The Gemini cryptocurrency exchange is one of the most popular locations to purchase, hold, and trade cryptocurrencies in the United States. It has a diverse range of cryptocurrencies and some interesting features. We’ll go through the benefits and drawbacks of Gemini’s service, and some other key details that might help you decide if it’s a suitable fit for you, in our comprehensive Gemini review.
What is Gemini?
Gemini was founded in 2015 as a crypto exchange platform that appealed to both novice and experienced investors, offering a variety of buying and selling possibilities.
You would only have known of Gemini along with its creators, Tyler and Cameron Winklevoss, who are renowned for their court fights with Mark Zuckerberg well over the birth of Facebook. It may not have as much volume of trade as peers like Coinbase or Kraken. However, the exchange provides over 70 cryptocurrencies, a learning center to educate newcomers on all they need to know about crypto trading, and a suite of innovative products that may help seasoned investors get more bang for their buck.
Gemini Earn, Gemini Pay, Gemini Wallet, and other services can assist investors to get access to a more unified ecosystem than other exchanges. Still, for retirement-minded investors, purchasing and maintaining is the right approach, and you may not need either one of these extra characteristics to do so.
Pros & Cons
- Over 60 coins are available.
- Minimum stock amounts are low.
- Covers exchange hacks with insurance for digital assets.
- The Gemini Pay app allows users to make bitcoin purchases at over 30,000 merchants.
- On your bitcoin holdings, Gemini Earn pays up to 7.4 percent APY
- Peer-to-peer crypto trading over the counter (OTC).
- For some coins, crypto-to-crypto trade is possible.
- Fees are relatively expensive.
- The cost system is complex and difficult to comprehend, especially for newcomers.
- Email is the sole way to contact customer service.
- There are no options for margin trading or short selling.
Supported cryptocurrencies in Gemini
Gemini currently supports over 60 cryptocurrencies, including:
- 0x (ZRX)
- 1inch (1INCH)
- Aave (AAVE)
- Alchemix (ALCX)
- Amp (AMP)
- Ankr (ANKR)
- API3 (API3)
- Balancer (BAL)
- Bancor (BNT)
- BarnBridge (BOND)
- Basic Attention Token (BAT)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Bread (BRD)
- Caspian (CSP)
- Chainlink (LINK)
- Compound (COMP)
- Compound 0x (cZRX)
- Compound Basic Attention Token (cBAT)
- Compound Dai (cDAI)
- Compound Ether (cETH)
- Compound Wrapped Bitcoin (cWBTC)
- Curve (CRV)
- Dai (DAI)
- Decentraland (MANA)
- DerivaDAO (DDX)
- Dogecoin (DOGE)
- Enjin Coin (ENJ)
- Ether (ETH)
- Fantom (FTM)
- Filecoin (FIL)
- Gemini dollar (GUSD)
- Golem (GNT)
- Injective (INJ)
- Keep Network (KEEP)
- Kyber Network (KNC)
- Litecoin (LTC)
- Livepeer (LPT)
- Loom (LOOM)
- Loopring (LRC)
- Maker (MKR)
- Mirror (MIR)
- Numeraire (NMR)
- Ocean (OCEAN)
- OMG Network (OMG)
- Orchid (OXT)
- PAX Gold (PAXG)
- Polygon (MATIC)
- Ren (REN)
- SKALE (SKL)
- Somnium Space (CUBE)
- Storj (STORJ)
- SushiSwap (SUSHI)
- Synthetix (SNX)
- tBTC (tBTC)
- The Graph (GRT)
- The Sandbox (SAND)
- Uma (UMA)
- Uniswap (UNI)
- Wrapped Bitcoin (WBTC)
- Wrapped Nexus Mutual (WNXM)
- finance (YFI)
- Zcash (ZEC)
Additional details of Gemini
Gemini Earn is a lending scheme that allows you to lend your crypto, including stablecoins, to enterprise borrowers in exchange for interest – up to 8.05 percent APY, but the precise rate varies depending on the sort of coins you deposit.
Gemini’s online learning hub, Cryptopedia, teaches individuals the basics of bitcoin. Hundreds of articles on a variety of crypto issues are available, ranging from basic explanations to deep dives into more complicated topics.
Gemini wallet and Gemini custody
Gemini provides two wallets: Gemini Custody, a cold storage solution, and Gemini Wallet, an insured hot wallet. Each year, Gemini Custody, which transfers your crypto of the network and into Gemini’s secure custody, costs a 0.4 percent fee. Gemini Wallet provides high-security online storage as well as protection against digital asset theft.
