Gemini Trust Company LLC is a cryptocurrency exchange offering over 100 assets available to buy, sell, and trade. In addition to a modest selection of crypto, the platform provides strong account security and compliance measures.
Users can also access several products and services, including a cryptocurrency rewards credit card, a built-in hot wallet, and the option to pay their favorite retailers with crypto.
Is Gemini worth considering? In this article, we will discuss the Gemini Review: new pros, cons, fees, and features
What is Gemini?
Gemini is a global digital asset exchange and regulated New York trust company founded by Cameron and Tyler Winklevoss in 2015. Both crypto-to-crypto and fiat-to-crypto pairs are traded on the exchange. Since then, the exchange has introduced new crypto products to make crypto more transferable and usable. Gemini has launched its own stablecoin, the Gemini dollar (USDT), to link cryptocurrency to the more stable dollar.
Gemini started out by creating a cryptocurrency trading system for institutional investors. The regulated exchange sought to be the Ferrari of crypto trading, with the fastest speed and fanciest dashboard. But first and foremost, Gemini has created a safe exchange.
Following a record year in the number of cryptocurrency exchange hackings and scams and the amount stolen, Gemini has developed the regulatory and security safeguards of a Wall Street bank.
With the recent launch of its mobile trading app, Gemini is taking its safe crypto trading platform to Main Street.
Is Gemini safe?
When it comes to security, Gemini is at the center of the centralized vs. decentralized crypto storage debate. Gemini is one of the few crypto exchanges to provide institutional-level custody services for crypto assets. That means this exchange has a lot of assets in its virtual vault, and most of those assets are stored offline in a cold wallet for safety.
Undeniably, the exchange with the “security-first” mandate has more security measures in place than other exchanges. Here is an overview of the security in place on Gemini.
- Gemini has your private keys. They are held off-site in a cold storage location with government-level security standards.
- Multi-signature identification makes it harder for a hacker to access your assets.
- Some crypto is held in Gemini’s online hot wallet. This crypto is insured by multiple underwriters.
- As a regulated financial services organization, Gemini meets capital reserve requirements.
- Gemini is the first exchange to pass SOC 2 security standards, demonstrating top security controls to protect customer data and funds.
- As a regulated financial institution, depositor funds are protected by FDIC insurance.
Gemini Review: Pros and Cons
Make sure you know Gemini’s pros and cons before signing up for this reputable exchange.
Gemini Review: Fees
Gemini charges several types of fees, depending on the services that you use.
- Transfer fees. Charged for certain types of deposits or withdrawals from the exchange. Wire transfer deposits are free. But any deposit from a debit card incurs a 3.49% fee. Withdrawal fees are variable based on the coin the user withdraws.
- Convenience fees. If you use the web or mobile app, there’s a fee for that. Gemini calls this a “convenience fee.” The fee is 0.5%.
- Gemini earns fees. These are charges for crypto that is earning interest in Gemini Earn. These agent fees are also subject to change.
- Withdrawal fees. Users do pay withdrawal fees on non-Ethereum-based cryptos. If you’re withdrawing Bitcoin (BTC), for instance, expect to pay a 0.0001 BTC fee. You’ll pay 4 DOGE to withdraw your stash of Dogecoin, to name another example. But withdrawing Gemini’s stablecoin, Gemini Dollar (GUSD), is free.
- Transaction fees. The basic platform has a tiered structure for trades, with a 1.49% fee on orders over $200. Gemini has a different structure for its ActiveTrader product.
Rates are also based on the liquidity of the asset at the time of purchase; if immediately available, you’re charged a “taker” fee, and if your order needs to wait for a buyer, you are charged a “maker” fee. The “auction” option allows the sale of blocks of cryptocurrency at a maximum buy price or minimum sell price.
|Less than $10,000
Gemini Review: Features and Services
Gemini streamlines your journey into the realm of digital assets. It provides a rich array of offerings tailored to its users. This section will delve into the diverse offerings provided by Gemini.
User interface and accessibility
Gemini’s platform extends a welcoming interface characterized by its intuitive design. Navigating through the platform is a seamless experience. You can easily get started with your first Bitcoin purchase or execute intricate trading strategies. Rest assured, Gemini offers a hassle-free platform.
Diverse trading pairs
Gemini boasts a multitude of trading pairs to cater to a wide spectrum of preferences and strategies. With over 21 crypto-to-crypto trading pairs available, you’ll encounter standard options like BTC/USD and ETH/USD.
An array of order types
Gemini provides a range of order types tailored to meet your specific requirements. Advanced traders can delve into the Gemini ActiveTrader platform. This platform offers a more comprehensive trading experience.
Lending and borrowing features
Beyond trading, Gemini extends its services to encompass lending and borrowing options. Users can leverage lending tools to earn interest on their crypto holdings.
It’s important to note that interest rates may vary. It’s crucial to explore the platform’s current rates and staking periods. Additionally, be mindful of any limitations or exclusions that may apply.
What Types of Cryptocurrencies Are Available on Gemini?
While Gemini offers fewer cryptocurrencies than other major exchanges, around 100 assets are currently available on its platform. Users can buy, sell, and trade some of the most popular assets such as:
- Bitcoin (BTC)
- Ethereum (ETH)
- Dogecoin (DOGE)
- Gemini Dollar (GUSD)
- Cardano (ADA)
- USD Coin (USDC)
- Uniswap (UNI)
Which countries are supported by Gemini?
Gemini is a US-based cryptocurrency exchange with a handful of supported jurisdictions across the globe. You can access the online exchange from the following countries: The Gemini Sandbox for test trading is available in other jurisdictions.
- United States
- United Kingdom
- South Korea
- Hong Kong
What makes Gemini a good choice?
In this review of Gemini, we can say that it stands out as a top platform for people who are looking to get started with crypto. Its easy-to-use app and Cryptopedia educational resources make it a snap for just about anyone to learn about cryptocurrency, though its fee structure for trades made outside of its advanced trading platform gets pricey quickly.
Gemini also offers a host of yield-earning products with Gemini Earn and Gemini Staking.
Users can earn over 40 crypto rewards with Gemini Earn. While it’s not a staking program per se, Gemini Earn is a lending platform that lets users lend out their crypto holdings in exchange for interest payments.
Like staking, Gemini Earn users receive an annual percentage yield (APY) for participating in their crypto holdings. The New York-based exchange advertises that users can earn up to 8.05% APY with the program.
For those who would prefer to do just regular staking to earn a yield on their crypto holdings, there’s Gemini Staking. But if you’re looking for a laundry list of cryptos to stake, you might need to look elsewhere other than this Winklevoss-founded platform. Gemini only lets you stake Ethereum (ETH) and Cardano (ADA).
With this review of Gemini, it is one of the best cryptocurrency exchanges for bitcoin and ether traders. It is great for individual and institutional users interested in trading and storing more than 100 different cryptocurrencies and tokens.
Gemini is a user-friendly platform for beginners but is also beneficial for serious traders who value security features.