Gemini Logo

AUC:

 

$30 billion

Number of cryptocurrencies:

 

85+

Fees:

 

Vary by platform and account type

Account Types:

 

Individual, Institutional

Editorial Rating

Gemini Logo

Editorial Rating

Gemini Review

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AUC:

 

$30 billion

Number of cryptocurrencies:

 

85+

Fees:

 

Vary by platform and account type

Account Types:

 

Individual, Institutional

Accepts Fiat:

 

Yes

Mobile App:

 

Android and iOS

Withdrawal Fees:

 

10 free withdrawals per month

Gemini Logo

Editorial Rating

“In 2021, cryptocurrency reached a tipping point, evolving from what many considered a niche investment into a global established asset class,” reads Gemini’s Global State of Crypto Report 2022.

If you still have doubts about the adoption of digital currencies, how about a fact to rejuvenate your thinking: In March 2022, an anonymous user transferred $42 million in Bitcoin onto Gemini.

This development prompts the need for a closer look at the exchange.

Our Gemini review does just that. Tag along to find out why investors have no qualms moving millions to the popular platform.

What Is Gemini?

Gemini is an online brokerage allowing investors to buy, sell and trade cryptocurrencies from a long list of supported coins.

The company is based in New York, United States. It was founded in 2014 by brothers Cameron and Tyler Winklevoss, the famous twins who scored a $65 million settlement after suing Mark Zuckerberg.

The duo alleged that Facebook was their idea. They accused Zuckerberg of stealing the concept when the three were undergraduates at Harvard University. They shrewdly invested the money in crypto, and the growth led to the birth of Gemini.

One of Gemini’s best attributes is its focus on security and compliance. The company holds most of its cryptocurrency in cold storage and is regulated by the New York State Department of Financial Services (NYSDFS).

What Are the Account Requirements?

Like all legitimate crypto exchange platforms, Gemini has a minimum age requirement of 18. To sign up, users need to provide personal details, including:

  • legal name
  • date of birth
  • email address
  • social security number

The newly-created account will then undergo a three-step identity verification process outlined below.

  1. Link a cell phone number to the account: This counts as part of the exchange’s two-factor authentication protocol to enhance security.
  2. Link your bank account (optional): Gemini recommends linking your bank account since it’s faster and easier to deposit funds. If the prospect of sharing your bank login information doesn’t sit right with you, the bank account can be verified via a wire transfer.
  3. Submit documents to prove your identity and address: This step provides concrete proof of your identity.

For US residents, proof of identity can be a valid state-issued ID, a passport card, or a driver’s license.

For international applicants, proof of identity can be a passport from their country of citizenship, a driver’s license, or a national ID.

How to Use Gemini

The first thing you need to do to get started with the Gemini trading platform is to fund your account. You can do this using either fiat or crypto.

Fiat

There are two ways to fund your Gemini account with fiat.

  • ACH Deposit: This option is only available to US users. Once you load the account, you can start transacting immediately. Withdrawals take a bit longer, typically 4-5 days.
  • Wire Transfers: With this option, you can start trading immediately and withdraw the funds anytime.

Crypto

You can also fund your account using supported currencies like Bitcoin or Ethereum. To do this, click on the “Deposit BTC” or “Deposit ETH,” and the platform will generate a deposit address.

Making trades

Gemini has a user-friendly interface that’s easy to navigate. Select “Buy” on the main menu bar and choose the coin you want from the dropdown menu to purchase a currency.

At the top of your screen, it will show you how much money you have in your account in USD and Bitcoin value.

What can you trade

Gemini’s crypto list is extensive. As of April 7, 2022, the exchange supported 85+ digital assets, which included:

  • Native Coins such as Bitcoin, Ethereum, Litecoin, Dogecoin, Solana, and Tezos.
  • Stable Coins such as USD Coin (USDC), Gemini Dollar (GUSD), DAI, TerraUSD (UST)
  • SPL Tokens, including Raydium (RAY) and Saber (SBR)
  • ERC-20 Tokens such as Shiba Inu (SHIB) and 0x (ZRX)

What unique tools are available?

