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Gemini Crypto Exchange Review and Comparison

The Gemini Crypto Exchange is most famous for being founded and owned by Cameron and Tyler Winklevoss, the twin Olympians who famously sued Mark Zuckerberg over Facebook. Read on for my full Gemini crypto review. 


Gemini Review Summary

Gemini is a New York-based cryptocurrency exchange recognized for its safety and compliance with US laws and regulations. It is also the exchange of the Bitcoin billionaire Winklevoss twins, famous for their involvement in Facebook but also well-known in the cryptocurrency industry. Gemini is known for its rigorous coin listing process and for providing insurance on user deposits. That last point is a big deal for many crypto newcomers, as it resembles the type of FDIC insurance people are used to on traditional bank accounts. It makes Gemini a good choice for those seeking to build their crypto portfolios.

Key Features of Gemini:

Here are some key takeaways on Gemini:

  • Available in All 50 United States: Yes, even New York.
  • Good Collection Of Supported Cryptocurrencies: Small but select list of available cryptocurrencies.
  • Good Mobile App: Highly rated mobile apps on both iOS and Andriod
  • Gemini Active Trader: Get access to advanced trading tools via Gemini Active Trader

Pros

  • Highly Regulated And Secure
  • Over 60 Cryptocurrencies Available To Trade
  • Available In Every State
  • Offers Staking Via Gemini Earn
  • Good For Beginners, Experienced Traders, And Institutions

Cons

  • Rigorous And Lengthy KYC Process
  • Withdrawals Can Take Time To Process
  • Costly Fees

Visit Gemini

That’s Gemini in a nutshell. If you want a more detailed review, keep on reading; here’s what I’ll cover:


Gemini Overview

The Winklevii brought Gemini to the world in 2015, and they used a very different approach to building a cryptocurrency company. Based in New York, they took a route that most others desperately tried to avoid: regulation. This is the separating factor between Gemini and other crypto exchanges. Regulation has pros and cons, as we’ll see in this review. Before launching the exchange, it became a fully compliant and fully registered enterprise, and it held the highest levels of both capital reserves and compliance with banking standards.

The Winklevii continue to strive to build a world-class exchange of digital assets. Their underlying philosophy in the unruly cryptocurrency world is to always ask for permission rather than beg for forgiveness. That is the opposite approach of many other exchanges, such as Binance. The company has designed itself to stay completely above board every step of the way. Many now see it as one of the most—if not the most—legitimate trading platforms globally.

Gemini also offers a staking service called Gemini Earn, where users can have Gemini stake their crypto assets for them and receive yield. Gemini Earn was generating yield by investing with Genesis, a unit of Digital Currency Group, which ended up getting tangled in the nasty web left behind from the fallout of FTX and Luna. Without getting too deep into the whole mess of the 2022 bear market, we’ll summarize by saying that Gemini Earn users lost their assets, had their accounts frozen, and over $1 billion locked up. 

After much controversy and legal battles, the Winklevoss twins were able to recoup more than 100% of customers’ funds and repay all of the Gemini Earn users.

We are thrilled that we have achieved this recovery for our customers. We recognize the hardship caused by this lengthy process and appreciate our customers’ continued support and patience throughout,”   – Cameron Winklevoss

Gemini repaid users in like kind digital assets instead of cash, hence why Gemini investors actually ended up making money when everything was repaid. A lot of lessons were learned in the wake of the 2022 bear market. However, Gemini and the Winklevoss twins seem to have handled things about as well as they could have. The exchange is doing its best to move on from the Gemini Earn news and has taken reasonable steps to put it behind them.


Gemini Services

Overall, the Gemini platform is very nicely designed to enhance user confidence. This section will cover all of the exchange’s features and how to use Gemini correctly.

Cryptocurrency Trading

Gemini’s default exchange interface streamlines the trading process, making it much easier for beginners to navigate and operate. This includes simple line charts (no candlesticks!) and strictly market buys and sells. There’s also a handy “How often?” drop-down box, which can be used to schedule recurring cryptocurrency purchases.

