Gemini Exchange Review: Fees, Features and Security

Gemini feature

Gemini exchange is a safe cryptocurrency exchange based in New York that has built a reputation for being an extremely secure and easy-to-use platform to buy, trade, and sell over 50 digital assets. A driving force behind its popularity has been its strong emphasis on protecting the integrity of its digital infrastructure to safeguard customer funds and assets from loss or theft. Over time, the exchange has added high-quality products and services to its repertoire that will appeal to the everyday crypto investor, as well as experienced traders.

Here is what you need to know about Gemini.

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Advantages & Limitations

What Is Gemini?

Gemini is a New York-based cryptocurrency exchange that is available to all 50 US states as well as a wide variety of other international countries including Australia, Singapore, South Africa, Canada, and South Korea. Founded in 2015 by Cameron and Tyler Winklevoss, otherwise known as the Winklevoss Brothers, Gemini has positioned itself in the top 15 crypto exchanges in the world by trading volume. 

One of the pillars of its success has been the emphasis on its security. Sophisticated and robust security has remained at the forefront of Gemini operations and their philosophy revolves around the defence against external threats, minimising human error, and guarding misuse of insider access. The platform is also well known for its beginner-friendly interface that allows investors and traders to easily get started with cryptocurrencies and other digital assets. 

Key Takeaways

Name

Core Services

Available Cryptocurrencies

Fiat Gateway

Deposit Options

Deposit Fees

Trading Fees

Withdrawal Fees

Mobile App

Gemini

Fiat-to-crypto, crypto-to-crypto trading, earn APY interest

56

USD, AUD, CAD, EUR, GBP, HKD, SGD

Bank transfer, debit card

3.49% for debit cards

Convenience fee of 0.5% plus transaction fee of up to $4.50 (1.49% for crypto-to-crypto)

None

Yes (iOS and Android)

Top Features You Should Know

Deep Liquidity In Order Books

At the time of writing, Gemini is ranked 15th in the world for trading volume meaning that it is able to access high liquidity in its order books. The high liquidity means that is easier for fiat-crypto and crypto-crypto trading pair transactions to be executed with minimal market price slippage.

gemini trading volume

Earn Interest On Crypto With Gemini Earn

Gemini allows its customers to earn up to 8.05% APY interest on crypto holdings including Gemini’s own asset, the Gemini Dollar. Unlike other exchanges in the US, Gemini is the only platform to offer its customers the opportunity to earn interest in all 50 US states including New York. In recent years, the program has expanded to Singapore and Hong Kong. The Gemini Earn Interest Calculator can be used to estimate the amount of interest they will earn over the 1 to 4 year period. 

gemini earn interest

Annual Percentage Yield (APY) is calculated on the balance of the Gemini Earn account and is compounded daily. Assets can be redeemed any time with no minimum amount requirements, and no transfer and or withdrawal fees.

At the time of writing, Gemini supports 42 digital assets including the major cryptocurrencies such as Bitcoin, Litecoin, and Ethereum.

gemini earn interest coins

Gemini Credit Card

The Gemini Credit Card can be used to earn rewards in Bitcoin, Ethereum, or up to 40 other cryptocurrencies. Users may opt to switch their rewards to cash back on purchases made including dining (up to 3%), groceries (2%), and all other purchases (1%). It is the only credit card on the market that deposits crypto rewards into the account wallet instantly. There are no annual fees, no foreign transaction fees, and no exchange fees to acquire crypto rewards. The credit card is able to be used anywhere in the world where Mastercard is accepted.

Make Purchases With Gemini Pay

Gemini has partnered with Flexa, a global cryptocurrency payments network, to enable major retailers in the US to accept crypto payment in stores. The Gemini Pay service was launched in May 2019, and now supports approximately 30,000 retailers in the US. The use of Gemini Pay does not incur any fees. 

An added advantage is the ability to utilise Gemini’s own cryptocurrency, the Gemini Dollar, for purchases. Since the asset is a dollar-pegged stablecoin, the price volatility of other cryptocurrencies can be avoided when making purchases.

Users should note the following:

  • Gemini Pay is accessible through the desktop and Gemini mobile app.
  • No fees are incurred.
  • Payment methods include Bitcoin, Gemini Dollar, Ethereum, Litecoin, Zcash, and Bitcoin Cash.

Is Gemini Regulated?

Gemini is a legitimate and secure crypto exchange that is subject to cyber security regulations mandated by the New York Department of Financial Services (NWSDFS). In Australia, the exchange is registered with AUSTRAC, the government financial intelligence body responsible for the prevention and detection of money-laundering and terrorism-financing. 

