Gemini Wallet Review 2025 – Pros, Cons, Safety Revealed

Gemini is a US-based crypto exchange with strong regulation and institutional-grade security. It doubles as an online and mobile wallet, offering registered users custodial storage. This means Gemini controls the private keys, a potential drawback for many users.

Read on for my complete Gemini wallet review. Learn more about Gemini’s custodianship, security features, supported cryptocurrencies, fees, and more.

What is Gemini Wallet?

Gemini is an online crypto exchange that launched in 2015. It’s owned by Cameron and Tyler Winklevoss, better known as the “Winklevoss Brothers”. Gemini is considered a safe crypto exchange, considering its strong regulation in the US, the UK, and other regions. Like most cryptocurrency exchanges, Gemini also offers a custodial wallet.

This can be accessed directly on the Gemini exchange simply by logging in. Alternatively, Gemini’s web wallet is also available as a standalone mobile app for iOS and Android. It’s important to stress that Gemini controls the wallet’s private keys. Users must seek approval when transacting, including withdrawing funds from the Gemini exchange.

This is unlike non-custodial wallets, with users having full autonomy over their cryptocurrencies. Another drawback is that Gemini doesn’t connect with decentralized applications (dApps), such as Uniswap, OpenSea, and PancakeSwap. Instead, the wallet is primarily used for Gemini’s exchange services, such as crypto trading.

That said, Gemini’s custodian framework might appeal to complete beginners, especially those who aren’t comfortable with private keys and secret passphrases. The user experience is smooth and simple, ensuring even newbies can transact. I also found that strong security features are offered.

For instance, most client-owned cryptocurrencies are stored offline in cold wallets. This is in addition to two-factor authentication, biometrics, and address whitelisting. Do note that users can only store tradable cryptocurrencies on the Gemini exchange. This is limited to just 70+ markets, including Bitcoin, Ethereum, Solana, Polkadot, and Litecoin.

Another drawback, as per Gemini’s regulatory framework, is that all users must complete KYC (know-your-customer) requirements. This includes providing personal information and uploading a government-issued ID. Therefore, the Gemini wallet won’t suit those wishing to store and trade cryptocurrencies anonymously.

What Type of Wallet is Gemini Wallet?

Gemini is a “custodial” wallet provider. This is an important concept to understand, considering the “Not Your Keys, Not Your Coins” mantra.

• Unlike non-custodial wallets, Gemini has full control of the private keys.
• Private keys enable wallet holders to transact without requiring approval, as they’re connected directly to the blockchain network.
• However, Gemini wallet users have no access to the private keys, meaning they’re trusting a third-party custodian.
• Therefore, outgoing wallet transfers must be approved by Gemini before being posted to the blockchain.

Now, this will be problematic for most crypto investors. After all, client-owned funds are at risk if Gemini faces financial or technical issues. Consider that FTX was the world’s second-biggest exchange when it filed for bankruptcy in 2022. Billions of dollars of client-owned cryptocurrencies were misplaced, including those stored in the FTX wallet.

While Gemini has a solid balance sheet, strong regulatory framework, and highly robust security, there’s no guarantee that user funds are safe. In addition, you never truly own the purchase cryptocurrencies while they’re stored on Gemini. Instead, you effectively have an “IOU” agreement, where Gemini promises to honor balances and withdrawals.

Supported Chains & Cryptocurrencies

Unlike non-custodial wallets, Gemini doesn’t support entire networks. While the Ethereum network is supported, this doesn’t mean users can store any ERC-20 token. Instead, users can only store cryptocurrencies that can be traded on the Gemini crypto exchange. Depositing a non-supported token will result in a loss of funds.

Gemini supports over 70 cryptocurrencies, including popular markets like:

There’s also increasing support for the best Solana meme coins, like dogwifhat, Book of Meme, Bonk, cat in a dogs world, and Moo Deng.  A wide selection of stablecoins are supported, too, including DAI, USD Coin, Tether, and Gemini Dollar. The latter is the exchange’s native token, which I discuss later in this review.

Ultimately, Gemini vastly falls short in this department. Alternative wallet providers often support millions of tokens from dozens of networks. This provides a much freer investing experience, as users can access the broader crypto markets.

Gemini Wallet Features & Tools

This section explores what features are available when using the Gemini wallet.

Regulated Spot Trading

Gemini wallet is secondary to the main spot trading exchange. Wallet funds can be used to buy and sell cryptocurrencies around the clock. The benefit here is Gemini’s regulated status, ensuring fair and transparent market conditions. What’s more, users can easily trade cryptocurrencies across different networks.

For example, Gemini supports the ETH/BTC pair, allowing users to instantly swap Ethereum for Bitcoin or vice versa. Gemini’s exchange also comes with advanced order types, a feature lacking in most non-custodial wallets. These include limit, stop-loss, and take-profit orders, not to mention recurring investments (e.g., $50 every week).

