Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    Gemini Review UK 2023: Rewards, Deposit and Fees

    Gemini-uk-Review

    Gemini Review UK: Our Opinion

    Gemini caters to both beginners and advanced traders. For newbies, Gemini offers an easy-to-use trading interface allowing users to buy and sell crypto instantly. Advanced traders will benefit from its peer-to-peer trading portal. However, when comparing Gemini to other crypto exchanges Gemini trading fees are higher than most options, it also has a complex fee structure. 

    An Overview of Gemini UK

    The Gemini cryptocurrency exchange, founded in 2015, is a New York trust organization that’s under the regulation of the New York State Department of Financial Services (NYSDFS). 

    It was founded by Tyler and Cameron Winklevoss after the twins struggled to find secure crypto exchanges to hold their digital assets. Since then, Gemini has been run by 4 principles: Security, Product, Compliance, and Licensing. The objective behind the brand is to build trader trust by providing a compliant and secure crypto exchange. 

    The company offers a cryptocurrency exchange that allows users to create a Gemini account which gives them access to convert, buy, and sell crypto. Gemini offers its customers more than 100 digital assets as well as other products and services including the Gemini Dollar coin, the Gemini credit card, Gemini Pay, Gemini custody, the Gemini wallet, etc. Users can also earn staking rewards on held cryptocurrencies. 

    That said, Gemini is subject to the cyber security, banking compliance, and reserve requirements set forth by the New York Banking Law and NYSDFS. The company is also a legal custodian and fiduciary.

    Pros

    Cons

    Key Features of Gemini UK

    Gemini Credit Card

    Gemini-Card-uk

    This is a Mastercard that enables users to pay for goods and services with cryptocurrencies while enjoying various Mastercard benefits. The card is accepted anywhere Mastercard is accepted worldwide. 

    Gemini cardholders get 10% back in crypto on gas at the pump and up to $200 in spend per month on gas at the Pump and Ev charging. They also enjoy up to 2% back on groceries, 3% back on dining, and 1% back on all purchases. Gemini cardholders also enjoy exclusive offers with selected merchants like ShopRunner, HelloFresh, DoorDash, and Lyft. 

    Gemini pays out card rewards in Bitcoin and over 60 other cryptocurrencies. The cardholder can choose which cryptocurrency to earn rewards in per time. 

    Unlike other crypto cards, all rewards on card expenses are earned in real-time. This means that crypto rewards are credited to the user’s account immediately after a purchase is made with the card. The user can choose to trade or HODL the crypto rewards. 

    Gemini does not charge any fees for using the card. There are no annual fees, foreign transactions, or exchange fees to claim the rewards. 

    The Gemini credit card has a digital version and a physical copy. The physical credit card is made from 75% recycled material and is available in silver, rose gold, or black stainless steel. Gemini does not display the card number on the card for security reasons. 

    Users can access the card number and all other card features within the Gemini mobile app or Gemini website. 

    The Gemini card is protected by Mastercard Zero Liability Protection, Unauthorized Transactions and Mastercard ID Theft protection. Gemini sends real-time alerts to users based on the transaction size or type. Users can also lock their cards from the Gemini mobile app. 

    Gemini ActiveTrader

    Gemini’s ActiveTrader platform is an advanced trading platform that gives professional traders access to a professional-level experience, advanced charting, and multiple order types. Gemini ActiveTrader offers high speed and stability and can execute trades in microseconds without compromising security. ActiveTrader can be accessed from desktop and mobile browsers.

    ActiveTrader supports seven order types. Supported order types include Market, Limit, Limit: Fill-or-Kill (FOK), Limit: Indication of Interest (IOI), Limit: Immediate-or-Cancel (IOC), Limit: Maker-or-Cancel (MOC), and Stop-Limit. 

    To activate Gemini ActiveTrader, log in to your Gemini account and go to the Profile Settings Page. On the Settings Page, you will be able to enable the ActiveTrader UI.

    Gemini Custody

    Gemini Custody is a storage solution provided by Gemini that enables users to store their cryptocurrencies in a secure and regulated offline cold storage system. 

    Gemini Custody is suitable for crypto investors and institutions like mutual funds, exchange-traded funds, and hedge funds who need the highest levels of security or a qualified custodian to store their crypto assets. 

    The funds of every Gemini Customer are segregated into unique crypto addresses. Every crypto address can be audited and verified independently on their respective blockchains. 

    Gemini users can store all the crypto assets available for trading on the Gemini Exchange in Gemini Custody. They can also make instant trades from the cold storage using the Gemini Instant Trade feature. All withdrawals made from Custody are instantly credited to exchange accounts for crypto trading activities. 

    Custody users can also check their account balances and monthly statements, transfer assets, initiate withdrawals, and create sub-accounts. All these can be done through Gemini’s comprehensive suite of APIs or via the self-service account portal. 

    Pricing in Gemini Custody can be customized to suit the needs of institutions and crypto investors. The pricing can be customized based on the size of holdings, asset mix, and activity volume. Also, users can manage multi-user accounts using sub-accounting tools, and the transactions and balances of corporate custody accounts can be easily accessed by auditors in view-only mode.