GeminiTrade
Gemini Simple Trading

 Security-wise, it provides the functions you would expect, including two-factor authentication, which is necessary in any financial account.

Gemini Advanced Exchange

For more advanced traders, Gemini also has a more feature-packed exchange service called ActiveTrader™. This is closer to what you see on other exchanges, showcasing a complete suite of trading tools, including candlestick charts, limit orders (and different order types), order books, and depth charts. Many other major exchanges also offer this type of advanced trading mode upgrade, as Coinbase also offers Coinbase Advanced Trade. 

gemini advanced
Gemini Active Trader

The interface also has a dark theme by default, which is easier on the eyes and accommodates users trading around the clock.

Wallet

Your Gemini account also doubles as an insured hot wallet, which means your funds are easily accessible and safe. The wallet supports all of the platform’s listed assets, with capital in reserve as a New York trust company.

Gemini Stake

Gemini Stake
Gemini Stake

Gemini also offers staking as a service via Gemini Stake. Formerly known as Gemini Earn, the staking service currently allows users to earn yield on two different assets. Users can earn yield on both Ethereum and Polygon right around market rates for Web3, which is typically always higher than rates you see in a traditional savings account. 

Custody Service

For those who want to store large amounts of crypto for the long-term safely, Gemini also provides a cryptocurrency custody service called Gemini Custody™, allowing individuals and institutions to store their assets safely. Gemini Custody™ accounts are regulated as a New York State trust company, insured for up to $200 million, and provide same-day withdrawals for trading on Gemini’s exchange.

OTC Desk

Gemini Clearing™ is an over-the-counter (OTC) desk for cryptocurrency trading, which allows parties to settle trades off the exchange. Gemini brokers the exchange, making off-exchange deals less risky and more competitively priced.

Gemini Pay™

Gemini Pay™ is a service that allows users to spend their crypto in over 30,000 retail stores in the US. Using the Gemini mobile app, users can pay for their goods and services using any one of several major cryptocurrencies in their Gemini account.

Gemini Credit Card

Gemini has released its own credit card, which is available in all 50 US states. The card allows users to earn up to 3% rewards on each purchase in the form of cryptocurrencies and does not charge exchange fees for crypto rewards. Users can see if they qualify for the Gemini card.

Mobile App

Gemini Mobile App

Gemini also offers all of its core services through a mobile app, which is available on both iOS and Android. Users can buy, sell, and store their crypto on the go, as well as set price alerts for their crypto assets. The Gemini App is a very solid crypto app and a great way to do crypto trading on the go. 

Gemini Dollar

Finally, Gemini has its very own stablecoin—the Gemini Dollar (GUSD). Gemini Dollars are pegged 1:1 to the US dollar, with reserves regularly verified by an independent accounting firm. Gemini claims that GUSD sees a high turnover and redemption rate compared to other stablecoins, proving that it is highly liquid and reliably redeemable.


Currencies and Payment Methods

Although they did not list many cryptocurrencies, Gemini now has a selection of more than 45 coins and tokens that can be traded on the exchange. These Include:

  • Bitcoin (BTC)
  • Ether (ETH)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • Filecoin (FIL)
  • Chainlink (LINK)
  • Zcash (ZEC)
  • Basic Attention Token (BAT)
  • Dai (DAI)
  • Orchid (OXT)
  • Maker (MKR)
  • Decentraland (MANA)
  • 0x (ZRX)
  • Kyber Network (KNC)
  • Storj (STORJ)
  • PAX Gold (PAXG)
  • Compound (COMP)
  • Amp (AMP)
  • Aave (AAVE)
  • Balancer (BAL)

Thankfully, Gemini has a complete list of supported cryptocurrencies available. Gemini also supports multiple fiat currencies, including USD, AUD, CAD, EUR, GBP, SGD, and HKD. A big bonus for Gemini is the ability to trade real dollars. Some major exchanges, such as Binance, don’t have direct BTC-to-USD trading, so you have to use Tether’s ‘USDT’ (or other supported stablecoins) instead. With Gemini, you can deposit and withdraw real dollars without any hiccups – as long as you abide by their verification processes.

