Gemini Review: Pros + Cons Of This Online Broker Offering Crypto Spot Trading

Risk Warning: Your Capital is at Risk.

Gemini was founded in 2014 and was the first NYDFS-licensed cryptocurrency exchange. Traders have access to cryptocurrency spot trading through crypto pairs and fiat-crypto pairs.

As part of its strengths, Gemini has firm security measures in place with geographically distributed cold storage locations where client funds are protected.

In this review, we cover the crypto products offered by Gemini, transaction fees charged, platform variants like mobile and web, along with quick guides on how to register, verify, and fund a Gemini account.

Gemini Exchange Overview

Gemini Trust Company, LLC is a US-based firm in New York, headed by Tyler and Cameron Winklevoss.

The exchange offers 100+ cryptocurrencies and 100+ crypto and crypto-fiat trading pairs. There are three platforms for traders to choose from — the standard Gemini web trader, Gemini’s mobile app, and Gemini’s ActiveTrader which can be accessed as a responsive service on all devices.

Gemini offers both retail and institutional services, namely spot cryptocurrency trading, staking, debit cards, a payment app, and a commercial API for other aspiring cryptocurrency exchanges.

The Gemini customer support team can be contacted via phone on a US toll-free number (1 (866) 240-5113), live chat, and e-mail. The availability of the customer support team isn’t declared by Gemini.

As a New York State Department of Financial Services (NYDFS) licensed company, Gemini reports to the IRS.

Pros & Cons of Gemini

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Key Facts and Features

Gemini’s Products

The Gemini product suite offers more than cryptocurrency spot trading. Here is the full list of Gemini products as listed on the Gemini website:

• Gemini Mobile App: Available on three different app stores, the Gemini exchange app offers buy, sell, and storage functionalities, along with additional features like alerts. See the full mobile platform review for more.
• Gemini Web Exchange: Like on mobile, buy, sell and store cryptocurrencies. The web platform is accessible through browsers and can be used as two different trading interfaces.
• Gemini ActiveTrader™: One of the two trading interfaces on the Gemini web platform. It is responsive and also accessible via mobile. Traders can execute block trades and partake in daily trading pair auctions.
• Gemini Wallet™: A web-accessible hot wallet linked to Gemini’s cold storage system. Funds stored in the wallet are insured against asset theft due to a security breach, hack, fraudulent transfer, or employee theft.
• Gemini Earn: A separate account where traders can earn interest (set at a variable APY) on their account balance. Assets can be redeemed at any time.
• Gemini Clearing™: The ability to settle peer-to-peer (P2P) trade off the Gemini exchange books. Gemini acts as a third-party to facilitate the anonymous trade.
• Gemini Custody™: Insured cold storage by Gemini, regulated under the New York Banking Law and licensed by the State of New York.
• Gemini Dollar™: Gemini’s USD-backed stable coin. Ability to spend via Gemini Pay and earn yields in digital USD.
• Gemini Pay™: Spend crypto from your mobile in over 30,000 US stores. Gemini dollars can be spent without manual conversion.

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Where Does Gemini Operate?

Gemini operates for clients in 50+ countries.

Americas

Here are all the North American territories where residents can use Gemini’s services from:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin, Wyoming, British Virgin Islands, Canada, and the Cayman Islands.

From South America, only these four countries’ residents may trade with Gemini: Argentina, Brazil, Chile, and Peru.

Europe

From Europe, the following countries’ residents are eligible to register and use Gemini: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, Greece, Guernsey, Hungary, Iceland, Ireland, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, and the United Kingdom.

Asia, Oceania, & Africa

Accepted urisdictions from Asia and Oceania are Hong Kong, India, Israel, Myanmar, Philippines, Singapore, South Korea, Taiwan, Turkey, Vietnam, and Australia.

The three accepted countries from Africa are Egypt, Nigeria, and South Africa.

Cryptocurrency Spot Trading

Gemini offers traders cryptocurrency spot trading as the main product. There are cryptocurrency pairs and cryptocurrency-fiat pairs on the exchange’s marketplace.