    Gemini Custody offers users dedicated account representatives and round-the-clock expert customer support. Customers with complaints can contact the dedicated support team at custody@gemini.com

    In terms of security, Gemini Custody has a cold storage insurance coverage of over $200 Million. The insurance covers certain crypto losses on the Custody platform. Gemini Custody is also subject to the capital reserve requirements and compliance standards of a traditional financial institution. It is also regularly audited.

    Gemini Wallet

    With Gemini Wallet users have access to store their crypto assets in Gemini’s insured hot wallets and secure cold storage system. Gemini Wallet supports all the assets available for trade on the Gemini Exchange. 

    The Wallet is secured with industry-leading security features. It is also insured against certain types of crypto wallets. 

    Cryptocurrencies Available on Gemini UK

    Cryptocurrencies-available-in-Gemini-uk

    Gemini UK supports over 100 cryptocurrencies. Available cryptocurrencies include Bitcoin, Ethereum, Filecoin, Basic Attention Token, Dogecoin, Polkadot, Litecoin, Avalanche, Bitcoin Cash, Decentraland, Uniswap, Solana, Shiba Inu, Binance USD, ApeCoin, Gala, etc. 

    Can You Buy and Sell NFTs on Gemini?

    Yes, you can buy and sell NFTs on Gemini via Nifty Gateway, a Gemini-owned NFT marketplace, which was originally founded by twin brothers Griffin Cock Foster and Duncan Cock Foster. Nifty Gateway is a blockchain-based marketplace that provides access to rare fine art and collectibles from creators like Jon Burgerman, Trevor Jones, Cey Adams, Kenny Scharf, and CryptoKitties. The marketplace also features NFT Drops and a notification function that allows you to know when drops are happening. 

    The standout feature here is that Nifty Gateway allows you to buy NFTs directly with your credit or debit card. You can also transfer your earnings on NFTs as a creator directly to the Gemini exchange. 

    Also, the platform’s objective is to enforce the uniqueness and scarcity of its collections as they partner with brands and artists to build crypto unique digital art.

    Gemini Fees

    The Gemini cryptocurrency exchange has a complex fee structure, it provides a range of fee schedules based on the user’s usage and product level:

    Mobile Gemini Fees

    Every order placed via the Gemini cryptocurrency exchange mobile app incurs a convenience fee and a transaction fee. So before placing your order on a mobile device you will see the quote of a price that includes the convenience fee (quoted price) and the transaction fee, which is dependent on the volume of your mobile order. 

    Mobile Order Amount for GBP: ≤ £7.50

    • Transaction Fee: £0.75

    Mobile Order Amount for GBP: > £7.50 but ≤ £20.00

    • Transaction Fee: £1.25

    Mobile Order Amount for GBP: > £20.00 but ≤ £50.00

    • Transaction Fee: £2.00

    Mobile Order Amount for GBP: > £50.00 but ≤ £150.00

    • Transaction Fee: £2.25

    Mobile Order Amount for GBP: ≤ £7.50

    • Transaction Fee: 1.49% of your Mobile service order value

    Web Trading Gemini Fees

    Every order placed through Gemini’s web incurs a convenience fee as well as a transaction charge.

    Web Order Amount: ≤ £7.50

    • Fee: £0.75

    Web Order Amount: > £7.50 but ≤ £20.00

    • Fee: £1.25

    Web Order Amount: > £20.00 but ≤ £50.00

    • Fee: £2.00

    Web Order Amount: > £50.00 but ≤ £150.00

    • Fee: £2.25

    Web Order Amount: > £150.00

    • Fee: 1.49% of the total web order value

    Crypto Convert on Mobile

    • Unwrap EFIL to FIL: 0.50% in transaction fees

    • Wrap FIL to EFIL: 0.25% in transaction fees

    • Any other crypto conversions: 1.49% in transaction fees

    Deposit Fees

    • All digital currencies, Gemini dollar (redemption): Zero fees

    • Wire Transfer: Free

    • Debit Card Transfer: 3.49% of the entire purchase amount

    Withdrawal Fees

    When withdrawing assets from the Gemini cryptocurrency exchange to other cryptocurrency exchanges, users will have to pay a flat or dynamic fee. Dynamic fees apply to ETH and ERC-20 tokens except for the GUSD and are dependent on the current Ethereum gas fees. Withdrawals of crypto assets not on the Ethereum blockchain incur flat withdrawal fees. Also, transferring funds from the Gemini cryptocurrency exchange to Gemini Custody attracts no withdrawal fees. However, sending you funds from Gemini custody to the Gemini exchange incurs a withdrawal fee (GBP 103.10) fee.

    Gemini UK Payment Methods

    UK customers of the Gemini cryptocurrency exchange can purchase cryptocurrencies using their debit card or by making a GBP deposit via bank account transfer using the Faster Payments Service, SWIFT wire, or CHAPS

    That said, while Gemini supports PayPal and ACH transfers from users in the United States these methods aren’t available for UK traders. 

