Gemini Singapore Review 2022: Features, Pros & Cons
Gemini Singapore Review: Our Opinion
Gemini is worth it if you’re considering investing in crypto as a beginner or advanced trader. The crypto exchange has what it takes to cater to both types of users.
Concerning its trading operations, the exchange makes it easy to buy cryptocurrency with fiat from your bank account or debit card and even offers access to crypto staking.
However, the Gemini crypto exchange does have its fair share of cons. This is especially true with regards to its reputation. The exchange has a low rating with users on various customer review platforms. However, most of these complaints are on an individual basis and rarely deal with exchange-wide issues. That said, Gemini has been hacked before so when it comes to security features, the platform can improve.
Welcome to the ultimate Gemini review. Gemini is a digital cryptocurrency exchange that allows users to buy over 90 cryptocurrencies. The Gemini wallet also supports 8 blockchains.
On the platform, you can easily purchase cryptocurrency using fiat money from a bank account or debit card. Gemini supports the Singapore dollar (SGD) as well, which makes purchases a lot more seamless and convenient for every Singaporean user.
Gemini also supports virtual currency staking with up to 8.05% APY.
The exchange is regulated in various countries including the United States, and Singapore. It is also subject to cyber security checks by the New York financial services. Gemini even offers cold storage for users who want premium security for their assets.
But is this cryptocurrency exchange the best choice for you? And what do other users and experts think about the Gemini platform?
In this Gemini review, we’ll cover all there is to know about the exchange. We gathered the information for this article from user reviews, competitor research, and first-hand experience.
An Overview of Gemini
Headquartered in the greater New York area, Gemini was founded in 2014 by the brothers Cameron and Tyler Winklevoss. The company is legally registered in New York as a digital asset exchange and custodian. It operates in the FinTech and cryptocurrency industries and caters to both newbie and expert traders.
Key Features of Gemini
Gemini Earn is a lending program that allows you to lend your crypto to particular institutional borrowers for interest. The exchange partners with third-party borrowers like Genesis and vets them through a risk management framework.
The program offers users up to 8.05% APY on their cryptocurrency. Interest is paid daily and starts accruing at 4 pm ET the next day. But if it’s your first time using the feature you’ll see interest in your account at 4 pm ET 2 business days after starting. So if you move your crypto to Gemini Earn on Tuesday, you’ll start earning interest on Wednesday but the balance will not reflect in your account till Thursday.
Also, your crypto staked in Earn remains as crypto. So if the price of the particular coin changes in fiat (SGD) or (USD), the Earn balance reflects the same.
That said, Gemini charges loaners an agent fee. Here’s a list of the available coins for the program and the fees attached:
- 1INCH: 2.43%
- AAVE: 0.51%
- ALCX: 0.27%
- AMP: 0.06%
- ANKR: 0.28%
- APE: 0.89%
- AXS: 3.64%
- BAL: 1.65%
- BAT: 0.51%
- BCH: 0.32%
- BNT: 1.15%
- BTC: 0.26%
- COMP: 0.26%
- CRV: 2.43%
- DAI: 2.20%
- DOGE: 0.51%
- ETH: 0.26%
- FIL: 2.14%
- FTM: 2.55%
- GRT: 0.55%
- GUSD: 0.60%
- INJ: 0.27%
- KNC: 0.27%
- LINK: 0.06%
- LPT: 0.27%
- LTC: 0.26%
- MANA: 0.51%
- MATIC: 1.80%
- MKR: 0.51%
- OXT: 0.06%
- PAXG: 0.06%
- RBN: 0.08%
- REN: 0.06%
- RLY: 0.58%
- SNX: 0.30%
- SOL: 0.57%
- STORJ: 1.03%
- SUSHI: 0.55%
- TOKE: 0.80%
- UMA: 0.06%
- UNI: 0.51%
- USDC: 2.20%
- XTZ: 1.08%
- YFI: 1.06%
- ZEC: 0.06%
- ZRX: 0.27%
This feature is an advanced trading interface that provides additional trading pairs, deeper order book visibility, order types, and advanced charting. It also supports central limit order books that stick to a price-time priority model, multiple order types and execution options, and dynamic maker/taker fees based on gross trading volumes.
