Yes, Gemini is legal in Canada, and its support extends across the entire country.
In This Article...
Which countries are allowed to utilize Gemini?
Gemini Trust Company, LLC (Gemini) is a digital asset exchange and custodian that enables users to buy, sell, and store digital assets. Cameron and Tyler Winklevoss created it in 2014 as a New York trust business governed by the New York State Department of Financial Services (NYDFS).
Gemini launched the world’s first licensed ether exchange in June 2016. Gemini was revealed as the world’s first licensed Zcash exchange in May of 2018. It is currently active in the US, Canada, the United Kingdom, South Korea, Hong Kong, and Singapore. Coinbase, Binance, Bitstamp, and Kraken are among the most prominent competitors. On an open market, anyone can trade cryptocurrency and fiat currencies. Users can send and receive USD from and to their bank accounts.
Gemini was founded to make it easier to buy and store Bitcoin using a complicated system of private keys and password-protected settings. To reduce the risk of hacking, only a small percentage of the total bitcoin on the market is held online.
In December 2017, Gemini became the first exchange to offer bitcoin futures contracts. Gemini is used by the Chicago Board Options Exchange (CBOE) “as the basis for the daily settlement of bitcoin futures.”
Is SSN required for Gemini?
Gemini is obligated by law to collect your SSN/SIN in order to comply with the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) rules as a New York trust corporation. Please see our Security page for more information on how we store personal information safely and securely.
Is it better to be a Gemini or a Kraken?
When you use one of these services, you have the option of exchanging your cryptocurrencies for fiat currency. These platforms are referred to as “Fiat Gateways.” This knowledge is beneficial to new traders who have yet to stock their wallets with altcoins of any kind.
Bitcoin
We advise Bitcoin traders to utilize Gemini because the site only allows them to trade the safest coins, such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Zcash. It’s available in the United States, the United Kingdom, Canada, South Korea, Hong Kong, and Singapore, and it accepts USD payments.
Other Cryptocurrencies
Kraken is the clear victor in this area if you’re interested in trading altcoins. It presently supports over 20 different cryptocurrencies and offers over a hundred different trading pairings to traders. Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, Monero, Dash, Dogecoin, Gnosis, Zcash, EOS, Augur, Stellar Lumens, Iconomi, Tether, and other cryptocurrencies are on their list. As previously stated, these coins can be exchanged for US Dollars (USD), Canadian Dollars (CAD), and Euros (EUR). Japanese Yen (JPY) is no longer supported due to banking laws.
Security
What security mechanisms do Kraken and Gemini owe their trustworthiness to? What distinguishes their level of security?
Both Kraken and Gemini are highly regulated platforms that adhere to all applicable laws and regulations. To begin with, they separate consumer payments from corporate funds used for operations to avoid any confusion or violations. The majority of the monies are kept in cold storage and are not connected to the Internet. Only about 2% of the population is maintained online.
These remaining digital materials are stored and accessed on the Web utilizing Amazon Web Services (AWS) as a cloud service on Gemini. Furthermore, the FDIC insures fiat deposits up to $250,000. Kraken’s plan involves daily data updates and encryption, as well as regular penetration testing by blockchain professionals.
Two-factor authentication, which is available on both platforms, ensures the security of your account by requiring you to supply your password and authenticate your identity actions using a device you own (such as a mobile phone) before being permitted to login.
Kraken takes things a step further by including a “Master Key,” which is a second passcode that allows you to access restricted account actions. You can also use the Global Settings Lock feature to lock your account for a set length of time. Any unknown IP addresses attempting to make unauthorized changes to your account settings will be blocked.
Fees
Kraken employs a standard fee structure that considers traders’ status as buyers (makers) and sellers (takers) as well as their trading volume over the course of 30 days. Makers have a minor advantage in terms of fees.
If your trading volume does not exceed $50,000, for example, the maker cost is 0.16 percent per trade, compared to 0.26 percent for takers. When you trade for more than $50,000 in the last 30 days, the maker and taker costs are decreased to 0.14 percent and 0.24 percent, respectively.
For deposits made with fiat money via wire transfers, Kraken charges an extra 5 for international wire transfers in EUR, $5 for domestic wire transfers in USD, and $10 for SWIFT International wire transactions. Withdrawals are subject to increased costs. For CAD deposits, Kraken only accepts debit and credit cards.
Gemini does not charge for deposits, and the first 30 monthly withdrawals are also free, but its trading fees are greater than Kraken’s. It uses the same maker and taker fee schedule, but on a sliding scale, with the amount of Bitcoin or Ether being exchanged ranging from light to large. For light traders, the maker and taker charge starts at 1.00 percent and drops to 0.10 percent or 0.00 percent as trading volume increases.
