Skip to content
Luis Clark
- Home
- /
- Cryptocurrency Exchanges
- /
- Gemini Review 2024: Features,...
Gemini Review 2024: Features, Fees and more
Luis Clark
- URL: https://www.gemini.com
- Headquarter: New York, United States
- Year Founded: 2015
- Platform App: Web/Mobile
- No. of Cryptos: 100+
- Fiats Available: USD, EUR, GBP, CAD, HKD, SGD, AUD
- Withdraw Method: Bank transfer
- Payment Method: ACH transfer, wire transfer, debit card, bank transfer (GBP and EUR), PayPal
Gemini Review: Our Opinion
The Gemini crypto exchange is an easy-to-use interface that caters to both beginner and advanced crypto investors. Gemini offers a sizable amount of digital assets, an impressive selection of educational resources, and a Gemini credit card that makes crypto payments seamless. However, when compared to other major crypto exchanges Gemini falls short in features catering to professional traders as products like margin trading, futures, etc. are noticeably missing.
An Overview of Gemini
The Gemini crypto exchange, founded in 2015 by Cameron and Tyler Winklevoss, is a New York trust company under the regulation of the New York State Department of Financial Services (NYSDFS).
It is subject to cybersecurity requirements, banking compliance standards, and capital reserve requirements placed by the New York Banking Law and the NYSDFS. The crypto exchange is also recognized in the state of New York as a qualified custodian and fiduciary.
Beyond its operation in the United States, the cryptocurrency exchange in its early days only operated in South Korea, Canada, Hong Kong, Singapore, and the United Kingdom, however, it now operates in over 60 countries around the globe.
Some of the notable products offered by the exchange include Gemini’s Active Trader platform, Gemini custody, Gemini Pay, Gemini wallet, Gemini Earn, buying and selling crypto, and much more. You can also exchange digital assets alongside crypto trading.
In their words, Gemini runs on 4 pillars: security, product, compliance, and licensing. This is why the cryptocurrency exchange takes its regulatory affairs seriously. The Gemini exchange is also the first SOC 1 Type 2 and SOC 2 Type 2 certified crypto exchange globally.
Pros
- It supports multiple payment methods
- Suitable for new crypto investors
- It offers crypto education via Cryptopedia
- It supports over 100 cryptocurrencies and 7 fiat currencies
- It offers user-friendly products like Gemini Wallet, Gemini Pay, Gemini Custody, etc.
Cons
- Only a few cryptocurrencies can be staked
- Lacks advanced products like margin trading and futures trading
Key Features of Gemini
Gemini ActiveTrader
Gemini’s ActiveTrader platform is the exchange’s high-performance crypto trading platform designed for advanced traders. The interface is complex and it features more detailed charts, block trading, auctions, and multiple order types than the regular account.
The Gemini ActiveTrader platform offers traders lower trading fees when compared to the mobile app or the basic Gemini Exchange. The Active Trader platform is available to all Gemini users. Users can easily switch from the basic trading interface to the Gemini Active Trader from their “Account” settings for free.
The Gemini Active Trader platform executes trades in microseconds.
Active Trader is optimized for most mobile browsers. The platform gives users access to trading pairs selectors, central limit order books that follow a price-time priority model, deep order book visibility, and multiple order types and execution options. The platform also runs auctions for some trading pairs every day of the week, including weekends.
As already stated, Gemini Active Trader supports different order types. Available order types include Limit: Immediate-or-Cancel (IOC), Market, Limit: Maker-or-Cancel (MOC), Limit: Indication of Interest (IOI), Stop-Limit, and Limit: Fill-or-Kill (FOK).
Gemini Credit Card
The Gemini credit card is a Mastercard that allows cardholders to pay for goods and services with cryptocurrencies and earn crypto rewards for every purchase made.
The card is accepted anywhere Mastercard is available worldwide and cardholders enjoy all of Mastercard’s benefits including Mastercard Zero Liability Protection on Unauthorized Transactions and Mastercard ID Theft protection.
Gemini offers both a digital copy and a physical copy of the Gemini credit card. Users are not charged any annual fees or foreign transaction costs to use the card.
Gemini offers cardholders 3% back on dining, 2% back on groceries, and 1% back on other purchases made with the Gemini credit card. Rewards are paid out in Bitcoin and over 60 other cryptocurrencies.
Unlike a lot of other cryptocurrency exchanges, Gemini credits all crypto rewards to the user’s Gemini account immediately after a purchase is made. All rewards are paid in real-time. The cardholder can choose to sell the reward or HODL and earn interest.
Gemini Mobile App
The Gemini mobile app has a simplified and easy-to-use interface that allows Gemini users to manage their crypto assets on the go. With the mobile app, you can access your account, buy, sell, and store crypto assets and monitor market movements.
Gemini mobile app is available for download on the Google Play Store, Galaxy Store, and Apple App Store. Gemini fees are higher on the mobile app than on the web and active trader platform.
