Pros Explained
- Available in all 50 U.S. states: Unlike some of its competitors, Gemini is available in all 50 U.S. states.
- Hot wallet insurance: Gemini’s hot wallet is backed by digital asset insurance. User funds stored in the wallet are covered in the event of a security breach or hack.
- Strong security: Since its founding, Gemini has put a strong emphasis on user security. It offers several controls and features, plus insurance, to help protect users’ assets.
Cons Explained
- Only 77 cryptocurrencies available: Compared with some industry competitors, Gemini offers fewer cryptocurrencies available to buy, sell, and trade.
- Trading fees can be high: Gemini’s trading fees are relatively high, especially if you’re trading a small amount of crypto.
Introduction
Gemini Trust Company LLC is a crypto exchange offering nearly 80 cryptocurrencies available to buy, sell, and trade. In addition to a decent selection of crypto, the platform provides strong account security and compliance measures. Users can also enjoy various products and services, including a cryptocurrency rewards credit card, the opportunity to earn interest on crypto, a built-in hot wallet, and the option to pay their favorite retailers with crypto.
Investing in cryptocurrencies, Decentralized Finance (DeFi), and Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.
Company Overview
Tyler and Cameron Winklevoss founded New York-based Gemini in 2014 after struggling to find a safe place to hold their crypto. Since its founding, the platform has operated on four key pillars: product, security, licensing, and compliance. Its goal is to establish and maintain user trust by offering a secure, compliant crypto exchange platform.
While Gemini’s focus on security and compliance sets it apart, the exchange offers fewer cryptocurrencies than many competitors. Currently, there are 77 cryptocurrencies on the platform. But despite its smaller number of available assets, this platform is still an excellent option for both novice and experienced traders thanks to its strong security focus and range of products and tools.
Gemini recently became the first SOC 2-certified crypto exchange in the industry. The SOC 2 examination is given by third-party auditors, and it assesses a product or company’s levels of security and compliance.
Cryptocurrencies Available on Gemini
While Gemini offers fewer cryptocurrencies than other major exchanges, there are still 77 assets available on its platform. Users can buy, sell, and trade some of the most popular assets as well as some lesser-known coins. Here’s a partial list of cryptocurrencies available on Gemini:
- Bitcoin (BTC)
- Ethereum (ETH)
- Dogecoin (DOGE)
- Gemini Dollar (GUSD)
- Solana (SOL)
- Cardano (ADA)
- USD Coin (USDC)
- Terra (LUNA)
- Uniswap (UNI)
Trading Experience
Both the website and mobile app offer a user-friendly trading experience. Beginners will appreciate Gemini’s simple buy and sell option as well as its extensive support page. Experienced traders will appreciate its ActiveTrader platform, which offers advanced charting tools and multiple order types, and allows users to execute trades quickly.
To take advantage of Gemini’s full trading features, users need to complete an identity verification process. This process involves uploading a government-issued photo ID, such as a driver’s license or passport.
Fees
Gemini’s fee structure works differently than many other exchanges, which generally use a tiered maker/taker fee model. Its fees vary depending on the amount you’re trading and the platform you’re using. For instance, Gemini has both a mobile fee schedule and a desktop fee schedule. Fees can range up to $2.99 for trades greater than $50 but less than $200, or 1.49% for trades of at least $200 or more.
While this exchange is transparent about its fees, its basic fee structure is slightly more complicated than what you’ll see with some other exchanges. Its fees are also somewhat higher than what many industry competitors charge.
For those who plan to use Gemini’s ActiveTrader platform, here’s what you can expect in terms of fees:
| 30-Day Trading Volume (USD) | Taker Fee | Maker Fee | Auction Fee |
|---|---|---|---|
| 0 | 0.35% | 0.25% | 0.25% |
| ≥ $500,000 | 0.25% | 0.15% | 0.20% |
| ≥ $2,500,000 | 0.25% | 0.15% | 0.10% |
| ≥ $5,000,000 | 0.15% | 0.10% | 0.10% |
| ≥ $10,000,000 | 0.15% | 0.10% | 0.00% |
| ≥ $15,000,000 | 0.10% | 0.00% | 0.00% |
| ≥ $50,000,000 | 0.075% | 0.00% | 0.00% |
| ≥ $100,000,000 | 0.05% | 0.00% | 0.00% |
| ≥ $250,000,000 | 0.04% | 0.00% | 0.00% |
| ≥ $500,000,000 | 0.03% | 0.00% | 0.00% |
If you’re interested in learning more about how fees work on Gemini, visit its Fees page for additional information.
