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    Gemini Exchange Review 2022: Crypto, Trading & Fees

    Updated: Sep 16th, 2022
    Kevin Groves
    Kevin Groves
    Gemini Exchange Review 2022: Crypto, Trading & Fees

    Gemini is one of the top cryptocurrency exchanges that was founded by the Winklevoss Twins. The exchange is regulated by the New York State Department of Financial Services (NYDFS) and has surged to popularity in recent years and expanded its products and services. The exchange offers a simple yet powerful buying and selling cryptocurrency exchange, a high performance trading terminal, Gemini Earn to earn rewards and a NFT Marketplace called Nifty Gateway.

    In this Gemini Exchange review, we assess and compare the digital currency provider against its competitors and examine its important aspects such as features, available currencies, deposit methods, trading fees, security and customer support.

    https://gemini.com
    HedgewithCrypto Score
    HedgewithCrypto Score
    4.6/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    Trading Fees:0.5%
    Country:Global (USA allowed)
    Currency:USD, GBP, EUR, CAD, SGD, HKD & AUD
    Promotion:None available at this time
    Ease of useStarStarStarStarStar
    ReputationStarStarStarStarEmpty Star
    Deposit methodsStarStarStarStarEmpty Star
    FeesStarStarStarStarEmpty Star

    This post contains affiliate links with our partners who may compensate us. Read our disclaimer for further information.

    Gemini Overview

    Gemini is a private New York trust company that was founded in 2014 by Cameron and Tyler Winklevoss, commonly known as the "Winklevoss twins". The company provides a legitimate cryptocurrency exchange that is licensed and regulated by the New York State Department of Financial Services (NYSDFS). To maintain its high standard of trustworthiness, the exchange is subject to capital reserve requirements, cybersecurity requirements and banking compliance standards set by the NYSDFS and the New York Banking Law.

    Gemini WebsiteGemini WebsiteGemini website.

    Gemini is an exchange and custodian that provides a simple, elegant and easy way for individuals and institutions to buy, trade, store and sell digital assets. The crypto exchange was first established in the United States and has expanded its operation to allow individuals in Canada, the United Kingdom, South Korea, Hong Kong, Australia and Singapore to purchase digital assets using traditional money.

    Gemini exchange was voted as the best crypto exchange in 2019 and maintains a high level of security that has built a solid reputation in the industry as a trusted digital asset provider. The exchange has also partnered with top companies in the world such as Samsung, Tradingview, Brave and Nifty Gateway.

    To summarize, the key features and products of Gemini are:

    • Beginner-friendly and simple to use
    • One of the safest crypto exchanges in the world for custody of digital assets
    • Supports fiat deposits in USD, GBP, CAD, EUR, SGD, HKD, AUD
    • Multiple trading platforms (for beginners and advanced traders)
    • Trade 100+ cryptocurrency assets and popular Defi tokens
    • Recurring orders and set price alerts
    • Intuitive mobile trading app
    Exchange NameGemini
    Accepted Fiat CurrencyUSD, GBP, EUR, CAD, SGD, HKD & AUD
    Deposit MethodsBank transfers from US bank, credit/debit cards
    Supported CryptocurrencyBTC, ETH, SOL, DOGE, MATIC, LINK, DOT & 100 others
    Trading Fee0.4% - 1.99%
    Withdrawal FeeNone (network fees only)
    Mobile AppYes (Android and iOS)

    Our Review of Gemini - Quick Verdict

    Gemini is a highly-secure cryptocurrency exchange based in the U.S. that is regulated in the state of New York. Gemini offers a decent selection of 100+ cryptocurrencies, as well as both a basic and advanced trading platform for beginners and advanced users alike. Gemini is one of the few crypto exchanges with an insured wallet making it and therefore a premium custodial solution on the market.

    Gemini does charge higher fees than many other exchanges with a 0.50% convenience fee on purchases, and an additional 1.49% on fiat purchases. While the ActiveTrader platforms offers lower fees (0.40% / 0.20%), active traders can save on fees with platforms like FTX or KuCoin. Overall, Gemini offers top-quality security and a beginner-friendly platform for investing in Bitcoin and other popular cryptocurrencies.

