Gemini Review for 2023
Quick Summary: Gemini is a U.S.-based cryptocurrency exchange that was founded in the year 2014 by the twins of Winklevoss. Gemini is regulated by New York State Department of Financial Services (NYSDFS) and is a security-focused company, and has FDIC security for USD.
Gemini adheres to the highest standards of operational and security compliance and has passed SOC 1 Type 1 and Type 2 along with SOC 2 Type 1 & Type 2 tests, and obtaining certification under the ISO 27001 certification.
Purchasing cryptocurrency is an exciting investment strategy that can offer tantalizingly high returns. The market can be quite volatile, so it is essential to trade wisely and make educated investment decisions. One of the best things investors can do is select an appropriate and secure crypto exchange.
This Gemini exchange review will examine if the platform provides a safe, legal opportunity to buy and sell some common cryptocurrencies.
Many crypto exchanges in the US have appeared in the market over the past decade, so it is crucial to select one that is both reliable and offers features that complement your investment strategy. You also want to consider which types of coins and tokens you intend to invest in and how you plan to buy crypto.
Gemini provides a secure platform where traders may purchase some of the most common forms of crypto. It offers a clean user interface and is appropriate for first-time investors. It may not be the best option for more advanced investors or those living outside the United States or Great Britain.
Consider the points raised in this Gemini exchange review as you think about which platform provides the best features to suit your needs.
Table of Contents
Gemini at A Glance
- Website: www.gemini.com
- Country: New York, USA
- Mobile App: Available
- Deposit Methods: Wire transfer, ACH, Debit card, Cryptocurrency
- Fiat Currencies: USD, AUD, CAD, EUR, GBP, SGD, HKD
- Cryptocurrencies: BTC, ETH, DOGE, LTC, UNI, BCH, MATIC, SHIB & 90+ more
List of Features
- Sell and buy crypto quickly by using the quick buy/sell option
- Leading security and compliance company
- Free withdrawals of fiat currency and free cryptocurrency withdrawals (10 each month)
- Gemini Earn interest on your cryptocurrency
- Gemini Pay: use it to spend bitcoin in stores that sell retail
- ActiveTrader option for all types of orders and advanced charts
- Gemini Dollar (GUSD) – USD-backed stablecoin
- Gemini Custody is an institutional-grade crypto storage that comes with insurance
- Gemini Wallet – Store your cryptocurrency safely and secure by securing it against theft
- Mobile app for iOS and Android
- Over 90+ different cryptocurrencies available
Pros
- Over 90+ cryptocurrencies available
- Free withdrawals of fiat and ten free crypto withdrawals each month
- Highly secure and compliant with cryptocurrency exchange
- Mobile app is available on iOS and Android
- Insurance protection against the theft of cryptocurrency
- Advanced trading platform
- Wide range of cryptocurrencies
- Low minimum purchases
- User-friendly mobile app
- Available in all U.S. states
Cons
- The higher fees for trading as compared to other exchanges
- A few of the most popular cryptocurrency (ADA, XRP, ETC) aren’t accessible
- Customer service is poor – no live chat assistance
Who Owns Gemini Exchange?
As its name hints at, Gemini was founded by twins—Cameron and Tyler Winklevoss, who rose to fame over a lawsuit concerning the formation of Facebook.
The Winklevoss twins launched Gemini in New York City in 2014. That makes it a few years younger than some of its competitors in the crypto exchange market.
Gemini does not support the breadth of cryptocurrencies that other platforms do. It also has fewer payment options and opportunities for international users compared to other exchanges. However, it is still an appealing choice, especially for Americans who put a premium on security.
Even if Gemini is not your top choice at the moment, keep an eye on this exchange because it continues to expand its features and user base and may eventually provide services to fit your requirements.
For now, the platform offers a very secure crypto exchange. It is elegantly designed and intuitive to use, though some experienced crypto enthusiasts may be used to an older type of layout and take a while to adjust. Gemini can also provide service on-the-go with a mobile app that is also easy to use and allows users to trade from smartphones or tablets.