Security
Gemini offers industry-standard security features like two-factor authentication, wallet address whitelisting, and the option to review and approve devices used to log in. To access the platform’s full suite of trading features, users also need to complete its know-your-customer (KYC) verification process, which involves uploading a government-issued photo ID. This process is designed to reduce instances of fraud on Gemini.
In addition to its security features, Gemini became SOC 2-certified recently, which highlights the platform’s commitment to security and compliance. This exchange also offers FDIC insurance for U.S. dollar deposits up to $250,000 and digital asset insurance for funds held in its hot wallet. This insurance helps protect user funds in the event of a breach or hacking incident.
Opening a Gemini Account
To get started on Gemini, you’ll simply need to provide your name, email address, and password. After that, you’ll confirm your account via email, set up multi-factor authentication, and begin the identity verification process. Once you’ve completed identity verification, you’ll be able to connect your bank account or debit card and start buying and selling crypto.
Customer Service
Gemini offers a comprehensive help center where users can find answers to common questions. It also has a virtual chatbot and the option to submit a support ticket for help from a human. Like many other crypto exchanges, Gemini does not offer live support over the phone for individual users.
Customer Satisfaction
While Gemini’s platform is intuitive, customer feedback is mixed. The exchange receives an average 1.5 out of five-star rating across 350 Trustpilot reviews.
Dissatisfied users report issues with frozen accounts, lengthy verification processes, and poor customer support. However, some customers praise Gemini’s reliability, user-friendly interface, and regulatory compliance.
Account Management
Users can access their accounts, make deposits, and buy and sell crypto through Gemini’s online dashboard and mobile apps, available for Android and iOS. Its ActiveTrader platform is also available on both desktop and mobile, so users can make trades at home or on the go.
As a Gemini user, you should prepare for a self-service account experience. While this exchange does have some options for customer support, you’ll be responsible for navigating the platform and learning how it works. It’s worth noting that most crypto exchanges operate similarly, relying on users to do their due diligence and manage their accounts primarily on their own.
How Gemini Compares to Other Cryptocurrency Companies
Compared with other leading crypto exchanges, Gemini is a relatively secure platform offering an intuitive user experience and helpful features. In addition to the option to buy, sell, and trade crypto, users can also earn interest on their crypto and access a suite of unique products, including a crypto rewards credit card and a tool that allows you to pay for your everyday purchases with cryptocurrency.
Gemini vs. Coinbase
Both Gemini and Coinbase are leading crypto exchanges with a strong U.S. and global presence. Here’s how they compare and differ:
- Gemini is available in over 60 countries, while Coinbase is available in over 100.
- Gemini is licensed in 50 U.S. states, and Coinbase is licensed in 49 (Hawaii is excluded.)
- Both Gemini and Coinbase have created crypto rewards cards, which allow cardholders to earn crypto from their everyday purchases. Gemini offers a credit card, while Coinbase offers a debit card.
- Both exchanges are relatively secure and focused on meeting regulatory requirements in the jurisdictions they serve.
Final Verdict
Those seeking a secure, user-friendly platform to buy, sell, and trade crypto may find what they’re looking for with Gemini. It provides an easy-to-navigate interface and a simple buy/sell form for beginners. Advanced traders can benefit from its Active Trader platform, which offers advanced charting tools and multiple order types.
While Gemini’s fee structure is slightly more complex than what you might see on other leading platforms, it’s transparent about fees, so you won’t be surprised by unexpected costs. Whether you’re new to crypto or a seasoned trader, Gemini could be worth considering if you’re thinking about investing in or trading cryptocurrency.
Methodology
Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions. We are committed to providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels.
Exchanges are only considered for review if they are safe, secure, liquid, and either regulated by a proper agency or entirely decentralized.