    Visit the Gemini website

    What Are The Pros & Cons?

    Gemini is a well-rounded exchange for buying and selling cryptocurrencies using fiat currencies such as the USD, GBP and AUD. The exchange is best-suited for beginner investors and traders alike that want to gain exposure to the asset class using an easy-to-use and safe platform. The benefits of Gemini are its simplicity for newer investors, range of deposit methods and supported coins, features strong security measures and is available for US customers.

    The negatives with Gemini are the complicated fee structure and higher fees compared to other exchanges, as well as lack of margin and derivatives trading. Overall, Gemini is a world-class crypto platform that will appeal to many individuals worldwide.

    Gemini Pros:
    • Licenced cryptocurrency exchange available in the USA and worldwide
    • Strong focus on providing a safe and secure trading environment
    • Supports fiat deposits in 7 currencies using multiple payment options
    • Buying and selling user interface is modern and beginner-friendly
    • Gemini Earn for customers to store digital assets and earn interest
    Gemini Cons:
    • While over 100 cryptocurrencies are supported, still lacking a large altcoin selection
    • The trading fees are a little high and complicated for beginners to understand
    • Does not include margin or leveraged crypto trading products
    • No live customer support feature is available

    Review of the Top Features on Gemini

    Gemini User Interface & Trading Platform

    Gemini has been designed to make it easy for investors and traders to buy crypto in a few simple steps. The interface on the web and mobile version has been designed for all experience levels with an easy-to-use, elegant and simple user interface.

    Gemini exchange user interface screenshotGemini exchange user interface screenshot

    Gemini offers a simple view of popular cryptocurrencies, with the ability to click on any of them and view more details. Users can choose to purchase crypto instantly using the simple order form, and can even move crypto directly into Gemini Earn to start earning interest on crypto holdings.

    Related: Gemini vs. Kraken Comparison: Which Is Best?

    The downside of purchasing crypto through the simplified interface is the additional fees, which Gemini charges up to 1.99% per trade, or a flat fee (on orders up to $200). These fees are higher than most exchanges.

    Example of buying Bitcoin on GeminiExample of buying Bitcoin on Gemini

    For users that want a more advanced trading experience (with lower fees), Gemini has a quick jump over the ActiveTrader, which offers detailed charting, advanced trading tools, live order books and depth charting. ActiveTrader is designed with professional and advanced traders in mind and has many of the tools crypto trading pros would expect.

    The order form offers several order types, including

    • Market
    • Limit
    • Stop-limit
    • Maker-or-Cancel
    • Immediate-or-Cancel
    • Fill-or-Kill
    Gemini activetrader screenshotGemini activetrader screenshot

    ActiveTrader also offers much lower fees than the standard platform, utilizing a Maker-Taker fee schedule and no additional fees. While the interface may be a bit overwhelming for beginners, intermediate or advanced traders who want more control over their trades and lower fees should use ActiveTrader over the standard trading platform.

    Gemini Earn

    Gemini has introduced a feature to allow its users funds within a wallet to earn compounding interest on cryptocurrencies up to 8% APY. The Gemini Earn program is available globally, but rates may vary by location. The earn platform gives the flexibility to move the crypto assets to the trading platform (with interest) and vice versa.

    Like the overall user experience, the Gemini Earn Interest Calculator is easy to use to calculate potential interest payments on all of the supported coins over a 1 to 4-year period. This is really helpful for novices that want to determine their potential profits using the Earn program.

    Gemini Earn profit calculatorGemini Earn profit calculator

    Gemini Credit Card

    Gemini offers a rewards credit card that pays out up to 3% in rewards for every purchase. Rewards are credited to a user’s account in the form of Bitcoin or one of 60 other cryptocurrencies. The card comes with no annual fees, no foreign exchange fees, and no exchange fees when acquiring crypto rewards. The card is issued by Mastercard and can be customized by color. Rewards are as follows:

    • Up to 3% back on dining
    • 2% back on groceries
    • 1% back on all other purchases

    These rewards are earned on up to $6,000 in annual spend and are converted to 1% back on everything. The Gemini credit card is only available to U.S. residents which is a limitation for international users considering Gemini exchange.

