Gemini

Gemini exchange review

Gemini is a popular cryptocurrency exchange offering lots of features to both beginners and advanced traders alike. Gemini platform is accessible for traders around the world, and also US traders are accepted in this platform.

Gemini exchange safety and regulation

Gemini is a crypto exchange that was established in the USA back in 2014. Gemini is a New York Trust Company and it is regulated by the New York State Deparment of Financial Services (NYDFS).

Is Gemini exchange safe to use?

Gemini is a secure and transparent exchange, which goes through regular audited by the NYDFS.

As such, it is a very popular choice among investors looking or safe trading environment.

In addition to its other security feature, Gemini recently became SOC 2-certified, which is a voluntary compliance standard for service organizations.

SOC 2 shows that “an independent accounting and auditing firm has reviewed and examined an organization's control objectives and activities, and tested those controls to ensure that they are operating effectively. “ (source)

Gemini user deposits are insured with FDIC insurance for up to $250 000.

Gemini account security options

Gemini offers its users high standard security features such as:

• Two-factor authentication (2FA)
• Wallet address whitelisting
• Device approvals

Countries where Gemini exchange is available

Gemini is available in more than 60 countries, including 50 U.S. States.

You can see the list of accepted countries below:

Countries where Gemini is banned

Gemini does not accept users from countries not in the list above.

Gemini exchange details

How to open Gemini account?

How to create Gemini account?

Gemini account creation process is straight forward.

1. ​Click here to go straight to the registration page
2. Fill in the name, email, and password fields
3. Confirm your email
4. Set up 2FA
5. Go through KYC

And you’re ready to start trading cryptos.

Deposits & withdrawals on Gemini platform

You can deposit to and withdraw from Gemini exchange using both cryptos and fiat money.

Fiat deposits and withdrawals can be made using your bank account or debit card.

Here are some details about Gemini deposits and withdrawals:

Does Gemini exchange have a depost and withdrawal limit?

Gemini limits are $5,000/day and $30,000/month for deposits and $100,000/day for withdrawals using ACH.

 The maximum limit for debit card purchases is $1,000/day.

Gemini minimum withdrawal limits for fiat currencies using bank transfer are as follows:

• USD - $50
• AUD - $150
• CAD - $135
• EUR - €95
• GBP - £20
• HKD - $785

How to deposit on Gemini?

Funding your Gemini account is easy, but it depends on which payment options you choose to use.

• First click “Account” and choose “Transfer” and then “Deposit”.
  
• Now choose the currency you want to deposit and the payment method you want to use.
  
• Click Continue
• Now just follow the steps you are presented for the specific payment method.

The main payment methods available are the following:

1. Wire and Bank Transfers
2. ACH Transfers
3. Apple Pay and Google Pay
4. Debit Card Purchases
5. Crypto Deposits

How to withdraw from Gemini?

Gemini withdrawals are pretty straight forward as well.

1. First click “Account” and choose “Transfer” and then “Withdraw”.
   
2. Now choose the currency you want to withdraw and the payment method you want to use.
   
3. Click Continue
4. And now, just as in case of deposits, just follow the steps you are presented for the specific payment method.

Gemini Fees

When most other crypto exchanges use Maker/Taker fee model, Gemini’s fee structure is different (sort of).

And Gemini fees are definitely not the lowest. Especially when it comes to smaller transactions.

Gemini fee for orders below $200 cost you minimum of $0.99.

This means that in case of a $10 order you pay roughly 10% fee.

For traders bigger than $50, but less than $200, the fee is $2.99.

For orders over $200 Gemini fee is 1.49%, which is still high.

And in addition to Gemini fees being rather high, we feel they are also somewhat complicated.

Of course, you can also use Gemini’s ActiveTrader platform where the Taker/Maker fee model is being used.

And then Gemini fees are not the worst.

Deposit Fees

Deposit fees depends on how you make a deposit.

Crypto deposits are free, as in other exchanges.Wire transfer deposits are free as well.

But depositing using your credit card with cost you 3.49%.

Withdrawal Fees

Gemini withdrawal fees depend on different factor, but as far as we understand, the first 10 withdrawals each month are free. At least when it comes to Gemini fiat withdrawals.

Crypto withdrawals fees depend on the exact coin.

For example:

• Bitcoin - 0.0001 BTC
• 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
• ZCash - 0.001 ZEC
• Zebec - 1 ZBC

In case of other cryptocurrencies the fees depend on the exact gas fees and they change all the time.

Trading Fees

Gemini trading fees depend on a number of variables, but mainly based on where you are trading. What are the options?

• Gemini website
• Gemini mobile app
• Gemini API
• Gemini ActiveTrader platform

Why Gemini has made it all so complicated, that’s anyone’s guess. Trading fee on website or using Gemini app, always costs you +0.5% convenience fee. That’s in addition to the actual fee, which, as mentioned above, is up to 10% for smaller traders.

For trades above $200, it’s 1.49%.Trading low amounts on Gemini ActiveTrader platform cost considerably less, as the base (highest) fee there is 0.35%

Trading on Gemini platform

Gemini offers lower minimum traded amounts than many other cryptocurrency exchanges. For example the minimum trade for BTC is 0.00001 BTC, so basically less than a dollar. Gemini trading platform is very intuitive and should be perfect for even the very beginners. But that’s also where the highest trading fees are taken.Advanced users can move over to ActiveTrader platform with more features, and lower fees.

Gemini KYC

Before you can start trading in Gemini, you need to verify your identity and go through their KYC process.

Do you have to verify your account on Gemini?

Yes. Gemini is a regulated exchange and Gemini is required to ask you to go through the KYC process to comply with Anti-Money Laundering regulations and Bank Secrecy Act.

How to verify your Gemini account?

KYC process is annoying, but simple. You just need to share (and verify) some personal details with Gemini.

• Your full name
• Your address
• Proof of address
  
• Copy of ID card or passport
• SSN or SIN number

Gemini app

Gemini has a good mobile app for its users, which can be used to buy and sell cryptos. Gemini mobile app is available for both iOS and Android devices.

Gemini Earn

Gemini doesn’t have the biggest EARN section, but it does offer users to earn interest from their idle cryptos. Interest rates vary.

Gemini Pay

In our opinion Gemini Pay might be one of the best features of this exchange.Gemini Pay allows you to pay for goods and services using your cryptocurrencies in more than 30 000 shops in the U.S.

Gemini customer support

Gemini customer support can be contacted using the live chat or support page.The live chat also features a virtual chatbot which tries to help you without the need for human intervention.

Pros and cons of using Gemini

Why Choose Gemini – who is it for?

Gemini is a simple, very beginner-friendly platform, which newbies will find very easy to use. So in one hand it’s definitely good for beginners, independent of the trading fees.

At the same time Gemini has lots of advanced features also for professionals. By the end of the day, based on the options available for U.S. based traders, we feel Gemini is mainly meant for Americans, who want to buy and sell cryptocurrencies in a fully regulated crypto exchange.

Using Gemini platform – is Gemini simple to use?

Gemini is a good choice for Americans, both beginners and advanced traders. Gemini is a secure cryptocurrency exchange which offers its users the option to use their cryptos in more than 30 000 retail locations around the U.S. using Gemini Pay. Gemini fee structure is more complicated than it should be. While being very expensive at first glance Gemini fees go lower to an acceptable level by just changing the platform. Because of the fee complexity, Gemini wouldn’t be our first choice. But at the same time, Gemini is an exchange that definitely works for some people.