"Kade, how do I buy Crypto?"

This is a phrase I've heard hundreds of times in the last 3-4 years. I'm definitely the crypto-guy in my family and the circles of friends I circulate in. I usually say something along the lines of "Just sign up with a big exchange like Coinbase or Gemini." It's been a while since I've actually reviewed a US-based Crypto exchange. I think it's time to take a fresh look at one of the big ones: GEMINI.

Gemini's Genesis

I've been aware of Gemini for a while now, but it wasn't until I read Bitcoin Billionaires that I found out more about its start. I don't want to give away the whole story, but here are a few points:

• It was founded by Cameron and Tyler Winklevoss

• The twins were investors in a prior exchange called BitInstant

• They bought a large amount of BTC early and HODLed

• The founders care about security and are very careful (trust me, or read the book)

• They are in the "Regulations are Good" camp and Gemini was the first licensed Ether exchange

Crypto Millionaire

Some funny asides about Gemini can be found in the book Confessions of a Crypto Millionaire by Dan Conway.

He basically bet the house on ETH and ended up becoming a multimillionaire because of it. He quotes some conversations he had with Gemini in the book, which is the exchange he personally used to buy, hodl, and sell. The quotes are entertaining because Gemini was doing their due diligence to confirm how much he was selling/buying and how he was able to afford to buy so much. The interview I conducted with this HODL Warrior can be found here.

First Thoughts

I like the website layout and my exchange on-boarding was fairly simple. One nice touch was how you could seamlessly use your phone to upload a photo of your preferred ID in lieu of uploading a photo from your computer. I've never seen that before. It was a nice touch.

As far as what cryptos you can buy, they don't have the most options. However, they seem to have expanded their options significantly since I last checked. Of course, they support BCH.

If you want something that isn't listed, you could use ShapeShift to convert it, or try another exchange. One positive of a curated buy list is you're not going to economically destroy yourself buying some sh*tcoin that's on page 73 of CoinGecko.

Highlights

A few things stood out to me. One was that Gemini has partnered with Samsung. You can integrate the Gemini App with Samsung's Blockchain Wallet. Very cool...and secure.

Another cool thing Gemini has is Gemini Custody. It's institutional-grade crypto storage and one thing many big financial players in the space had a need for prior to its existence. This will definitely help with crypto adoption in the institutional space. I guess if you're a whale this may be a good solution as well. I personally prefer to hold the keys to most of my crypto. If that's not for you, I think a vetted and trusted exchange like Gemini is a good option.

Lastly, Gemini has an OTC desk called Gemini Clearing. If you're a whale or an institution, this is a nice extra. You can't just used any OTC desk (search OTC crypto disaster stories for more...). Use a proper OTC desk if you're going to use one.

Final Thoughts

I think Gemini is a good place to start if you're looking to buy, invest, or use crypto. One thing that sticks out to me is their emphasis on security. When it comes to crypto exchanges, security is something I would never compromise on. If you're not a crypto newbie, you've heard about all the crypto exchange hacks and exit scams. You don't want to save a few Satoshis on a no-name exchange that doesn't have the proper security features in place. If you are new to crypto, trust me (or anyone else in the crypto space). Read the horror stories on Twitter about people losing all their crypto and consider it a cheap lesson. Then carefully choose an exchange you'd trust like it was your bank because it kind of is, especially if you're storing your crypto with that exchange.

I may do a follow-up where I see if my mom can sign up and buy some crypto. I already gave her some which I think has made her more interested since it's going up in price now. HODL.