Payment Methods
You may purchase crypto with American dollars or, as of September 2020, British pounds. Users can initiate payments through the exchange’s desktop site or the Gemini mobile app. In addition to fiat (government-backed currency such as the U.S. dollar), Gemini users may perform crypto-to-crypto transactions using popular cryptocurrency forms such as Bitcoin and Ethereum.
If you plan to use fiat to buy crypto, you may use a debit card or make a wire transfer from your bank. Customers can only use debit cards to complete a transaction, not for standalone deposits and withdrawals. Gemini does not support credit card purchases.
We will look at fees for various types of transfers below.
Supported Cryptocurrencies
Gemini supports more than 20 types of common cryptocurrencies, including:
- Bitcoin
- Bitcoin Cash
- Zcash
- Litecoin
- Ethereum
- Dogecoin
- OmiseGo
Users may also exchange less well-known coins such as Bread, Stoorj, and Numeraire. If you are interested in speculating on new, up-and-coming altcoins, another exchange may be more appropriate, but Gemini supports all the most widely used coins. Users may also purchase some tokens, such as the ERC-20.
Gemini has created its own crypto, the Gemini Dollar, a stablecoin backed by the American dollar and trades at 1 to 1 with USD. You may use the Gemini Dollar for various transactions or hold on to them in savings. Gemini works with BlockFi to provide lucrative earnings rates for Gemini Dollars. Investors can qualify for interest rates on Gemini Dollars up to 8.6% APY (annual percentage yield).
Trading Fees and Limits
| 30-day Trading Volume (USD) | Maker Fee | Taker Fee |
|---|---|---|
$0 – $500,000 | 0.25% | 0.35% |
> $500,000 | 0.15% | 0.25% |
> $2,500,000 | 0.15% | 0.25% |
> $5,000,000 | 0.10% | 0.15% |
> $10,000,000 | 0.10% | 0.15% |
> $15,000,000 | 0.00% | 0.10% |
> $50,000,000 | 0.00% | 0.075% |
> $100 000 000 | 0.00% | 0.05% |
> $250 000 000 | 0.00% | 0.04% |
> $500 000 000 | 0.00% | 0.03% |
What Are Geminis Trading Fees?
It is important to keep in mind that this Gemini exchange review will only discuss platform fees. Your debit card company or financial institution may collect its own fees.
All crypto and wire transfer deposits are free. Debit card purchases incur a 3.49% fee.
Does Gemini Have Withdrawal Fees?
Your first ten withdrawals each month are also free. After ten, Gemini collects a fee per transaction depending on the type of currency. Withdrawals made via wire transfer and a few crypto types, such as the Gemini Dollar, are always free. If you check the fee tables, remember that Gemini charges fees differently for institutional customers.
Gemini charges a 0.5% commission (known as the convenience fee) on all transactions. The platform also collects flat transaction fees ranging from $.99 to $2.99 for amounts up to $200. If the trade is over $200, a 1.49% fee is applied to the total value.
Gemini also charges a 0.4% service fee for cold-storage of more than $1 million in crypto assets, plus a $125 withdrawal fee for these accounts.
| 30-DAY TRADING VOLUME IN (USD NOTIONAL)¹ | TAKER FEE | MAKER FEE |
|---|---|---|
$0 | 0.40% | 0.20% |
≥ $10,000 | 0.30% | 0.10% |
≥ $50,000 | 0.25% | 0.10% |
≥ $100,000 | 0.20% | 0.08% |
≥ $1,000,000 | 0.15% | 0.05% |
≥ $5,000,000 | 0.10% | 0.03% |
≥ $10,000,000 | 0.08% | 0.02% |
≥ $50,000,000 | 0.05% | 0.000% |
≥ $100,000,000 | 0.04% | 0.000% |
≥ $500,000,000 | 0.03% | 0.000% |
Limits
Gemini imposes a $5,000 daily limit and a $30,000 monthly limit on bank transfers. Wire transfers are limitless, but there is a $100 minimum on wire withdrawals. There is a $1,000 daily limit on debit card purchases.