Security Measures

Gemini is a legitimate and secure crypto exchange that is subject to cyber security regulations mandated by the New York Department of Financial Services. The exchange was the first in the world to obtain a SOC 1 Type 2 exam, SOC 2 Type 2 exam, and acquire an ISO 27001 certification. In Australia, Gemini is registered with AUSTRAC, the government body responsible for the presentation, detection of organised crime such as money laundering in the financial services industry. 

Gemini implement several industry standard security measures to safeguard its customers funds and assets against theft, loss, or damage. Account security includes 2FA, hardware security keys, hashed and salted password, and enhanced encryption techniques.

Gemini stored the majority of funds and digital assets in geographically distributed cold wallets which are protected by FIPS 140-2 Level 3 security, private hardware keys, multi-signature access and partnerships with security vendors to mitigate against external attacks. A minor portion of stored assets is held within insured hot wallets. 

What About The Fees?

Based on our market research, Gemini fees to deposit and trade cryptocurrencies were found to be slightly higher compared to other international crypto exchanges. Users will need to consider the cumulative effects of both convenience and transactions fees which apply to all trades.

Deposit Fees

Gemini charges zero fees to deposit cryptocurrencies into the account wallet. However, a 3.49% fee applies for deposits made using a debit card. The fee is calculated on the total amount of the deposit.

Deposit Method

All cryptocurrencies, ACH, Gemini Dollar (redemption)

Wire transfer

Debit card transfer

Fee

None

None (a fee may be directed by the financial institution)

3.49% of the total amount

Convenience Fees

A convenience fee applies for all transactions made. It is calculated at a rate of 0.5% above the prevailing market price for the trading pair at that particular point in time. The 0.5% fee may slightly differ depending on the market. 

Transaction Fees

In addition to the convenience fee, a transaction fee will also apply based on the amount traded.  

Transaction Amount (AUD)

< $15

> $15 – < $35

< $35 – > $75

< $75 – > $250

> $250

Fee

$1.50

$2.20

$3.00

$4.50

1.49% of the total transaction amount

Withdrawal Fees

Withdrawals of cryptocurrencies from the exchange to an external hardware wallet of different exchange will not incur any fees if the amount of withdrawals is less than 10 per month. If the amount of withdrawals exceeds 10 within a calendar month, then a network fee will apply, noting that this will differ depending on the digital asset withdrawn from the exchange. 

Accepted Countries

Gemini is a global cryptocurrency exchange that provides international customers with a platform to to purchase and trade digital assets.  The USA based exchange provides its crypto services to countries such as the United Kingdom, Canada, Australia, Singapore, South Korea, South Africa and many others. 

Getting Started With Gemini

Account Creation & ID Verification

Creating an account with Gemini will require a valid email and strong password. Users signing up will need to provide personal details including residential address and date of birth. 

The Know-Your-Customer (KYC) process is completed as part of setting up a new account. Copies of government-issued documentation such as a driver’s licence, passport, or identity card will need to be submitted to verify identification details. This is achieved through a mobile device and took less than 5 minutes to complete. We noted, that, unlike most other exchanges, a facial recognition check by taking a selfie photo was not required. 

Deposit Methods & Limits

Gemini offers two methods to deposit funds into the account wallet comprising bank transfer and debit card.

  • Bank transfer: Fiat deposits may take up to 5 business days and no minimum or maximum limits apply. 
  •  Debit card: Can be used to buy crypto instantly. A fee of 3.49% of the deposit amount will apply.

The User Experience

Buying & Selling Crypto

Buying and selling cryptocurrencies on the Gemini platform is an easy and straightforward process that is suitable for all levels of investors. The 56 digital assets that Gemini supports are listed on the Markets tab of the user dashboard, and can be further refined to show crypto that are the top movers in terms of price appreciation, the top traded in terms of trade volume, and assets selected by the user to be on the watchlist.

gemini buy sell

The buy and sell order window allows the user to select the frequency at daily, weekly, fortnightly, or monthly. The amount of fiat currency to spend can be entered in and the estimated amount of the selected crypto to receive will be presented for review prior to confirmation. 

It should be noted that the amount of crypto to purchase is not able to entered, and other types of trading orders can only be made using Gemini ActiveTrader. 

gemini buy crypto

Easy Trading with Gemini ActiveTrader

Gemini ActiveTrader is the exchange’s advanced trading platform. It provides advanced charting, additional fiat and crypto trading pairs, various advanced order types, and a greater degree of visibility into the order books. 

