Interest in buying Bitcoin (BTC) and other crypto assets has increased recently. If you are looking for crypto assets, an exchange is one way to make these purchases easily. However, there are many exchanges in the crypto industry that provide various coins, including altcoins. One of the most powerful and famous is the Gemini cryptocurrency exchange. It offers access to over 100 cryptocurrencies, the ability to earn interest on holdings, and a robust security not often seen in crypto exchanges.
In this review, let’s discover more about the Gemini exchange.
Overview & Background
Headquartered in New York, Gemini was launched in 2015 by Tyler and Cameron Winklevoss, twin brothers. Gemini is among the top 15 crypto exchanges in terms of trading volume. It is recognized for its strong security measures, including insurance coverage for funds held in the exchange’s online/hot wallet. This insurance safeguards your assets in case of hacking, security breach, or theft by an employee. Meanwhile, it doesn’t protect you from market downturns.
Gemini can be a better option if you are new to crypto investing. The service is also more suitable for investors with intermediate to advanced skills. Moreover, Gemini allows you to earn interest on your cryptocurrency and use funds from your Gemini crypto account to make purchases.
Pros & Cons
- Offers 4.25% APY on crypto holdings
- Available in all 50 states
- Allows purchases using cryptocurrency
- Beginner-friendly user interface
- Offers advanced trading interface for experts
- Get crypto rewards with the Gemini Card
- Extremely security-focused
- Licensed New York company
- Fees are relatively high and complicated
- Some popular coins aren’t supported
- Short selling and Margin selling are unavailable
- Poorly-rated customer service
- No crypto lending options
- Limited trading pairs
- Requires full verification
Here are some of the important features offered by Gemini.
Gemini is available in 60+ countries. Many crypto exchanges do not operate in the US, especially those that pay interest on crypto deposits. Meanwhile, the platform operates in all 50 US states.
There are four ways to access the trading platform. You can access the exchange through the mobile application or the website. If you prefer, you can also use the advanced ActiveTrader interface. Additionally, you can trade through a bot or other third-party application utilizing the Gemini API.
Newbie crypto investors should begin with the web or mobile apps because they are user-friendly. However, moving to Gemini’s active trader platform is recommended as soon as possible. ActiveTrader offers lower transaction fees and is more beneficial for you.
Gemini’s default trading platform is easy to use. It provides more than enough options for investors to buy and sell cryptocurrencies. Besides this, the platform also offers Gemini ActiveTrader. It is a powerful trading platform created specifically for professional crypto traders.
Some of the benefits of using the ActiveTrader platform include:
- Ability to execute trades in microseconds
- Access to multiple order types, such as market or limit orders
- Access to advanced charting features, deep order book visibility, and more
- Ease of use on both desktop and mobile versions
Gemini currently supports 102 digital assets, with six stablecoins (including USDC and USDT), 84 tokens, and 12 native assets (including BTC, ETH, and LTC).
At the time of publication, the exchange’s top 10 digital currencies are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Ripple (XRP)
- Cardano (ADA)
- Litecoin (LTC)
- Shiba Inu (SHIB)
- Uniswap (UNI)
- Stellar (XLM)
- Filecoin (FIL)
Although Gemini offers about 102 tradable assets, this number is relatively small compared to similar exchanges. KuCoin, for example, allows users to access more than 700 assets. Unfortunately, the exchange only offers 23 crypto-crypto trading pairs, although the choice for crypto-to-fiat is much wider.
Using a debit card charges a 3.49% fee for depositing fiat currencies. Withdrawals via wire transfer and ACH are free. There are no transaction expenses for depositing cryptocurrencies. Crypto withdrawals are free if you do not exceed your withdrawal limit. Moreover, there are no crypto withdrawal charges if you don’t exceed your limit.
Deposit & Withdrawal Fees
|Deposit funds||Cryptocurrency: None
Wire Transfer: Determined by your bank
Debit Card: 3.49% + trading fees
Paypal: Trading fees + 2.50% of the total deposit amount
Bank transfer (ACH): None, but bank fees may apply
|Withdraw funds||Cryptocurrency: None (for a maximum of 10 withdrawals per month)
Others: None (for a maximum of 10 withdrawals per month)
Schedule Of Web or Mobile-Based Transaction Fees
|$10 or less||$0.99|
|$10.01 to $25.00||$1.49|
|$25.01 to $50.00||$1.99|
|$50.01 to $200||$2.99|
|More than $200||1.49%|
Gemini’s trading fees are complicated. Apart from the fees associated with using the mobile app and the desktop site, there is an option to activate an ActiveTrader configuration. ActiveTrader minimizes fees to 0%–0.35% for takers and 0%–0.25% for makers. Notably, the exchange also charges a spread that may not be reflected at the time of purchase.
|Maker||AdvancedTrader fee: 0-0.2%
Stablecoin trading fee: 0%
|Taker||AdvancedTrader fee: 0.03-0.4%
Stablecoin trading fee: 0.01%
|Spread||Web Order: 0.5%|
Safety & Security
Is Gemini safe? Yes, it is secure.
The exchange stores the majority of crypto in its offline cold storage system. Cold storage servers cannot be hacked because they are not Internet-connected. Moreover, the platform keeps a small amount of crypto in an online wallet, which is also insured. Since they are managed online, cryptocurrencies are quickly accessible. However, hot wallet assets are covered against losses resulting from employee embezzlement, fraudulent bank transfers, security breaches, etc.
Two-factor authentication (2FA) makes the Gemini account more secure. However, users must verify their identity when they log into their accounts or withdraw crypto. The exchange uses encryption to protect sensitive information. It is a reliable New York firm known for its strong security measures. The New York Department of Financial Services regularly checks for cyber security issues.
Gemini has customer support, but it’s not very impressive. Some customers reported waiting weeks to get a response from the company via email.
How To Reach Customer Support
- Contact form
- Live chat
Staking & Rewards
Gemini Earn is one of the prominent benefits of the exchange over most of its competitors.
These perks include:
- Staking: Members can stake their crypto assets with Gemini Staking and earn 4.25% APY (annual percentage yield).
- Gemini Credit Card: Users of the Gemini Credit Card can earn up to 3% in crypto rewards simply by using their cards.
Platform provides the Pay feature through its mobile app. This enables users to utilize their crypto to pay for services and goods at over 30,000 retail locations in the US. Users can select which cryptocurrency to use to make purchases. For example, you can spend your BTC to buy lunch, keeping your ETH balance intact.
Exchange is also notable for its educational resources available online. You can find answers to simple questions on the platform’s support site. Meanwhile, you can explore more in-depth about cryptocurrencies on its educational site, Cryptopedia.
Cryptopedia aims to answer questions posed by both experienced and novice crypto investors. Gemini believes that insufficient information is a big problem for people adopting cryptocurrency. To solve this, they offer Cryptopedia. You will find much information about crypto security and trading, NFTs, and the decentralized financial ecosystem.
How To Sign Up
To register with the platform, follow these steps:
- Go to Gemini.com
- Click on the “Get Started”
- Provide all the requested information
- Verify your email and mobile phone number
Gemini has a clear position in the crypto exchange industry. Those who wish to explore a variety of cryptocurrencies beyond BTC and ETH may find limited options available. Additionally, regulatory actions have been taken against the platform, which may cause user concerns. In our opinion, exchange charges high fees.
Despite the abovementioned concerns, it has never experienced any crypto theft from its wallets. So, if security is your top priority, Gemini might be a suitable exchange for you.