There are no limits on crypto transactions, though most will incur a fee after ten withdrawals in one calendar month.
Customer Support
Gemini provides a detailed online FAQ to answer many common questions. If you need to request more specific support, a company representative usually responds within a few hours, and the staff is generally knowledgeable and helpful.
The platform prefers to correspond via email. You may visit the support page to request help or file a complaint. You may also reach the team on Twitter @GeminiSupport or via phone support at (866) 240-5113.
Safety Features
Security is Gemini’s top selling point, but some users may not feel comfortable providing all the information the exchange requires.
Gemini can boast about being the first exchange to comply with SOC 1 and SOC 2 of the Service Organization Controls. This compliance involves a thorough financial security audit.
Is Gemini Exchange FDIC Insured?
Gemini’s assets are protected by the U.S. Federal Deposit Insurance Corporation (FDIC). Most of its digital funds are held in cold (offline) storage, where they are more difficult for hackers to reach. Gemini’s cryptocurrency, the Gemini Dollar, is backed by the U.S. dollar.
These safety precautions mean Gemini demands its users disclose a good deal of personal information when opening an account. Users must provide bank account details, ID, email address, and phone number.
Summing It Up
In this Gemini exchange review, we have looked at some of this New York-based crypto trading platform’s pros and cons. We have considered which types of users could get the most out of the features Gemini offers.
This exchange might be the best choice for investors whose top concern is security. Gemini has tested its financial controls against rigorous scrutiny and developed an extremely safe platform where you can be confident your funds are protected and federally insured by the U.S. government.
The Gemini platform is clean and easy to navigate, though traders familiar with other platforms may take some time to acclimate to Gemini’s unique design.
Gemini offers attractive rates for crypto-to-crypto transfers and customers looking to exchange American dollars and British pounds. However, it has yet to break into the Eurozone or Asian fiat markets. It does not support credit cards, and limits debit card transactions, which carry an additional fee.
If you are considering Gemini, it might be worth your time to investigate competitors like Coinbase. Still, the Gemini platform is a safe and reliable exchange for new and experienced crypto investors who want to trade in the most popular cryptocurrency forms.
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Frequently Asked Questions
Is Gemini a Safe Exchange?
Yes—Gemini markets itself as the safest crypto exchange.
Gemini has yet to be hacked, and even if it was, the platform’s funds are insured by the American FDIC. Most assets are held in multiple secure sites offline, where they are less accessible to potential thieves and fraudsters. The exchange has also passed rigorous financial security audits.
The company utilizes multi-signature protocols to prevent a single security failure from cascading into a larger security issue.
Some users may not like the limited variety of cryptocurrencies Gemini supports. Other platforms allow traders to buy and sell many more types of altcoins and tokens. However, some crypto enthusiasts have argued that exchanges are more reliable when focusing on established forms of crypto. This format keeps the market stable rather than subject to the booms and busts of volatile new altcoins vying to become the next big thing.
Does Gemini Offer a Mobile App?
Yes, the Gemini mobile app is available on Android and iOS devices. The app is easy to use and provides much of the same functionality as the desktop exchange site. Users may process transfers utilizing the app.
Does Gemini Provide a Digital Wallet?
Yes, users may store their cryptocurrency in a Gemini Wallet. The Exchange is also compatible with Samsung Blockchain Wallets for users in the U.S. and Canada.
Gemini Wallets comply with the U.S. Federal Information Processing Standard (FIPS) Level 3 safety measures, a high-security standard.
No matter where you store your cryptocurrency, remember to practice personal security to safeguard your investment. It is a good idea to hold funds in cold storage to protect your assets from hackers, bots, and all varieties of cyberattacks. Keep private keys a secret and take steps to make sure not to let them fall into the hands of phishers.
What Countries Does Gemini Support?
Gemini is available in most U.S. states, the U.K., Canada, Hong Kong, Puerto Rico, South Korea, and Singapore.
How Do I Sign Up to Use Gemini?