Supported Trading Pairs

USD Trading Pairs

EUR, GBP, and SGD Trading Pairs

Crypto-to-Crypto Trading Pairs

BTC, ETH, LTC, BCH, ZEC, LINK, OXT, DAI, BAT, AMP, COMP, PAXG, ZRX, BAL, CRV, MANA, KNC, MKR, REN, STORJ, SNX, UMA, UNI, YFI, AAVE, FIL, SKL, GRT, BNT, 1INCH, ENJ, LRC, SAND, CUBE, BOND, INJ, LPT, MATIC, SUSHI, DOGE, ANKR, MIR, FTM, ALCX, CTX, XTZ, AXS, SLP, LUNA, UST, and MCO2.

BTC and ETH.

BTC/GUSD, BTC/DAI, ETH/BTC, ETH/GUSD, ETH/DAI, ZEC/BTC, ZEC/ETH, ZEC/LTC, ZEC/BCH, BCH/BTC, BCH/ETH, BCH/LTC, LTC/BTC, LTC/ETH, LTC/BCH, OXT/BTC, OXT/ETH, BAT/BTC, BAT/ETH, LINK/BTC, LINK/ETH

Advanced Order Types

Gemini offers experienced investors and traders greater trading flexibility and options with eight different types of order types. These include:

  • Market
  • Limit
  • Limit: Immediate or Cancel (IOC)
  • Limit: Fill-or-Kill (FOK)
  • Limit: Maker-or-Cancel (MOC)
  • Limit: Auction-Only Limit (AO)
  • Limit: Indication of Interest (IOI)
  • Stop-Limit.

Beginner investors who are considering using Gemini AciveTrader should conduct their own research into the various order types before executing trades. 

Placing Market Orders To Buy Crypto

The Gemini ActiveTrader interface is streamlined and satisfactorily presented to enable easy crypto trading. Buying crypto on the platform can be achieved in the following steps:

  1. Select the trading pair from the dropdown menu.
  2. Select the “Buy” tab.
  3. Select the “Continuous” tab.
  4. Select “Market” as the order type.
  5. Enter the volume of fiat or crypto to make the purchase.
  6. Review the order and confirm by selecting “Buy”.

Customer Support

Users experiencing technical issues or who have queries can contact the Gemini customer support team via email or the help desk ticket system. A live bot chat is also available for problems requiring more immediate troubleshooting assistance.  

gemini support

The website includes a comprehensive FAQ section that addresses the common issues and concerns raised by users on the platform. Topics include the Gemini app, fiat transfers, trading, deposit & withdrawals, custody, security and 2FA.

Mobile App

The Gemini exchange mobile app is rich in features and is one of the best mobile apps available in the crypto market. The app, which is compatible with iOS and Android devices, allows users to track and monitor live cryptocurrency prices and the performance of their portfolios in real-time. Other features include the ability to set price alerts to act quickly on price movements as well as recurring orders, access to Gemini ActiveTrader, view historical transactions, a unique light and dark mode, and compatibility with Apple Watch and Android Wear devices. 

gemini mobile app

Alternative Exchange Options

Gemini is a sound option for users who incorporate crypto into their daily lives. The following exchanges offer similar features that are reputable and trustworthy alternatives.

  • Binance – Binance is the world’s #1 ranked crypto exchange in terms of traffic, tading volume and liquidity. Binance’s strengths lie in its high liquidity for trading pairs, low trading fees, wide range of services, and innovative features.
  • Crypto.com – Crypto.com is a global crypto exchange that is well-known for its ecosystem of innovative products and services that make it a one-stop-shop for crypto users. The Crypto.com app has been downloaded by over 100 million users and allows customers to buy, sell crypto, stake, earn interest and shop using their digital currencies.

Frequently Asked Questions

Is Gemini Legal In The US?

The Gemini platform is legal and available for investors and traders to use in all 50 US states including New York. It is regulated by the New York State Department of Financial Services (NWSDFS).

Is Gemini A Trustworthy Exchange?

Gemini is a legitimate and trustworthy cryptocurrency exchange that has built a solid reputation for its  approach to security. The exchange was founded in 2015 by Cameron and Tyler Winklevoss, and is regulated by the New York State Department of Financial Services (NWSDFS). In Australia, the exchange is registered with AUSTRAC, the government financial intelligence body responsible for the prevention and detection of money-laundering and terrorism-financing. 

Our Verdict

Gemini is a cryptocurrency exchange that certainly takes fund and account security seriously. It is clear that Gemini provides its customer base with the peace of mind and confidence to trade on the platform and has built a robust reputation around this.  

In our opinion, Gemini presents a sound exchange option for experienced investors and traders, as well as newcomers who have a basic background in crypto. Features such as Gemini Pay and outstanding mobile apps will appeal to those who want to utilise their cryptocurrencies in their daily lives. Additionally, Gemini will suit those whose strategies involve buying and holding cryptocurrencies such as Bitcoin and Ethereum.

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