Gemini Exchange Review in the UK: Withdrawal Fees and Deposit Methods

Gemini

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  • User-friendly
  • Great customer service
  • Only supports Bitcoin and Etherium
  • Cryptocurrency, bank and direct payments are free
  • The first 30 withdrawals in a month are free

FUNDING METHODS:

CRYPTOCURRENCIES: 40+

COUNTRIES: 100+

What Is Gemini?

Gemini is a Bitcoin and Ether (the main blockchain currency of Etherium) exchange platform. It was founded by the Winklevoss twin brothers back in 2015. The name itself - Gemini - is a reference to the constellation and sign of the zodiac, which means a pair of twins. Not a bad name, is it?

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The Winklevoss twins earned their fame in 2004 after they sued Mark Zuckerberg over Facebook. Tyler and Cameron claimed that Zuckerberg stole their idea for the popular social network. They received $65 million dollars in compensation.

They are also known for investing $11 million dollars in Bitcoin in April 2013. At the time, each Coin was worth only $120. Today their investment is worth more than $1 billion!

Gemini Exchange is based in New York City. It quickly became the most respected in digital currency trading. It also became the world's first licensed exchange for Ether in 2016.

Gemini Exchange currently has about 50 employees and is the 39th largest trading volume in the world according to Coinmarketcap. While the trading volume of Bitcoin and Etherium on Gemini is very high, the platform cannot compete with platforms that offer a wider selection of cryptocurrency like Binance.

Gemini is a direct competitor to exchanges like Binance and Kraken. The reason for this is that this Bitcoin exchange offers crypto-on-fiat payments as well as BTC/ETH exchanges.
The Winklevoss Brothers platform is often called one of the most secure on the market. There is an explanation for this, as it offers many additional features to ensure users are protected from hacking. In fact, it is considered so secure that it is used as a CBOE Bitcoin futures exchange.

Gemini is available in virtually every state in the United States, as well as Canada, Hong Kong, Puerto Rico, Singapore, South Korea, and the United Kingdom.

What Coins Does Gemini Exchange Offer?

Gemini only supports Bitcoin and Etherium. The reason is the same, Gemini wants to become as reliable and trustworthy as possible for the government authorities. Most of the new cryptocurrencies don't show themselves properly and if Gemini has to delist them at some point, its credibility will be undermined.

What deposit methods does Gemini accept?

Gemini now accepts Fiat currency (USD only) as well as various digital assets such as BTC, ETH, LTC, BACK, BUT, LINK and more.

Gemini Bitcoin Exchange accepts deposits made via ACH (Automated Clearing House) in the US and wire transfers from other countries. Deposits in Bitcoin and Ether are also possible. There are no other ways to make deposits at the moment.

What is Gemini's commission?

All these payment methods are completely free of charge by Gemini. Bank wire transfers, however, may be subject to bank charges.

Moreover, users will have to pay a network fee if they want to make a deposit using Bitcoin or Ether. Although this fee is present for transactions in any cryptocurrency.

Gemini's commission is slightly different than what other digital currency exchange platforms offer. It depends on your 30-day trading volume. There are a total of six commission levels. From beginner traders, to those who work with large amounts of cryptocurrencies. Every day at midnight UTC, the commission for each trading pair is recalculated.

This table shows the commission for each level (BTC):

Criteria

Taker Fee

Maker Fee

Auction Fee

30-day trading volume (BTC) 0

100 Bps (1.00%)

100 Bps (1.00%)

100 Bps (1.00%)

30-day trading volume (BTC) ≥ 5

75 Bps (0.75%)

75 Bps (0.75%)

75 Bps (0.75%)

30-day trading volume (BTC) ≥ 10

50 Bps (0.50%)

25 Bps (0.25%)

25 Bps (0.25%)

30-day trading volume (BTC) ≥ 100

25 Bps (0.25%)

15 Bps (0.15%)

15 Bps (0.15%)

30-day trading volume (BTC) ≥ 1,000

15 Bps (0.15%)

10 Bps (0.10%)

10 Bps (0.10%)

30-day trading volume (BTC) ≥ 2,000

10 Bps (0.10%)

0 Bps (0.0%)

0 Bps (0.0%)

This table shows the commission for each level (ETH):

Criteria

Taker Fee

Maker Fee

Auction Fee

30-day trading volume (ETH) 0

100 Bps (1.00%)

100 Bps (1.00%)

100 Bps (1.00%)

30-day trading volume (ETH) ≥ 50

75 Bps (0.75%)

75 Bps (0.75%)

75 Bps (0.75%)

30-day trading volume (ETH) ≥ 100

50 Bps (0.50%)

25 Bps (0.25%)

25 Bps (0.25%)

30-day trading volume (ETH) ≥ 1,000

25 Bps (0.25%)

15 Bps (0.15%)

15 Bps (0.15%)

30-day trading volume (ETH) ≥ 10,000

15 Bps (0.15%)

10 Bps (0.10%)

10 Bps (0.10%)

30-day trading volume (ETH) ≥ 20,000

10 Bps (0.10%)

0 Bps (0.0%)

0 Bps (0.0%)

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Account Verification

Since the platform tries to comply with various regulations, verification is required even when creating a regular account. There are a total of three steps to confirm your identity: linking your cell phone number for two-factor authentication, linking your bank account, and finally providing documentation of your address and identity.

