Finding a cryptocurrency exchange that is safe and has never been hacked can be a daunting task.
If you too want to be based in the US, you may already be considering Coinbase. But you might be surprised to know that Coinbase isn’t the only game in town that meets all of these requirements.
Gemini is a US-based company with FDIC protection for dollars and has never been hacked (we knew this at launch). It is a simple and easy-to-use platform that puts security at the highest level.
- US-based cryptocurrency exchange
- Industry-Leading Safety Standards
- 20+ supported digital currencies
Who is Gemini?
Gemini is a cryptocurrency exchange. It was started by the Winklevoss twins (Cameron Winklevoss and Tyler Winklevoss). You may recognize these names. They created ConnectU, a precursor to Facebook.
Founded in 2014, Gemini is based in New York, NY, which means it’s one of the few US-regulated cryptocurrency exchanges, specifically, it’s regulated by the New York State Department of Financial Services (NYSDFS).
What do they offer?
Gemini features over 20 cryptocurrencies including its own currency, Gemini dollars (GUSD). You can trade and store cryptocurrencies with Gemini.
Through its partnership with Samsung, Gemini provides support for the Samsung blockchain. Customers in the US and Canada can connect their Samsung blockchain wallets to the Gemini app for currency transactions.
Fund your account
You must fund your account from a bank account. It cannot be funded with a debit or credit card. The maximum daily funding limit is $500 and $15,000 per month. The daily withdrawal limit is $100,000.
If you have cryptocurrencies in another off-exchange wallet and want to fund your Gemini account with those currencies (crypto-to-crypto), as long as the currency is BTC, ETH, BCH, LTC or ZEC, you can do so Do.
Gemini Earn – Crypto Savings
IMPORTANT UPDATE: Gemini announced on November 16, 2022 that it will suspend Gemini Earn due to problems with lenders due to the FTX crisis.
Gemini recently launched their Gemini Earn, the ability to earn interest on cryptocurrencies. Right now, you can earn up to 4.86% with various coins, and 2.53% if you want to earn money with Bitcoin.
mobile transaction
Like many cryptocurrency exchanges, Gemini has a mobile app where transactions can be made. You’ll find it easy to use and comparable to desktop platforms. If you want to execute complex transactions, it is best done on a desktop platform. Complicated transactions can be a little tedious on the mobile app.
credit card
Customers can join a waitlist for Gemini’s upcoming rewards card. Those who earn a Gemini Credit Card™ will earn up to 3% back on transactions with no annual fee. Here’s how the rewards are broken down:
- Restaurant: 3% rebate
- Grocery store: 2% back
- Everything else: 1% back
You’ll be rewarded in crypto, and there are over 40 different options to choose from, including Bitcoin, Ethereum, and more. In addition to having no annual fee, the card charges no foreign transaction fees, and the rewards earned by cardholders are free of any cryptocurrency purchase fees.
Gemini Dollar
Gemini dollar™ is a stablecoin that can be used for everything from spending to borrowing to investing. It is backed by U.S. dollars held by State Street Bank and Trust Company and can be switched back to U.S. dollars at any time at a ratio of 1:1. Gemini has partnered with BlockFi to offer a savings account for your Gemini USD with up to 7.4% APR.
elastomer
Would you like to spend your cryptocurrencies directly from your wallet? With Gemini, you can. Through our partnership with Flexa, you can use cryptocurrencies to purchase products at participating retailers. Retailers include Nordstrom, GameStop, Whole Foods, and Home Depot. You can use Gemini dollars (GUSD), Bitcoin, Bitcoin Cash and Ethereum.
beautiful market
Nifty Marketplace is a recently launched platform by Gemini where you can buy and sell digital art and collectibles. Digital art assets can also be stored in the marketplace, which increases trust and security for buyers and sellers.
Is my money secure?
As long as it keeps running, Gemini cannot be hacked. Like Coinbase, the USD stored in your Gemini account is FDIC insured.
Gemini start with a “safety first” mentality. They leverage security and compliance by complying with SOC 1 Type 1, SOC 2 Type 1 and Type 2. (SOC refers to Systems and Organizational Controls, which is a report generated by an independent audit of a company’s information security systems.)
All this compliance means you need to be prepared to give up some of your personal information when you open an account, such as email addresses, bank account details, phone numbers and some form of ID.
If you go to the Gemini Trust Center, they show relevant information about their security controls and regulatory registration, including:
- SOC 1 and SOC 2 Exam Dates
- the licenses and registrations they obtained
However, as with many other cryptocurrency exchanges, if you don’t own your keys, you don’t really own your cryptocurrency, and you run the risk of losing money by investing in it.
How do I open an account?
Gemini’s account registration process is simple and straightforward. You will need to use some form of ID to verify your identity. You’ll also need to connect your phone for two-factor authentication.
Finally, you need to fund your account. Gemini uses Plaid to link your bank account or card issuer. Once your application has been accepted and your account funded, you can start trading! Start using Gemini and earn $10 in free bitcoins!
Is it worth it?
Gemini is one of the safest cryptocurrency exchanges out there. Security is its main selling point. It is a US-based company and the platform is easy to use.
If your cryptocurrency transactions are primarily in popular currencies like Bitcoin, Ethereum, Litecoin, Bitcoin Cash, or Zcash, you may enjoy using Gemini. For all these reasons, Gemini is certainly worth checking out as a cryptocurrency platform.
However, before you rush into cryptocurrency investing, remember that digital currencies are generally volatile investments and should only receive a small percentage of your total invested capital.
Gemini FAQ
Here are some of the most common questions people ask Geminis:
What are Gemini’s hosting fees?
Gemini charges an annual fee of 0.40% (40 basis points) for storing your digital assets and also charges $125 per withdrawal.
Can I close my Gemini account from the mobile app?
No, Gemini currently only allows customers to close accounts via the web or mobile browser.
Does Gemini support Binance Chain (BEP20/BEP2 tokens) transfers?
No, Gemini only accepts ETH and ERC-20 token transfers sent via the Ethereum main network.
Does Gemini have a sign-up bonus?
Yes, new customers are currently getting $10 in free Bitcoin after buying or selling at least $100 worth of cryptocurrency on the platform during their first three days.