- Navigate to Gemini.com and select “Register” at the top of the page
- Submit personal information such as your name, email, and a password
- Review and sign off on the user agreement and privacy policy
- Click “Create My Account”
- Enter your phone number
- Wait for a text with a security code and enter the code on the site
- Provide bank account information to connect your bank account with your Gemini account
- Upload a photo ID and proof of address (the site will list acceptable documents)
Gemini will take a few days to review your information and confirm your account. In the meantime, you may look around the exchange, download the Gemini mobile app, and perform transactions with crypto. You must wait for the exchange to verify your bank and personal information before you can begin withdrawing and depositing fiat.
Does Gemini Have a Debit Card?
Gemini does offer a card but not a debit card - it’s a crypto credit card.
How to Trade On Gemini Exchange?
The process of buying or selling crypto has significantly reduced over time and is based on the process that are in place at a particular platform. Most cryptocurrency exchanges use processes similar to those of traditional trading platforms. The primary step will be to deposit or transfer funds into your account for trading. After that, you can start trading by entering the kind and amount of assets you wish to purchase or sell.
How to Buy Bitcoin on Gemini With Bank Account?
- Choose the cryptocurrency you wish to purchase, in this instance Bitcoin. After you've signed in to Gemini's Gemini Website, you'll land on the Homepage.
- Make your order.
- Choose the payment method that you prefer.
- Examine your purchase, then confirm your order by clicking Confirm!
What Crypto Does Gemini Sell?
Gemini provides more than 100 different cryptocurrencies which include Bitcoin and Ether in addition to the limited number of trading pairs that convert crypto to cryptocurrency.
Is Gemini Exchange Better Than Coinbase?
Although the exchanges have a lot in common However, there are differences. Gemini has features that help institutional investors and Coinbase allows you to earn cryptocurrency while you learn about trading. For beginners, it's easy to use either of the platforms. But, Coinbase is a bit more user-friendly. advantage because it's offered to more international locations and provides different currencies.
Is Gemini Cheaper Than Coinbase?
In most instances, your trade will be less expensive at Coinbase and paying the 0.50 percent maker-taker fee, compared to. the 1.49 percent Gemini charges for transactions over $200. If you choose to use credit card payments to make payment for your cyrpto you'll be charged 3.99 percent for Coinbase and 3.49 percent on Gemini. Additionally, Gemini doesn't charge for wire transfers, while Coinbase charges $10 per transaction.
If you choose to use Gemini ActiveTrader, you'll pay maker-taker costs that are lower than Coinbase for trades of common sizes. However, in the larger size of trades it's possible that the trend will change.
Which Is Better Gemini or Binance?
Binance is notable for its low costs and wide range of cryptos. Additionally, it offers more opportunities to make money on a wider array of assets. Gemini provides a great deal of details about its security procedures and some might feel that it's in safer hands. Gemini's safe, non-custodial wallet that is insured and compliance-first strategy provide a sense of security in what's an unregulated and unregulated method of investing.
Which Is Better Robinhood or Gemini?
If you're looking for access to a broad range of cryptocurrencies, Gemini is the best alternative to Robinhood. Gemini allows you to buy and sell more than 100 different cryptocurrencies and is among the top crypto applications for its variety. Robinhood offers more than 10 which means it's not far further behind in this department.
Is Gemini Coin Backed by FDIC?
Yes, it is.
Does Gemini Exchange Report to IRS?
Yes. Gemini is a reporting entity on behalf of the IRS.
Before the 2021 fiscal year Gemini provided a form 1099-K to customers who have more than $20,000 of trading volume during a single financial year. A version of the 1099-K forms is also provided for the IRS.
Similar to other crypto exchanges because of the changes in reporting, Gemini have confirmed they'll be sending out 1099-MISC form to customers who earn more than $600 worth of cryptocurrency earnings through Gemini Earn. The 1099-MISC will be as well sent for the IRS.
Adam Morris
Adam is a seasoned crypto expert who has been researching and writing all about the topic since 2017.
He’s spoken on crypto podcasts as well as being featured in large media publications such as Yahoo, Fortune, TheStreet, Coindesk, and many others.
He’s passionate about blockchain technology and how it’s going to change the world for the better.