What is Gemini?
Gemini is a cryptocurrency exchange that was founded in 2015 by Tyler and Cameron Winklevoss. The exchange allows investors access to up to 26 coins and tokens.
Regulated by the Financial Services Department of New York State, Gemini is subject to the laws and regulations set out in the Banking Law of New York.
Gemini has evolved to be a custodian of more than 1 percent of the entire Bitcoin value of the world in a period of less than three years. The firm, currently headquartered in New York, has differentiated itself from other cryptocurrency exchanges by being a strictly compliant company, thereby being recognized as a legal trading site for cryptocurrencies.
Security and Insurance
Only a portion of Gemini’s assets are stored in their online hot wallet (Gemini’s standalone cryptocurrency storage infrastructure). The rest is stored in their offline, Cold Storage facility. The portion stored online is insured against security breaches.
Also, all private keys are created, stored, and maintained onboard their HSMs (Hardware security module) for their lifetime.
To remove single points of weakness and strengthen their resilience against the loss or compromise of any private key, Gemini uses a multi-signature digital signature scheme (multisig).
The fees that Gemini charges you depend on how much you’re ordering. You get the lowest fee if you make a transaction of more than $200.
On top of the price you pay for your transaction fee, Gemini also charges a convenience fee. The convenience fee for Gemini is 0.50% of the present selling price of the coin you are purchasing. When you place your order, you will see your convenience fee included in the price of the coin.
There is no restriction to how much cryptocurrency you can deposit or withdraw on Gemini.
Also, there are no restrictions to how much you can deposit or withdraw using a U.K. bank transfer. If it is less than $250,000, it will be sent using Faster Payments Service. But transactions over $250,000 are sent using CHAPS.
There’s a daily limit of $500 for debit card purchases.