Gemini review

What is Gemini

Gemini is a cryptocurrency exchange with a simple UI that’s user-friendly and accommodating to newcomers and experienced traders alike. Gemini is a New York trust company, which ensures that the company is compliant with numerous security and financial regulations. Gemini allows users to earn interest on eligible cryptocurrency balances.

Newcomers can earn $150 in Bitcoin when they invest $1,000 or more into the platform within 30 days of joining. Some more notable currencies aren’t available on the platform, namely some of the non-ERC20 tokens from the top 20 range of currencies.

Gemini’s most notable weakness is its fee structure. Fees are competitive if you turn on ActiveTrader.

However, if you don’t, then the fees can add up quickly. Buying through the mobile app has very high fees compared to using ActiveTrader, and the fees are the same on the desktop site without ActiveTrader on.

• If this is your first exchange: Gemini is a pretty good place to start if you are willing to put $1,000 or more into it. Gemini’s fee structure can punish small trades and may not be worth it if you make a large number of small trades.
• If you’re switching exchanges: Gemini offers some pretty bold guarantees and is covered by FDIC insurance. Gemini allows users to earn interest on its account balances with the Gemini Earn program, where customers can earn nearly 1.5% on Bitcoin balances and up to 7.4% on specific coin balances such as Gemini USD.

Verdict: Is Gemini any good?

Gemini’s strongest point is its Gemini Earn program, which allows users to earn up to 7.4% interest on specified cryptocurrency balances. Gemini has a unique fee structure that may be appealing to particular users — this gives the exchange a competitive edge.

Gemini offers incentives for newcomers to the platform and its easy-to-use interface lends itself to inexperienced and experienced traders alike. Gemini has a wide selection of cryptocurrencies available for exchanging on the platform.

However, some notable entries from the top 20 by market cap are missing, such as Cardano and Solana. All in all, Gemini is a good, welcoming exchange for users of all skill levels.

What to know about Gemini

Gemini allows users to earn interest on their balances. Interest rates can be as high as 7.4% depending on the tokens in a user’s balance. User balances are covered by a robust insurance plan and cold storage of wallets.

However, it is worth noting that Gemini is still holding the private keys to these wallets. Also, Gemini’s insurance doesn’t cover losses due to theft from unauthorized access of an individual’s account — so if, for example, somebody guesses your password, you wouldn’t be protected by insurance.

Gemini is a good exchange to use as long as you activate ActiveTrader and do trades on the desktop site. Otherwise, you are subject to very high fees that are outlined in Fees and costs.

Finder ratings for Gemini Crypto

Supported cryptocurrencies
Transferring money or assets
Fees and costs
Ease of use
Customer service
Staking/earn rating
Trustworthiness/security
Overall score

• Supported cryptocurrencies

  Gemini supports over 70 cryptocurrencies, but some notable assets are missing. Namely, Cardano, Polkadot and Solana, but there are others from the top 20 by market cap missing from what’s available on Gemini. Selection is wide, but could be better.

  Below are some of the supported coins and tokens on Gemini — but visit the exchange for a full list:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Basic Attention Token (BAT)
  • Terra (LUNA)
  • Quant (QNT)
  • Chainlink (LINK)
  • Shiba Inu (SHIB)
  • Polygon (MATIC)
  • Filecoin (FIL)
  • Decentraland (MANA)
  • Fantom (FTM)

  Transferring fiat and cryptocurrency with Gemini
  Funds sent by wire transfer before 3 p.m. ET to Gemini will typically be available in a user’s account the same day or next business day — this may vary by bank. Bank Transfer (ACH) deposits are made available for trading immediately.

  However, they aren’t fully cleared into your Gemini account and available for withdrawal for four to five business days. Crypto deposits and withdrawals are processed immediately and their wait times depend on network congestion.

  Gemini Fees and costs
  Deposit fees for fiat are free unless using a debit card, which incurs a 3.49% fee. Withdrawals are free via ACH and wire transfer. Crypto fees are free for deposits. Crypto withdrawals are free as well, as long as you are within your free withdrawal quota.

  Trading fees are complicated on Gemini. They have multiple fee structures. There are different fees for using the mobile app and the desktop site, in addition to there being an ActiveTrader setting that can be turned on.

  Without ActiveTrader turned on, users are subject to a set fee structure that’s quite high (see the image below). With ActiveTrader turned on, fees drop from set amounts to 0%–0.25% for maker and 0%–0.35% for taker.

