Can the Gemini Bitcoin Exchange be trusted with my finances?

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: mayax on April 02, 2017, 04:31:38 AM

because no big insurance company insurances Bitcoin.

That's not entirely true. Coinbase is a massive exchange and online wallet service. All digital assets that they hold are fully insured against all sorts of scenarios (obviously not if loss of coins occurs from user side).

I believe there was another exchange that had its digital assets fully insured, but I can't seem to find it at this point.

@HI-TECH99
It's funny how a certain service (Xapo in this case) insures itself, by itself, lol.

HI-TEC99

legendary

Activity: 2772

Merit: 2846

Quote from: mayax on April 02, 2017, 04:31:38 AM

Quote from: BitHodler on April 02, 2017, 04:15:22 AM

Quote from: gentlemand on April 01, 2017, 11:06:07 AM

They have a banking charter which I believe will include insurance for your USD in case they fail. Not too sure about the coins themselves. I doubt there's anywhere more legit than there but that isn't really saying too much when it comes to Bitcoin infrastructure.

Fiat funds are fully insured, but that's not the case when it comes to the digital assets people store there. Not sure why they don't offer insurance for coins as well, but that's what the situation is right now.

Other than that, from what I read on their site they do take cold storage very serious, which is always a plus. Nowadays inside jobs are a bigger problem than hackers are. Long story short ~ nothing wrong with this exchange.

because no big insurance company insurances Bitcoin.

Gemini is financial licensed so they are good.

That's probably true.

According to this article Xapo claims to be insured by Meridian Global Insurance Limited, which is a company 100% owned by Xapo.

The article goes on to say coinbase doesn't say which underwriters it uses, only that it goes through a large insurance broker called Aon which finds its underwriters.

mayax

legendary

Activity: 1470

Merit: 1004

Quote from: BitHodler on April 02, 2017, 04:15:22 AM

Quote from: gentlemand on April 01, 2017, 11:06:07 AM

They have a banking charter which I believe will include insurance for your USD in case they fail. Not too sure about the coins themselves. I doubt there's anywhere more legit than there but that isn't really saying too much when it comes to Bitcoin infrastructure.

Fiat funds are fully insured, but that's not the case when it comes to the digital assets people store there. Not sure why they don't offer insurance for coins as well, but that's what the situation is right now.

Other than that, from what I read on their site they do take cold storage very serious, which is always a plus. Nowadays inside jobs are a bigger problem than hackers are. Long story short ~ nothing wrong with this exchange.

because no big insurance company insurances Bitcoin.

Gemini is financial licensed so they are good.

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

Quote from: BitHodler on April 02, 2017, 04:15:22 AM

Not sure why they don't offer insurance for coins as well, but that's what the situation is right now.

I'd like to see any of the supposed coin insurance policies put to the actual test. I've a funny feeling that not a single one would actually pay out but then again any losses are almost certain to be down to human slackness rather than an ingenious cold storage hack.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: gentlemand on April 01, 2017, 11:06:07 AM

They have a banking charter which I believe will include insurance for your USD in case they fail. Not too sure about the coins themselves. I doubt there's anywhere more legit than there but that isn't really saying too much when it comes to Bitcoin infrastructure.

Fiat funds are fully insured, but that's not the case when it comes to the digital assets people store there. Not sure why they don't offer insurance for coins as well, but that's what the situation is right now.

Other than that, from what I read on their site they do take cold storage very serious, which is always a plus. Nowadays inside jobs are a bigger problem than hackers are. Long story short ~ nothing wrong with this exchange.

Traderx

newbie

Activity: 58

Merit: 0

yes it's a big exchange go ahead and deposit, almot all recent exchange are safe, but don't deposit everything and not a big amount

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

They have a banking charter which I believe will include insurance for your USD in case they fail. Not too sure about the coins themselves. I doubt there's anywhere more legit than there but that isn't really saying too much when it comes to Bitcoin infrastructure.

timk225

hero member

Activity: 955

Merit: 1004

I had a quarter of a BTC and like a dumbass, sold it at $800, JUST before the prices boomed to over $1000. And then, for a double dose of dumbassedness on my part, I could have used that money to buy Ethereums for under $9 each, this was in mid-December 2016......... Roll Eyes

Between that money and some other money, I have several hundred bucks in my Gemini account, waiting to purchase a BTC or two the next time the price takes a big dip.

I'm just wondering what experiences others have had with Gemini. Can I trust them to hold my money in US Dollars until I get ready to buy again?

As near as I can tell, they are the most reputable BTC exchange and are also American based.

Topic: Can the Gemini Bitcoin Exchange be trusted with my finances? (Read 2341 times)