There are a total of 25 cryptocurrencies on the Gemini exchange, along with 50 crypto and crypto-fiat trading pairs.

Recurring Buys

Traders can set up recurring buys with Gemini’s mobile and web platform. This feature is not available on the ActiveTrader platform version.

How to Set Up Recurring Buys On Mobile

After setting up a recurring order following the below instructions, you can manage it in the ‘My Account‘ tab.

1. Tap the ‘Prices‘ tab
2. Choose the cryptocurrency you want to buy
3. Tap the ‘Buy‘ option
4. Define the amount — how much do you want to buy?
5. To set the frequency and time of your future order(s), tap ‘Just Once‘.
6. Once ready, tap ‘Continue‘.
7. If you are satisfied with the settings, swipe up to confirm your future orders.

How to Set up Recurring Buys on the Web Exchange

1. Head over to the ‘Market‘ tab and select the cryptocurrency you want to buy.
2. Click on ‘Once‘ and choose whether you want to execute the order:
   • Daily
   • Weekly
   • Twice-a-month
   • Monthly
3. Define the purchase amount.
4. Click ‘Review Order‘ and if all is in order, complete your purchase.

How to Register and Verify Your Gemini Account

Before you can trade on Gemini, you need to sign up and complete a quick verification process. To sign up, you need to provide your:

• Full name
• Email address
• Mobile number (incl. country code)
• Residential address

Before verification, Gemini texts you a code via SMS, which you need to enter in the app or website.

Account Verification Requirements

Once you’ve agreed to Gemini’s terms and conditions, you need to verify your identity by uploading clear images of the document of choice.

You can use your passport, national identity card, or driver’s license. The passport photo needs to show the clear double-page where your photo and details are located, while the ID card and drivers’ license are validated via front and back photos.

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Fees and Funding on Gemini

Gemini has a seemingly lengthy fee schedule, so we’ve made it easier to find trading fees that are relevant to you.

Gemini Web and Mobile Trading Fees

Transaction fees are based on your order volume and base fiat currency. Here is a breakdown:

Gemini ActiveTrader™ Fees

The fees on Gemini’s ActiveTrader™ are based on whether you are a ‘maker’ or a ‘taker. A maker fee is charged to those who create an open order at limit prices on the books, hence it makes a market, while the taker fee is charged for those who execute immediate trades at market prices.

The below summary also includes auction fees on ActiveTrader™:

Gemini Custody and Earn Fees

Gemini’s custody fees are annualized as an average and deducted from the assets held in the custody storage account.

*Calculated via the auction price for the asset being withdrawn, or in the case of no auction price, the market price.

The fees for Gemini Earn balances differ based on the cryptocurrency.

Deposit and Withdrawal Methods

There are two different ways to deposit and withdraw fiat funds from Gemini, with the following fees:

• Wire transfer: Free on Gemini’s side (banks may charge)
• Debit card: 3.49% of total purchase on deposits

Traders can choose one of the following seven fiat currencies to fund the account:

• US Dollar – USD
• Euro – EUR
• Pound Sterling – GBP
• Singapore Dollar – SGD
• Hong Kong Dollar – HKD
• Canadian Dollar – CAD
• Australian Dollar – AUD

All cryptocurrency transactions including Gemini Dollar, are free to deposit with.

Cryptocurrency Withdrawal Fees

There are specific withdrawal fees for each cryptocurrency which traders may want to withdraw from the Gemini wallet. At the time of writing, we found the following withdrawal fees.

*Visit Gemini’s website to see the up-to-date withdrawal fees, as fluctuating coin prices may impact these.

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How Secure Is Gemini?

The Gemini Exchange website has a transparent security disclosure of what precautions the company takes for client and infrastructure security.

Gemini is a New York Trust company and was the first cryptocurrency exchange and crypto custodian to pass the SOC 1 Type 2 and SOC 2 Type 2 examinations. These exams were based on Gemini’s operations as a secure financial company.

