Gemini has been making headlines over the past year for its innovative nature, robust regulatory compliance, and simplicity. But how does Gemini compare to other leading cryptocurrency exchanges? Throughout this Gemini review, we'll be taking an in-depth look at the platform, sharing its features, fees, and limitations.
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Our Review of Gemini - Quick Verdict
Founded by the Winklevoss twins, Gemini has grown quickly to become a favorite among beginners looking for a simple platform to conduct transactions. While Gemini is a reasonable exchange for beginners, the high fees (0.4% to 1.99%) and limited range of assets (116) mean that Gemini is primarily suited to investors in areas like New York that have stricter regulatory requirements. Even though Gemini has carved out a space for itself in the industry with its Earn Program, the recent security issues could be a cause of concern and Gemini should be avoided until further clarity.
For a list of alternatives, here's our list of the best crypto trading platforms.
- Available in NYC and worldwide
- Good range of supported fiat currencies
- Modern and beginner-friendly interface
- Limited range of assets
- Confusing fee structure
- No Support for margin or leveraged trading
- Available in NYC and worldwide. Gemini is licensed to operate in New York and 48 other states. Few exchanges can legally run in NYC, making Gemini a solid choice for state residents.
- Good range of supported fiat currencies. With support for seven fiat currencies and three deposit methods, Gemini is an incredibly accessible exchange.
- Modern and beginner-friendly interface. Gemini was designed with simplicity in mind. As a result, the exchange boasts an intuitive interface, likely to appeal to those new to the space.
- Limited range of assets. While Gemini now offers 116 crypto assets, its selection is far fewer than that of Platforms like Binance. As such, users looking to trade many cryptos could be better off using another exchange.
- Confusing fee structure. The fees charged by Gemini vary based on account currency, platform, and trading volume. Because of all these factors, the fee schedule will likely confuse unfamiliar users.
- No support for margin or leveraged trading. Gemini is exclusively a spot trading platform. As such, anyone looking to boost profits and losses with margin and leverage will need to look elsewhere.
Gemini At A Glance
|Features||Gemini Credit Card, Gemini Wallet, Gemini Custody, Gemini Dollar (GUSD)|
|Accepted Fiat Currency||USD, GBP, EUR, CAD, SGD, HKD & AUD|
|Deposit Methods||Wire Transfer, Credit/Debit Card, PayPal|
|Supported Cryptocurrencies||BTC, ETH, SOL, DOGE, MATIC, LINK, & 110 others|
|Number of Trading Pairs||135|
|Trading Fees||0.4% - 1.99%|
|Customer Support||Help Center, Email|
|Security||2FA, Cold Storage. Address Whitelisting|
|Mobile App||Yes (Andorid and IOS)|
Gemini Crypto Exchange Overview
Gemini is a private New York trust company founded in 2014 by Cameron and Tyler Winklevoss, commonly known as the "Winklevoss twins." The company provides a legitimate cryptocurrency exchange licensed and regulated by the New York State Department of Financial Services (NYSDFS).
Partnered with top companies Samsung, Tradingview, Brave, and Nifty Gateway, 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.
Review of the Top Features of Gemini
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. In addition, the Earn platform gives the flexibility to move the crypto assets to the trading platform (with interest) and vice versa.
It's vital to note that Gemini has currently suspended the Earn program due to its exposure to Genesis. So currently, users with funds in Gemini Earn are unable to withdraw. However, Gemini insists it's working hard to make customers whole again.
Gemini Credit Card
Gemini offers a rewards credit card that pays out up to 3% in rewards for every purchase. Rewards get credited to a user’s account in the form of Bitcoin or one of 60 other cryptocurrencies. There are no annual fees, foreign exchange fees, or exchange fees when receiving crypto rewards. Mastercard issues the Gemini credit card, which 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 spending. Unfortunately, the Gemini credit card is only available to US residents, which is a limitation for international users considering the Gemini exchange.
Looking for a debit card? Here's our list of the top crypto debit cards.