Payment methods

You can make deposits into Gemini using any of the supported cryptocurrencies. You may also deposit fiat currency via domestic or international wire transfer or via ACH bank transfer if you’re based in the United States. Lastly, the exchange allows you to make instant crypto purchases using a debit card. Fiat currency withdrawals can be made using wire transfers or ACH, however you can’t withdraw to a debit card. As expected, you can also freely withdraw your cryptocurrency balances directly to your wallet.


Gemini Fees

Trading Fees

Gemini trading fees vary depending on which fiat currency you use. However, all fees on trades between $0 and $200 will cost from $1 to about $3. For trades larger than $200 worth of crypto, you’ll be charged 1.49% of the order value. All transactions also incur a “convenience fee” of 0.50%, which works out to be quite expensive compared to other exchanges. Fees may differ slightly for orders executed on the mobile app and other services.

Fees are quite a bit better on their advanced exchange service, ActiveTrader, which has taker fees starting at 0.35% and maker fees as low as 0.25%. Those are still relatively high compared to other major exchanges, so fees are not trading fees, and they are not where Gemini truly shines. Full details on fees can be found in the Gemini FAQ section.

Deposit and Withdrawal Fees

Wire transfers, including ACH payments, are free when depositing and withdrawing from Gemini, while debit card transfers are subject to a flat rate of 3.49% of the total purchase amount. It should be noted that while Gemini doesn’t charge fees on wire transfers themselves, your bank may still charge you for the transaction. Cryptocurrency withdrawals are free for all coins and tokens for up to 10 withdrawals per calendar month. Above this limit, users will be charged a fee to cover transaction costs on the asset’s specific blockchain, which varies from asset to asset. For a complete look at the most current Gemini fee schedule, click here.


Supported Countries

Gemini is available in over 60 countries and counting. Gemini operates in North America, about half of South American countries, a lot of Europe, a few Asian countries, and a few countries in Africa. The full list of supported countries is available on Gemini’s website. Gemini is available in all 50 US states. Gemini follows New York Banking law by complying with the BitLicense process. 


Customer Support and Reviews

Gemini’s first line of customer support is their in-depth FAQ section and their email support service. Although there is no live chat support, their email support service is known to receive very prompt replies – often within hours. If email support doesn’t cut it for you, Gemini offers a customer support phone number, Twitter support, and even a physical address for mail-ins. Aside from the missing live chat support, Gemini’s overall customer service has the most lines of communication I’ve seen from a cryptocurrency exchange platform. Whether or not these are effective for resolving significant issues, however, is another question. 

Unfortunately for Gemini, the exchange currently has a “poor” average rating on Trustpilot, with what appears to be a lot of unhappy customers. For most of these reviews, the main issues stem from slow customer support, difficult identity verification processes, and accounts being frozen upon being funded:

Most of this seems to be due to very strict know-your-customer (KYC) processes, and perhaps an inability to handle high customer support traffic. It also appears that users frequently run into issues because Gemini allows users to deposit funds before being fully verified, but will not allow withdrawals until KYC is complete.


Conclusion – Is Gemini Legit?

Gemini is a solid exchange with a reputation for being safe, secure and compliant with regulations. Gemini is as legit as it gets when it comes to being above board with regulation. Online reviews, on the other hand, highlight some of the problems with being “too secure”, with many users complaining about difficult verification processes and frozen funds. Fees are not Gemini’s strongest point, as they run one of the most expensive trading fee schedules in the industry.

Visit Gemini

Last thing to consider: Before depositing funds with Gemini, I would recommend that you ensure that you are comfortable handing over a large amount of personal information (including social security number and passport details), as well as confirming that you are fully eligible for opening an account with them. Gemini requires a full KYC process like any American based crypto exchanges, but luckily we have a guide of the best non-KYC exchanges if that’s what you’re looking for.