Other security measures include:

• Gemini Hot & Cold Storage: Distributed hardware security modules with a rating of FIPS 140-2 Level 3 or higher. Same FIPS rating for multi-signature hot wallets.
• Account Security: Two-factor-authentication, WebAuthn support, rate-limiting so processes like logins and withdrawals, and the ability to create a list of approved withdrawal addresses.
• Infrastructure Security: All data transferred over Transport Layer Security (TLS), and DDoS protection.
• Internal Controls: Multi-signatures required to withdraw from cold storage, restricted access to the chairman and CEO, geographically distributed private keys, remote access only via public-key authentication, and employee criminal checks.

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Mobile Platform Review

The Gemini mobile app can be downloaded from the iOS App Store, Google Play Store, and Galaxy Store. The below review summarizes the main aspects of Gemini’s mobile trading experience.

When you open the app, you’re greeted by the ‘Market’ screen where you can browse all available cryptocurrencies with live prices and 24-hour price changes.

Asset Browsing and Service Selection

Aside from the live price and 24-hour price change, cryptocurrencies under the ‘Market‘ tab can be filtered by favorites lists, top movers, top traded cryptos, and DeFi assets. The ‘Portfolio‘ tab allows you to manage your existing assets.

Each asset screen presents an overall summary of the coin’s market information, like the market cap, trade volume, supply, and all-time high. You can add favorites to your watchlist by tapping the ‘Star’ icon in the asset menu.

Charting and Analytics on Mobile

There are no charting analytics or strategic tools in the mobile app. The chart data can be viewed in 1-day, 1-week, 1-month, 3-month, and 1-year increments.

Trade Execution and Management on Mobile

When you select the ‘Buy’ option on for an asset, you can choose a one-time buy or a recurring buy.

Recurring purchases can be automated for daily, weekly, two-weekly, and monthly cycles with the ability to set which days the purchase should occur on.

Price Alerts on Mobile

Simple price alerts can be set so that Gemini automatically sends notifications when a cryptocurrency makes a significant move, or, you can set custom price alerts by tapping the ‘Bell’ icon in the mobile app’s top menu.

The custom alerts can only be set to one particular price point per asset.

Mobile Support

From the account settings section, you can access a responsive customer support web page where you can chat to a live representative or browse various FAQ categories like Fiat Transfers, Getting Started, Gemini App, and dozens more.

Mobile Account Settings

The account section allows you to:

• Add funding methods
• Change your default currency
• Transfer funds (deposit and withdraw)
• Manage recurring buys and your transaction history
• Manage your security settings

You may also change the app’s theme between light and dark, and view Gemini’s policies.

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Web Platform Review

As with Gemini’s mobile app, the web platform offers the same set of features.

The web dashboard after you log in presents the browsable crypto assets, along with any outstanding account verification like in the image below:

From the top menu on the right, you can change your base currency, deposit or withdraw funds, access your account settings, and manage your notifications.

How to Trade and Manage Positions on Gemini Web

When you know what cryptocurrency you want to buy, select the asset in the ‘Market’ tab. You’ll be presented with the asset chart, an option to create price alerts, the market summary of your chosen coin, and a trade ticket.

To make a trade:

1. Select ‘Buy’ or ‘Sell’ in the trade ticket window on the right-hand side
2. If you want a recurring trade, select the frequency and days
3. Define how much you want to buy or sell
4. Click ‘Review Order’ and select a payment method
5. Once you’ve checked the order summary, click ‘Submit’

You may manage your outstanding orders and owned assets under the ‘Portfolio’ tab which you can find in the top left corner of the upper menu.

Account Management on Gemini Web

There are eight different sub-menus in your account dashboard, where you can:

• Edit your profile info and trading platform interface
• Manage security settings like your password, 2FA, security keys, and active browser sessions
• Manage notifications via e-mail, push, and pop-ups
• Edit your payment methods and default currency
• Add or delete crypto addresses
• Generate or manage existing API keys
• Create sub-subsidiary accounts in your main Gemini account
• Create a new exchange account or custody account

Customer Support

Traders can contact support via a toll-free number from the US on 1 (866) 240-5113.

Other methods of support on both desktop and mobile include live chat via ZenDesk and support tickets submitted via e-mail.

