Gemini is a cryptocurrency trading exchange, which in 2015 was officially registered with the State Department of Financial Services of New York. Its founders are two brothers Cameron and Tyler Winklevoss. The company immediately took an official position and gained popularity. Initially, the financial platform was aimed at large investors, but over time, access was also opened to private traders. Today, the Gemini Exchange is ranked 19th in the average daily trading volume, which is $ 18,000,000.
Initially, Gemini was a trusted company, so it was always under the close supervision of the State Department of Financial Services of New York (NYDFS). The department ensured that the organization complied with all banking standards and obligations followed the laws on “Combating Money Laundering.” The entire system had to be based on the principles of “know the customer” (KYC) and consumer protection established by the “Banking Secrecy Law (BSA)” and NYDFS banking law.
Gemini is an English-language exchange that is available only to users from financially developed countries, such as the USA, Canada, the United Kingdom, Singapore, and South Korea. Therefore it is not accessible to Russian investors.
The generally accepted registration procedure is free of charge, but there are some nuances. Private traders will only need to fill out the form with the following data: name, email, password. An activation letter sent by email will confirm registration.
The registration process as a company will take a little longer. The following information needs to be added to the standard data:
- Name of the organization;
- field of activity;
- tax identification code;
- country of location;
- exact legal address.
Also on the Gemini Exchange, you must enter personal data as a company representative:
- Full name;
- Date of Birth;
- position held in the organization.
After providing all the information, you can get access to your account, familiarize yourself with the interface, and get to work.
For a successful trading activity, it is necessary to go through the procedure of confirming personal data; for this, scans of documents confirming the identity of a citizen are downloaded.
- Security. The developers have created several levels of security:
- Multi-signature is the central part that guarantees payment protection,
- Cold wallet – some of the funds are in storage on devices that do not have access to the Internet,
- Specialized computers, with a unique design of encryption of personal data,
- Geographical placement of devices eliminates the possibility of a loss of keys.
The account has a two-factor verification, which is set during the initial registration, with the indication of the personal phone number to which the message arrives, followed by the instruction. Refill. To replenish the account, it is required to link the client’s account to the bank account. This can be done at the registration stage. Available currencies are altcoin and dollar. The system does not charge a fee, but the bank may charge a fee as a percentage of the amount.
Earned funds can be withdrawn to a bank account or electronic wallet without a fee.
Trading on Gemini
The round-the-clock trading organization allows you to carry out work at any convenient time. In the case of technical work, experts warn users.
The following currency pairs are available on the Gemini exchange platform:
Traders have at their disposal:
- Market. Transactions are made at the current market price.
- Limit A certain fixed price is assigned to the order, the trader waits for the time when the order will be executed,
- Maker-or-Cancel (MOC). The transaction will be completed at the latest price, after the end of all trading,
- Immediate-or-Cancel (IOC). Order execution must be instantaneous; otherwise it is canceled.
The service offers the two-way user auctions; they are held daily, even on weekends at 4.00 pm Eastern European time. To become an auction participant, you must go to the section “Auction Market,” you can use a limit order. Each participant sets the agreed price for the order and waits for them to be put on the platform for interested traders.
The principle of bidding is that every minute, there is a new fixation of value, and before closing with an interval of 15 seconds. Each bidder can follow the changes in prices, and on their basis to make a decision: buy or exit. The mechanism of the auction on the Gemini exchange is reminiscent of the “closing cross” that underlies the NYSE and Nasdaq.
The size of the auction is high, and you can sell Bitcoin for $ 1 million. Commission fee, which is charged to both bidders, is 0.25%. But there is a system to reduce it, or even cancel it if within 30 days the user has carried out a bid for a significant amount. The higher the volume of the auction, the lower the percentage of commission.
Winklevoss Twins are well-known American entrepreneurs and investors, connoisseurs of Bitcoin. Already in 2015, it was known that they own 1% of the total number of cryptocurrencies. In parallel with the foundation of the exchange, the brothers planned to create a project that has no analogs in the digital world – an investment bitcoin fund (ETF). But all the efforts that have been undertaken since 2013 have not yielded any results. The Securities and Exchange Commission refused after considering the project.
Advantages of Gemini
- All operations are carried out by the current legislation, which allows attracting large investors;
- Geographical reference to the United States;
- Maximum protection of data and tools;
- Holding auctions;
- The founders are well-known entrepreneurs who love their business and try to develop it;
- The principle of cold storage to protect funds.