

About Gemini’s creation and its owners

This exchange was founded in 2014 (though the exchange did not go live until October 2015) by the Winklevoss’ who were classmates of Mark Zuckerberg at Harvard University. In 2004, they sued Mark Zuckerberg’s Facebook with the claim that Zuckerburg had stolen their idea to what currently is now Facebook.

It all started in 2003 when the twins recruited Mark Zuckerberg for their social media project. Then, after a while, it was said that Zuckerberg ran off with the Winklevoss’ idea. Later, from the Facebook lawsuit, Cameron and Tyler Winklevoss won $65 million in which $20 million was in cash and the rest was given throughFacebook shares. But at that time, $65 million was just mere change for Zuckerberg as he was worth in billions. In 2013, the Winklevoss twins invested 20% ($11 million) of the payout in Bitcoin. The announcement came on April 11 2013, the day after the coin hit a record of $266 and then plummeted down to $120. At that time of purchase, one BTC was approximately worth $120. After 7 months from their purchase, the investment tripled from $120 to $360. Now, a single Bitcoin is worth over $55,4931. Their chunk of Bitcoins is now worth over $5,086,858,333 ($5 Billion). So since then, their investment has paid off big-time. If they had bought Bitcoin just one year earlier, their investment would now have been 40 times more that is $203,474,333,320 ($203 Billion).

Coins supported by Gemini

Previously, this exchange only used to support Bitcoin and Ethereum. Now, in 2021, extra cryptos were added to both the exchange and Gemini Custody. Currently, this exchange exchange supports 6 digital assets Bitcoin(BTC), bEthereum (ETH), Litecoin (LTC), Bitcoin Cash(BCH), Zcash (ZEC), Filecoin (FIL) and 27 ERC-20 tokens Aave (AAVE), Amp (AMP), Bancor Network (BNT), Basic Attention (BAT), Balancer (BAL), Chainlink (LINK).

Custody supports 45 cryptocurrency (Aave (AAVE) Amp (AMP) Balancer (BAL) Bancor (BNT) Basic Attention (BAT) Bitcoin (BTC) Bitcoin Cash (BCH)…) including Gemini dollar (GUSD), Gemini’s own one. Just recently this echange surpassed $25 Billion in crypto under custody.

Pros and Cons of Gemini

Pros of Gemini

• Low exchanging asset fees

This is one great advantage; very low exchange asset fees. Not just asset fee, even the first 30 withdrawals made each month are free. Bank, and wire deposits are also completely free.

• Receive up to 7.4% APY

After opening an account, you can purchase any amount of crypto and immediately go for Gemini Earn to start earning interest on your balance.

• High speed

Gemini ActiveTrader has the capacity to execute trades in a fraction of microseconds.

• Great user interface

The interface is quite easy to access, seamless and fast. If you’re looking for an exchange that functions as beautifully as it looks, then go no further than Gemini. It’s great user interface can be used by both beginners as well as experts.

• Great customer support

This platform offers both online helpdesk and live chat as well as blogs and FAQ’s to help you get started.

Cons of Gemini

• Lots of information required

Registering into and using Gemini requires you to submit a lot of information and person data into this platform.

• Sometimes goes offline

This platform doesn’t go offline all the time but tends to go offline often maybe just due to overloaded servers rather than a glitch.

What is the Gemini Dollar (GUSD)?

The Gemini dollar (GUSD) is an ERC20 stablecoin 1:1 USD-backed stablecoin built by a secure, trusted, and regulated cryptocurrency exchange. It allows you to send and receive USD across the Ethereum network. Since it’s backed by American Currency, GUSD can be reclaimed at any time for 1 USD on Gemini. There are no fees to create or convert GUSD through this platform. But as GUSD is using the Ethereum blockchain a gas fees will incur for transfer.

Products and Services offered by Gemini

Although being an exchange, Gemini has lots of products. It swanks a wide variety of products for both small investors as well as advanced traders, offering features like charting and ActiveTrader™. Now let’s have a look at all the products excluding the exchange.

Gemini ActiveTrader™

ActiveTrader™ is like the advanced version of the exchange. Could call it the high-level-performance crypto trading platform. ActiveTrader™ is mostly recommended for the advanced users as it delivers professional-level experience. ActiveTrader features advanced charting, multiple order types, auctions, and block trading.

Here’s the ActiveTrader™ fees in USD:

Advantages of ActiveTrader™

Advantages

• High speed

This is why you should use this platform; ActiveTrader can execute trades in microseconds without any flaws.

• Execute your trading strategy

ActiveTrader offers trading pair selectors and deep order book visibility to make the most of your market experiences – all with simple order processes and an intuitive user experience. It also allows multiple order types and execution options as well as block trading.

• Performance that travels

ActiveTrader is specially optimized for most mobile browsers. Taking advantage of pro-level crypto exchange, this platform offers amazing features like charting and execution tools even when you’re on the go.