  The only way to use ActiveTrader on mobile is to use your web browser with the setting turned on and access the exchange that way. Using the mobile app incurs the fee structure below.

  Note: Gemini fees for using the desktop site without turning on ActiveTrader are the same as for mobile.

  

  Fiat withdrawal and deposit fees

  Deposit	Withdrawal
  Free for wire transfers and ACH. 3.49% of total purchase amount for debit card transfers.	Free for wire transfers and ACH.

  Crypto withdrawal and deposit fees

  Deposit	Withdrawal
  Free for all cryptocurrencies	Free if you make less than or equal to 10 withdrawals a month as an individual customer, or less than or equal to 50 withdrawals a month as an institutional customer. Going above those limits will begin to incur fees. Each currency has its own respective fee associated with it.

  What is it like to use Gemini?

  Before you can even get started trading on Gemini, you have to go through the rigorous verification process. This can take quite a long time. The reason for this is Gemini’s commitment to certifications, and compliance with regulations and insurers.

  So, the platform’s security comes with the drawback of a slow startup time. The upside is when it’s time to do your taxes, you won’t have to worry about the status of your crypto. Gemini’s compliance makes it quite easy to manage.

  Gemini has two interfaces: the basic interface which is very newbie-friendly, and the ActiveTrader interface for the advanced trader. Gemini prides itself on being easy to use and it achieves just that.

  Gemini app
  Gemini’s mobile app is robust and easy to navigate. All of Gemini’s features are made easy to use in a mobile setting.

  

  Getting started with Gemini
  Gemini offers a quick and simple way to navigate getting started. A more detailed guide of setting up an account can be found below. It’s a simple process, but users have reported long wait times when registering financial data.

  

  Gemini Promotions
  Currently, Gemini offers new users $150 in Bitcoin after transferring $1,000 or more onto the platform within their first 30 days.

  

  Gemini credit card
  Gemini is offering waitlist sign-ups for their Gemini credit card, expected to launch this year. Once released, Gemini will be a competitor to Coinbase which also offers a card.

  

  Gemini Earn
  Gemini Earn allows users to earn interest on the balance of specified cryptocurrencies. Currently, users can earn up to 7.4%. With Gemini, it’s as simple as four steps.

  

  Does Gemini have good customer support?

  Gemini has customer support, but user reports vary. Averages reported by the company look favorable, but customers report waiting for as long as weeks to receive emails back from the company and long hold times.

  	Support offered	Wait times
  Contact Us form	✅	Under 2.5 hours on average
  Live chat	✅	Live chat is offered, but it’s a bot that directs users to other support lines.
  Email	✅	At least 24 hours after receiving the email on average.

  List Gemini services

  Trading on Gemini

  There are earning opportunities on Gemini, but they’re limited to a single operation. The Gemini Earn program allows users to earn interest on their balance on the platform. The amount of interest earned varies depending on the kind of cryptocurrency held in the balance.

  Gemini Mastercard

  Gemini is offering a credit card that is yet to be released, but is coming soon. Once implemented, it will allow users to spend their crypto anywhere Mastercard is accepted.

  Promotions on Gemini

  Currently, new users can earn $150 in Bitcoin when they transfer $1,000 or more and start trading within their first 30 days.

  Trust rating

  Gemini rates highly for security. Gemini has never been hacked. Security features of Gemini include 2-factor authentication, SOC 2 compliance — the first ever cryptocurrency exchange to do so — and FDIC insurance for fiat currencies up to $250,000.

  Past hacks

  No hacks have ever taken place.

  Security audits

  Gemini has undergone heavy-duty auditing. Gemini is the first-ever cryptocurrency exchange to pass the SOC 2 type 1 examination. They will be audited for compliance with this examination every year.

  Insurance

  The company has full FDIC insurance — like a bank does — for fiat currencies up to $250,000.

  Signing up on Gemini

  After selecting the Get Started button, fill in the create account form.

  

• Step 2

  Before you can start trading, you have to add your bank account to your Gemini account. There are several options to choose from, so choose the option most compatible.

  

• Step 3: KYC

  Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver’s license for this. Read Finder’s KYC guide here.

  

• Step 4

  After all that is processed, you’re ready to trade on Gemini.

Compare Gemini against other exchanges

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Gemini FAQ