Gemini’s most complex trading solution is called ActiveTrader. It allows you to trade cryptocurrencies in “microseconds” and provides advanced analytics such as real-time market data. It also offers a distinct and less expensive cost structure, although most novices will not need this service. However, when you gain more knowledge, moving to ActiveTrader may be helpful in the long run.
Gemini Pay allows you to spend your bitcoin with no transaction fees at over 30,000 retail establishments ranging from Nordstrom to Bed Bath & Beyond. However, we do not encourage utilizing your cryptocurrency to make purchases. When contrast to the US dollar, cryptocurrencies are still extremely volatile, and utilizing them to buy items might result in excessive losses if the value of your crypto climbs shortly.
Fees in Gemini
There are four different sorts of fees that Gemini charges:
Fees for transfers.
Charged for specific forms of exchange deposits and withdrawals. Deposits made by wire transfer are free, while debit card deposits are subject to a 3.49 percent charge. Withdrawal fees vary, but you’ll be hit with them if you make over 10 withdrawals every month.
Fees for trading.
These costs vary based on whether users trade bitcoin via the internet, the smartphone app, the Gemini API, or the ActiveTrader trading platform—in some circumstances, there are extra convenience fees.
Fees for keeping a person in custody.
This provides coverage for storing bitcoin in a Gemini Custody account, which is a highly safe cryptocurrency storage option aimed primarily at institutional investors.
Fees charged by agents.
These fees are applied to cryptocurrency that earns interest in Gemini Earn. Fees have already been deducted from the APYs that can be earned in this sort of account.
|Less than $10||$0.99|
|Between $10 and $25||$1.49|
|Between $25 and $50||$1.99|
|Between $50 and $200||$2.99|
|More than $200||1.49%|
Security in Gemini
Gemini has industry-standard authentication methods like two-factor verification, wallet address whitelisting, and the ability to check and authorize the devices that are used to log in. Users must also fulfill the platform’s know-your-customer (KYC) verification procedure, which includes uploading a government-issued picture ID, to gain access to the platform’s full range of trading services. This procedure is intended to limit the number of cases of fraud on Gemini.
In addition to its security capabilities, Gemini has received SOC 2-certification, demonstrating the platform’s dedication to security and compliance. This exchange also provides FDIC protection for deposits up to $250,000 in US dollars, as well as digital asset insurance for monies stored in its hot wallet. In the case of a data breach or a hacking attack, this coverage helps to secure user payments.
Opening a Gemini account
You’ll just need to submit your identity, email account, and passcode to get started with Gemini. Then you’ll receive an email confirming your profile, set up multi-factor verification, and start the identity verifications. You’ll be able to link your bank account or debit card and simply buy and trade crypto then when you’ve completed identification verification.
Users can find solutions to common queries in Gemini’s extensive help section. There’s also a virtual chatbot and the option of submitting a support request for human assistance. Gemini, like several other cryptocurrency exchanges, does not provide live phone service to individual consumers.
Gemini account management
Gemini’s web dashboard and mobile applications for Android and iOS let users check their accounts, make deposits, and buy and sell cryptocurrency. Users may trade from home or on the road using its ActiveTrader platform, which is available on both desktop and mobile.
You should expect a personality account journey as a Gemini user. While there are some customer assistance options on this exchange, you will be responsible for browsing the site and understanding how it operates. It’s worth mentioning that most crypto exchanges work similarly, relying on consumers to conduct their research and maintain their accounts.
Things to improve
Even the most reputable bitcoin exchanges may be made better. The Gemini platform has a few flaws that market participants should be mindful of.
Several tokens aren’t available.
There are lots of different cryptocurrencies on the globe, and Gemini now supports over 70 of them. To be true, many cryptocurrencies are small and obscure, and they don’t deserve to be included on any big trading platform. However, several of the top-20 cryptocurrencies by market capitalization aren’t traded on Gemini. Because Gemini only displays ERC-20 tokens (those based on the Ethereum environment), customers on the platform are losing out as other ecosystems gain traction.
No debit cards linked to accounts.
Gemini Pay is an excellent tool that allows cryptocurrencies to be used as a payment option at tens of thousands of shops. However, it isn’t as widely accepted as one of Gemini’s main competitors’ Visa-branded debit cards. It is working on a Mastercard-branded crypto credit card, although it is unclear if users will be able to spend digital money directly.
For small businesses, it’s too expensive.
The charge structure of Gemini is competitive, especially for bigger trades. For example, the company’s 1.49 percent transaction charge for transactions exceeding $200 is in line with its competitors. On minor transactions, though, the costs may add up quickly.