Gemini Review

Hedge with Crypto aims to publish factual and accurate information as of the date of publication. For specific information about a cryptocurrency exchange or trading platform, please visit that provider’s website. This information is general in nature and is for educational purposes only. Hedge with Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries.

Bottom line:

Gemini has grown quickly to become a favorite among beginners looking for a simple transaction platform. While Gemini is a reasonable exchange for beginners, the high fees (0.4% to 1.99%) and limited range of assets (116) mean that Gemini is primarily suited to investors in areas like New York with stricter regulatory requirements. Even though Gemini has carved out a space for itself in the industry with its Earn Program, the recent security issues could be a cause of concern. Gemini should be avoided until further clarity.

For a list of alternatives, here's our list of the best crypto trading platforms.

How We Rated Gemini

Review Criteria	Hedge With Crypto Rating
Features	3.5 / 5
Supported Fiat and Deposit Methods	4.5 / 5
Supported Crypto & Trading Pairs	3 / 5
Fees	3 / 5
Ease of Use	4 / 5
Customer support	3 / 5
Security Measures	3.5 / 5
Mobile App	3.5 / 5

Pros Explained

• Available in NYC and worldwide. Gemini is licensed to operate in New York and 48 other states. Few exchanges can legally run in NYC, making Gemini a solid choice for state residents.
• Good range of supported fiat currencies. With support for seven fiat currencies and three deposit methods, Gemini is an incredibly accessible exchange.
• Modern and beginner-friendly interface. Gemini was designed with simplicity in mind. As a result, the exchange boasts an intuitive interface, likely to appeal to those new to the space.

Cons Explained

• Limited range of assets. While Gemini now offers 116 crypto assets, its selection is far fewer than that of Platforms like Binance. As such, users looking to trade many cryptos could be better off using another exchange.
• Confusing fee structure. The fees charged by Gemini vary based on account currency, platform, and trading volume. Because of all these factors, the fee schedule will likely confuse unfamiliar users.
• No support for margin or leveraged trading. Gemini is exclusively a spot trading platform. As such, anyone looking to boost profits and losses with margin and leverage will need to look elsewhere.

Gemini Comparisons & Alternatives

EXCHANGE	CRYPTO ASSETS	TRADING FEES	RATING	PROMOTION	WEBSITE	REVIEW
Binance	385	0.1% (spot) and 0.02% / 0.04% (Futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	Up to $100 welcome bonus	Visit Binance	Binance Review
Coinbase	241	0.4% (maker), 0.6% (taker)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.7 / 5	$5 BTC bonus (USA only)	Visit Coinbase	Coinbase Review
eToro	79	1%	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.7 / 5	None available at this time	Visit eToro Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. [website domain name] is not an affiliate and may be compensated if you access certain products or services offered by the MSB.	eToro Review

Gemini At A Glance

Exchange Name	Gemini
Features	Gemini Credit Card, Gemini Wallet, Gemini Custody, Gemini Dollar (GUSD)
Accepted Fiat Currency	USD, GBP, EUR, CAD, SGD, HKD & AUD
Deposit Methods	Wire Transfer, Credit/Debit Card, PayPal
Supported Cryptocurrencies	BTC, ETH, SOL, DOGE, MATIC, LINK, & 110 others
Number of Trading Pairs	135
Trading Fees	0.4% – 1.99%
Customer Support	Help Center, Email
Security	2FA, Cold Storage. Address Whitelisting
Mobile App	Yes (Andorid and IOS)

Gemini Exchange Features We Liked

Gemini Earn

Gemini has introduced a feature to allow its users funds within a wallet to earn compounding interest on cryptocurrencies up to 8% APY. The Gemini Earn program is available globally, but rates may vary by location. In addition, the Earn platform gives the flexibility to move the crypto assets to the trading platform (with interest) and vice versa.

It's vital to note that Gemini has suspended the Earn program due to its exposure to Genesis. So, users with funds in Gemini Earn are unable to withdraw. However, Gemini insists it's working hard to make customers whole again.

Gemini Credit Card

Gemini offers a rewards credit card that pays out up to 3% in rewards for every purchase. Rewards get credited to a user’s account through Bitcoin or one of 60 other cryptocurrencies. There are no annual, foreign, or exchange fees when receiving crypto rewards. Mastercard issues the Gemini credit card, which can be customized by color. Rewards are as follows:

• Up to 3% back on dining
• 2% back on groceries
• 1% back on all other purchases

These rewards are earned on up to $6,000 in annual spending. Unfortunately, the Gemini credit card is only available to US residents, which is a limitation for international users considering the Gemini exchange.