Ease-of-Use
You won’t have any issues with either of these crypto exchanges if you’re serious about crypto trading. The one limitation is that their website layout, particularly the Gemini one, may have a serious vibe to it at first. It has a lot of graphics and crypto jargon, which may be intimidating to newcomers.
Kraken’s website is more entertaining, with interactive images and illustrations to retain your interest. Newcomers can choose the option on the dashboard to learn everything they need to know before getting started. There’s a third option for people looking to take their investment game to the next level, as well as a fourth option for businesses that have been referred to the site.
Because the exchange is not in use in Japan, Iran, Iraq, Afghanistan, Cuba, North Korea, and Tajikistan due to conflicting rules, Kraken will check your eligibility before you register an account. You’ll then be asked to confirm your account by email and select between a Simple and an Advanced interface. With possibilities including margin trading, futures, and over-the-counter trading, the second one is uninviting to newbies but exactly what dedicated traders are searching for.
Customer Support
These conversations are typically communicated through email correspondence with their tech support team. Both sites contain a “Support” button that leads you to a support page with a FAQ section and a form to submit your concern.
Customers have reported receiving responses to support tickets in minutes rather than days, and Kraken has more buttons to help you navigate their trading alternatives, as well as a 24/7 chatbox for quick answers.
Mobile Trading
Gemini is the only one of these two platforms with a mobile app, which is free to download on both the Apple and Google Play Stores. Traders can now keep an eye on the price market and follow their orders while on the road, rather than being limited to their computers when it comes to crypto trading.
Final Thoughts
Kraken provides you with the finest of both worlds. You receive access to over 20 different currencies, as well as the opportunity to trade using fiat currency, all for very low costs. Kraken is also a highly secure exchange, with features such as a master key and a global lock in addition to the standard 2FA and cold storage. You may choose your level of interaction with the platform, and the UI is sleek and intricately crafted.
In contrast, Gemini has higher trading costs and only offers the most popular cryptocurrencies. You won’t go wrong with this platform if you assume your trading volume will be low and your priority is a safe market rather than the amount of cryptos exchanged. Your account and assets will be safely stored in cold wallets, and you won’t have to worry about the corporation engaging in any unlawful activities.
Crypto Exchange Reviews
If you’d want to compare these two exchanges to other platforms, see our in-depth crypto exchange comparisons (for Australia, Canada, the United Kingdom, or the United States) and individual buying instructions.
Is it safe to invest in Gemini cryptocurrency?
The Winklevoss twins created Gemini, a cryptocurrency exchange based in the United States, in 2014. It is regulated by the New York State Department of Financial Services (NYSDFS) and prioritizes security, with USD being insured by the Federal Deposit Insurance Corporation (FDIC). Gemini maintains the highest security and operational compliance requirements, having passed the SOC 1 Type 1 & Type 2 and SOC 2 Type 1 & 2 examinations, as well as receiving the ISO 27001 accreditation. Gemini is the first cryptocurrency custodian and exchange in the world to demonstrate this level of financial operations and security compliance, and it has never been hacked, making it one of the most secure cryptocurrency exchanges in the world.
Is Gemini pay accepted everywhere?
Gemini Pay is a feature on the Gemini Mobile App developed in collaboration with Flexa that allows users to spend the Gemini dollar and other cryptocurrencies at over 30,000 retail locations across the United States, including major retailers such as Bed Bath & Beyond, GameStop, Office Depot, Petco, Ulta Beauty, and The Coffee Bean & Tea Leaf.
Gemini or Binance: which is better?
We separated our extensive fact-based analysis results into 8 different categories to portray the data of the Binance vs Gemini comparison as accurately as possible. Take a look at the general overview table below for a quick comparison of Binance and Gemini’s important metrics.
When comparing the overall scores of Binance and Gemini cryptocurrency exchanges, Binance has a higher overall score of 9.8, while Gemini has an overall score of 8.3. When it comes to ease of use, it’s evident that Binance offers a better and smoother user experience than Gemini in our Binance vs Gemini comparison.
Which cryptocurrency exchanges are permitted in Canada?
Bitbuy, a Money Service Business licensed with FINTRAC, is the safest bitcoin exchange in Canada. They use bank-level security procedures, store your currencies in a cold storage wallet, and allow you can move your coins on and off the exchange at any moment. They also have the lowest spreads of any Canadian exchange and are regarded for being a respectable and trustworthy cryptocurrency exchange.