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 has a policy with world-class underwriters to protect user funds.
The Gemini Wallet supports all 100+ cryptocurrencies on the Gemini exchange. In addition, the wallet does allow users to transfer funds to other external wallets. The Gemini wallet is built into the Gemini exchange and can also be downloaded as a mobile app for Android and iOS.
The Gemini cryptocurrency exchange 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 biometric access controls and physical security layers.
Gemini Custody supports all assets on the exchange and a few others not present on the Gemini platform. Furthermore, there is a $200 million insurance fund in case of unauthorized access, and Gemini is also a trusted custodian for other exchanges. In short, Gemini is among the best offerings for users who want secure storage with insurance on their digital assets. However, there is a $125 fee to withdraw from Gemini Custody and a maintenance fee of 0.4% or $30 (whichever is higher) monthly.
Gemini Dollar (GUSD)
Gemini offers a stablecoin known as Gemini Dollar (GUSD). This coin can be used for trading on the Gemini exchange and is also available on other platforms. The price of GUSD is pegged to the US Dollar and 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. In addition, there are no fees to purchase GUSD on the Gemini platform. To learn more, read our guide on GUSD, which explains how it works and its uses within and outside of the Gemini ecosystem.
Gemini Comparisons & Alternatives
The primary features of Gemini are:
- Cutting-edge security measures.
- An intuitive user interface.
- Excellent security features.
- A mobile trading app.
This comparison table lists alternate crypto exchanges like Gemini based on HedgewithCrypto's reviews.
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|600+||0% to 0.1%|
|Up to $100 welcome bonus||Visit Binance||Binance Review|
|$5 BTC bonus (USA only)||Visit Coinbase||Coinbase Review|
|None available at this time||Visit 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."
Creating and Verifying a Gemini Account
Users must go through the registration process to create an account with Gemini. A customer's full name, email address, and password are required for the initial sign-up. Additionally, the user must enter their address and source of funds. In addition, before trading, users are required to verify their accounts.
This process is handled by Onfido, with the user needing to take a picture of a photo ID (passport, driving license). However, the photo must be taken live, meaning that a camera-enabled device is required to complete verification. Furthermore, verification can take quite a while based on our experience (should be less than 24 hours).
Supported Fiat Currencies & Deposit Methods
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 payment methods such as debit/credit cards, PayPal, and transfers from a bank account.
Supported Cryptocurrencies and Trading Pairs
Gemini supports 116 cryptocurrencies, including BTC, ETH, SOL, DOGE, MATIC, LINK, and DOT. The good thing about Gemini is they continue to add coins each month and carry decent liquidity on all coins on their exchange. Unfortunately, the range of cryptocurrencies is much smaller on the ActiveTrader platform. While it boasts 29 additional trading pairs, denominated primarily in BTC, ETH, LTC, and BCH, users only have access to 11 cryptos, over 100 less than the more costly web platform.
Overall, the selection offered by Gemini is much smaller than exchanges like Coinbase, KuCoin, and Binance. Furthermore, if users want to buy any cryptos not available on ActiveTrader, the increased costs drastically reduce the exchange's efficacy.
Gemini has a complicated fee structure, with differing fee schedules for different types of orders and applications (web, mobile, etc.). Below is a summary of the main fee schedules for Gemini, but interested parties can find the entire breakdown of Gemini fees on the website.
Trading fees on the Gemini exchange vary based on an account's base currency, trade size, and whether a customer is using the standard web exchange or Gemini's ActiveTrader platform. All purchases under $200 on the Gemini web platform are charged a flat fee ranging from $0.99 to $2.99. Additionally, any orders over $200 will incur a 1.49% fee. However, it should be noted that the restrictions and costs vary based on account currency and should be double-checked before placing an order.
