Gemini Extensive Review 2022 – Fees, Pros, and Cons

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Gemini is one of the largest US-based crypto exchanges founded back in 2015. The exchange provides users with a user-friendly interface to buy, hold, and sell cryptocurrencies. Besides, the features and functionalities of the Gemini trading platform help enhance your overall trading experience.     

What makes Gemini so unique is that the platform is ideally suited for beginners with its beginner-friendly UI and functionality. Besides, if you’ve been thinking of signing up for the platform, this comprehensive Gemini app review might be the blog you need. Continue reading as we explore the different aspects of the platform and understand whether it’s the right platform for you.

Pros And Cons of Gemini

Pros

  • Completely regulated cryptocurrency exchange in New York and other states.
  • Option to earn interest over crypto holdings
  • Worldwide access along with seamless access to all 50 states in the US.
  • Support many cryptocurrencies
  • Captive insurance protection for crypto storage

Cons

  • The fee structure can confuse many
  • No support for short selling or margin investing
  • Customer support could use some more enhancement

Gemini At a Glance 

Official Website  www.gemini.com
Headquarters New York City
Founded in  2015
Number of listed cryptocurrencies  80+
Trading pairs  21
Mobile App Two highly-rated apps for iOS and Android.
Minimum deposit NA
Trading fees 1.49% – 3.49% (depending on payment method and platform)
Customer support  Email, phone, and online 

Gemini Exchange: Company Overview

Gemini is one of the leading US-based crypto exchanges that provide you with a safe and secure way medium to trade, store and sell cryptocurrencies. The platform comes with many distinct features and functionalities, one of which includes the “Earn” feature. This distinct feature allows crypto users to accrue interest on all their deposited cryptocurrencies.

Currently, Gemini supports more than 80 different cryptocurrencies, keeping the database relatively fewer than you would expect. You can use your conventional fiat currencies, such as the USD, to buy cryptos through Gemini. Besides that, you also have the option to exchange one crypto with the other. 

If you are someone interested in institutional crypto investing, Gemini is an ideal fit for you. Why? The distinct trading desk that offers a full-service trading desk that comes with the platform helps enhance your crypto trading experience. Everyone from liquidity providers to people who manage funds managers and even corporations can access and reap the perks of this trading desk.         

The Winklevoss twins named Tyler and Cameron came up with Gemini in 2015. They started the company after investing the money they got from the lawsuit with Mark Zuckerberg and invested into Bitcoin. The exchange adheres to all the regulatory requirements, such as the anti-money laundering regulations and KYC (Know Your Customer) requirements.  

Gemini is registered in New York City and adheres to the insurance and capital requirements of NYDFS. Currently, users from over 60 different countries are using Gemini to make fortunes with their crypto investments. 

Gemini offers users two different trading platforms, including the likes of a basic and a trader account. The standard Gemini platform is designed to cater to the needs of beginners. This version comes with extensive educational resources along with a user-friendly interface that eliminates all hassle from crypto trading. 

gemini

Cryptocurrencies Supported In Gemini

Compared to most crypto exchanges available in the market, Gemini offers a relatively lower selection of cryptocurrencies. But some of the most prevalent cryptos such as Litecoin (LTC), Bitcoin (BTC), Chainlink (LINK), and Ethereum (ETH). Besides that, there are about 50 more cryptos you trade via Gemini. Check out this updated list to learn more.   

Different Features of Gemini

Gemini has a lot of features and functionalities to offer to its users. These features are the reason that makes Gemini one of the best US-based crypto trading platforms. So let’s check out these features to help you better understand.

Gemini Credit Card

There is no point in having cryptos unless you can spend them and derive value. However, spending your cryptos in a conventional store is never easy. Most businesses are still reluctant about accepting crypto payments. So Gemini has recently launched the Gemini Credit Card, and this card is the best thing anyone can avail of as a crypto user. 

The card offers 3% rewards in different cryptos, including Bitcoin. Ethereum, and more. Users can use these rewards by converting the rewards into USD when making the purchase. Most importantly, you can use these rewards across all 50 states in the US without any exchange charges on the rewards.     