Users can also create price alerts in the mobile app to stay updated about price movements.
Apart from the basic buying and selling of crypto, the Gemini mobile app also gives users access to Gemini features such as recurring buys and Gemini staking. Users can schedule recurring buys at any amount and frequency within the app. They can also stake their assets and earn interest with just a few steps within the Gemini mobile app.
Gemini Earn
Gemini Earn allows users to earn interest by lending their crypto assets to a borrowing counterparty. Gemini Earn is not the same as Gemini staking. Even though both products allow users to earn interest, Gemini staking relies on the network and node operation for rewards while Earn generates yield from lending.
With Earn, users can earn up to 8.05% APY on their crypto assets. To earn interest with Gemini Earn, all you need to do is buy your preferred crypto asset and transfer it to your Gemini Earn.
That said, on November 16, 2022, Genesis the lending partner of the Gemini Earn Program announced that they were no longer able to meet the redemption requests of Earn users within the Service level agreement of 5 days due to liquidity issues, this resulted in Gemini pausing withdrawals on the Earn Program.
Since the announcement, Gemini (acting on behalf of Earn users) has been in ongoing conversations with Genesis Global Capital LLC to resolve the problem. Gemini created an Earn Update Page on December 6 2022 to keep Gemini Earn users updated on the case.
On the 13th of January, the SEC filed an action against Gemini and Genesis and on January 20, 2023, Genesis filed for bankruptcy. According to Gemini, this move by Genesis is crucial to the recovery of users’ funds.
While there has been no solution to the problem, Gemini has promised to do all it takes to ensure that users’ assets are recovered. Updates on the status of the Earn Program are updated on the dedicated Earn Update page every Tuesday and Friday until the issue is resolved.
That said, the problems of the Earn Program do not affect other Gemini products and services.
Cryptocurrencies Available on Gemini
Gemini supports over 100 cryptocurrencies. Available cryptocurrencies include Bitcoin, Ethereum, Gemini Dollar, Shiba Inu, Maker, The Graph, Tezos, SushiSwap, Polygon, Bitcoin Cash, Chainlink, Uniswap, Filecoin, Axie Infinity, Dogecoin, Zcash, Basic Attention Token, ApeCoin, Binance USD, Decentraland, Solana, Gala, etc.
Can You Buy and Sell NFTs on Gemini?
Yes, you buy and sell NFTs on Gemini via the Nifty Gateway marketplace owned by the cryptocurrency exchange.
The NFT marketplace is focused on digital art NFTs and doesn’t offer NFTs you’ll find on other platforms including domain names, Metaverse NFTs, gaming, etc.
In addition, it only supports the Ethereum blockchain but you won’t have to worry about the high gas fees that come with the chain as Nifty Gateway claims it has a method to cut down those fees by 70% by reducing the steps needed per transaction.
The marketplace also allows users to buy NFTs directly using their debit or credit card, Gemini account, and Ether Credit. It charges a 2.5% listing fee.
Gemini Fees
Mobile App Transaction Fees
Gemini charges a convenience fee for all orders placed via its mobile app. This convenience fee is calculated alongside your transaction fee. So the final trading fee you’ll see before placing your order is a combination of the transaction and convenience fee. The transaction fee is dependent on your mobile order trade volume.
Mobile Order Amount for USD: ≤ $10.00
Transaction Fee: $0.99
Mobile Order Amount for USD: > $10.00 but ≤ $25.00
Transaction Fee: $1.49
Mobile Order Amount for USD: > $25.00 but ≤ $50.00
Transaction Fee: $1.99
Mobile Order Amount for USD: > $50.00 but ≤ $200
Transaction Fee: $2.99
Mobile Order Amount for USD: ≤ $200
Transaction Fee: 1.49% of your Mobile service order value
Web Transaction Fees
Just like with the Gemini app, all orders placed through Gemini’s web trading platform incur a convenience fee and transaction fee.
Web Order Amount: ≤ $10.00
Fee: $0.99
Web Order Amount: > $10.00 but ≤ $25.00
Fee: $1.49
Web Order Amount: > $25.00 but ≤ $50.00
Fee: $1.99
Web Order Amount: > $50.00 but ≤ $200
Fee: $2.99
Web Order Amount: > $200
- Fee: 1.49% of the web order value
Crypto Convert on Mobile
- Unwrap EFIL to FIL: 0.50% in fees
- Wrap FIL to EFIL: 0.25% in fees
- Other crypto asset conversions: 1.49% in transaction fees
Deposit Fees
- All digital currencies, Gemini dollar (redemption): No fees
- Wire Transfer: Free
- Debit Card Transfer: 3.49% of the total purchase amount
Withdrawal Fees
To withdraw your crypto assets from Gemini to other crypto exchanges, Gemini charges dynamic fees which apply to ERC-20 and ETH tokens excluding the Gemini Dollar. Transferring your assets to Gemini Custody does not attract a fee. However, if you intend to transfer your coins out of the Gemini Custody tool have to pay a flat fee
Gemini Payment Methods
Gemini supports 3 primary payment methods including credit or debit card, bank account transfer (wire transfer, ACH transfer, GBP and EUR), and PayPal.