Looking past those issues, Gemini is a secure and insured exchange. Whether or not that’s worth the extra hassle and fees, well, that depends on whether you prefer your security over your anonymity. Gemini is a solid exchange for those looking to begin the process of building out there crypto portfolio, whether they’re looking to buy Bitcoin cash, Ethereum, or the latest popular memecoin. In our opinion Gemini is a good exchange to have an account with for exchange diversification sake, however there are better primary crypto exchanges out there.


Frequently Asked Questions

Are the fees high on Gemini Exchange?

Which fiat currencies are accepted on Gemini Exchange?

Has Gemini Exchange ever been hacked?

Is Gemini Free?

Is Gemini Secure?

Gemini

8.4

Design

9.0/10

Ease of use

9.2/10

Selection of coins

8.5/10

Fees

7.5/10

Reputation

8.0/10

Pros

  • Secure and insured
  • Intuitive to use
  • Wide variety of services

Cons

  • Relatively high fees
  • Few payment methods
  • Slow customer support
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital. 99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.

Having delved into futures trading in the past, my intrigue in financial, economic, and political affairs eventually led me to a striking realization: the current debt-based fiat system is fundamentally flawed. This revelation prompted me to explore alternative avenues, including investments in gold and, since early 2013, Bitcoin. While not extensively tech-savvy, I've immersed myself in Bitcoin through dedicated study, persistent questioning, hands-on experience with ecommerce and marketing ventures, and my stint as a journalist. Writing has always been a passion of mine, and presently, I'm focused on crafting informative guides to shed light on the myriad advantages of Bitcoin, aiming to empower others to navigate the dynamic realm of digital currencies.

View all Posts by Alexander Reed

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6 comments on “Gemini Crypto Review”

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  1. They claim that both deposits and withdrawals are possible, but I can attest from personal experience that this is never the case. Instead of allowing people to withdraw their funds after making a deposit, the scheme is to prevent them from doing so. Even if the issue is brought to the attention of the authorities, which I did, nothing is likely to be done. Please exercise caution and avoid them; I was a victim of an investment scam, so I am aware of how they operate and what it’s like to lose a significant amount of money to fraudsters. Do not hesitate to report, file, and receive consultation from rose_hoover_90_AT_gmail_._com. They gave me the greatest option for recovering my money, and it was well worth it.

  2. I also lost about $75,000 to an IQ option broker and 2 fake binary option websites as well but I am sharing my experience here to enlighten and educate everyone who is losing money or has lost money to a scam including binary options, dating scams, Recover all your lost money to Bitcoin and other Cryptocurrency, mortgage/real estate scams and fake ICOs.However , I have been able to recover all the money I lost to the scammers with the help of a recovery professional and I am pleased to inform you that there is hope for everyone who has lost money to scam. Contact this via mail ( brigadiatechremikeable (@) proton (.) me ) they will help you recover your funds.

  3. They’ll freeze your account if you try to withdraw crypto you have on their exchange. Bought DOGE to move funds with cheap transfer fees but the withdrawal attempt caused them to freeze my account. In the half-a-week it took them to unfreeze my account, DOGE dropped 25% taking a quarter of my money with it.

    Stay away from Gemini!

  4. I do not recommend Gemini. I wanted to withdraw but my account is frozen. I have been trying to contact support for 6 days now and no one responds. It seems like no one is working there. Very poor customer service.

    1. I’m going through same issue at the moment my account was placed on security hold and it’s been awhole madness all this week it’s just crazy !

  5. I sent money, they took it and I received BTC. I could not spend, or transfer, or withdrawal said BTC, so I requested my funds to be returned. I waited for 20 days and over 20 emails to finally hear back from them. They closed my account and kept my funds. I guess this is ok, because they apparently do it all the time.

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