Gemini Clearing

People investing in the conventional stock market often have the habit of leveraging the services of a transfer agent. This is understandable as it makes it much more convenient to keep track of all assets and investments. Keeping that in mind, Gemini also came up with its own transfer agent called Gemini Clearing. 

This feature operates as a conforming party in a pre-arranged transaction. This ensures timely management of all settlements allowing both parties to settle trade easily. Interestingly, users can leverage this feature without committing to any specific trade size. Instead, the trades are completed either in real-time or have to be approved via a settlement window. Besides, only the counterparties will access the transaction information, ensuring an anonymous settlement. 

Nifty Gateway

Non-fungible token, commonly known as NFT, is the latest happening in the financial world. Businesses and individuals of all stature invest in NFT and even make great fortunes through these investments. Thus, Gemini decided to make things more convenient for its users with the Nifty Gateway. As a result, Gemini acquired the platform in 2019, giving its users access to one of the most popular NFT marketplaces. 

This blockchain-based platform comes well-equipped with exciting features and functionalities explicitly curated for Gemini users. As a result, existing users of the platform can easily withdraw their Nifty earnings directly through the Gemini platform. This makes it much easier to keep trading in both NFT and crypto. 

[maxbutton id=”3″ url=”https://www.gemini.com/” text=”Trade with Gemini Exchange” ]

Additional Features Of The Platform

  • Gemini Earn: Most people investing in cryptocurrencies are more interested in keeping their cryptos as long-term investments. While, in most cases, the value of cryptos goes up with time, there is no certainty with the volatile nature of crypto. The best thing would be to earn regular returns on your crypto investments. This is why Gemini Earn exists, as it allows investors to earn any interest in their crypto investments. 

The interest rates may vary based on many factors, such as the crypto you are holding or the current state of the market. But the interest rates are certainly better than anything one can get from a conventional bank. Besides, you even have the flexibility to withdraw your funds anytime you wish to. The longer you hold on to your cryptos, the more interest you earn in them.

  • Gemini ActiveTrader: Simply investing in cryptos and forgetting about them does no good. If anything, such behavior can be detrimental to your investment goals as crypto markets are highly volatile. Gemini has always tried to deliver a better experience to its users, and so it provides you with the Gemini ActiveTrader functionality. This is an ideal feature for all the active crypto investors out there.

The feature provides investors with a more advanced trading platform equipped with different tools for seamless trading. You can even access this functionality via mobile devices and trade your cryptos or track them even when on the go. In addition, the Gemini ActiveTrader functionality provides you with a comprehensive dashboard. Users can leverage this dashboard to execute trades and track all their investments. This also allows users to leverage different trading pairs and get insight with the order book visibility to get knowledge of the best opportunities.   

  • Gemini Dollar: While the prevalence of crypto has been growing by the day, not everybody is on board yet. As a result, it becomes very challenging to spend your cryptos where you want due to the limited number of businesses that accept cryptos. 

However, since every business accepts USD, Gemini provides its users with Gemini dollars or GUSD. This is a stablecoin backed by the US dollar with a one-on-one value, making GUSD the first regulated stablecoin that can be used for various purposes. This means one can trade, hold, or even leverage Gemini Earn to generate higher yields on these digital assets. 

Furthermore, you can even spend GUSD in other countries or use Gemini Pay over 30,000+ retailers. In addition, FDIC also ensures it up to the value of $250000 per user, making it a secure option to pay any fees for buying, selling, or spending GUSD.  

  • Gemini Wallet: Most crypto-related frauds and hacking have occurred due to the lack of secure crypto storage. Many people from all around the globe have lost significant proportions of their investments due to this reason. However, that is not a concern for Gemini users who have seamless access to the Gemini Wallet. 

This is a safe and insured wallet that you can use either as a hot or cold wallet with institutional-grade storage. The cryptos you store in the hot wallet are protected from theft with the Digital Assets, making it safe and secure. Amazingly, the wallet can be used to store all the cryptocurrencies supported by Gemini, so storing your crypto assets will be a headache for you. 

  • Gemini Mobile App: People rarely use computers and desktops these days. As a result, the demand for compatible mobile applications has increased by the day. This is understandable given how convenient it makes everything. Gemini also provides its users with an interactive mobile application. 