|Trading Volume||Transaction Fee - Basic Platform|
|> $10.00 but ≤ $25.00||$1.49|
|> $25.00 but ≤ $50.00||$1.99|
|> $50.00 but ≤ $200.00||$2.99|
|> $200.00||1.49% of your Web Order value|
For users of the ActiveTrader platform, the fees charged are slightly more reasonable. Gemini utilizes the maker/taker structure and offers volume-based discounts. However, with the costs starting at 0.40% (Taker) and 0.20% (Maker), Gemini's charges are still high compared to other crypto exchanges.
|Trading Volume||Transaction Fee - ActiveTrader (Taker / Maker)|
|≤ $10,000||0.40% / 0.20%|
|≥ $10,000||0.30% / 0.10%|
|≥ $50,000||0.25% / 0.10%|
|≥ $100,000||0.20% / 0.08%|
|≥ $1,000,000||0.15% / 0.05%|
Withdrawal and Deposit Fees
Gemini does not levy any additional fees for withdrawing crypto from the exchange. However, a flat network fee is charged on all assets; for example, there is a 0.0001 BTC fee to withdraw Bitcoin. Ethereum-based assets have a dynamic fee structure based on network congestion and are subject to constant change.
While wire transfers incur no fee, those wishing to use PayPal to deposit or withdraw are charged 2.50% for the privilege, while crypto investors preferring to use a debit/credit card must pay 3.49%. As such, Gemini can be a costly platform for anyone not wishing to use wire transfers.
Gemini Fees Compared
To highlight how Gemini compares to other popular trading platforms, we've included a table highlighting the fees charged by Gemini and a few other leading exchanges.
|Exchange Name||Trading Fee|
|Binance||0% to 0.1%|
|Gemini||0.40% to 0.20%|
Gemini Ease of Use
Our Gemini review wouldn't be complete without discussing the exchange's ease of use. Gemini is designed to make it easy for investors and traders looking to buy crypto and boasts both basic and advanced platforms.
Gemini offers a simple view of popular cryptocurrencies, with the ability to click on any of them and view more details. While Gemini provides the ability to purchase crypto instantly using the basic platform, users can access increased detail and superior analysis tools by swapping to the advanced 'ActiveTrader ' platform via a conveniently located menu button.
Gemini ActiveTrader supports a variety of timeframes, offers drawing tools, and enables users to access a good range of technical indicators. ActiveTrader is designed for professional traders and offers a more competitive fee structure than the standard platform. Furthermore, it provides six order types, including Market, Limit, Fill-or-Kill, and Stop-limit orders.
As Gemini offers both a simple and advanced trading interface, the platform is accessible to everyone, regardless of skill level. However, the separate fee structures will likely confuse users unfamiliar with Gemini and may prefer another trading platform.
Gemini Mobile App
Gemini exchange provides a safe and easy way for investors and traders to buy, trade, store, and sell digital assets such as Bitcoin and Ethereum with the Gemini mobile app. Users can track and monitor live cryptocurrency prices in real-time using the crypto app available for Android and iOS devices. At the time of writing, the Gemini mobile app had an average rating of 4.8 / 5 across more than 90,000 reviews.
While creating our Gemini exchange review, we analyzed the mobile app to determine its real-world usability. Initially, the customer will be met with a screen showing their portfolio, an asset watchlist, and a few of the day's best-performing cryptocurrencies. Furthermore, toward the bottom of the homepage, Gemini included some basic educational material designed to help people get started.
Crypto investors can easily buy and sell assets on the exchange from the dedicated market section. However, while opening a position is simple, the app has essentially zero charting capabilities and features no way to enable advanced trading features as is present on the desktop version.
Overall, the Gemini trading app is a simple and secure platform that enables users to buy and sell crypto without hassle. Based on our research, Gemini has one of the best apps in crypto for beginners, but due to its lack of analytical features, we cannot recommend the app for technical traders.
Is Gemini Safe?
While the Gemini platform was previously considered one of the safest cryptocurrency exchanges to buy and sell digital assets, many Gemini customers had partial account details leaked by hackers in December 2022. As a result of this hack, clients of Gemini saw a considerable increase in phishing schemes designed to gain access to customer accounts.