    Gemini Wallet

    Gemini wallet is a crypto hot wallet that offers top-tier security and even an insurance fund to cover certain types of losses. As a licensed fiduciary in New York state, Gemini has set aside capital reserves as an insurance fund against theft and also has a policy with world-class underwriters to protect user funds.

    The Gemini Wallet supports all 100+ cryptocurrencies on the Gemini exchange. The wallet does allow users to transfer funds to other external wallets and offers free withdrawals for up to 10 transfers per month. The Gemini wallet is built into the Gemini exchange and can be downloaded as a mobile app for both Android and iOS.

    Gemini Custody

    Gemini offers crypto custody solutions with some of the most secure storage available on the market. As a New York State Trust Company, Gemini is a fiduciary and qualified custodian under New York Banking Law. All assets are held in cold storage with multiple layers of biometric access controls and physical security.

    Gemini custody insurance and licencingGemini custody insurance and licencing

    Gemini custody supports all assets on the Gemini exchange, as well as some that only support custody on the Gemini platform. There is a $200 million insurance fund in case of unauthorized access, and Gemini is a trusted custodian for other exchanges as well. For users that want secure storage with insurance on their digital assets, Gemini is one of the best offerings available.

    Gemini Dollar (GUSD)

    Gemini offers a stablecoin known as Gemini Dollar (GUSD). This coin can be used for trading on the Gemini platform, and also is available on other platforms as well. GUSD is a 1:1 fiat-backed stablecoin that has $1 in reserves for every token issued.

    The price of GUSD is pegged to the U.S. Dollar, and it is one of the only insured stablecoins on the market. As an ERC-20 token, GUSD can be used on Ethereum-based DeFi applications and held in any ERC-20 compatible wallet. There are no fees to purchase GUSD on the Gemini platform. To learn more, read our guide on what is GUSD which explains how it works and what it can be used for.

    Gemini Comparisons & Alternatives

    Cutting-edge security measures, an intuitive user interface, excellent security features and a mobile trading app are important features of Gemini. This comparison table lists alternate crypto exchanges like Gemini for trading Bitcoin & cryptocurrency.

    ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview
    Binance

    Binance

    600+0.1%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.8/5
    StarStarStarStarEmpty Star
    Up to $100 welcome bonusVisit BinanceBinance Review
    Coinbase Logo

    Coinbase

    250+0.5%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.8/5
    StarStarStarStarEmpty Star
    $5 BTC bonus (USA only)Visit CoinbaseCoinbase Review
    FTX

    FTX

    3190.02% / 0.07%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.7/5
    StarStarStarStarEmpty Star
    5% off trading feesVisit FTXFTX Review
    eToro

    eToro

    70+1%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.6/5
    StarStarStarStarEmpty Star
    None available at this timeVisit eToro

    eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Archived, "Virtual currencies are highly volatile. Your capital is at risk."

    eToro Review
    gemini exchange

    Gemini

    26+0.5%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.6/5
    StarStarStarStarEmpty Star
    None available at this timeVisit GeminiGemini Review

    Is Gemini Safe?

    The Gemini platform is one of the safest cryptocurrency exchanges to buy and sell digital assets. The digital asset exchange features institutional-grade measures to protect its user's information and funds stored on the platform. Security features include cold wallet storage, multi-signature withdrawal process, Two Factor Authentication, encryption, whitelisting addresses and brute force login protection.

    To ensure customer's funds and information are kept safe and protected on the crypto exchange, Gemini utilizes the following institutional-grade security measures which are considered to be industry-leading practices:

    • Offline cold storage to hold the majority of funds
    • Funds stored across geographically distributed locations
    • Multi-signature scheme to eliminate single points of failure
    • Coordinated actions from multiple employees with multi-factor authentication
    • 2FA for account login and withdrawal request
    • Whitelisting to limit the transfer of funds to approved addresses only
    • Brute force attack protection against multiple failed login attempts
    • Encryption to protect user login and personal information