Learning Resources

There are several learning resources available on the Gemini website, including:

• Knowledge base with categories like ‘Getting Started’, ‘Earn’, ‘Gemini App’, ‘Trading’, and other specified query tags.
• Blog posts on recent trading, cryptocurrency, and blockchain industry news, as well as Gemini updates.
• Gemini’s newsroom with notable mentions of the exchange in the cryptocurrency press
• Video tutorials and webinars on basic cryptocurrency concepts and Ethereum
• Gemini’s Cryptopedia with learning materials categorized into ‘Cryptocurrencies’, ‘Security’, ‘Trading & Investing’, and ‘DeFi’

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Can I Trust Gemini?

Gemini was founded in 2014 by Tyler and Cameron Winklevoss, both known for their past feud with Facebook founder Mark Zuckerberg.

The company is overseen by the New York State Department of Financial Services (NYDFS) and is also used by the CBOE to settle Bitcoin Futures contracts.

The majority of Gemini’s stored funds and client funds are held in geographically distributed locations with restricted access in FIPS 140-2 Level 3 compliant storages.

As a precaution for internal fraud, Gemini has restricted access to these funds, including a joint multi-signature restriction for access by the CEO and chairman.

Lack Of Regulation

However, unlike Coinbase USD funding, Gemini does not offer FDIC insurance on cash deposits.

Gemini also state that as a ‘trust company’ they’re ‘exempt from having to register with the Financial Crimes Enforcement Network (FinCEN)’.

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Gemini vs Binance Comparison

Here is a comparison of Gemini’s cryptocurrency exchange products, payment methods, currencies, and fees alongside Binance, one of its main competitors:

Please Note: Availability subject to regulations. Cryptocurrency CFDs are not available to UK retail traders.

Read our Binance Review to learn more.

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FAQs

Is Gemini better than Coinbase?

Coinbase offers a cryptocurrency buy and sell experience that is considered quicker and easier due to the platform’s design. While Gemini is a cryptocurrency exchange, Coinbase is a conversion service while Coinbase Pro is more akin to a cryptocurrency exchange. Coinbase charges higher fees than Gemini, and Coinbase Pro also has 100+ trade pairs, similar to Gemini. Whether which one you prefer depends on your location and needs.

Can I buy ADA on Gemini?

No, at this time Gemini does not support the buying and selling of Cardano (ADA). Other exchanges that offer ADA trade pairs include Binance (see the Binance vs. Gemini comparison), Kraken, Coinbase, Crypto.com, and OKEx. These exchanges offer ADA with pairs like ADA/BTC, ADA/USDT, and other ADA fiat currency pairs.

Why is Gemini so expensive?

As with any cryptocurrency exchange, Gemini’s fee structure is impacted by two factors: the transaction fees charged for fund transfers between addresses on the blockchain for the listed cryptocurrency, and the company’s markup for managing the transaction as a third-party broker. Brokers like Gemini are also profitable businesses that report to the IRS, so the company fee structure represents how the broker makes money.

How do you withdraw from Gemini?

To withdraw your funds via Gemini’s web platform, whether cryptocurrencies or fiat currencies, select the ‘Transfer’ option from the top menu on the right. Then, select ‘Withdraw from Gemini‘. In the withdrawal menu, select the currency you want to withdraw, along with the payment method/destination address, and the amount you want to transfer.

Does Gemini have a wallet?

Yes, Gemini has a built-in hot wallet on the exchange that can be accessed via desktop and mobile. The company also has FIPS 140-2 Level 3 grade cold storage facilities where clients’ funds and exchange reserves are stored in geographically distributed locations. Learn more about Gemini’s cold storage wallet in the Security Overview.

Is Gemini safe?

Gemini is a cryptocurrency exchange and broker, meaning that the sum of any funds you deposit depend on the price movements of the underlying cryptocurrency and the exchange fee charged. Your funds are at risk. Otherwise, Gemini is a New York State Department of Financial Services (NYDFS) licensed company and has never been hacked since its founding year of 2014.