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The quest for a safe, unhacked cryptocurrency exchange can be a formidable challenge.
And if you prefer a company with its roots in the United States, your thoughts might naturally gravitate towards Coinbase. However, you might be intrigued to discover that Coinbase isn’t the solitary player in this field that checks all these boxes.
Enter Gemini, a U.S.-based establishment boasting FDIC protection for USD, with an unblemished security track record (at least to the best of our knowledge at the time of this publication). This intuitive platform prioritizes security, making it an accessible choice for many. In this article, we’ll delve into a comprehensive review of Gemini.
New Customer Promo: Launch your journey with a new account and earn $10 in BTC when you trade $100 within the initial three days.
About Gemini:
Gemini is a cryptocurrency exchange platform, a brainchild of the Winklevoss twins (Cameron and Tyler). The duo, well known for founding ConnectU, the precursor to Facebook, embarked on the Gemini venture in 2014. With its headquarters in New York, Gemini is one of the few cryptocurrency exchanges regulated in the U.S., specifically by the New York State Department of Financial Services (NYSDFS).
What Does Gemini Offer? With more than 20 cryptocurrencies, including its proprietary currency, Gemini dollars (GUSD), Gemini facilitates trading and storing cryptocurrencies. Through a partnership with Samsung, Gemini fuels the Samsung Blockchain, enabling customers in the U.S. and Canada to link their Samsung Blockchain Wallet to the Gemini app for currency trading.
Cryptocurrencies Offered by Gemini
Although Gemini offers a more curated selection than other prominent exchanges, its platform currently supports approximately 100 cryptocurrencies. Users can conveniently buy, sell, and trade some of the most widely recognized and sought-after assets, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Dogecoin (DOGE)
- Gemini Dollar (GUSD)
- Cardano (ADA)
- USD Coin (USDC)
- Uniswap (UNI)
These are just a few examples of the diverse range of cryptocurrencies available on Gemini, providing users ample opportunities to engage in the exciting world of digital assets.
Gemini Features
| Services | Cryptocurrency exchange, digital wallet, interest accounts, crypto-back credit card |
|---|---|
| Supported Currencies | BTC, ETH, LTC, BCH, ZEC, GUSD, LINK, OXT, DAI, BAT, AMP, COMP, CTX, PAXG, ZRX, BAL, CRV, MANA, KNC, MKR, REN, STORJ, SNX, UMA, UNI, YFI, AAVE, FIL, SKL, GRT, BNT, 1INCH, ENJ, LRC, SAND, CUBE, BOND, INJ, LPT, MATIC, SUSHI, DOGE, ANKR, MIR, FTM, ALCX, XTZ, AXS, SLP, LUNA, UST, MCO2 |
| Fees | Convenience Fee: 0.50% above market rate |
| 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% of order value | |
| Debit Card Fee | 3.49% |
| Interest Rates | Up to 4.86% |
| Supported Areas | US: All states except Hawaii |
| International: Canada, Hong Kong, Singapore, South Korea, and the UK | |
| Minimum Deposit | None |
| Trading Minimums | Varies by token |
| Transfer Methods And Fees | ACH: Free |
| Wire Transfer: Free | |
| Bitcoin, Ether, Litecoin, Bitcoin Cash, Zcash, Chainlink, Orchid, Dai, BAT, ACH, Gemini dollar (Redemption): Free | |
| Deposit Fees | ACH Transfer: Free |
| Wire Transfer: $10 ($25 outgoing) | |
| Withdrawal Fees | Varies by token |
| Customer Service Phone Number | 1-866-240-5113 |
| Mobile App Availability | iOS and Android |
Account Funding:
The account can be funded from a bank account; debit or credit cards are not accepted. The daily and monthly funding limits are $500 and USD 15,000, respectively, while the daily withdrawal limit is USD 100,000.
