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How Long Does Gemini Verification Take?

Gemini is a US-based cryptocurrency exchange that operates in over 60 countries. It’s one of the more famous and well-known crypto exchanges in the world and has a generally good reputation as a secure and safe trading platform. Gemini also differentiates itself from many other trading platforms by complying with New York State’s stringent security requirements, including Know Your Customer and Anti-Money Laundering regulations that necessitate ID verification. Thanks to its excellent security practices, Gemini is one of the few exchanges that can operate in the New York area, where it is located.

First launched as a Bitcoin exchange, Gemini evolved into a fully-fledged cryptocurrency trading platform with the rise of altcoins. As a popular, centralized platform, the Gemini exchange offers certain advantages to customers that other exchanges lack. You can buy and sell Bitcoin (BTC) and other cryptocurrencies on the platform with fiat currency and trade digital assets.

We prepared a short guide to introduce you to the advantages and disadvantages of using Gemini. Let’s take a broad look at the Gemini exchange together and see how it works.

The Gemini Exchange

Gemini exchange was founded by the famous Winklevoss twins, Tyler Winklevoss and Cameron Winklevoss. The Winklevoss twins had made headlines in 2008 after suing Facebook founder Mark Zuckerberg for breaking an oral contract and stealing their social media platform idea ConnectU, which Zuckerberg used to create Facebook.

In 2014, the Winklevoss twins launched the Gemini Trust Company and started working on the Gemini cryptocurrency exchange. The founders took pains to establish Gemini as a secure and trusted trading platform. The trading platform didn’t launch until October 2015, when they obtained a license from the New York Department of Financial Services (NYDFS). The NYDFS requires crypto exchanges to obtain a BitLicense in order to be able to provide services to customers based in the state of New York, which many exchanges don’t have. Since then, Gemini has been a front runner in the cryptocurrency business. Gemini became the world’s first licensed Ether (ETH) exchange with the approval of NY state in 2016 and then Zcash in 2018.

Gemini operates in several countries including the United States, Australia, Canada, the United Kingdom, Singapore, and Hong Kong. It’s one of the top cryptocurrency exchanges according to Coinmarket alongside other competitive exchanges like Coinbase, Kraken, and Bitstamp.

In 2018, Gemini launched its own stablecoin Gemini dollar (GUSD) with approval from NYDFS.

Bitcoin and Other Cryptocurrencies

Gemini offers a decent selection of cryptocurrencies to customers though not as many as some of its biggest rivals such as Bitfinex or Poloniex. There are only about 50 cryptocurrencies on the platform, whereas you can find hundreds of crypto assets on other exchanges. The limited number of cryptocurrencies is mostly due to Gemini’s strict vetting policy when it comes to listing new digital currencies. As a regulated platform that seeks to make cryptocurrency available to mainstream audiences, Gemini takes great pains to only list distinguished cryptocurrencies that present a clear vision and transparent project. Still, you can find the most trending cryptocurrencies on the Gemini exchange.

Gemini offers trading pairs with USD/AUD/CAD/EUR/GBP/HKD/SGD and several digital asset trading pairs. Some of the offered cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), Cardano (ADA), Dogecoin (DOGE), and stablecoins Gemini Dollar (GUSD) and USD Coin (USDC).

The Gemini Trading Platform

Gemini is a good trading platform for beginners and professionals alike. The crypto exchange works actively to raise cryptocurrency awareness, providing informational material to educate newcomers on cryptocurrencies and related technologies through its native Cryptopedia project. The FAQ section is also very useful for beginners who are opening a cryptocurrency exchange account for the first time.

Gemini makes buying Bitcoin and altcoins quite simple. The interface is easier to navigate compared to some of its main rivals, and it’s also quite intuitive. Gemini also allows clients to use APIs to create a more personalized trading experience.

The Gemini Active Trader Platform

Gemini has an active trader platform for customers with high trading volumes. The Active Trader platform has a lot more bells and whistles than the standard interface and includes detailed market charts. While it’s not as simple as the basic trading platform, spending a couple of hours to figure out the more professional platform can help traders develop their understanding of cryptocurrency trading even more.

Learning the Active Trader platform comes with several benefits. The fees for the Active Trader platform are much lower than the regular trade fees and customers with higher trading volumes can see a significant change in fee prices.

Gemini Fees

Gemini charges a 3.49% flat fee for credit card and debit card cryptocurrency purchases. If you are depositing fiat money to your Gemini account using a transfer method like wire transfer or ACH bank transfer you don’t have to pay fees. Gemini allows for instant ACH transfers so it’s a good option if you want to avoid paying fees. However, the daily limit for ACH deposits is 500 US dollars.

Withdrawal fees depend on the cryptocurrency and minimum and maximum limits apply. However, there are no fees for withdrawals unless you withdraw crypto assets more than ten times in a single month.

Gemini mobile app

Trading or commission fees vary depending on the amount of your transaction, your monthly trading volume, and whether you’re using the simple or the Active Trading platform.

The Active Trader platform uses a maker/taker model and fees vary for makers and takers according to their trading volume. As always, maker fees are less than taker fees.

Gemini Buy Bitcoin Instantly Mobile App

Gemini Buy Bitcoin Instantly is a mobile app for buying Bitcoin (and altcoins) instantly with fast payments. The app allows you to access the Gemini cryptocurrency exchange from your phone and other mobile devices. The app has 2FA (two-factor authentication) via SMS and is available for Android or iOS mobile devices.

Gemini Verification Process

Gemini complies with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations and requires customers to provide proof of identity in order to sign up for a Gemini account. Identity verification is generally an easy process. You need to provide personal details, including your name, address, and phone number along with a government-issued photo ID such as a driver’s license or passport. US residents need to provide social security numbers as well. Non-US-based customers should provide a utility bill in their name.

The verification process on Gemini can take anywhere from minutes to a few business days.

Once it’s complete, you can start trading on Gemini.

Gemini Security

Gemini is considered a very secure platform. It’s the first cryptocurrency exchange to complete SOC 1 Type 2 and SOC 2 Type 2 examinations that measure the design and implementation of security services across the platform.

Gemini uses other common measures of security such as cold wallets to keep the majority of crypto assets in their care safe. Only a small portion of crypto assets remain on Gemini’s online wallet to provide liquidity for the exchange. Like Coinbase, Gemini also has a deal with FDIC to ensure fiat currency held on the platform.

A Few Words Before You Go…

Gemini is a very good crypto exchange, especially for users based in New York who have few options, due to New York State’s ID verification guidelines for cryptocurrency exchanges. Thankfully, Gemini complies with all the necessary KYC and AML checks and can be used safely and securely by anyone who takes the time to verify their identity on the platform.

Gemini is also great for crypto enthusiasts around the world. It’s consistently reviewed as one of the best crypto exchange platforms in the world due to its reliable service and good security practices.

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