This is a 1:1 USD-backed stable coin owned by the Gemini exchange. It is supported across dozens of decentralized protocols, exchanges, and applications such as Curve, Balancer, 1inch, AAVW, argent, Yearn, Uniswap, Zapper, BitMart, etc.
The cryptocurrency allows you to transact on decentralized exchanges and lend to earn interest through the Gemini Earn program. There are also zero fees to sell or buy GUSD with the US dollars on the exchange.
Gemini Custody and Gemini Wallet
Gemini offers users 2 wallets: the insured Gemini hot wallet called Gemini wallet, and a cold wallet called Gemini Custody. Gemini Custody moves your digital assets on the network to cold storage to ensure secure holding by the exchange. For this service, it charges a 0.4% fee annually.
On the other hand, Gemini Wallet provides storage online with various security features and insurance from theft. Gemini also allows you to keep your cryptocurrencies on your regular Gemini account. This is the best option for beginners. But it means that you will not hold the digital keys to your assets.
Gemini Pay is a feature that allows users to spend crypto for day-to-day expenses in over 30,000 stores as they would fiat currencies. The Gemini Pay app is available on the Apple App Store, Google Play Store, and Galaxy App Store. Gemini Pay is also transaction fees-free.
Cryptocurrencies Available on Gemini
The following cryptocurrencies are available in Gemini Singapore:
1INCH, AAVE, ALCX, ALI, AMP, ANKR, APE, API3, ASH, AUDIO, BAL, BAT, BCH, BNT, BOND, BTC, CHZ, COMP, CRV, CTX, CUBE, CVC, DAI, DOGE, DPI, EFIL, ELON, ENJ, ENS, ETH, FET, FIDA, FIL, FRAX, FTM, FXS, GALA, GFI, GMT, GRT, GUSD, INDEX, INJ, JAM, KNC, KP3R, LDO, LINK, LPT, LQTY, LRC, LTC, LUSD, MANA, MASK, MATIC, MC, METIS, MIM, MIR, MKR, MPL, NMR, ORCA, OXT, PAXG, QNT, QRDO, RAD, RARE, RAY, RBN, REN, REVV, RLY, RNDR, SAND, SBR, SHIB, SKL, SNX, SOL, SPELL, STORJ, SUSHI, TOKE, TRU, UMA, UNI, XTZ, YFI, ZBC, ZEC, ZRX, wCFG
Asides from the above cryptocurrencies Gemini also supports the following fiat currencies:
USD, AUD, CAD, HKD, EUR, SGD, GBP
Gemini charges various fees depending on the usage and product level. Below you can find the various products and the equivalent fee structures:
Deposits for all cryptocurrencies, ACH, and GSD redemption are free of charge. Debit card transfers, on the other hand, cost 3.49% of the total purchase amount in deposit fees.
Wire transfers are free.
If you intend to withdraw crypto to an external wallet, you’ll have to pay a flat or dynamic transaction fee.
Dynamic fees apply to ERC-20 and ETH tokens excluding the Gemini Dollar and are dependent on Ethereum gas fees. These fees vary depending on network activity and are paid to cover network fees given to miners. So Gemini does not collect this transaction fee. If you’re carrying out a transaction on the Ethereum network, for example, network fees are paid in ETH and vary over time as activity with complex code and smart contracts requiring more gas.
You’ll have to pay flat withdrawal fees for non-Ethereum-based cryptos. These fees are paid to cover network fees as well. Here are the fees for some of the networks supported on Gemini.
- Bitcoin Cash: 0.001 BCH
- Bonfida: 0.5 FIDA
- Dogecoin: 4 DOGE
- Filecoin: 0.001 FIL
- Gemini Dollar: Free
- Litecoin: 0.001 LTC
- Orca: 0.3 ORCA
- Raydium: 0.1 RAY
- Saber: 1 SBR
- Solana: 0.005 SOL
- Stepn: 0.7 GMT
- Tezos: 0.4 XTZ
- Bitcoin: 0.0001 BTC
- ZCash: 0.001 ZEC
- Zebec: 1 ZBC
Active Trader Fee Schedule
Gemini offers a transaction fee rate for every trading pair that’s determined by your gross trading volume across all Gemini’s order books over a 30-day window.
