With the increasing level of crypto insecurity across the globe, it’s totally okay to be skeptical when it comes to deciding whether a platform is safe for certain transactions. Over the years, tons of crypto exchanges have declared bankruptcy as a result of crypto hacks and thefts. So it’s not unusual to want to know for sure if a crypto exchange like Gemini is safe for high-volume transactions. And with the information embedded in this review, you’d be able to come to a resolution about the Gemini crypto exchange in a matter of minutes.
Basically, this article examines what the Gemini exchange has to offer and whether retail traders would be better suited to using another exchange.
But then, the first step to determining if Gemini is safe or legit is understanding how it works.
So let’s get cracking…
Gemini Crypto Review: How Does it Work?
Unlike some other cryptocurrency exchanges and custodians, Gemini is solely a digital currency exchange and custodian. In other words, stocks, options, and other kinds of investments are not available. Gemini’s web-based platform, highly-rated mobile app, and active trading platform allow users to buy, store, and sell bitcoins.
Gemini Crypto Review: Fees
The next thing to look out for in trying to determine whether Gemini is legit and safe is going through the fee structure.
However, trying to figure out what fees you’ll have to pay Gemini becomes complicated quickly. On the Gemini website, a search for “fees” generates 21 different pages, each with varying fees for different case scenarios. While you can’t blame Gemini for its lack of transparency, the sheer quantity of data you’ll have to comb through to figure out which fees you’ll be paying can be overwhelming for a novice crypto investor.
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Meanwhile, there are four different kinds of fees that Gemini charges:
#1. Fees for transfers
Deposits made by wire transfer are free, while debit card deposits are subject to a 3.49 percent fee. Withdrawal fees vary, but you’ll be hit with them if you make more than 10 withdrawals every month.
#2. Fees for trading
These fees differ depending on whether you trade bitcoin on the website, the mobile app, the Gemini API, or the ActiveTrader trading platform. And in some circumstances, there are additional convenience fees.
#3. Custody fees
This covers the cost of storing crypto in a Gemini Custody account, which is a highly safe cryptocurrency storage option aimed primarily at institutional investors.
#4. Agent fees
These fees are applied to cryptocurrencies that earn interest in Gemini Earn. Furthermore, they mostly have already been deducted from the APYs that can be earned in this sort of account.
Moving on, let’s focus on the web/mobile app and active trader fee setups for the sake of simplicity.
The cost structure for the mobile web app is a complex jumble of if/then conditions based on your purchase quantity. In addition, regardless of the value of your purchase, you will be charged a 0.50 percent convenience fee. As a result, smaller transactions, in particular, might result in exponentially high fees.
A $10 crypto purchase, for example, would be subject to a 10.5 percent fee. By the time you reach purchases of way over $200, the fees move to around 2%. All of these are significantly more expensive than making the same deal on the Gemini Active Trader platform.
| Order Amount | Transaction 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 |
| > $200.00 | 1.49% |
#5. Maker and Taker Fee Structure
Gemini’s ActiveTrader platform, like most crypto exchanges, has a maker and taker fee structure.
Basically, the amount you pay for a trade with maker and taker fees is determined by whether your request for crypto is matched with someone else’s existing request to buy or sell cryptocurrency or if you are creating a new request that will be matched with someone else. The former is referred to as a taker trade because it depletes the exchange’s liquidity, whereas the latter is referred to as a maker trade since it increases liquidity.
These are crucial characteristics to understand since, as a taker, you might expect to pay a higher fee for the same transaction because you are limiting the amount of available liquidity in Gemini’s ecosystem. Unfortunately, you hardly know if you’re a maker or a taker until the trade is completed.
Meanwhile, the lower your maker and taker fees are during a 30-day period, the more you trade. In addition, for certain cryptocurrencies, Gemini offers an auction model, which takes orders in bulk and operates on a distinct fee schedule. The following is Gemini’s standard charge structure for its Active Trader platform:
| 30-Day Trading Volume | 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 | 0.08% | 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% |
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Gemini Crypto Review: Top Perks
At this point, things should be coming into perspective regarding how safe and legit the Gemini exchange is. But let’s pump the brakes. Here are some of the top perks you should know so you do not jump into a hasty decision.
