Gemini

History

When most people hear Gemini, probably what comes to mind is the Zodiac sign that shows a pair of twins, Castor and Pollux. In the crypto world, Gemini is a “retail outlet” for digital coins, a famed platform for trading digital currencies.  Trades on Gemini submit orders for digital assets they wish to own.

The Co-creators of Facebook – Tyler and Cameron Winklevoss – were behind the Gemini’s innovation back in 2015.  Although Gemini entered the game later than Coinbase, it has overshadowed many industry players and made a name for itself.  Those who love to trade on Gemini like it because of the friendly fees, top-ranking security, and the unrivaled competition.

Deposit method used

At Gemini, they accept three deposit methods:

• bank transfers (ACH),
• wire transfers
• Cryptocurrencies deposit.

Unlike Coinbase, debit cards are not an option.  Also, wire transfers can only be done in USD.  On the bright side, you get to link multiple bank accounts, and both BTC and USD deposits are instant – you can begin to transact immediately after depositing funds.

Fees

At Gemini, the fees charged are straightforward – that means there are no hidden fees, and the applicable fees are explicitly explained. Deposits are free at Gemini. If your trading volume falls below 5K for BTC and 100K for ether, you pay 0.25% fee – this is applicable during the trial period, which is 30 days.  As you increase your trading volume, the fees considerably reduce. The fees can reduce to as low as 0.1% if you exceed the 5K trading volume limit on your trial period. Gemini has friendly fees, and it is best suitable for the trader who deals with a huge volume. If you are transacting more on Coinbase, in contrast, you would pay more in fees.

Coins listed

• Bitcoin (BTC).
• Ethereum (ETH).
• BCH
• Litecoin (LTC).
• ZEC.

Purchase limits

On Gemini, your purchase limit will depend on how much your account can hold at any given time - essentially, the deposit method you choose will determine how much your trading limit.

The deposit limit for Bank transfers looks like this, and it will depend on the account type:

• Individual accounts have a daily deposit limit of $500, and a monthly deposit limit of $15,000.
• Institutional accounts have a daily limit of $10,000; $300,000 for monthly deposits.

Wire transfers have no limits for deposits but the minimum you can withdraw is $100. Digital assets also do not have limits.

Cons

• It is a superb reputation in the industry.
• It uses advanced security measures to safeguard funds and user info.
• The fees are user-friendly compared to Coinbase. 
• Zero charges for both deposit and withdraws.
• Various digital coins and tokens are listed.
• Various deposits methods are offered.
• Gemini segrates users’ funds from business finances.
• Insurance of funds (up to $250,000) by FDIC

Cons

• Debits cards are not accepted.
• Wire transfers can only be done in USD.
• It has a low trading volume.
• Account verification is a must.
• Gemini monitors accounts just like Coinbase.