Gemini offers several exclusive features:

  • Gemini TradingView: This feature provides daily market data and real-time insights to traders.
  • Gemini ActiveTrader: This high-performance crypto trading platform delivers a professional-level user experience. It supports advanced charting, more trading pairs, more order types, and top-tier order book visibility.
  • Gemini Earn: Also known as Gemini staking, this is a program that allows traders to lend their crypto, including stablecoins, and earn up to 8.05% APY. The exact rates depend on the type of coins you deposit in your account.
  • Referral program: If you refer a friend and they buy or sell $100 or more within 30 days of signing up, both accounts get a $10 worth of Bitcoin bonus.

Are there transaction limits?

Gemini’s transaction limits vary depending on the mode of funding, asset, and type of transaction.

ACH bank transfers

ACH Bank transaction limits depend on the type of account.

  • Verified Individual Accounts: a daily limit of $5,000, a monthly limit of $30,000, and a daily withdrawal limit of $100,000.
  • Institutional Accounts: a daily limit of $10,000, a monthly limit of $300,000, and a $100,000 daily withdrawal limit.

It’s instructive to note that ACH deposit limits reset after 24 business hours, excluding weekends and Federal US holidays.

Debit cards

The daily limit on debit card purchases is $1,000. With Gemini, debit cards can only be used to complete a trade. The platform doesn’t support lone deposits and withdrawals.

Wire transfers

There are no limits on deposits for individual and institutional accounts.

Cryptocurrencies

Likewise, there are no limits on crypto deposits.

Gemini Customer Support

Gemini has a robust help center with tools to help users onboard, manage their accounts, and trade crypto.

The help center features:

  • A status bar: This notifies users if there are any Gemini platform or network issues.
  • Enhanced search: This tool allows traders to search any topic related to their questions. The function then redirects you to relevant help articles.
  • Help desk: Users can also submit their questions and comments via the help desk. A customer support agent typically responds within 24 hours.

Traders can also contact Gemini and request support via email.

Security

Since being founded in 2014, Gemini has never been breached. The only security incident that the company has experienced was in February 2022, when its client IRA Financial Trust was hacked for $36 million in Bitcoin and Ethereum.

Following the incident, Gemini maintained its systems had not been compromised. The company stressed its record was spotless since it did not manage the security of IRA’s financial systems.

Away from that, Gemini stores most of its crypto in cold wallets. The small percentage kept in hot wallets is insured against cyber-crime.

The exchange also requires traders to set up two-factor authentication as an extra layer of security. This protects against the possibility of unauthorized withdrawals.

Gemini also has a whitelist function that allows users to ban all withdrawal activity from their accounts to specific addresses.

Regulation

Gemini is regulated by the New York State Department of Financial Services (NYDFS). To this end, Gemini must comply with anti-money laundering, capital reserve, consumer protection, and cyber-security requirements. It is also required to adhere to banking compliance standards set by the NYDFS and abide by New York banking laws.

The company is also subject to state licensing requirements and maintains money transmitter licenses in states where this is required.

Gemini Fees

One of Gemini’s downsides is that its pricing is higher than what you would find on other platforms. The exchange has a variety of fee schedules depending on the product, platform of choice, and usage level. Let us break it down for you.

Convenience fee

For mobile and web app users, Gemini charges a flat 0.5% above the current trading price. This is slightly higher than the industry’s average of 1.3%-3.5%.

Gemini trading fees

On top of the convenience fee, Gemini charges transaction fees based on the trade amount. Smaller trades get a flat fee between $0.99 and $2.99, while amounts exceeding $200 get a 1.49% fee.

Note, however, that there are currency variations. Also, Gemini’s fee schedules for its mobile app and web platform are different. So it’s worth inspecting the company’s detailed pricing pages before placing your order.

Gemini deposit fees

There are various ways to fund a Gemini account, including an ACH transfer, a wire transfer, and a debit card transfer. You can also move crypto from a wallet or exchange to trade on Gemini.

Traders do not incur fees for depositing to a Gemini account unless made via a debit card.

Deposit Type Card
All cryptocurrencies, ACH Transfer, Gemini Dollar (redemption) Free
Wire Transfer Free (Your bank may charge wiring fees)
Debit Card Transfer 3.49% of total purchase amount

Gemini withdrawal fees

You won’t be charged as long as you don’t make more than ten withdrawals a month from Gemini.