A Strong Selection
Customers in the United States can trade a variety of cryptocurrencies on the Gemini exchange. While this isn’t the largest number available on a crypto exchange site, it’s close.
Low Minimums
Although Gemini has minimum order amounts, they are extremely low. The smallest amount of Bitcoin that a consumer can purchase is 0.00001 BTC. Other digital coins have low investment requirements as well.
$150 New User Bonus
When new Gemini users deposit at least $1,000 in bitcoin within 30 days, they will receive a bonus of $150 in bitcoin. Although numerous cryptocurrency exchanges provide incentives, this one is a bit more substantial and easy to obtain.
Mobile App
Basically, you can purchase, sell, and convert digital money from your smartphones or tablets using Gemini’s mobile app. You can also set price notifications for the cryptocurrencies you’re interested in.
On the Apple App Store, the Gemini app has a 4.7-star rating, while on the Google Play Store, it has a 4.5-star rating.
Advanced Trading Platform
Most bitcoin buyers and sellers will be satisfied with Gemini’s user-friendly desktop trading interface. You can do things like setting up regular buying, selling, converting digital currency, and more.
Furthermore, the Gemini ActiveTrader platform, which is deemed to be a professional-quality trading system, is also available from the company. It has comprehensive charting tools, as well as the option to place numerous order types (such as market or limit orders). Plus, ActiveTrader is mobile-friendly, allowing you to utilize it from anywhere.
Gemini Earn
You can earn interest on their idle bitcoin holdings using Gemini Earn, which is likely the largest differentiation between the Gemini exchange and its competitors like BlockFi. Interest rates fluctuate, but as of March 2021, clients can earn more than 3% on Bitcoin deposits, which is higher than the finest online savings accounts.
Gemini Pay
The Gemini Pay option is available through Gemini’s mobile app. Users can use their bitcoins to pay for goods and services at more than 30,000 retail outlets in the United States that use QR code technology. Users can also pick whatever cryptocurrency they want to use, for example, you can use Ethereum to purchase dinner yet keep your Bitcoin balance.
Resources for Education
In its Cryptopedia instructional library, Gemini has possibly the most amazing collection of bitcoin learning content. Gemini provides everything you need, from basic information about Bitcoin and other cryptocurrencies to more complex debates about trading, blockchain technology, and more.
Gemini Crypto Review: What could be better?
Even the most reputable cryptocurrency exchanges may be made better. The Gemini platform has a few flaws that investors and traders should be aware of.
Some tokens aren’t available
There are over 4,500 cryptocurrencies in use today, with a handful of them trading on the Gemini platform. True, several cryptocurrencies are small and obscure and don’t deserve to be included on any big exchange platform. However, certain popular cryptocurrencies such as Cardano, Ripple, and Stellar Lumens, to mention a few, aren’t available for trading on Gemini.
No debit cards linked to accounts
Gemini Pay is an excellent tool that allows cryptocurrencies to be used as a payment method at tens of thousands of shops. However, it isn’t as widely accepted as one of Gemini’s main competitors’ Visa-branded debit cards. It would be wonderful to be able to spend digital currency at any retailer that accepts Visa, but Gemini does not currently provide this service.
Expensive for small trades
The charge structure of Gemini is competitive, especially for larger trades. For example, the company’s 1.49 percent transaction fee for orders exceeding $200 is in line with its competitors. On lesser transactions, though, the costs can add up quickly.
According to the fee table above, if you ordered $5 worth of Bitcoin on your Gemini app, you’d be charged a $0.99 transaction fee, or nearly 20% of your order value.
Gemini Exchange Crypto List
Here is a list of available crypto assets on the Gemini exchange. And as expected, it will be updated occasionally as new additions come onboard.
Germini Crypto Review: Tips & Assessment
The ensuing paragraphs cover our assessment of the platform based on its top perks. We will go over them one at a time.
