An investor’s honest thoughts on the Gemini cryptocurrency exchange | Author: Tom Handy | The Capital | June 2021
I The Gemini cryptocurrency exchange was registered this year. It has some positives and some negatives. I don’t know why I have never registered this account before because it was created by the Winklevoss twins in 2015. The twins are Ben and Tyler Winklevoss, and they sued Mark Zuckerberg from Facebook.
My thoughts are my own and are not intended to encourage or prevent you from using Gemini platform. I believe that everyone has their own views on this and other exchanges.
The Winklevoss twins have their experience mt.Gox But they want to build something that ordinary people can use to buy and sell cryptocurrencies.
The twins were exposed to Bitcoin early because they had money and the right contacts. When they decided to establish Gemini, they hoped to close the gap and provide cryptocurrency to more people who are more accessible.
I didn’t hear about Bitcoin until 2017 and I was skeptical about it, but like everyone else, it took some time to understand digital currency. As an investor, it is difficult for me to understand digital currencies.
After purchasing cryptocurrency, I did not open my first Gemini account until 2021.
I read the book of the Winklevoss twins, Bitcoin billionaire, I hope I have a positive evaluation of their exchanges. Unfortunately, I did not.
You can download the Gemini application to your mobile phone and visit the website online.Gemini support 40 Cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Chainlink (LINK), Aave (AAVE), Polygon (MATIC), Dogecoin (DOGE), etc.
The exchange is simple and easy to use. On the exchange, you can buy and sell cryptocurrencies and earn interest on cryptocurrencies.
Using Gemini U.S. Dollars (GUSD), you can earn approximately 7.4% interest. Other cryptocurrencies include 1Inch (1INCH) 1.51%, Dai (DAI) 7.4%, Filecoin (FIL) 4.48%, etc.
Gemini is developing a credit card where you can get cryptocurrency. The Gemini card has not yet been released to the public.
If you share your Gemini link with a friend who has deposited $100, you can earn $10 in Bitcoin.
To fully join the Gemini exchange, the company needs to prove that you are a real person or KYC — know your customers.
I have a Gemini account for about two or three months. Within one week after opening the account, I submitted my driver’s license for verification, but I did not receive a response.
Every time I check the status, I receive a notification saying that the company is busy. For me, this is very bad service. It shouldn’t take so long to verify a person’s credentials.
This causes two problems.
1. Since the company cannot confirm who I am, I cannot deposit a higher deposit for the transaction. The maximum amount I can add to my account to purchase cryptocurrency is $500 per day. This is painful because if you have a deposit of $600, you must deposit within two days.
2. I can only withdraw any money from my account. In the recent crash, I sold some cryptocurrencies, but the money was stuck on Gemini. I can’t even move my money to buy more cryptocurrencies. The money just sits in the account and does nothing.
In general, the Gemini exchange is good, but they need to hire more people to handle customer support. The main problem is the lack of response to verify new customer accounts. In addition, new customers may deposit several months of money in the account, and no one can talk about this issue.
Personally, I will not register for Gemini now. They still have some errors that need to be resolved.
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