Gemini digital asset exchange – review May 2020

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Gemini prides itself on being “the regulated cryptocurrency exchange.” What does that mean for you?

  • Great for its tightly-regulated trading
  • Not so great coin selection

1

Fiat currencies

24

Cryptocurrencies

Details

Product Name Gemini Cryptocurrency Exchange
Fiat Currencies USD
Cryptocurrencies BTC, ETH, BCH, LTC, ZEC, OXT, DAI, BAT, LINK,OMG +10 & more
Deposit Methods Cryptocurrency
Wire transfer
Bank transfer (USA only)
Trading Fee From 0-0.1%+
Deposit Fees Cryptocurrency: None
Wire transfer: None*
ACH: None * banks may charge transfer fee
Withdrawal Fees Cryptocurrency: Up to 0.002 BTC & 0.001 ETH
Other: None

Pros

  • Strong reputation backed by two leading investors
  • Dollar-to-crypto and crypto-to-crypto trading
  • Discounts and rebates for high-volume traders

Cons

  • Strict regulation comes at a cost – in this case it’s the loss of privacy
  • Limited selection of altcoins
  • Limited funding methods
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Which fiat and cryptocurrencies are supported?

  • Supported fiat currencies: USD
  • Supported cryptocurrencies: Approximately 24 cryptocurrencies

Which payment methods are accepted?

  • Cryptocurrency
  • Wire transfer
  • Bank transfer (USA only)

What’s it like to use Gemini?

Gemini fees and limits

Platform trading fees

The fees below are accurate as of 26 August 2019. All dollar figures are listed in US dollars.

Direct buy and sell fees
These transaction fees apply when placing a cryptocurrency buy or sell order through the Gemini website or mobile app. A 0.5% “convenience fee” applies to all transactions.

Order sizeFee
All0.5% spread
≤ $10$0.99
$10 to ≤ $25$1.49
$25 to ≤ $50$1.99
$50 to ≤ $200$2.99
> $2001.49%

Marketplace ActiveTrader fees

These transaction fees apply when buying or selling from the Gemini continuous order books, or the Gemini auction, via the ActiveTrader interface.

You can switch the ActiveTrader interface on or off in your account settings. The direct buy and sell fees listed above will apply when ActiveTrader is switched off.

30 day trading volume Maker feeTaker feeAuction fee
0 to $499,9990.25%0.35%0.25%
≥ $500,0000.15%0.25%0.20%
≥ $2,500,0000.15%0.25%0.1%
≥ $5,000,0000.1%0.15%0.1%
≥ $10,000,00000.1%0.15%0%
≥ $15,000,0000%0.1%0%

Deposit and withdrawal fees

Gemini does not charge any deposit fees, but there may still be fees associated with bank deposits (USA only) and wire transfers (available both inside and outside the USA). Forex fees may also apply when transferring currencies other than USD.

Gemini charges nominal fees, broadly equivalent to cryptocurrency network fees, for crypto withdrawals. It does not charge any fees for bank or wire withdrawals, but there may still be fees charged by banks involved in the procedure.

Other fees and when they apply

How fast will my funds be available?

Deposits

Clock icon for transfer speed

Up to 5 days

Wire transfers may take up to 3 business days, or longer depending on the situation.

Bank transfers can take up to 5 business days to clear.

Cryptocurrency transfers

Clock icon for transfer speed

within minutes

Cryptocurrency transfers can be completed within minutes, depending on the cryptocurrency.

Withdrawals

Clock icon for transfer speed

Up to 5 days

Wire transfers withdrawals can take several business days to clear, depending on the banks involved.

Bank transfer withdrawals can also take several days to go through, depending on the situation

Is Gemini safe to use?

  • Regulation. Gemini dubs itself “the regulated cryptocurrency exchange.” It’s one of very few cryptocurrency exchanges with a New York BitLicense, regulated by the New York Department of Financial Services. This is one of the world’s strictest bodies of cryptocurrency exchange regulations, encompassing a robust set of AML/KYC, market surveillance, capitalisation and security requirements.
  • Verification process. Only verified users can trade on Gemini. Verification requires providing some personal details, and documentation to support it.
  • Security features. Gemini was the first exchange to pass a SOC 2 Type 1 examination, demonstrating a high level of security compliance in protecting user data and funds. It also uses a proprietary cold storage system, and has insurance for assets in custody.

Gemini may be one of the world’s highest security cryptocurrency exchanges. Rather than simply following security best practices, Gemini leads them by working with Nasdaq, regulators and other institutions to create these practices.

Gemini itself has never been hacked, although some Gemini users have been hacked through SIM swapping.

How do I create an account at Gemini?

Back to top

What else do I need to know about Gemini?

Gemini was founded by the Winklevoss twins, who successfully sued Mark Zuckerburg for $65 million – a story popularised by the film The Social Network.

The Winklevii, as they have previously said they don’t mind being called, have been closely involved with Bitcoin and cryptocurrencies since at least 2013.

Gemini was founded in 2014 and is their most prominent cryptocurrency project to date. It’s regularly included in the ranks of the world’s top cryptocurrency exchanges and works closely with regulators and traditional financial institutions.

In a nutshell

Pros

  • Highly regulated. Gemini is one of the most tightly-regulated cryptocurrency exchanges in the world.
  • High security. Gemini is actively developing industry-leading security practices.
  • Multiple trade types. Between direct buys, the ActiveTrader interface, the auction and fully electronic block trades, Gemini offers many options.
  • Deep liquidity. Gemini has highly liquid order books.

Cons

  • Limited coin selection. Gemini only offers 5 cryptocurrencies.
  • Higher fees than other exchanges. Fees can be as low as 0% in some cases, but can also run considerably higher than other exchanges for equivalent trade types.
  • Limited fiat deposit options. There are limited fiat deposit options, and transfers may be slow and expensive, especially for currencies other than USD.

Compare Gemini against other exchanges

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
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