Gemini Fees and Commissions
Depending on which platform you choose to invest in the bitcoin market, Gemini offers a range of fee schedules. The majority of new investors will use the mobile or web trading platform, which has the following costs for residents of the United States:
| Web or mobile order amount (in USD) | Transaction fee |
| Less than $10 | $0.99 |
| More than $10 but less than $25 | $1.49 |
| More than $25 but less than $50 | $1.99 |
| $50.01 to $200 | $2.99 |
| More than $200 | 1.49% of your total order value |
A convenience fee is added to the amount you pay for your transaction fee by Gemini. The convenience charge on Gemini is now set at 0.50 percent of the current market price of the coin you’re buying. When you place your order, your convenience charge will be included in the price of the coin. While these fees are more than those charged by Crypto.com and Voyager, they are still far lower than those charged by Coinbase.
Example
Let’s have a look at how this dual charge schedule works in practice. Assume you wish to buy $500 worth of Bitcoin at a current market price of $40,000 per bitcoin. You’ll see a quoted price of $40,200 per coin when you submit your order (that’s the market price of $40,000 plus a 0.50 percent convenience fee).
When you place your order, Gemini will charge you a 1.49 percent transaction fee, which will be withdrawn from your trading account. This means that if you order $500 worth of Bitcoin, you’ll get $492.55 worth of Bitcoin plus the convenience fee at the current market rate.
Users buying and selling on Gemini’s API and ActiveTrader platforms are subject to different maker-taker fee schedules.
Gemini Usability
The platform options offered by Gemini cater to traders of all ability levels. Let’s look at some of the benefits you’ll get when you choose Gemini as your bitcoin broker.
#1. A simple web exchange platform:
Gemini’s web platform is simple, basic, and intuitive for new investors, making it simple to purchase and sell cryptocurrencies with only a few clicks. Gemini’s desktop interface is simple and appealing, with a quick glimpse of the day’s market moves and all the tools you need to manage your investments on a single screen.
In summary, with quick order placement and an easy-to-navigate website, Gemini’s web-based platform provides a welcoming environment for new cryptocurrency investors.
#2. Comprehensive transaction histories:
You can immediately see your account history and transactions on Gemini’s platform, as well as download a detailed record of your transaction history. This can be a huge help during tax season, especially for professional and frequent investors.
#3. Insured hot wallet services:
A hot wallet is a form of cryptocurrency wallet that requires an internet connection to access your funds. Though some cryptocurrency investors are concerned about the amount of protection provided by traditional hot wallets, Gemini’s wallets include a number of unique features that make it a secure location to keep your coins and tokens. You won’t have to worry about compatibility concerns with Gemini’s hot wallets because they support all of the assets available on the Gemini platform.
#4. Gemini payment methods
The most common methods of funding your account are debit cards and bank transfers, and Gemini enables quick bank transactions in the United Kingdom.
Meanwhile, Gemini’s hot wallets are insured and guaranteed by underwriters, which is something that hot wallets rarely do. This implies you are safe from digital asset theft and hacking. Only a small part of assets are kept in Gemini’s online hot wallet, and the majority are held in Gemini’s offline cold storage system. But investors can still access assets in cold storage right away.
For example, Gemini was the first large exchange to support SegWit, and the platform currently offers native SegWit addresses. Gemini’s wallets are a good solution for both professional investors and amateurs, thanks to additional security features and insurance.
Gemini Education
In addition to a user-friendly platform, Gemini also provides a number of useful tools for learning more about the cryptocurrency market before investing. Let’s take a peek at some of our favorite Gemini education products right now.
#1. 5-minute crypto guides
With its straightforward 5-minute lessons, Gemini makes it easier to understand more about assets like Bitcoin, Chainlink, and others. The guides are divided into easy-to-understand sections and created with total beginners in mind. If you’ve tried to learn about crypto processes in the past but were intimidated by the jargon, Gemini’s guides can be a great place to start.
#2. A glossary of crypto terms
Have you ever come across a word or term in an article about a cryptocurrency project that you didn’t recognize? With its comprehensive cryptocurrency lexicon, Gemini makes it easy to decipher press releases, seminars, and publications.