If you possess cryptocurrencies in an off-site wallet, you can transfer these to your Gemini account (crypto-to-crypto), provided the currencies are BTC, ETH, BCH, LTC, or ZEC.
Gemini Earn – Crypto Savings:
Important Update: As of November 16, 2022, Gemini has temporarily suspended Gemini Earn due to lender issues arising from the FTX crisis.
Recently, Gemini launched Gemini Earn, an exciting feature allowing users to earn interest on their crypto. You can earn up to 4.86% on various tokens or 2.53% if you choose to make with your Bitcoin.
You can see how Gemini compares to the best crypto savings accounts here.
Mobile Trading:
Like many other crypto exchanges, Gemini offers a mobile app for convenient trading. It is user-friendly and aligns well with the desktop platform. However, the desktop platform is preferable for executing complex trades as the mobile app can be a bit tedious for such transactions.
Credit Card:
Customers can join a waitlist for the imminent Gemini Credit Card™. Cardholders can earn up to 3% back on their transactions with no annual fee. Here’s the reward breakdown:
Restaurants:
3% back Grocery stores: 2% back Everything else: 1% back Rewards are earned in crypto with over 40 different options, including Bitcoin, Ether, and more. The card has no foreign transaction fees, and cardholders won’t be charged any crypto purchase fees for the rewards they earn.
Gemini Dollar:
The Gemini dollar™ is a stablecoin used for various transactions, from spending to lending to investing. It’s backed by U.S. dollars held at State Street Bank and Trust Company, offering 1:1 transferability back to U.S. dollars at any time. Moreover, Gemini has collaborated with BlockFi to provide savings accounts for your Gemini dollars with interest rates reaching up to 7.4% APY.
Flexa:
Through a partnership with Flexa, you can directly spend your cryptocurrency from your wallet at participating retailers. These include Nordstrom, GameStop, Whole Foods, and Home Depot. Spendable currencies have Gemini dollars (GUSD), Bitcoin, Bitcoin Cash, and Ether.
Nifty Marketplace:
The Nifty Marketplace is a recent addition to Gemini, serving as a platform to buy and sell digital art and collectibles. This marketplace also allows the storage of digital artistic assets, enhancing trust and security for buyers and sellers.
Gemini Trust Center:
The Gemini Trust Center is a dashboard displaying metrics on its platform and other vital information. This initiative was launched to foster transparency around the following metrics:
- Total Crypto on our Platform
- Total Fiat held on your behalf
- Gemini dollar (GUSD) Float
- Fiat Net Flows (24hrs)
Does Gemini Charge Any Fees?
Yes, Gemini does levy commission rates for trading on its platform. A convenience fee of 0.50% above the market rate is charged. The convenience fee can be calculated by multiplying 0.50% (1.005) by the currency you want to purchase.
A flat transaction fee is also levied for orders placed via their web or mobile applications. This fee ranges from $0.99 to 1.49% of your order value, as shown in the chart below.
| Order Amount | 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% of order value |
For those looking to hold their crypto with Gemini, a 0.40% charge applies for customers with assets exceeding $ 1 million. A $125 administration withdrawal fee is also used.
Gemini Comparison:
In terms of fees, Gemini is quite similar to Coinbase, but it supports fewer coins. However, only Gemini currently offers interest accounts, making it a great option if you’re primarily an investor. But platforms with lower transaction fees might be more appealing for active traders. Check out the following comparison chart:
| Gemini | Coinbase | |
|---|---|---|
| Rating | ||
| Transaction Fee | Up to 1.49% | Up to 1.49% |
| Extra Fee For Card Purchases | 3.99% | 3.49% |
| Supported Currencies | 50+ | 100+ |
| Interest Rates | Up to 4.86% | Up to 1.50% |
How Do I Contact Gemini?
Gemini’s customer service is primarily support-ticket based. Users must create a support ticket via their app or website and wait for a resolution.
