Regulation and Security: Gemini is the first cryptocurrency exchange and custodian to be audited by SOC 1 Type 2 and SOC 2 Type 2. The company stores most of its assets in offline storage and uses insured hot wallets to ensure liquidity.
Trading Platforms: Gemini offers both a standard web platform and an advanced ActiveTrader platform with advanced tools for experienced traders. Mobile apps for iOS and Android are also available.
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Native Stablecoin: Gemini has released its own stablecoin, the Gemini Dollar (GUSD), which is pegged to the US dollar, providing stability and transparency for users.
Additional Services: The platform offers custody, staking, and the ability to use cryptocurrency to pay for goods and services through the Gemini Pay service.
Fees and Commissions:
Trading Fees: On the standard platform, fees range from 0.99% to 1.49% depending on the trade volume. The ActiveTrader platform has lower fees, starting at 0% for makers and 0.03% for takers.
Deposits and Withdrawals: Depositing via bank transfer is free, while using debit or credit cards incurs a 3.49% fee.
Availability:
Gemini is available in over 60 countries, including the US, UK, Canada, Singapore, and more. The company has received licenses from regulators such as the New York Department of Financial Services (NYDFS) and the Financial Conduct Authority (FCA) in the UK.
Issues and Challenges:
In 2023, the New York Attorney General filed a $1.1 billion lawsuit against Gemini, Genesis, and Digital Currency Group, accusing them of defrauding investors through the Gemini Earn program. The lawsuit alleges that the companies knew about the high risks associated with the loans but failed to inform customers, leading to significant losses after Genesis went bankrupt.