- 0 trading volume with a taker fee of 0.40% and maker fee of 0.20%
- ≥ $10,000 trading volume with a taker fee of 0.30% and maker fee of 0.10%
- ≥ $50,000 trading volume with a taker fee of 0.25% and maker fee of 0.10%
- ≥ $100,000 trading volume with a taker fee of 0.20% and a maker fee of 0.08%
- ≥ $1,000,000 trading volume with a taker fee of 0.15% and a maker fee of 0.05%
- ≥ $5,000,000 trading volume with a taker fee of 0.10% and a maker fee of 0.03%
- ≥ $10,000,000 trading volume with a taker fee of 0.08% and a maker fee of 0.02%
- ≥ $50,000,000 trading volume with a taker fee of 0.05% and a maker fee of 0.00%
- ≥ $100,000,000 trading volume with a taker fee of 0.04% and a maker fee of 0.00%
- ≥ $500,000,000 trading volume with a taker fee of 0.03% and maker fee of 0.00%
Gemini also charges a fixed taker and maker fee (0.01% and 0.00% respectively) for stable coin pairs such as:
Gemini Payment Methods
Gemini supports 3 payment methods; bank transfers through wire or ACH or debit cards for instant purchases.
Wire and Bank Transfers
Bank transfers via ACH are only available to Gemini customers in the United States. So you won’t have access to this payment method in Singapore.
On the other hand, bank transfers via wire transfers are available for Singaporean users. Wire deposits settle once they’ve been received in Gemini’s bank account. That said, funds usually appear in your Gemini account on the next business day or the same day. Your bank may charge you fees for this payment method but Gemini does not do so from their end.
Debit cards enable instant crypto trades on Gemini. The purchase then clears into Gemini’s account in 24 hours removing the withdrawal hold. The exchange also allows you to set up recurring purchases using your debit card. That said, you cannot use debit cards to withdraw fiat currency. Fiat currency can only be withdrawn via wire or ACH withdrawal to your registered bank account.
Debit card purchases cost an additional 3.49% in fees plus trading fees.
Gemini offers various security measures to ensure account safety, digital asset protection, compliance, etc.
Gemini requires all users to implement two-factor authentication by default to access their account or request withdrawals. The exchange also supports hardware security keys such as Yubikey. You can also enable address whitelisting to restrict cryptocurrency withdrawals to particular addresses.
Digital Assets Security
Gemini uses hardware security modules (HSMs) that have achieved a FIPS 140-20 Level 3 rating and higher. They also use a multi-signature digital signature scheme to eliminate points of failure and to enhance protection against compromise or loss of individual private keys. Every HSM is geographically distributed at various data centers and needs coordinated action of numerous employees to operate.
Gemini operates under various regulations and third-party assessments. For example, the exchange was the first cryptocurrency trade platform and custodian to complete a SOC 1 and SOC 2 Type exam for an ISO 27001 certification.
They also comply with PCI DSS to secure debit and credit card data. Asides from this Gemini is under various global regulators such as the Monetary Authority of Singapore, NY Department of Financial Services, and UK Financial Conduct Authority.
Further, the exchange hires independent third-party teams to execute penetration tests annually to identify security vulnerabilities.
Gemini Staking Rewards
Gemini exchange allows you to earn up to 8.05% APY interest on crypto through the Gemini Earn account. To earn interest you just need to open a Gemini account, deposit SGD, and buy any amount of cryptocurrency that’s supported in the Earn programme.
Next, transfer it to Gemini Earn to begin earning interest on your crypto holdings.
The unique thing with Gemini Earn is that it allows you to earn interest on your holdings but still have the flexibility to move your digital assets back to the trading account (including your interest) at any time. There are no minimums required to do so or redemption and transfer fees.
Here’s a list of some of the supported assets in Gemini Earn.
- 1INCH: 8.05%
- AAVE: 1.01%
- ALCX: 1.25%
- AMP: 0.45%
Opening a Gemini Account
To open a Gemini account go to Gemini.com and click “Get Started” to begin.
You’ll be asked to enter in personal details like your name, email address, and a password.
Next, Gemini will send you a verification email. Verify your email address and login. The exchange will now require you to verify your identity.
After this, you’ll be redirected to your login homepage where you’ll see a list of the top coins and your portfolio. Tap on the ‘Add Payment Method’ button. You should see options to link your debit card for withdrawing SGD or your bank account.