Gemini Earn™

Earn™ is a deposit program through which you can choose to deposit your crypto to certain institutional borrowers and then earn interest on your crypto based on the projected amount. Interest is paid daily and will start at 4 p.m. ET on the next business day. With Earn™, you can receive up to 7.4% APY on your cryptocurrency (DAI) depending on the availability.

Advantages of Earn™

Advantages

• Interest calculator

If you’re not sure how much you might get via Earn™, then don’t worry. This exchange offers you tools, through which you can estimate your interest on yearly basis.

• Interest up to 7.4% APY

After opening an account, you can purchase any amount of crypto and immediately go for Earn™ to start earning interest on your balance.

• Redeem your assets at any time

If you have an amount in this product and feel that you no longer want to use this service, you can withdraw your assets immediately with no hidden fees.

Gemini Clearing™

Clearing™ allows two parties to settle a trade off. The most trusted solution for fully electronic clearing and settlement of off-exchange crypto trades. This exchange acts as a confirming third party in pre-arranged transactions.

Advantages of Clearing™

Advantages

• Anonymous

Transaction information is completely anonymous and is only known by the counterparties. None of the trade details get published or even looked at.

• Speedy

As Clearing allows bitcoin and other cryptocurrency, they can be traded immediately. Both sides must be funded for the asset movements to complete.

• Trustworthy

As a chartered trust company and licensed fiduciary, this platform was one of the first to hold SOC 1 and SOC 2 Type 2 compliant across all areas of operation which means that this exchange can be trusted.

Gemini Custody™

Custody™ allows you to safety store all your digital assets in a regulated and compliant manner in their secured offline Cold Storage System. This platform is ideal for individual customers who seek the highest levels of security to store their digital assets with a qualified and safe curator.

Advantages of Custody™

Advantages

• Support

If you tend to be stuck anywhere, well then, Gemini has it. This platform offers 24/7 expert customer service with dedicated representatives.

• Safe

Custody is completely safe as the exchange itself was the first to earn high-level safety certificates. This platform is also custom-built by technical experts in crypto.

• $200 Million in Custody Insurance

Custody™ secured $200 Million in cold storage insurance coverage, which means that you can use this platform with no problems. This amount is the largest limit of insurance coverage purchased by any crypto curator.

Gemini Pay™

You might have heard about digital wallets (paying with cash on your phone) right? But have you ever heard about paying with cryptos? Well, the day has finally arrived. Now, you can spend cryptos with no transaction fee at more than 30,000 places in the U.S. Pay™ works only in retail stores, not online. In the Gemini app click on the “Pay” tab to view the list of all available merchants in your area.

Advantages of Pay™

Advantages

• No transaction fees

This exchange does not charge any fee to spend your cryptos and allows you to use them freely.

• Safe

Pay™ is completely safe as all transactions are private and secure.

• Easy to operate

With only four steps, you can start paying with cryptos; open the app and tap on cryptocurrency, select a payment method, choose a retailer and scan to pay. Thats it.

Gemini fees

Gemini indeed does charge fees but keeps them at a reasonable range. This exchange offers a variety of fee schedules that entirely depends on the platform that you are using. For web or mobile applications (common throughout most people), the fee ranges from $0.99 to 1.47% of total value. Here’s the web or mobile fees in USD:

Deposit Fees:

¹Your bank may charge you a fee to wire money into your Gemini account.

Gemini deposit methods

Once you have set up your account, the bank verification process can be completed with a wire deposit into your account. ACH (Automated Clearing House) deposits will be accepted in the US. ACH deposits will then be available for trading immediately. The funds will appear into your account within 4 to 5 business days, that is, before 5pm. If they are made after 5pm will be submitted to your bank at 5pm the following business day. To initiate a ACH deposit:

Step 1: Select the transfer icon at the top and select “Deposit to Gemini”.

Step 2: Click on the “Currency” drop down box and select USD.

Stage 3: Tap on the “Deposit Method” drop down menu and select (Bank ACH Transfer).

Step 4: Click on the “Transfer From” drop down menu and select on your preferred bank. Then click on “Continue”

Step 5: Enter your deposit amount in USD in the text box given. Then click on “Continue”.

Your data will be displayed; Date, Amount, From, To, Deposit Method, Transfer time. Then click on “Confirm”

Then that’s it, Voila, you have successfully don’t it. Now a message will appear on the top saying “Deposit of $150.00 USD has been initiated”.

Gemini Supports Apple Pay and Google Pay

Just 3 days ago (22nd April) did Gemini add this new feature. From now, users around the world can now purchase crypto with Apple Pay and Google Pay. After you connect your debit card to the above wallets, follow these easy steps to start:

Step 1: Open the Gemini Mobile app if you have one and tap any crypto to purchase.

Step 2: Tap the Buy button. Then select if you want the payment to be “Once” or “Recurring”.

Stage 3: The option to pay with Apple Pay or Google Pay will appear. Select any one and then tap Pay. Then that’s it, voila.

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Disclaimer: Digital Wallets News does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.