- ACH Transfer: This payment method takes 6 business days to settle and you can use it for crypto trading instantly based on the exchange’s discretion.
- Wire Transfer: This takes 1-3 business days to settle and another 1-3 business days before you can use the funds for crypto investing.
- Debit Card: Within 24 hours card payments will settle and you can use the funds instantly.
- Bank Transfer (EUR and GBP): This takes 1-3 business days to settle and another 1-3 business days to be available for trading.
- PayPal: With PayPal, your funds will arrive in 1-5 business days and be available for use instantly.
All payment methods mentioned can be used for withdrawals excluding PayPal and debit cards. Also, PayPal is only available to users who reside in the USA.
Gemini Security
Gemini is the first crypto exchange in the world to have completed the SOC 1 Type 2 and SOC 2 Type 2 exams. It stores the majority of its cryptocurrencies in a multi-signature cold storage wallet. The exchange also insures the assets in the cold storage and hot wallet. The assets in cold storage have up to $200 Million in insurance coverage.
Users’ accounts are secured with two-factor authentication. Users can also activate additional security features like crypto address whitelisting which restricts withdrawal from Gemini Wallet to unauthorized wallets. Gemini also requires two-factor authentication for users to make withdrawals from their accounts.
Users can also secure their assets with Gemini Custody. This is Gemini cold wallet storage solution for users. Gemini Custody is more secure than the regular account.
Gemini Staking Rewards
Gemini offers staking rewards via the Gemini Earn platform which offers up to 4.58 APY on held assets. Gemini Earn supports only 2 cryptocurrencies: Ether and Polygon.
The unbonding period of staked Polygon on Gemini Earn is 4 days. For ETH, you will be unable to unstake your asset till the future upgrade of the Ethereum blockchain.
Opening a Gemini Account
- To open a Gemini account go to the Gemini personal account page.
- Next, provide your first and last name, email address, and password.
- You’ll need to confirm your email address by going to your email and copying the verification code sent to your inbox and pasting it into the relevant field.
- After this, Gemini will require that you set up multi-factor authentication and then proceed to identity verification.
- It is important to note that you can only add a bank account or debit card to fund your account after ID verification.
Supported Countries
Gemini Crypto Exchange is available to users in over 60 countries in Europe, Asia, Africa, South America, and all 50 states in the United States. Supported countries include the Cayman Islands, Canada, Bahamas, South America, Italy, Sweden, Australia, New Zealand, Egypt, Singapore, Taiwan, South Africa, etc.
Trading Experience on Gemini
The Gemini mobile app and web trading platform have an easy-to-use interface as it offers a simple buy-and-sell crypto option that beginners can use to easily purchase assets. There’s also a robust support page that will need newbies on the platform.
For advanced traders, Gemini has its Active Trader platform which supports multiple order types and charting tools. It also offers lower trading fees than the regular exchange.
Gemini Customer Support
Gemini customer reviews on third-party review platforms like TrustPilot attest to the ease of use of the desktop and mobile trading platforms.
Users have however complained of poor customer service from the support team. The limited support channels are also another issue of concern.
Does Gemini Offer Education?
Yes, Gemini has a robust education platform called Cryptopedia, which is a free resource that offers open-access cryptocurrency education. The platform caters to various knowledge levels and interests.
Topics such as Bitcoin fundamentals, leading DeFi initiatives, and best practices in cybersecurity will be discovered by students.
Is Gemini Right for You?
Gemini is right for you if you’re looking for a user-friendly platform offering a stellar mobile app that caters to both beginners and experts.
Final Thoughts
Unlike other exchanges that either cater to beginners or advanced users, Gemini supports both types of traders. It also offers a considerable amount of cryptocurrencies and allows users to earn interest via the Gemini Earn platform. However, when compared to some of the best crypto exchanges Gemini falls short as it offers few assets, few stakable cryptocurrencies, and few crypto-related products.
FAQ
Most frequent questions and answers
Gemini offers more cryptocurrencies than Robinhood and is an actual crypto exchange. Robinhood is a brokerage that offers a handful of assets and crypto products.
While the three crypto exchanges are good, Kraken offers more products and altcoins than Coinbase and Gemini. It also caters better to expert users. However, Coinbase and Gemini tie in ease of use.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade, or sell any investment instruments or products, including but not limited to cryptocurrencies, or use any specific exchange. Please do not use this website as investment advice, financial advice, or legal advice, and each individual’s needs may vary from that of the author. Investing in financial instruments, including cryptocurrencies, carries a high risk and is not suitable for all investors. It is possible to lose the entire initial investment, so do not invest what you cannot afford to lose. We strongly advise conducting your own research before making any investment decisions. This post includes affiliate links with our partners who may compensate us.
To view our privacy policy read here.