    Trading Volume & Liquidity

    While Gemini is a safe and secure exchange that offers a decent selection of crypto, it does not process a lot of trading volume compared to other exchanges such as Coinbase and Binance. Gemini spot trading volume is around $85 million per day. As for liquidity, Gemini has an average liquidity score of 665 (out of 1,000), which is higher than average. High liquidity means there is less of a risk of slippage and smaller spread fees when placing spot trades.

    gemini trading volumesgemini trading volumes

    Supported Countries

    Gemini exchange has expanded globally to become a true international cryptocurrency exchange for individuals that want to purchase digital assets. The USA-based exchange provides its crypto services to countries such as the United Kingdom, Canada, Australia, Singapore, South Korea, South Africa and many others. To view the full list of supported countries, visit the Gemini website.

    Creating an Account with Gemini

    To create an account with Gemini users will need to go through a registration process to open an account. The information required to get started includes full name, email address and to set a password. Verification of the email address completes the basic account creation process. Once an account is created, users can download the Gemini mobile app or login through the website. Account verification is needed before any trading can begin.

    Gemini ID Verification Requirements

    The documents required to complete the Gemini verification process varies depending on the user's place of origin. US customers will need to upload a state-issued ID, driver’s license, passport or passport card. Additional verification documents may be required for the user's in other countries like proof of address (e.g. bank statement, utility bill, or mobile phone bill). ID verification takes less than 24 hours to complete once the documents have been uploaded.

    Fiat Deposits & Withdrawals

    Gemini allows users on the platform to buy & sell digital assets by supporting seven fiat currencies such as USD, GBP, EUR, CAD, SGD, HKD and AUD. Traditional currencies can be deposited to the Gemini exchange using a variety of payment methods such as debit cards and transfers from a bank account.

    Supported Coins

    Gemini supports over 100 cryptocurrencies, including BTC, ETH, SOL, DOGE, MATIC, LINK and DOT for example. The good thing about Gemini is they continue to add coins each month and carries decent liquidity on all coins on their exchange. The selection is much smaller than exchanges like Coinbase, KuCoin and Binance, but is a reasonable selection for a U.S.-based exchange.

    Gemini Mobile App

    Gemini exchange provides a safe and easy way for investors and traders alike to buy, trade, store and sell digital assets such as Bitcoin and Ethereum using a mobile trading app. Users can track and monitor live cryptocurrency prices in real-time using the crypto app which is available for Android and iOS devices. Great features of the Gemini app include:

    • Chart assets using a seamless and intuitive interface
    • Monitor and track portfolio performance quickly
    • Ability to set price alerts to act quickly on price movements
    • View to check live and historical prices
    • Schedule recurring orders
    • Light and dark mode
    • Compatible with Apple Watch and Android Wear devices

    Overall, the Gemini trading app includes the majority of features available on the web version. Based on our reviews, Gemini has one of the best apps in crypto with the ability to seamlessly monitor and track the performance of a portfolio.

    screenshots of the gemini appscreenshots of the gemini app

    Gemini Fees

    Gemini has a bit of a complicated fee structure, with differing fee schedules for different types of orders, as well as different applications (web, mobile, etc.). Below is a summary of the main fee schedules for Gemini, but the entire breakdown of Gemini fees can be found on the website.

    Trading Fees

    Gemini charges a flat 0.5% (or 50 basis points) trading fee above the prevailing Gemini market price for all buy and sell transactions using the web or mobile trading applications. Depending on the volume traded, an additional transaction fee surcharge will be applied for fiat transactions. For a full list of fees for supported fiat currencies (e.g. USD, CAD, GBP, EUR, HKD, SGD and AUD).

    Trading VolumeTransaction Fee
    ≤ $10.00$0.99
    > $10.00 but ≤ $25.00$1.49
    > $25.00 but ≤ $50.00$1.99
    > $50.00 but ≤ $200.00$2.99
    > $200.001.49% of your Web Order value

    Gemini utilizes a different fee model for traders that use the ActiveTrader platform which varies depending on the user's 30 day trading volume. The transaction costs are based on a maker and taker fee model that starts from 0.40% and 0.20% respectively. Compared to other cryptocurrency trading platforms, the Gemini fees are high for traders that want to speculate on digital currencies in the short term.