Editor’s Note: Due to poor customer service and account resolution issues, we recently downgraded our review of Gemini. There have been cases of account lockouts without notification or resolution. Our test account experienced such a situation, with a delayed response that we believe was only prompted by our activity on social media. Therefore, we urge caution and recommend being vigilant when dealing with Gemini.
Is My Money Safe?
As per our data, Gemini has not faced any hacking incidents. Like Coinbase, USD stored in your Gemini account is FDIC-insured.
Gemini was founded with a “security-first” mindset. They ensure security and compliance by adhering to SOC 1 Type 1, SOC 2 Type 1, and Type 2 standards. Therefore, be prepared to share personal information such as your email address, bank account details, phone number, and a form of ID when opening an account.
The Gemini Trust Center showcases information about their security controls and regulatory registrations, including:
- SOC 1 and SOC 2 exam dates
- Licenses and registrations they’ve obtained
However, it is essential to remember that, like many other cryptocurrency exchanges, if you don’t own your keys, you don’t hold your crypto, and investing in cryptocurrency comes with its share of risks.
How Do I Open An Account?
The account registration process for Gemini is simple and direct. You must verify your identity using a form of ID, connect your phone for two-factor authentication, and fund your account. Gemini uses Plaid to communicate with your bank account or card issuer. After your application is accepted and your account is funded, you can start trading! Start with Gemini and earn $10 in free Bitcoin!
Is It Worth It?
Gemini is one of the most secure cryptocurrency exchanges available. Its main appeal is its robust security. As a U.S.-based company, it provides an easy-to-use platform.
Gemini could be a great fit if your crypto trading mainly involves popular currencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, or Zcash. Therefore, it is undoubtedly worth considering Gemini as a cryptocurrency platform.
However, remember that digital currencies can be highly volatile investments and should constitute only a tiny portion of your total investment capital. See our favorite stock brokers to start building a diversified stock market portfolio.
Gemini FAQs:
Here are a few of the most common questions about Gemini:
What is Gemini’s custody fee?
Gemini charges an annual fee of 0.40% (40bps) for storing your digital assets and $125 per withdrawal.
Can I close my Gemini account from the mobile app?
No, Gemini currently only allows customers to close their accounts from the web or a mobile browser.
Does Gemini support Binance Chain (BEP20/BEP2 tokens) transfers?
No, only ETH and ERC-20 token transfers sent over the leading Ethereum network are accepted by Gemini.
Does Gemini have a signup bonus?
New customers can earn $10 in free Bitcoin after buying or selling at least $100 worth of cryptocurrencies on the platform in the first three days.
Is Gemini an Indian company?
No, Gemini is not an Indian company. Gemini is a cryptocurrency exchange and custodian based in the United States. It was founded by Cameron and Tyler Winklevoss in 2014 and is headquartered in New York.
Can you make money with the Gemini app?
Yes, it is possible to make money using the Gemini app. Gemini provides a platform for buying, selling, and trading various cryptocurrencies, including Bitcoin, Ethereum, etc. By engaging in cryptocurrency trading, users can potentially generate profits if the value of their cryptocurrencies increases over time. However, it’s important to note that trading cryptocurrencies involves risks, and the importance of cryptocurrencies can be highly volatile.
Can I still withdraw from Gemini?
Yes, you can still withdraw funds from your Gemini account. Gemini allows users to deposit and withdraw funds in various supported currencies, subject to their terms and conditions. Withdrawals are typically made to your linked bank account or external cryptocurrency wallets.
Does Gemini support India?
Yes, Gemini supports customers from India. While it is not an Indian company, Gemini offers its services to users worldwide, including India. Users from India can sign up and use the Gemini platform to buy, sell, and trade cryptocurrencies, subject to any applicable regulatory requirements or restrictions imposed by the Indian government.
Please note that cryptocurrency regulations and policies can change over time, and it’s always a good idea to check the latest updates from Gemini or consult legal professionals for accurate and up-to-date information regarding the availability and usage of Gemini services in your region.