Gemini is both a cryptocurrency exchange and storage solution. The company was founded in 2015 and is regulated by the New York State Department of Financial Services. The company was founded by the Winklevoss twins. The product offers are currently limited to only six products available to trade. The products include BTC/USD, ETH/USD, ETH/BTC, ZEC/USD, ZEC/BTC, and ZEC/ETH. The exchange deals with both retail and institutional clients. All US dollars which are deposited are store in FDIC insured banks and almost all of the cryptocurrencies and kept in cold storage on behalf of clients.
In terms of the fee schedule, maker fees range from 1% to 0% depending on 30-day volume and taker fees range from 1% to 0.1% depending on 30-day volume. The amounts which need to be traded to avail of lower fees are very large at $15,000,000 in volume need to be traded to avail of the lowest fees. With 1% being a large fee when compared with other exchanges, this makes Gemini a better solution for institutions that will be dealing in larger amounts. The exchange is currently very restricted and is only available to US citizens in 26 states and Washington D.C.
Overall, there are advantages and disadvantages to Gemini. It is highly useful to a specific type of client which will be conducting large trades and can have the assurance of the exchange complying with regulation along with their USD funds being secure. Traders outside of this type of client will be likely to find exchanges more tailored for their needs elsewhere.
- USD is stored in FDIC insured banks
- Cryptocurrency funds are mostly kept in cold storage
- Exchange is regulated
- Supports institutional clients
- Only a limited amount of cryptocurrencies supported
- Fees are high unless large amounts are traded
- Highly restricted geographically