The platform is compatible with Android and iOS mobile devices and is currently one of the best-rated platforms on app stores. The Gemini mobile app gives you seamless access to all the features and functionalities you can get when using Gemini via your computer or desktop.   

[maxbutton id=”3″ url=”https://www.gemini.com/” text=”Trade with Gemini Exchange” ]

Fees Structure

Determining the fees, you need to pay when trading your cryptos on Gemini can be tricky. There are just too many use cases and fee structures, often making it challenging to reach a final conclusion on these matters. However, one cannot blame Gemini for this lack of transparency because the fee structures of most crypto platforms are often this cluttered and complex. 

Nonetheless, Gemini charges its users four different types of fees that include:

  1. Trading Fees: The trading fees can vary based on the medium you choose to access the platform. This means there are different trading fees when you trade through the mobile app, website, Gemini API, or even the Gemini ActiveTrader. You might even have to cough out some convenience fees in some cases. 

2.Transfer Fees: These are fees charged for some specific types charged on withdrawals and deposits you make during an exchange. While the wire transfer deposits are free, debit card deposits can cost a fee of 3.49%. On the other hand, the withdrawal fees can vary, but they are only charged when you make over 10 withdrawals in a month. 

3. Agent Fees: These are the fees Gemini charges on cryptos that earn you interest through Gemini Earn. The fees are already deducted from the listed APYs one can make on this type of account. 

4. Custody Fees: This is the cost you pay for your crypto storage in the Gemini Custody account. These accounts are highly secure crypto storage solutions ideally suited for institutional investors.                    

Talking of the overall fee structure, Gemini is touted to have a relatively higher fee structure. Transactions start at 1.49% of the overall purchase. But making large deposits through your debit cards can cost you a fee of 3.49%. Besides that, Gemini also charges a flat fee for transactions under $200. 

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Here’s a quick breakdown of the different transaction fees: 

  1. Transactions at $10 or less = $0.99 fee
  2. Transactions from $10 to $25 = $1.49
  3. Transactions from $25 to $50 = $1.99
  4. Transactions from $50 to $200 = $2.99

To give you a better idea, here’s a breakdown of the fees in Gemini, based on the payment method for the funds.

Payment Method Gemini Fees
ACH or Wire Transfer Free
Bank Account 1.49%
Gemini Card transaction fee 0%
Crypto Conversion 1.49%
Debit or Credit card 3.49%
Purchases  1.49%
USD Wallet 1.49%
Trades 1.49%

Is Gemini Safe? 

Many people often ask, “is Gemini exchange safe?” and the answer is a resounding yes. The platform comes with some of the best security features that are hard to find in most crypto exchanges in the market. Some of these security features of Gemini include:

  1. User Role Management: Gemini allows its users to create different user roles within the same account. Of course, admins can perform all functions, but other roles can be restricted from specific trading features and control. 
  2. Whitelisting Of Approved Addresses: The platform allows users to create a list of addresses they want to approve. This way, the platform adds a layer of security to transactions by restricting any access to wallet addresses that can be used to withdraw cryptos. In addition, users also get access to an approval hold of seven days to ensure new addresses are approved and vetter before the transfers. 
  3. Two-factor Authentication: Adding another layer to your transactional security is Gemini’s 2FA (Two-Factor Authentication) carried out via the Authy app or SMS. 
  4. Device Management: Gemini notifies you of all the devices you have used to log into your account. This allows you to restrict alien devices from accessing your crypto funds. Besides, users can also end sessions remotely from other devices, when they have access to the Gemini account. 
  5. Hot Wallet Insurance: Gemini is one of those few crypto trading platforms that ensures all digital wallets in the hot wallet of the platform. This means in case of a fraudulent transfer or a security breach, Gemini will reimburse all the money.               

Customer Satisfaction

Gemini comes with relatively fair customer complaints, in comparison to other crypto trading platforms. These complaints are mostly centered around fund withdrawal and account verification issues. Besides that, many have raised issues with the inefficacy of Gemini’s customer support. 

However, Gemini is constantly making efforts to resolve such issues and deliver an enhanced overall experience to its users. The platform has also improved its turnaround time for emails and now fosters replies within 24 hours.    

