Gemini (Gemini Trust Company LLC) is a leading centralized cryptocurrency exchange founded in 2014 by Tyler and Cameron Winklevoss —famously known in the crypto community as the Winklevoss brothers.
The exchange boasts a highly secure platform with top-notch security measures to protect users’ accounts.
It also offers access to at least 100 crypto assets available to trade and provides several crypto-related products and services including the ability to earn interest through holding crypto, a digital wallet where users can store their funds, a crypto rewards credit card, and more.
Is Gemini for Beginners or Advanced Traders?
One of the perks of Gemini is that it’s suitable for both beginners and advanced traders.
The trading interface is user-friendly and intuitive but it also offers an advanced charting platform for professional traders.
Pros & Cons Of Gemini
Here’s a breakdown of the pros and cons of Gemini:
- Highly secure platform
- Help center and trading education
- Available for all US states
- Availability to earn interest
- Limited amount of cryptocurrencies supported
- Complicated fee system
- Expensive fees
Our Take On Gemini
What I like about Gemini is that it has a user-friendly platform while also providing professional traders with all the necessary features for advanced trading.
One of the things that make Gemini stand out from its competitors is its emphasis on security.
The exchange features industry-standard security protocols and keeps users’ funds offline in cold storage.
This is definitely a company I’d recommend for beginners and experienced traders alike.
Most crypto exchanges rely on the maker-taker fee model.
This is the general outline of the maker-taker system:
- Makers: the ones in charge of providing liquidity to the market and thus easy access to buy and sell orders —they usually pay fewer fees compared to takers.
- Takers: the ones fulfilling the buy and sell orders carried out immediately —takers pay higher fees as they pull the liquidity off the market.
However, Gemini has a more complex structure to its fee system —which is relatively more expensive compared to its competitors.
In fact, if you search for fees on Gemini’s official website, you’ll encounter a page with 10 sections —each one talking about the different fees for each product or service, which can be difficult to go through for some.
The number of fees that the exchange charges might be overwhelming, but let’s outline the main fees you should be aware of:
- Transfer fees: this applies to deposits and withdrawals. It should be noted that Gemini will charge fees to users if they exceed 10 deposits or withdrawals per month. Deposit fees might apply depending on your deposit option: Wire transfers and crypto are free of charge while debit card deposits are 3.49%
- Withdrawal fees: vary depending on the cryptocurrency.
- Custody fees: this applies mostly to institutional accounts for using the Gemini Custody account —a crypto storage platform that charges a custody fee of 0.4%
- Trading fees: taker: 0.30%; maker: 0.10% Fees vary depending on users’ 30-day trading volume. The higher the trading volume, the fewer fees you’ll have to pay:
Also, note that the exchange has different fees for its mobile app and desktop version.
To learn more about how fees work on the exchange, you can check Gemini’s fees section, which has all the additional information regarding fees.
Is Gemini Safe?
Gemini is regarded as one of the safest cryptocurrency exchanges in the market.
It has a clean record of no hacks or security breaches since it was created, highlighting Gemini’s commitment to users’ security.
The exchange features industry-leading security protocols and keeps the majority of crypto assets in cold storage.
This is the best way to protect users in case the exchange ever suffers a major hack, which can compromise users’ funds.
Additionally, Gemini offers up to $250k in insurance for USD deposits and cryptocurrency insurance for its hot wallet.
Gemini doesn’t offer a lot of trading options. Derivatives or leverage trading aren’t available mostly due to regulatory oversight.
There are other services that are missing on the exchange as well, such as market analysis, market news, trends, or trading education.
The Cryptopedia section is mostly about the ABCs of crypto.
The exchange does count with a lending program called Gemini Earn, which allows users to lend their cryptocurrencies to institutional investors and earn interest in exchange.
The program is quite flexible as it allows customers to redeem their assets back to their accounts plus the interest with no transaction fees in the middle.