After completing the ten complimentary withdrawals, you will be notified after each one and charged a fee based on the individual value of the currency.

Gemini Mobile App

Gemini is available to both iOS and Android users on App Store and Google Play Store, respectively.

The applications are fully-operational, mirroring the web platform, and highly rated by users.

Customer Reviews

Most Gemini exchange reviews on Reddit seemed to take issue with the recommendation asking users to log in to their bank accounts.

Gemini’s wall on Trustpilot is a beehive of activity, with new comments every hour. The comments we reviewed were mostly negative. Most of the users described Gemini as a scam without valid reasons. We could not independently verify the authenticity of the other negative comments.

The platform’s Better Business Bureau (BBB) reviews are also negative but with some merit. Users complained about frozen accounts and poor Gemini customer service. Unlike most companies that respond to and resolve complaints, Gemini did not engage as of April 8, 2022.

Gemini Pros and Cons

The benefits of using Gemini far outweigh the drawbacks. Its high ranking on the CoinMarketCap power list backs this fact.

Pros

  • Hot wallets insurance
  • Available in all US states
  • Wide selection of cryptocurrencies
  • Strong security measures
  • Ability to earn interest on crypto

Cons

  • Higher fees than most exchanges
  • Complicated fee structure
  • Platform can be complex for beginners

Gemini Alternatives

Gemini is one of the most popular crypto exchanges worldwide, but how does it compare to other renowned platforms? Let’s find out!

Gemini vs Coinbase

The first major difference is that Coinbase supports 170+ cryptocurrencies compared to the 85+ crypto coins available on Gemini.

Coinbase is also available in all states except Hawaii, while Gemini is available in all 50 states. But Coinbase beats Gemini in international coverage since it is accessible in 100+ countries, while Gemini is available in 60+ nations.

Another difference is that Coinbase has a minimum deposit of $2, while Gemini doesn’t have a minimum balance.

Coinbase also has a narrower range of supported fiat currencies than Gemini. The former supports three, while the latter supports seven.

Both Coinbase and Gemini charge a flat fee or a 1.49% cut, depending on the transaction amount.

For more details, check our comparison of Gemini and Coinbase.

Gemini vs Crypto.com

Gemini and Crypto.com are both very popular exchanges but differ in several ways.

Crypto.com supports 195+ coins and 20+ fiat currencies compared to Gemini’s 85+ coins and seven fiat currencies.

Cryto.com’s fees are also lower than Gemini’s. The former employs a tired maker/taker structure based on 30-day trade volumes, pegging its maker-taker fees at 0.04%-0.4%. Gemini’s transaction fees range from $0.99 to 1.49%.

It is also possible to secure a crypto loan from Crypto.com. The same is not on offer on Gemini.

Gemini vs Binance US

The obvious place to start when comparing these two is that Binance US is incredibly popular for its low transaction fees.

Binance US maker/taker fees are pegged at 0.1%, while Gemini crypto fees range between $0.99- 1.49%.

Both Binance US and Gemini don’t have minimum deposit amounts, but Binance US has a trade minimum of $10.

Binance US supports 89+ currencies and one fiat currency (USD). On the other hand, Gemini supports 85+ coins and seven fiat currencies.

Traders can also access crypto loans on Binance US, which they can’t do on Gemini.

Wrap Up

How about an interesting fact to close our review: Gemini is the only crypto exchange that offers investors the opportunity to earn crypto in every state in the United States.

Its interest rates also sit way above the national average. What’s more, its security record is also fortress-esque. In short, the incentives of using the Winklevoss-owned exchange are plenty.

But of course, one size never fits all. There are plenty of other factors to consider. Gemini might be the holy grail for one investor, but it might fall short for another.

The best strategy is to compare the different exchanges in the market and narrow down what works best for you.

Pros

  • Hot wallets insurance
  • Available in all US states
  • Wide selection of cryptocurrencies
  • Strong security measures
  • Ability to earn interest on crypto

Cons

  • Higher fees than most exchanges
  • No margin trading or short selling available
Gemini Logo

Editorial Rating