More recently, the US Securities and Exchange Commission issued charges against Gemini for the unregistered sale of securities through its Lending platform. As a result of this suit and Gemini's exposure to Genesis (a now insolvent crypto platform), customer funds held in the Gemini Earn program have been frozen.
Although the leaked customer information is likely to have harmed consumer trust, Gemini remains committed to providing a secure platform for crypto investors. For example, most client funds are stored in multi-sig cold storage, all Gemini employees are background checked, and even the founders cannot transfer funds from any Gemini wallets.
Gemini has also implemented security measures designed for client accounts. Customers are required to set up two-factor authentication (2FA), with an app like Authy heavily recommended. Furthermore, users can see every login attempt to their accounts and can whitelist specific crypto addresses for withdrawals.
Gemini Customer Support
Gemini offers a comprehensive help center that addresses the common issues and concerns users raise on the platform. The platform covers topics such as how to get started with crypto, the Gemini app, fiat transfers, trading, deposit & withdrawals, custody, security, and 2FA. For less common issues, Gemini provides a chatbot that can direct users to the correct place to receive assistance. Additionally, users can email customer support to get a response to any queries, although the team wasn't very responsive at an average of 2-3 business days for a reply.
Frequently Asked Questions
Within the United States, Gemini offers one of the better exchanges for purchasing Bitcoin in US Dollars. The platform is designed for beginners and offers local payment methods such as bank transfers and 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.
Gemini and Coinbase are legitimate, trustworthy, and safe cryptocurrency exchanges with many similarities. One is that both exchanges depend on personal preferences. For example, users who want to buy Bitcoin with a credit card need to use Coinbase, as Gemini does not offer this feature. On the other hand, if fees are more important, users will save on transaction costs using Gemini, which has slightly lower fees.
Gemini exchange is a private New York trust company 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 exchange has expanded globally to become an international cryptocurrency exchange for individuals that want to purchase digital assets. The USA-based exchange provides crypto services to countries such as the United Kingdom, Canada, Australia, Singapore, South Korea, South Africa, and many others. To view the complete list of supported countries, visit the Gemini website.
While it's not possible to buy NFTs directly on the Gemini platform, the founders of Gemini Exchange have developed the platform Nifty Gateway for individuals worldwide to share and trade digital artworks. Nifty Gateway is a leading NFT marketplace for buying digital items and features limited-edition collectibles from celebrities.
While Gemini is a safe and secure exchange that offers a decent selection of crypto, it does not process much trading volume compared to other exchanges such as Coinbase and Binance. Gemini spot trading volume is around $15 million per day.
As for liquidity, Gemini has an average liquidity score of 624 (out of 1,000), which is higher than exchanges like KuCoin and Bitfinex. High liquidity means there is less risk of slippage and smaller spread fees when placing spot trades.
Despite many crypto enthusiasts touting Gemini as a secure crypto exchange, while writing this Gemini review, we found that in December 2022, personal information from approximately 5.7 million Gemini users had been leaked. While no customer funds were siphoned directly, the leaked email addresses and phone numbers were utilized to orchestrate sophisticated phishing scams.
Gemini Final Verdict and Scores
While creating our Gemini review, we were impressed by the platform's simplicity and ability to operate legally in New York. Users of Gemini can trade over 100 cryptocurrencies and utilize the Gemini credit card to spend digital assets in real-world establishments.
While the exchange has garnered a lot of attention after expanding its offerings, the recent lawsuit with the SEC and leak of customer details could indicate that danger is on the horizon for Gemini. As such, unless necessary due to local regulations, Gemini is likely best avoided.
|Review Criteria||HWC Score|
|Features||3.5 / 5|
|Supported Fiat and Deposit Methods||4.5 / 5|
|Supported Crypto & Trading Pairs||3 / 5|
|Fees||3 / 5|
|Ease of Use||4 / 5|
|Customer support||3 / 5|
|Security Measures||3 / 5|
|Mobile App||3.5 / 5|