Gemini was founded in 2014 by Tyler Winklevoss and Cameron Winklevoss. They were both early Facebook figures who were made famous by “The Social Network.” According to CoinMarketCap, Gemini is one the top 15 cryptocurrency exchanges. Gemini is a well-known crypto platform for its security and availability in all U.S. States, including New York. It also has a beginner-friendly platform that makes it easy to get started, even though it can be costly.
Cryptocurrencies on Gemini
Gemini has around 100 assets currently on its platform, even though it offers fewer cryptocurrencies than other major exchanges. You can trade, buy, and sell some of the most well-known assets, as well as lesser-known ones.
Here is a partial list cryptocurrencies and stablecoins that Gemini has available:
- Bitcoin (BTC).
- Ethereum (ETH).
- Dogecoin (DOGE).
- Gemini Dollar (GUSD)
- Solana (SOL)
- Cardano (ADA)
- USD Coin (USDC).
- Terra (LUNA)
- Uniswap
Trading Experience
The Gemini mobile app and website offer an easy-to-use trading experience. Gemini’s easy buy and sell options and extensive support page will appeal to beginners. ActiveTrader is a platform that allows traders to quickly execute trades and offers advanced charting tools as well as multiple order types.
Account holders must complete an identity verification process in order to take full advantage of Gemini’s trading features. The process requires account holders to upload a government-issued photo ID such as a passport or driver’s licence.
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Cryptocurrency assets are volatile in nature. Buy and trade at your own risk.
73% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
Gemini Features
Features for Crypto Traders
Gemini’s professional cryptocurrency trading platform, ActiveTrader, offers advanced charting capabilities as well as many trading options. Gemini Clearing also allows OTC peer to peer trades without requiring a minimum trade size. Binance.US has a similar offering that requires a minimum of $10,000. This option might appeal to advanced traders who are looking for greater security, anonymity, and lower trading costs.
Individual customers can also withdraw most cryptocurrency up to 10 times per calendar month for free. This is a lesser-known feature in crypto exchange.
Insurance and Security
Gemini’s reputation for not being hacked is unmatched. Gemini offers both insurance to cover losses due to hacking and strong security measures. Gemini stores the majority of its customers’ crypto assets offline. To log in and make withdrawals, Gemini requires two-factor authentication. You can also create a restricted list of addresses that can be contacted for withdrawals or disable withdrawals entirely.
Gemini Pay
Gemini Pay lets you make in-store purchases with crypto at thousands participating retailers. It allows you to use any cryptocurrency, including Bitcoin, Ethereum and Litecoin.
Gemini Pay does not charge transaction fees. However, there are two things you should keep in mind when using this cryptocurrency payments platform. First, you can create a taxable event by using cryptocurrency to purchase crypto. If your crypto’s value has increased since the time it was purchased, it may be subject to capital gains taxes. However, if it is less valuable, it may lead you into a capital loss. Second, It currently limits transactions to $250 per week.
Gemini Earn
Gemini Earn allows you to earn interest on some crypto holdings in a similar way as you would earn interest in savings accounts. This feature is similar to many others offered by crypto exchanges. You lend your crypto assets primarily for institutional investors and earn between 1.26% & 7.4% APY*. Interest is paid out every day.
These incredibly high APYs are attractive in a period of historically low interest rates. However, unlike money in your savings account and the Federal Deposit Insurance Corp. (FDIC) does not insure the coins you lend out. Additionally, these rates may be for stablecoins that are linked to fiat currencies. This means they fluctuate less than crypto coins. However, you could lose money if the rate is higher.
Keep in mind, however, that it can take up to five days for your cryptocurrency to be removed on the Earn platform and credit to your regular Gemini account.
Fees
Minimum Trade
Gemini has low minimum trade amounts. These amounts vary depending on the cryptocurrency you wish to trade. The minimum trade amount for bitcoin is 0.00001 BTC, and the minimum trade amount for ether is 0.001 ETC.
Transactional and Trading Fees
Gemini’s fees may be slightly higher than other crypto brokerages. They vary depending on which platform you use, and top out at 1.49%. The fee for using a debit card to make purchases is 3.49%. Other fees may also apply. Gemini charges a flat 0.5% over the current trading price for mobile and web users (which Gemini refers to as its “convenience charge”). It also charges a transaction fee similar to Coinbase based on the amount of trade: a flat fee up to $200, orders over $200 are charged 1.49%.
| Trade volume | Fees |
| $10 or less | $0.99 |
| Over $10, up to $25 | $1.49 |
| Over $25, up to $50 | $1.99 |
| Over $50, up to $200 | $2.99 |
| More than $200 | 1.49 % of your total web order value |
The withdrawal fees are where Gemini is ahead of its competitors. Most brokerages charge a minimum of a network fee for withdrawing cryptocurrency from their platform. However, Gemini allows you to make as many withdrawals as you like per month without any fees. It is important to remember that fees for withdrawals beyond 10 are very high. Your 11th bitcoin withdrawal would cost you 0.001 BTC, or $57 per month as of October 14, 2021.
Gemini does not charge transaction fees for wire transfers or deposits to U.S. bank accounts, unlike Coinbase.
Gemini offers a different rate structure for high-volume, serious crypto traders. It is based on the 30-day dollar volume of trades made on its ActiveTrader platform. Rates are also based on the liquidity of the asset at the moment of purchase. If the asset is immediately available, you will be charged a taker fee. If your order must wait for a buyer to complete, you will be charged a maker fee. You can sell blocks of cryptocurrency at either a maximum buy or minimum sale price using the “auction” option.
| Pricing Tier | Taker Fee | Maker Fee | Auction Fee |
| Get up to $499,999.99 | 0.35% | 0.25% | 0.25% |
| >= $500K | 0.25% | 0.15% | 0.20% |
| >= $2.5M | 0.25% | 0.15% | 0.10% |
| >= $5M | 0.15% | 0.10% | 0.10% |
| >= $10M | 0.15% | 0.10% | 0% |
| >= $15M | 0.1% | 0% | 0% |
| >= $50M | 0.075% | 0% | 0% |
| >= $100M | 0.05% | 0% | 0% |
| >= $250M | 0.04% | 0% | 0% |
| >= $500M | 0.03% | 0% | 0% |
Security
Gemini provides industry-standard security features such as two-factor authentication, wallet addresses whitelisting, and an option to review and approve log-in devices. Users must also complete the know-your-customer verification process. This involves uploading a government-issued photograph ID. This is done to reduce fraud cases on Gemini.
Gemini was recently certified SOC 2 for its security features. This demonstrates the platform’s commitment and compliance. FDIC insurance is available for deposits of up to $250,000 in U.S. dollars and digital asset insurance for funds stored in its hot wallet.5 These insurance policies help protect users’ funds in the case of a hacking or breach.
Pros and Cons
| Pros | Cons |
| More than 50 cryptocurrency | Some crypto exchanges charge higher fees than others |
| Site insurance for digital assets against hacks | |
| All U.S. States Available |
Conclusion
Gemini is a safe and user-friendly platform for trading cryptocurrencies. Gemini has an intuitive interface that is easy to navigate and allows beginners to use the buy/sell function. Its Active Trader platform is for advanced traders, and offers multiple order types and charting tools.
Although Gemini’s fees structure is more complicated than other platforms, they are transparent about them so that you don’t get surprised by any unexpected charges. Gemini is worth looking into if you are new to crypto trading or investing in it.
