Active trader gemini fees license#

Gemini has never been hacked despite being one of the older exchanges, having launched in Oct 2015. Gemini Custody also carries a US$200mm cold storage insurance. It does give us some comfort that Gemini is willing and able to run a regulated and audited business and that their custody practices are likely to be reasonable.

Active trader gemini fees license#

This license doesn’t have any force in Singapore and doesn’t apply to the exchange itself. Gemini uses this license to run Gemini Custody, their institutional cryptocurrency custody business. This license makes them a fiduciary and qualified custodian under New York Banking law and their custodian business is regularly audited. Gemini also has a trust company license from the New York state, which come with regulation on capital requirements and consumer protection. The exemption will end once the MAS decides on their license application. Gemini is currently exempted by the MAS from holding a license for cryptocurrency exchange services (DPT services) in Singapore. Since futures often tend to have much higher liquidity, this may be a deal breaker for more active traders. No Futures Unlike most large exchanges, Gemini does not list futures on its platform. While this should be sufficient for most people trading Bitcoin or Ethereum, its likely that the liquidity of some of the smaller coins could be low, which could be a problem when trading. That compares to more than $1-2bn on other large exchanges we looked at. Low Volume The average daily trading volume on Gemini is around US$190mm. They only list 4 of top 10 and 32 of top 100 coins. This compares to many 100s on most of their larger competitors. While this license does not hold in Singapore, it shows that their custody practices are likely to be robust.įew Coins Gemini lists only 75 coins on their platform, the least of any major exchange. Gemini also operates an institutional cryptocurrency custody business that is regulated and audited. They require 2 factor authentication (2FA) by default and also permit withdrawals only to whitelisted addresses from. They store bulk of the cryptocurrency in a cold wallet with multisig authentication scheme and carry insurance for the portion in hot wallet. Security Gemini has never been hacked in its 6+ years of operations. The only exception to low transfer fee was the 3.49% fees on deposits using debit cards. They also do not charge for wire transfers and other deposits. Low Withdrawal Fees Gemini also offers among the lowest cryptocurrency withdrawal fees of the exchanges we looked at. This makes Gemini a lot more convenient to join and use than any other exchange. SingPass & FAST Integration Gemini is the only large crypto exchange that lets you open an account using SingPass for KYC and lets you fund the account with Singapore dollar using FAST. While this license does not hold in Singapore, it provides some comfort around the legitimacy and security of the business. Gemini also has a trust company license from the New York state, which comes with regulations on capital requirements and consumer protection. The exemption will end once MAS decides on their license application. How is it different from other Crypto Exchanges?Įxempt status from MAS Gemini is the only large crypto exchange that MAS has exempted from holding a license under the Payment Services act. Gemini was started by the Tyler & Cameron Winklevoss in 2015 and was valued at US$7bn in Nov 2021 by investors like Morgan Creek and Commonwealth Bank of Australia. Gemini also has a trust company license from New York State. It currently has an exempt status from the MAS for DPT services meaning they are allowed to operate as an crypto exchange while waiting for approval of their license application. Gemini is the only large exchange we reviewed that lets you register using SingPass and deposit money using FAST in Singapore. Gemini customers trade nearly US$190mm a day on the platform. It offers access to more than 75 cryptocurrencies on its platform, including Bitcoin and Ether. Gemini Trust Company LLC is a cryptocurrency exchange headquartered in New York City.