Gemini Wallet

Gemini wallet is a crypto hot wallet that offers top-tier security and even an insurance fund to cover certain types of losses. As a licensed fiduciary in New York State, Gemini has set aside capital reserves as an insurance fund against theft. It has a policy with world-class underwriters to protect user funds.

The Gemini Wallet supports all 100+ cryptocurrencies on the Gemini exchange and allows users to transfer funds to other external wallets. It is built into the Gemini exchange and can also be downloaded as a mobile app for Android and iOS.

Gemini Custody

The Gemini cryptocurrency exchange offers crypto custody solutions with some of the most secure storage available. As a New York State Trust Company, Gemini is a fiduciary and qualified custodian under New York Banking Law. All assets are held in cold storage with multiple biometric access controls and physical security layers.

Gemini Custody supports all assets on the exchange, but a few others are not present on the Gemini platform. Furthermore, there is a $200 million insurance fund in case of unauthorized access, and Gemini is also a trusted custodian for other exchanges. In short, Gemini is among the best offerings for users who want secure storage with insurance on their digital assets. However, there is a $125 fee to withdraw money from Gemini and a maintenance fee of 0.4% or $30 (whichever is higher) monthly.

Gemini Dollar (GUSD)

Gemini offers a stablecoin known as Gemini Dollar (GUSD). This coin can be traded on the Gemini exchange and is also available on other platforms. The price of GUSD is pegged to the US Dollar, making it one of the only insured stablecoins on the market.

As an ERC-20 token, GUSD can be used on Ethereum-based DeFi applications and held in any ERC-20 compatible wallet. In addition, there are no fees for purchasing GUSD on the Gemini platform. To learn more, read our guide on GUSD, which explains how it works and its uses within and outside of the Gemini ecosystem.

Creating and Verifying a Gemini Account

To create an account with Gemini, users must go through the registration process. The initial sign-up requires a customer's full name, email address, and password. The user must also enter their address and source of funds. In addition, users are required to verify their accounts before trading.

This process is handled by Onfido. The user needs to take a picture of a photo ID (passport, driving license). However, the photo must be taken live, meaning that a camera-enabled device is required to complete verification. Furthermore, verification can take quite a while, based on our experience (it should be less than 24 hours).

Supported Fiat Currencies & Deposit Methods

Gemini allows users to buy and sell digital assets on the platform. It supports seven fiat currencies: USD, GBP, EUR, CAD, SGD, HKD, and AUD. Traditional currencies can be deposited into the Gemini exchange using payment methods such as debit/credit cards, PayPal, and bank account transfers.

Supported Cryptocurrencies and Trading Pairs

Gemini supports 116 cryptocurrencies, including BTC, ETH, SOL, DOGE, MATIC, LINK, and DOT. The good thing about Gemini is that they continue to add coins each month and have decent liquidity on all coins on their exchange. Unfortunately, the range of cryptocurrencies is much smaller on the ActiveTrader platform. While it boasts 29 additional trading pairs, denominated primarily in BTC, ETH, LTC, and BCH, users only have access to 11 cryptos, over 100 less than on the more costly web platform.

Overall, Gemini's selection is much smaller than that of exchanges like Coinbase, KuCoin, and Binance. Furthermore, if users want to buy any cryptos unavailable on ActiveTrader, the increased costs drastically reduce the exchange's efficacy.

Gemini Fees Are Tierd

Gemini has a complicated fee structure, with differing fee schedules for different orders and applications (web, mobile, etc.). Below is a summary of the main fee schedules for Gemini, but interested parties can find the entire breakdown of Gemini fees on the website.

Trading Fees

Trading fees on the Gemini exchange vary based on an account's base currency, trade size, and whether a customer is using the standard web exchange or Gemini's ActiveTrader platform. All purchases under $200 on the Gemini web platform are charged a flat fee ranging from $0.99 to $2.99. Additionally, any orders over $200 will incur a 1.49% fee. However, it should be noted that the restrictions and costs vary based on account currency and should be double-checked before placing an order.

Trading Volume	Transaction Fee – Basic Platform
≤ $10.00	$0.99
> $10.00 but ≤ $25.00	$1.49
> $25.00 but ≤ $50.00	$1.99
> $50.00 but ≤ $200.00	$2.99
> $200.00	1.49% of your Web Order value

The fees charged for users of the ActiveTrader platform are slightly more reasonable. Gemini utilizes the maker/taker structure and offers volume-based discounts. However, with costs starting at 0.40% (Taker) and 0.20% (Maker), Gemini's charges are still high compared to other crypto exchanges.