The verification process is an important part of the account setup process. To make it as clear as possible for new users, we will provide you with step-by-step instructions.

Account Creation and Verification - Gemini Exchange

To get started, go to gemini.com
Click on "Register" at the top of the page.

Account Creation and Verification - Gemini Exchange

Fill out the information on the next page. This will include your full name, email address, and password. When you are finished, read and accept the "User agreement" and the "Privacy policy.
You will then need to click on the "Create my account" button.

Create my account

Fill out your phone number on the next page. It is very important to use your current number, as it will be necessary for the confirmation process. You will be sent a confirmation code to verify it. This code will need to be entered in the appropriate field.

Set up your cell phone

The next step is to link your bank account to your Gemini account. In the future, this will make the process of making deposits in GBP faster. Just fill in all the required fields and choose what you want.

Add a bank account

After adding your bank account, you will need to verify your identity. This will include providing various forms of documentation. This is the standard for the "know your customer" procedure and compliance with various regulations, but it often discourages many customers.

Document Upload

As you can see in the image above, Gemini Exchange requires both a photo ID and proof of address of the client. They are quite strict about the type of ID - only a passport is accepted! However, various documents are accepted for proof of address. This includes: a scanned copy of a service bill, bank statement, internet or phone bill.
The process of verifying your account after submitting all required documents takes one to three days. Although some features will still be available to you while you wait, like cryptocurrency deposits and making exchanges between different trading pairs. However, withdrawals and deposits in fiat currency will be available only after the confirmation process is completed.

How to trade on Gemini in the UK?

Details about trading and working with the exchange are described in the video below.

So, Who Should Use Gemini?

Gemini exchange is great for those who value security above all else. This makes it ideal for trading large amounts of cryptocurrency and exchanging fiat currency for Bitcoin or Ether. Licensing and additional security features make this exchange one of the safest cryptocurrency exchanges in the world.

Gemini exchange is also ideal for those users who plan to transact frequently throughout the day. Professional traders will obviously be happy with the minimal commission when actively trading cryptocurrency. In addition, the added security will make you feel more confident about continually making trades on the exchange.

Gemini's commission system, which we discussed earlier, is more suitable for active traders. Even so, the commissions here are clearly not the highest!

Since many novice traders and investors learn about Bitcoin and Ether when they are first introduced to cryptocurrency, Gemini exchange may be the most suitable option for them. Except that they may be a bit surprised by the amount of personal information they will need to provide.

For this reason, another cryptocurrency exchange like Binance would be the most suitable option for newcomers.

In addition to that, you can only find Bitcoin and Ether on the Gemini platform, while many investors now prefer to invest in smaller and lesser known projects.

That being said, beginning investors who just want to buy Bitcoin or Ether for a long period of time will be the most suitable users for Gemini.

Advantages and Disadvantages

Next in our review, we'll look at the advantages and disadvantages of the Gemini platform. Which aspects are worth improving and which are not questionable?

Advantages

Disadvantages

  • Additional security measures - only a small percentage of Bitcoins on the Gemini exchange are stored online. Most of it is kept in offline storage to minimize the potential consequences of hacking. However, this does not mean that you have to keep your cryptocurrency there for a long time.
  • The dollar accounts are insured by the Federal Deposit Insurance Corporation and are held at a bank in New York City.
  • Fully official and compliant with banking standards. This makes it ideal for both corporate and individual clients.
  • Professional and quality services.
  • Great customer service. They have a blog and a long FAQ section with answers to various questions. If none of these sources help you, you can describe your problem in an email. The exchanger's support team usually responds within a few hours.
  • Friendly and attractive design. The main feature is a simple user interface, suitable for beginners and more experienced users alike.
  • On Gemini, you can easily shop with special basic functions. In addition, you can take advantage of an advanced trading platform. This makes Gemini a great option for users with different experience in the cryptocurrency world.
  • Low fees for exchanging assets. Cryptocurrency, bank and direct payments are free. More importantly, the first 30 withdrawals in a month are also free.
  • A lot of personal information is required to register. The project team wanted to make the exchange as legally compliant as possible. Unfortunately, this means providing the platform with a lot of personal information.
  • When trading volumes are high, there are often malfunctions. As well as on Binance, this has caused discontent among users, who accuse it of hindering the sale of their digital assets. However, it is most likely due to the lack of server capacity or DDoS attacks.
  • Limited choice of deposit methods.
  • Limited choice of coins for purchase.

Conclusion

Well, that's all. This is how Gemini exchange appeared to you. We hope that you learned a lot of new and interesting things about the safest cryptocurrency exchange in the world. Sure, it may not be the largest in terms of trading volume, but with CBOE support for Bitcoin assets it is clearly the most respected in the industry!

The platform is suitable for different types of investors and traders. We hope you realized that it's not really suitable for active traders, but more suitable for high volume trading. All because of the high level of security of the platform.

Just remember that even with this level of security, you shouldn't leave your cryptocurrency on the exchange. Yes, most of the Bitcoin and Ether exchanges are offline, but that does not mean it is immune to hacking!

Gemini News and Updates

Gemini Review Summary 

86% Overall

We have analyzed key features of Gemini based on 3 important criteria for choosing crypto exchange:

  • Trustworthy
  • Usability
  • Fees
    Based on researches and our own tests, we have made an independent rating.
88%
Trustworthy
85%
Usability
84%
Fees

Gemini Comparison

Jack Evans


I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.

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