Trading Experience on Gemini
Gemini offers a mobile app and website platform for trading. Both of these platforms have an easy-to-use trading experience. But to have access to Gemini’s trading features, you need to complete the identity verification process. This includes uploading and submitting a government-issued photo ID like a passport or driver’s license.
Through either the mobile or web interface users can buy, send, receive, and exchange cryptocurrency.
Gemini as a security measure only accepts Ethereum and ERC-20 tokens sent via the main Ethereum network. If you try to send crypto from another chain like the BNB Chain or Polygon network you’ll lose your coins.
To understand the Gemini trading experience let’s have a look at how a regular buy order works in the exchange.
After creating your account on Gemini and adding a payment method, you’ll be able to buy Crypto on the exchange.
Singaporeans can link their local bank accounts through Xfers on Gemini. Your deposit should show up in your Gemini account in minutes or after 2 days.
After the deposit is confirmed you can click on any of the supported coins, choose the order type “Buy” and enter the amount in SGD that you want to buy.
Once you’ve done that, click continue to go through the agreements, preview the order ticket and finish the order. The coin should show up on your portfolio.
Gemini Customer Support
Gemini offers a support center, a contact us page, an area of availability page, and system status.
To reach out to the customer support team, click the support tab at the bottom of the page then contact us. Gemini uses a ticket system for support. To make a complaint you have to select a category on a preselected list. Enter your email account and make the complaint.
Gemini’s also offers a support center. This customer service page features a search bar that allows you to research articles and guides on crypto and Gemini-related issues. Some topic types include Gemini Credit Card, Two Factor Authentication, Account Management, Trading, Funding, and withdrawals.
Gemini has a very low score on Trustpilot. The exchange has a 1.2-star rating over 5, which is quite low when compared to other crypto exchange platforms. Users on Trustpilot complain about getting scammed on the platform, not being able to make deposits, and having terrible customer service. Other users also complain about getting their accounts frozen after making deposits.
In general, users are not satisfied with Gemini based on the feedback on various review platforms like TrustPilot and G2.
Education on Gemini
Gemini offers crypto education via Cryptopedia. This is a free resource that offers users open access to high-quality crypto education. The platform caters to every level of interest from advanced to beginner.
You can begin with the basics of Bitcoin, understand cryptocurrency trading and increasing concepts, explore the latest Defi projects, etc. There’s also a search function that makes it easier to navigate through the guides and find what you’re looking for.
The platform also enables crypto experts to share their expertise with others. Thought leaders and founders from leading crypto projects like Tezos co-founder Kathleen Breitman, Aave CEO Stani Kulechov, Brave CEO Brendan Rich, and much more are a part of Gemini’s expert network.
Beyond Cryptopedia, Gemini also offers support education.
To access the feature, go to the support center under the support tab and click education from the category list. However, Gemini does not offer in-depth education topics like its competitors.
Is Gemini Right For You?
Gemini is best for cryptocurrency beginners in Singapore that want an easy-to-use interface and for advanced traders in need of advanced trading tools for effective day-trading.
Gemini is an easy-to-use crypto exchange that’s a great choice for advanced and beginner traders. That said, the exchange has a terrible rating on user review platforms like TrustPilot for issues ranging from poor customer service to frozen accounts.
Our extensive analysis of the Singaporean Crypto Exchanges doesn’t stop here. You can also read about our FTX Singapore review as an alternative to Gemini or you can check out our list of Best Crypto Exchanges Singapore.
Most frequent questions and answers
Bank transfers via wire and ACH are free. However, you’ll incur network transaction fees when withdrawing crypto, as is expected in the crypto world. These transaction fees do not go to the exchange but to miners.
Yes, on February 8, 2022, IRA Financial Trust discovered that Gemini users were hacked.
No, Coinbase offers more cryptocurrency coins and tokens and better security than Gemini. Also, Coinbase is more trusted by users than Gemini based on user reviews from various platforms. The fee structure is similar and so is the trading experience.
Yes, Gemini is regulated by the Monetary Authority of Singapore (MAS).
Gemini falls short in customer service. Too many users complain about the exchange and their negative experiences with the platform.
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 cryptocurrency 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. This post includes affiliate links with our partners who may compensate us.