How to Open An Account On Gemini?

Opening an account on the Gemini platform is as simple as it gets. Let’s check out the step-by-step process to get a better understanding. 

Step 1: Search for Gemini’s official website and visit their webpage. Once you’re on their sign up page, click on the registration option of your choice. 

Note: You’ll have to choose between any of the institutional or personal accounts for your registration.

Step 2: After selecting open a personal account, enter your personal information like name, and email address, and proceed to add a password.

Step 3: Once done, check the pop-up that consents with your agreement of the privacy policy and user agreement while creating your account. 

Step 4: Post the account creation process, Gemini sends over activation code as a part of the verification step. Once done, you’re ready to trade with Gemini.

Step 5: Now that you are ready with your account, set up a 2FA (Two-step Authentication) and link your bank account details. Here, you also need to verify your filled information by providing the platform with government IDs. 

Congratulations! Your Gemini accoun is ready to use. 

With the bank account already linked to your Gemini account, you can deposit funds without hassle. First, you need to click on the transfer icon available in the top right corner of the page and click on deposit to Gemini. Next, choose the first currency of your choice and click on continue. 

In case you want to withdraw funds from your Gemini account, follow the following steps:

  1. Select the fiat currency from the dropdown.
  2. Choose the destination address and enter the amount.
  3. Review all the details and select request withdrawal.

How Does Gemini Work?

There are a number of ways you can access the Gemini platform based on your convenience. The platform allows you to bus, sell, and store your cryptocurrencies through the dedicated Gemini mobile app, web-based platform, and active trading platform. 

Besides that, Gemini provides its users with many different products to enhance their overall crypto trading experience. Some of these offerings include:

  • Gemini Earn allows you to accumulate interest off your crypto investments and balance on the platform. 
  • The Gemini Clearing facility allows users to carry out off-exchange crypto trades without hassle.
  • The online wallet offered by Gemini facilitates seamless crypto storage with uncompromised safety and security.
  • Unique trading tools are made available through Gemini Exchange and the ActiveTrader.   

Unlike some other crypto exchanges, Gemini is purely dedicated to crypto trading. This means you cannot trade any stocks or other assets through this platform. 

Buying And Selling Cryptos On Gemini

Now that you know how to make an account on Gemini let’s check out the ways to trade cryptos on your Gemini account. 

Steps To Buy Cryptos on Gemini 

Step 1: Log in to your account and click buy once. Type the quantity of the crypto you would like to purchase. 

Step 2: Click review order, and after making sure of all the details, click place order.

Step 3: You will see a ‘success’ image and your transaction details. 

Steps to Sell Cryptos on Gemini

Step 1: Select the crypto you would like to sell from the pull-down menu.

Step 2: Select the sell option.

Step 3: Choose the order type and type of your order.

Step 4: Review all your order details and click sell to confirm.

Gemini Vs. Competition

Gemini is undoubtedly one of the best crypto trading platforms in the US. The platform has a lot to offer, ensuring you enjoy an unmatched crypto trading experience. However, there are many alternatives available in the market. So let’s check out how Gemini compares to other major crypto trading platforms. 

Gemini vs. Kraken

Both platforms are based in the US, offering users a wide range of features and functionalities. Besides, both Gemini and Krakens give you seamless access to some of the major cryptocurrencies in the market. However, Kraken does offer a wider range of crypto alternatives you can invest in. 

Nonetheless, here are some principal distinctions between Gemini and Kraken: 

  1. Users signing up with Gemini get access to a credit card while users of Kraken don’t.

2. Kraken offers margin and futures trading, while Gemini does not.

3. Kraken is available in 200+ countries, while Gemini is only available in a little over 60.

However, it would be safe to say that Gemini is better suited for beginners while Kraken is best suited for advanced traders.  

Final Verdict

This Gemini crypto review shows that the platform offers an interactive interface and a hassle-free setup for new crypto investors. While the fees charged by Gemini are relatively higher, it is worth the cost, especially when considering the different security features offered by the platform. 

Nonetheless, when you evaluate all the platform’s offerings, it is fair to conclude the platform is ideal for beginners. Yet seasoned investors and traders can also benefit from Gemini’s nuanced features and capabilities.

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