7 Questions About Gemini, Answered
July 7, 2021 (Investorideas.com Newswire) In the US, the two biggest cryptocurrency exchanges are Coinbase and Kraken. Right behind these two industry leaders is Gemini.
If you already trade cryptocurrencies or are thinking about getting involved in the space, the Gemini platform is worth considering. To help you get to know the platform better in terms of what it is, its history, what it offers, and how it compares to other exchanges, we've put together the answers to some commonly asked questions about Gemini.
Here are 7 questions about Gemini, answered.
1. What is Gemini?
The Gemini Trust Company, LLC, often simply referred to as Gemini, is a cryptocurrency exchange where investors and traders can buy, sell, and trade a number of cryptocurrencies.
According to the company website, Gemini is "committed to earning and maintaining your trust. We believe that in order to do so, we must invest in our four pillars for the long term. Product, Security, Licensing, and Compliance are the inputs that generate a trust output."
2. How did Gemini start?
Two brothers (more on that below) announced the formation of a new, New York-based crypto exchange in 2013. The platform launched officially in 2015. A year later, Gemini became the first officially licensed Ethereum exchange in the U.S., with the backing of the State of New York.
Over the course of the next few years, Gemini consistently added coins, services, and trading features to the platform to become a bigger and more well-rounded exchange. The company has also developed several strategic partnerships that are helping its growth. Most recently, Gemini partnered with Samsung in 2020 to create a streamlined connection between Samsung phone-based crypto wallets and the Gemini exchange.
3. Who's behind Gemini?
One of the most interesting aspects of Gemini is the two brothers behind it. Tyler and Cameron Winklevoss are identical twins from Greenwich, Connecticut who studied economics at Harvard and formed a two-man rowing team that competed in the 2008 Olympics in Beijing, China.
All of this is impressive, as is founding Gemini, but the brothers are best known for something else. While in college in 2002, the twins and another classmate founded a social networking site known as HarvardConnection. Another undergrad named Mark Zukerberg was brought in to help with the coding and the twins alleged he stole their idea and subsequently created Facebook. The story is detailed in the Oscar-winning David Fincher film, The Social Network.
4. How big is Gemini?
Gemini is a growing company that is larger and has more reach than most crypto exchange organizations but is less than half the size of its main competitors, Kraken and Coinbase. The company has operations in a half dozen different countries - Canada, United States, United Kingdom, South Korea, Hong Kong, and Singapore - and is available in over 50 countries. It is also available in all 50 US states and the District of Columbia.
5. How many cryptocurrencies does Gemini offer?
Although Gemini isn't quite the size, on a corporate level, that Kraken and Coinbase are, they offer a similar number of coins and trading pairs. Currently over 40 different cryptocurrencies are available on Gemini and they have around 20 different trading pairs.
The exchange offers most of the top cryptocurrencies on the market today such as Bitcoin, Ethereum, Litecoin, Dogecoin, and Dai. They also have some more obscure ones for investors looking for the next big thing in crypto. Coins like Orchid, SKALE, and Balancer are some of the more obscure cryptos Gemini offers for trading.
6. How does Gemini compare to other crypto platforms?
Gemini often gets compared to other platforms such as Coinbase (see this Cove Markets breakdown for more). The exchange stacks up well in many areas against the largest US exchange.
User Experience
Gemini and Coinbase both have two distinct platforms that provide different functions and features for different types of traders. For traders just starting out or casually investing in crypto, the standard versions of Gemini and Coinbase are fine. These platforms are easy to navigate and provide all the basic functionality that a new trader needs.
Coinbase Pro and Gemini ActiveTrader are a step up for more advanced traders. These platforms give users more sophisticated tools and charts for a deeper, richer experience. The mobile apps are also very comparable. In the Apple App Store, the Gemini mobile app gets a 4.8/5 rating while both the Coinbase and Coinbase Pro apps get 4.7/5.
Security
Both platforms rank very high for security and the companies both take it seriously. Each has innovative security programs that help keep users safe. For example, Gemini creates redundancy with its multi-signature technology. This means that if there is a security breach at a single point, it won't be disastrous. Coinbase has a bug bounty program where developers are rewarded for reporting any flaws in their systems.
Fees
The area everyone wants to know most about, though, is the fees. Coinbase and Coinbase Pro give users an industry-standard fee structure where fees go down with more volume and for market makers versus market takers. With the standard Gemini platform, you get varying fees based on the type of transactions. The result is higher fees than the standard Coinbase platform anywhere from 1.4% to 1.99%.
With Gemini ActiveTrader, the fees are actually much lower than with Coinbase Pro. Fees start at 0.35% and go down to 0 at the highest levels, making ActiveTrader a significantly cheaper option for high-volume traders.
7. Should you use Gemini?
Gemini is a safe, reputable, and active exchange that works for many crypto traders and investors. Whether or not you use it comes down mostly to personal preference. The fees are better with Gemini ActiveTrader versus Coinbase Pro, but there is significantly more trading volume on the latter. Trying both, along with Kraken, and seeing which you like more is generally the best way to go.
Conclusion
Gemini is a very good company with an interesting history and good growth potential. If you do decide this platform is for you, the partnerships and rapid growth should be exciting and will improve your experience over time.
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