    Deposit Fees

    Gemini offers its users zero-deposit fees to transfer fiat currency or cryptocurrency assets to the exchange. There are no fees for bank transfer deposits and crypto coins, however, debit card purchases will incur a 3.49% fee on the total purchase amount that includes the trading fee.

    MethodDeposit Fee
    CryptocurrencyNone
    Wire transferNone
    Debit card transfer3.49% of total purchase amount

    Withdrawal Fees

    Gemini does not charge a fee for making less than 10 withdrawals of the supported digital assets (e.g. GUSD, Bitcoin) per month from the exchange. For greater than 10 withdrawals a month, a network fee will apply which varies on each coin.

    For example, the withdrawal fee for Bitcoin is 0.001BTC. In comparison, the Gemini fee to withdraw Bitcoin is double that of Binance, which charges 0.0005BTC to withdraw Bitcoin. For fiat currency withdrawal to a US bank account, there is no additional Gemini fee.

    Customer Support

    Gemini provides a support email address for its user to contact the customer service team with any troubleshooting issues. There is also a help desk or ticket system to submit an inquiry and be contacted via email by the customer support team. The website includes a comprehensive FAQ section that addresses the common issues and concerns raised by users on the platform. The site covers topics such as how to get started, Gemini app, fiat transfers, trading, deposit & withdrawals, custody, security and 2FA.

    Frequently Asked Questions

    Within the United States, Gemini offers one of the better exchanges to purchase Bitcoin with US Dollars. The platform is designed for beginners and offers local payment methods such as bank transfers and also debit cards. Gemini is a well-respected exchange that is regarded as one of the safest places for high net-worth individuals and institutions due to its strict compliance with regulations and insurance policies.

    Based on our research, Gemini exchange has never been hacked or compromised resulting in the loss of customer funds or personal information. Gemini is compliant with the internationally recognized security standards SOC 1 Type 1 and SOC 2 Type 2, which set the benchmark for crypto exchanges. In addition to the bank-like security measures for the custody of digital assets and state-of-the-art storage solutions, Gemini provides a safe environment to purchase crypto using the desktop or mobile app. For a full list of hacked crypto platforms, read this article.

    Gemini exchange is a private New York trust company that was founded in 2014 by Cameron and Tyler Winklevoss, also known as the "Winklevoss twins". The company has expanded to over 100 employees that serve customers in the United States, Canada, Europe, South Korea, Singapore and Australia.

    Gemini and Coinbase are legitimate, trustworthy and safe cryptocurrency exchanges with many similarities between them. Which one is considered to be the better exchange depends on personal preferences. Users that want to buy Bitcoin with a credit card will need to use Coinbase as Gemini does not offer this feature. If fees are more important, users will save on transaction costs using Gemini which has slightly lower fees.

    Gemini is a reputable Australian crypto platform that accepts payment in Australian Dollars (AUD) in exchange for cryptocurrencies. Local residents can deposit funds to purchase digital currencies like Bitcoin, Ethereum and XRP using a debit card.

    The founders of Gemini Exchange have developed the platform Nifty Gateway for individuals all over the world to share and trade digital artworks. Nifty Gateway is a leading NFT marketplace to buy digital items that features limited-edition collectibles from celebrities.

    Conclusion

    To conclude our Gemini review, the crypto exchange has established itself as a trustworthy and reputable platform for investors and institutions to get started and buy Bitcoin, Ethereum and other altcoins with fiat money. The simple, seamless and elegant design on the web and the mobile trading app will appeal to a wide range of individuals and help them discover and use blockchain technology.

    How We Rated Gemini Exchange

    HedgewithCrypto strives to provide independent, factual and unbiased reviews of cryptocurrency exchanges and trading platforms to help readers make an informed decision about picking the right crypto exchange. The review process includes examining the website and external sources, creating and funding an account, demonstrating and experiencing the features of the platform and calculating an overall weight-average rating.

    A rating between poor (1 star) and best (5 stars) with 0.1 increments is given. For further information on the criteria and categories that are evaluated, read our exchange review methodology process.

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    Kevin GrovesKevin GrovesKevin Groves

    Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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