    Security

    Gemini stores the majority of its crypto assets in cold storage. Assets in cold storage have $200 Million in insurance coverage. All transfers from the cold storage must be approved by multiple signatories. The assets left in the hot wallet are also fully insured

    Gemini is the first cryptocurrency exchange in the world to have completed the SOC 1 Type 2 and SOC 2 Type 2 exams. It also conducts regular third-party security assessments ( including SOC2 Type 2, ISO 27001) and annual penetration testing. 

    Gemini is regulated by the Monetary Authority of Singapore (MAS), and UK Financial Conduct Authority (FCA) and it is a registered member of the Financial Services Register. Gemini accounts are not protected Financial Services Compensation Scheme (FSCS) and account holders with complaints have no recourse to the Financial Ombudsman Service (FOS) 

    All Gemini accounts have two-factor authentication activated by default. 2FA is required for users to access their accounts and make withdrawals. Gemini also supports hardware security keys like Yubikey. Users can also whitelist crypto addresses. This feature restricts the withdrawal of cryptocurrencies from Gemini Wallet to unauthorized wallets. Credit and debit card data is protected in compliance with PCI DSS.

    All Gemini staff are subject to rigorous background checks before employment, they are also subject to ongoing screening throughout their employment at Gemini. Also, all private keys are stored offsite at different security data centers. 

    Also, Gemini CEOs cannot individually or jointly transfer crypto from both the hot and cold storage wallet and production systems cannot be accessed except with hardware security phishing keys. 

    The Hardware Module Security used by Gemini has a FIPS 140-2 Level 3 rating or higher. The HSMs are also distributed across different secure data centers and can only be accessed by the coordinated action of multiple employees. 

    Gemini Staking Rewards

    With Gemini, you can earn interest on the crypto assets held in your Gemini account. The trading platform offers staking on 2 assets (Polygon and Ether) and APY up to 4.03% and 3.77%.

    Opening a Gemini Account

    To create a Gemini go to https://Gemini.com and click the “Get Started” button at the upper right corner of your screen. 

    Next, you’ll need to enter your details like your first and last name, email address, password, location, and language. 

    Once you’ve filled those in, read and tick the “User Agreement” box if you agree with their Privacy Policy and User Agreement terms. 

    Click “Create Account”.

    Gemini will send a verification to your registered email address. You’ll need to verify your email by clicking the link and logging in to your Gemini account.

    After this, you’ll be redirected to your homepage where you should be able to view a list of the coins offered on the trading platform and your portfolio. Next, you’ll need to add a payment method and you’re set to go.

    You’ll need to verify your account by uploading the required documents like proof of address, government-issued IDs, etc. There isn’t a timeframe given by the trading platform as to how long this verification period can last. However, most users are verified between 1 to 3 days. 

    Trading Experience on Gemini UK

    Gemini offers its trading platforms via mobile and web. It caters to both beginners and advanced traders. Beginner traders can use the basic platform which features a simple buy and sell function that allows users to access crypto using their debit card or bank transfer. Expert traders will benefit from its advanced trading platform that uses ActiveTrader, which offers several order types, charting tools, etc

    Customers Service 

    Gemini-customer-support

    Gemini only offers support via email. Gemini does not offer phone support. Users with complaints can also submit a request on the web platform. All Gemini emails end with the .gemini.com domain name. Gemini valid emails include support@gemini.com  and sub-domain hello@news.gemini.com

    Gemini also has a well-equipped Help Center, with answers to Gemini FAQs and other aspects of crypto trading.

    Customer Satisfaction

    Most Gemini customer reviews attest to the ease of use of the platform. The Gemini mobile app has a rating of 4.4 stars on the Google Play store and 4.8 stars on the Apple app store. Users however complain of very poor service from the support team

    Does Gemini Offer Education?

    Yes, Gemini offers cryptocurrency education via its Education Hub which offers courses in common scams, the Gemini API, its referral program, knowledge on various cryptocurrencies, and more.

    Is Gemini Right for You?

    The Gemini exchange is best for beginner and advanced traders looking for a fully compliant and regulated crypto exchange with a moderate number of cryptocurrencies and NFTs available.

    Final Thoughts

    The Gemini exchange offers beginner and advanced trading features. It majors on security and regulation and ease of access to cryptocurrencies. However, the platform has a confusing and complex fee structure that charges per device which can make things difficult for new traders.

    Our extensive analysis of the UK Crypto Exchanges doesn’t stop here. You can also read about our Bitstamp Review UK as an alternative to Gemini.

    FAQ

    Most frequent questions and answers

    Gemini is one of the secure cryptocurrency exchange platforms in the UK. It insures all assets that are held in its hot wallet. They also require 2-factor authentication and feature SOC 1 Type 2 and SOC 2 Type 2 security measures. 

    Gemini exchange is one of the world’s leading crypto exchanges and offers more than 100 cryptocurrencies. 

    Yes, you can withdraw GBP from Gemini via bank transfer

    Yes, personal information was stolen as over 5 million emails were stolen from the Gemini exchange. 

    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. 

    To view our privacy policy read here.

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