#3. Webinars
Aside from written resources, Gemini also offers video seminars to help you learn more about the market. “Cryptocurrency 201” and “Introduction to Ethereum” were two previous webinar topics. And because Gemini’s webinars are pre-recorded, you can watch them at your leisure and whenever it is most convenient for you.
Meanwhile, all of Gemini’s educational resources are free, and you don’t need to be logged into your Gemini account to use any of the instructional tools or videos.
Gemini Customer Support
You can contact Gemini’s customer care department via one of two methods.
#1. By Message:
Fill out an online request form to send a message to Gemini’s customer service team. Include the email address linked with your Gemini account for the fastest and most detailed response.
#2. By Phone:
Call Gemini at 866-240-5113 to get in touch with them.
#3. On Twitter
Send a direct message to @GeminiSupport.
Email is Gemini’s primary method of client service. In addition to coordinating assistance, Gemini has a thorough FAQ segment where you may find quick solutions to some of the most common questions the broker’s team receives.
Gemini Mobile App
Gemini offers a beginner-friendly mobile app in addition to its comprehensive desktop services. Here’s a peek at some great features that you may need on your mobile device.
#1. A Straightforward and Easy-to-use UI
Gemini’s simple web platform also reflects in the design of its mobile app. With just a few simple touches, you can place buy orders, sell your cryptos, and view your holdings.
#2. Dynamic Price Alerts
You can establish dynamic price alerts in Gemini’s mobile app to be notified when a specific asset reaches a predetermined price. You can, for example, establish an alert to be notified when Bitcoin exceeds $19,000. You’ll get a push notification on your phone if these requirements are met. This allows you to keep an eye on the market and place transactions in real-time without having to be connected to your phone all day.
#3. Mobile Signups are Quick and Easy
If don’t have a Gemini account yet you can easily create a free account right from the smartphone app. For most smartphone users, creating a Gemini account takes roughly 3 minutes, and you can place your first order right away. Gemini’s mobile app, like its desktop platform, implements high-level security standards, giving you peace of mind no matter how you create your account.
The Gemini mobile app may be downloaded for free from the Apple Store, Google Play Store, and Samsung Galaxy Store.
Gemini Mastercard
A Bitcoin-backed rewards Mastercard is underway from Gemini. Cardholders will earn up to 3% back in their preferred cryptocurrency from a list of options when the card launches in summer. According to Gemini will deliver rewards right away and promptly deposit them into clients’ accounts.
World Mastercard benefits will be available to Gemini cardholders. Exclusive DoorDash, Lyft, and ShopRunner collaborations, as well as exclusive Mastercard experiences, are among the highlights.
Gemini Crypto Review: Overall Score — Is it Safe and Legit
So ruling out the complex fee structure, limited crypto tokens, and unavailability of a MasterCard yet turns Gemini is a pretty great app. And as for whether or not Gemini is safe and legit, that should be on the table anymore. The fact that Gemini’s hard wallet is insured already takes care of that skepticism. This means that if the platform’s security is compromised, you have nothing to worry about. But then, the platform has a track record of high security and has never been hacked.
Is Gemini Better Than Coinbase?
When comparing Coinbase vs Gemini, it is clear that Gemini has a larger active user base, with roughly 13.6 million users. Coinbase, on the other hand, has roughly 13.3 million active users. But when we compare the number of cryptocurrencies accepted by both exchanges, we can observe that Coinbase has a bigger number than Gemini.
Is Gemini Dollar Legit?
The Gemini Dollar, GUSD is a fairly reputable stable coin. According to sources, the company has done everything right in terms of regulatory and compliance, with monthly public audits and regular smart contract security checks.
Is Gemini Investing Safe?
Gemini and Coinbase are both secure and user-friendly, so beginners will feel at ease with them. Institutional investors, on the other hand, can utilize Gemini’s services to track device usage and control access permissions. Furthermore, the Gemini exchange makes customer service much more accessible.
Which Is Better Gemini or Binance?
Overall, Gemini is better than Binance when it comes to security. That doesn’t mean that Binance’s assets aren’t safe; it just means that Gemini really goes above and beyond to protect customer funds. Also, platform security is only one part of regulatory compliance.
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