Trading Volume	Transaction Fee – ActiveTrader (Taker / Maker)
≤ $10,000	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%

Withdrawal and Deposit Fees

Gemini does not levy any additional fees for withdrawing crypto from the exchange. However, a flat network fee is charged on all assets; for example, there is a 0.0001 BTC fee to withdraw Bitcoin. Ethereum-based assets have a dynamic fee structure based on network congestion and are subject to constant change.

While wire transfers incur no fee, those wishing to use PayPal to deposit or withdraw are charged 2.50% for the privilege, while crypto investors preferring to use a debit/credit card must pay 3.49%. As such, Gemini can be a costly platform for anyone not wishing to use wire transfers.

Gemini Fees Compared

To highlight how Gemini compares to other popular trading platforms, we've included a table highlighting the fees charged by Gemini and a few other leading exchanges.

Exchange Name	Trading Fee
Crypto.com	0.075%
Binance	0% to 0.1%
Gemini	0.40% to 0.20%
eToro	1%

Gemini Ease of Use

Our Gemini review wouldn't be complete without discussing the exchange's ease of use. Gemini is designed to make it easy for investors and traders looking to buy crypto and boasts both basic and advanced platforms.

Gemini offers a simple view of popular cryptocurrencies, with the ability to click on any of them to view more details. While Gemini allows users to purchase crypto instantly using the basic platform, users can access increased detail and superior analysis tools by swapping to the advanced ‘ActiveTrader ‘ platform via a conveniently located menu button.

Gemini ActiveTrader supports a variety of timeframes, offers drawing tools, and enables users to access a good range of technical indicators. ActiveTrader is designed for professional traders and offers a more competitive fee structure than the standard platform. Furthermore, it provides six order types: Market, Limit, Fill-or-Kill, and Stop-limit.

As Gemini offers both a simple and advanced trading interface, the platform is accessible to everyone, regardless of skill level. However, the separate fee structures will likely confuse users unfamiliar with Gemini and may prefer another trading platform.

Related: Gemini vs. Kraken Comparison: Which Is Best?

The Mobile App Is Great

The Gemini exchange's mobile app provides a safe and easy way for investors and traders to buy, trade, store, and sell digital assets. The crypto app, available for Android and iOS devices, allows users to track and monitor live cryptocurrency prices, such as Bitcoin and Ethereum, in real time. When writing, the Gemini mobile app had an average rating of 4.8 / 5 across more than 90,000 reviews.

While creating our Gemini exchange review, we analyzed the mobile app's real-world usability. Initially, the customer will be met with a screen showing their portfolio, an asset watchlist, and a few of the day's best-performing cryptocurrencies. Furthermore, toward the bottom of the homepage, Gemini included some basic educational material designed to help people get started.

Crypto investors can easily buy and sell assets from the dedicated market section on the exchange. While opening a position is simple, the app has essentially zero charting capabilities and no way to enable advanced trading features, as is present on the desktop version.

Overall, the Gemini trading app is a simple and secure platform enabling users to buy and sell crypto hassle-free. Based on our research, Gemini is one of the best apps in crypto for beginners, but due to its lack of analytical features, we cannot recommend the app for technical traders.

Is Gemini Safe?

While the Gemini platform was previously considered one of the safest cryptocurrency exchanges to buy and sell digital assets, hackers leaked partial account details to many Gemini customers in December 2022. As a result of this hack, Gemini clients saw a considerable increase in phishing schemes designed to gain access to customer accounts.

More recently, the US Securities and Exchange Commission issued charges against Gemini for the unregistered sale of securities through its Lending platform. As a result of this suit and Gemini's exposure to Genesis (a now insolvent crypto platform), customer funds held in the Gemini Earn program have been frozen.

Although the leaked customer information will likely harm consumer trust, Gemini remains committed to providing a secure platform for crypto investors. For example, most client funds are stored in multi-sig cold storage, all Gemini employees are background checked, and even the founders cannot transfer funds from Gemini wallets.

Gemini has also implemented security measures designed for client accounts. Customers must set up two-factor authentication (2FA), with an app like Authy heavily recommended. Furthermore, users can see every login attempt to their accounts and can whitelist specific crypto addresses for withdrawals.

Gemini Customer Support

Gemini offers a comprehensive help center that addresses the common issues and concerns users raise on the platform. The platform covers topics such as how to get started with crypto, the Gemini app, fiat transfers, trading, deposit & withdrawals, custody, security, and 2FA. For less common issues, Gemini provides a chatbot that can direct users to the correct place to receive assistance. Additionally, users can email customer support to get a response to any queries, although the team wasn't very responsive at an average of 2-3 business days for a reply.