Direct Fiat Facilities

Another feature is Gemini’s direct support for fiat money. Users can deposit local currencies via convenient payment methods after completing a KYC process. These include debit/credit cards, Google/Apple Pay, and PayPal. Local bank transfers or wire transfers are available in some countries, including the US, the UK, and Singapore.

Therefore, I found while researching my Gemini review that first-time investors are fully catered for. Gemini also allows verified users to sell cryptocurrencies for local money. The proceeds can then be withdrawn to a bank account or another supported method. These features aren’t as common when using a non-custodial wallet due to their lack of financial regulation.

Price Alerts

Gemini is also ideal for setting up price alerts. This works particularly well when using the Gemini wallet app. Users can set a specific trigger price, such as Bitcoin reaching $100,000. A real-time notification will be sent to the user’s smartphone if and when this happens.

Alternatively, users can receive alerts on significant price movement, such as if Ethereum increases or decreases by over 5% in 24 hours. Either way, Gemini alerts are ideal for monitoring existing crypto positions.

Advanced Charting and Leveraged Derivatives

My Gemini review found that highly advanced charting features are supported. This includes customized charting screens, multiple time frames, and various technical indicators. Users can also view real-time order books and depth. All charting tools are available on desktop browsers and the mobile app, with the latter offering a fully optimized experience.

Experienced traders will also like Gemini’s derivatives department. This enables users to trade cryptocurrencies on margin. The minimum margin requirement is 1%, translating to leverage of 100x. This means a $100,000 position can be opened with collateral of just $1,000.

Traded via perpetual contracts, users can go long or short on their preferred market. However, while derivatives are available to retail and institutional clients, access is restricted in many regions. This includes the UK and the European Union.

Staking

The Gemini crypto wallet comes with an in-built staking tool. This means stored cryptocurrencies can generate passive income. No minimum staking requirements are in place unless you’re from the UK. In this instance, at least 32 ETH is required. The Ethereum staking yield is 3.17%, with Solana offering slightly more at 3.18%.

These are, however, below the industry average. Polygon can also be staked on Gemini, but the yield is currently negative at -0.04%. This is likely due to Gemini fees, which are included in the stated yields.

The good news is that staking rewards come directly from network validators. Put otherwise, the staked cryptocurrencies are directly held in the respective blockchain, meaning Gemini doesn’t lend them to borrowers. Minimum staking periods vary depending on the coin. For instance, the minimum for Ethereum and Polygon is 14 days and 4 days, respectively.

Credit Card With Crypto Cashback

Gemini offers a native credit card that’s great for spending your crypto assets and earning crypto rewards. Backed by MasterCard and issued by WebBank, it’s only available to US residents. What’s more, a hard credit inquiry will be required before approval. That said, users can initially assess eligibility via a soft search, which doesn’t appear on the credit report.

No annual fees apply and users earn 4% on gas and EV charging transactions. This is in addition to 3% on dining and 2% on groceries. 1% is offered on all other purchases. Credit card holders can choose from over 50 cryptocurrencies when receiving rewards. This includes the best cryptocurrencies to buy, such as Bitcoin and Ethereum.

However, do note that Gemini’s credit card comes with APRs of between 17.24% and 29.25%, vastly more than the cashback rewards. Therefore, holders should ensure the statement balance is cleared in full every month. Gemini is currently offering a generous introductory offer, with new customers receiving $200 in crypto when spending $3,000 in the first 90 days.

Security – Is Gemini Wallet Safe & Legit?

Next, I’ll discuss security. Learn whether Gemini is safe in 2025.

Strong Regulation

Gemini is one of the most heavily regulated crypto exchanges. It holds individual licenses in all US states, including a New York Trust License. Gemini also boasts regulatory approval in multiple other countries.

This includes the UK, France, and Ireland. This strong regulatory framework is a major benefit. It ensures legitimate business practices and fair crypto trading conditions. Not to mention institutional-grade security practices. In this regard, it is highly rated compared to other crypto exchanges.

Two-Factor Authentication

Gemini also comes with two-factor authentication (2FA). This is a mandatory security feature, meaning it must be set up when opening the account. A 2FA code is needed for core account functions, such as logging in and requesting withdrawals.

Multiple 2FA methods are supported, including SMS and Authy. Ultimately, 2FA ensures the risks of unauthorized account access are vastly reduced. In theory, the hacker would need to comprise both devices (e.g. the Gemini login password and smartphone).

Whitelisted Wallet Addresses

Another security feature is whitelisted wallet addresses.

Here’s how it works:

• Gemini wallet users add trusted addresses to their accounts.
• This could be linked to another personal wallet or a family member.
• Either way, withdrawals are only accepted when sent to a whitelisted address.
• This means that even if a hacker accessed the account, they couldn’t withdraw funds to a non-whitelisted address.