Banking At Gemini
You can deposit funds to your account via wire transfer or debit/credit card issued by VISA, MasterCard, and American Express.
Gemini doesn’t charge fees for wire transfers (although your bank will) but it will charge a 3.49% fee if you make more than 10 deposits via debit/credit card.
You can also make deposits via cryptocurrency.
Gemini supports a wide range of crypto assets available for sale, including stablecoins and decentralized finance (DeFi) tokens:
- Bitcoin (BTC)
- Binance Coin (BNB)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Uniswap (UNI)
- Dogecoin (DOGE)
- Polygon (MATIC)
- Dai Stablecoin (DAI)
- USD Circle (USDC)
- Solana (SOL)
Unlike its competitors, Gemini doesn’t support Tether (USDT), which is rare given the stablecoin’s popularity.
Instead, the exchange has its own dollar-pegged currency called Gemini Dollar (GUSD).
Gemini also offers two wallets:
- Gemini Wallet: hot storage —meaning, it’s a digital wallet connected to the internet— and,
- Gemini Custody: a cold storage —meaning, it’s a physical wallet that stores crypto assets offline.
Gemini Wallet is suitable for users who don’t own a wallet and is quite user-friendly for beginners while Gemini Custody is mostly made for institutional investors.
Gemini App Experience
Gemini has a mobile app that can be downloaded via the App Store (iOS) and Play Store (Android). It can also be found on the exchange’s official website.
The app performs smoothly and the navigation speed is relatively fast.
The main dashboard is very similar to the desktop version, displaying the list of the main cryptocurrencies by market capitalization.
You can also switch to DeFi or NFT tokens and check their latest market movements.
Registering through the app is simple as well, and you can verify your identity directly by submitting a picture of a government-issued document, such as a passport or ID Card.
The app allows Face ID for both Android and iOS users and also enables 2FA authentication.
Keep in mind you will first need to verify your account in order to manage your portfolio and access certain features, like Gemini Earn.
Gemini Site Experience
Gemini is an excellent option for new traders due to its user-friendly and intuitive interface where they can access a range of crypto-related products and services.
The main trading chart is quite suitable for beginners and allows them to buy with just a few clicks.
The first thing you will notice is the list of all cryptocurrencies available to trade with their respective market information including price, 24hr change, and percentage change.
You can customize this list by clicking on the Watchlist tab, which allows you to add your favorite cryptos so they can appear at the top.
To start trading, simply click on the cryptocurrency you wish to trade and you will be redirected to the main trading interface, which is pretty basic and comprehensive for users who simply want to place buy or sell orders.
For professional traders, Gemini offers an advanced charting interface called ActiveTrader, which features all the necessary tools and resources for high-level trading, including indicators, time frames, multiple order options, and depth charts.
To gain access to it, simply click on Account, and then choose ActiveTrader —you will be immediately redirected to the platform.
Registering on Gemini is a relatively straightforward process and only takes a few minutes to complete.
As such, you’ll need to provide your full name, your email address, and a password.
To verify your account, you’ll have to submit one of the following government-issued documents:
- ID Card
- Drivers license
- Social Security Number (for US citizens)
The verification process is relatively fast and takes up to 1 to 2 working days.
After your identity is fully verified, you will be able to deposit funds to your account using your debit card or via wire transfer.
Gemini Global Restrictions
Gemini is available for most countries across the globe —it’s also the only exchange available for all 50 US states.
There is certain jurisdictions in which Gemini is not available, including:
Gemini Customer Service
Users can reach out to customer support by submitting a ticket and receiving help from a Gemini employee.
They can also use the live chatbot or navigate the exchange’s Help Center to find answers to common questions. Like most crypto exchanges, Gemini doesn’t provide phone support.
Additionally, the exchange has a support center where users can find answers to common questions, and a section called Cryptopedia —an educational hub that teaches people both the basics of cryptocurrencies and blockchain technology and also more in-depth and complex topics, including decentralized finance (DeFi).