Do note that new addresses can be added to the approved whitelist at any time. However, withdrawals can’t be sent to new addresses until a seven-day grace period has passed. This ensures enough recovery time if the account is breached.

Full KYC Compliance

As a regulated platform, all Gemini users must complete KYC. This requires personal information and a valid government-issued ID, such as a driver’s license or passport. While this ensures all customers can be identified, many crypto investors favor privacy over regulatory compliance.

After all, Gemini, and any agencies it shares user data with, will be able to track all wallet movements. This is due to the transparent nature of the blockchain. So, even if you withdraw from Gemini to a non-custodial wallet, ongoing transfers can still be tracked. Those who prefer anonymous crypto wallets will need to choose a non-custodial provider.

FDIC-Insured USD Balances

Gemini keeps client-owned US dollars in FDIC-insured bank accounts.

This means deposits are covered up to the first $250,000 per account even if the bank went bankrupt. However, do note that the FDIC only covers US dollars and not crypto holdings.

Cold Storage With Multi-Sig Safeguards

My Gemini review found that the vast majority of client-owned cryptocurrencies are kept in cold storage. This is standard practice with wallet custodians. It ensures that only a small percentage of funds are exposed to online hacking attempts. The balance is kept away from live servers at all times.

Multi-sig safeguards also back Gemini’s cold storage operations. This means funds can only be transferred when approved and signed by multiple employees. However, the bad news is that Bybit’s recent $1.5 billion hack shows that cold wallets aren’t as secure as we thought.

This should be a reminder that custodial wallets like Gemini are never 100% safe. Hacks can and will happen to any exchange, often without the public ever finding out. This is the risk you take when handing control of your cryptocurrencies to a third-party platform. You never truly own those digital assets unless they’re stored in a non-custodial wallet.

Gemini Wallet Fees

As confirmed by other Gemini wallet reviews, transaction fees are some of the highest in the industry.

Let’s take a closer look at what fees should be expected.

Wallet Deposits

Depositing cryptocurrencies into the Gemini wallet comes without additional charges. Users cover the network fee when making the transfer. This is standard with most custodial wallets.

Fiat deposits, however, can attract high fees. For example, Gemini charges 3.49% when using a debit card. PayPal deposits are slightly cheaper at 2.5%. The best workaround is to use ACH (or the local equivalent), which is free.

Wallet Transfers

Transferring cryptocurrencies from Gemini to another wallet attracts network fees. These fees are based on the dynamic fee quoted by miners or validators, meaning there are no additional markups.

Remember that wallet transfers are only processed once Gemini approves them. This can take minutes, hours, or days. Using a self-custody wallet comes with no such delays – transactions are executed immediately.

Gemini Trading Fees

Gemini charges fees when trading cryptocurrencies. Specific fees depend on the order type and whether you’re using the main Gemini exchange or ActiveTrader (the advanced platform).

For example, Gemini charges a 1.49% commission per slide on its main exchange. An extra 1% is charged when using market orders, the preferred option for most beginners. This makes Gemini an expensive provider for crypto trading.

• Suppose you buy $1,000 worth of Bitcoin with a market order
• You pay 2.49% in total, amounting to $24.90.
• When you cash the Bitcoin position out, it’s worth $3,000.
• You again pay 2.49%, amounting to $74.70.

The cheaper option is to use ActiveTrader, which offers much lower commissions. This starts at 0.2% and 0.4% for market makers and takers, respectively. Commissions are reduced when advanced traders carry out higher trading volumes. However, you’d need to hit monthly volumes of at least $10,000 to see a reduction.

Staking Fees

Gemini charges a 15% fee when staking cryptocurrencies. This is taken from the rewards generated. Therefore, the staking yields displayed include the commission. It is worth thinking about if you are thinking of staking your crypto holdings.

Gemini Wallet App User Experience

While Gemini falls short in the fees department, it offers a superb user experience. Similar to Coinbase, Gemini covers all investor profiles, from first-time investors to fully-fledged institutions. It takes about 10 minutes to get everything set up, including the account opening and KYC processes.

Users can then easily deposit funds with cryptocurrencies or fiat money. The latter includes instant payments via debit cards and PayPal. Crypto trading is also seamless when using the Gemini wallet. It connects directly with the Gemini web exchange, so transfers are not required.

For example, if you’re holding USD, you can instantly access BTC/USD, ETH/USD, and other popular markets. Selected crypto-to-crypto pairs are supported, too, with instant conversions available. For instance, you can convert BTC for ETH or DOGE for BTC.  Users simply need to choose which pairs they want to swap alongside the amount.

In addition, I tested the user experience on both device types for my Gemini review. While the desktop website is better for active trading and charting analysis, the Gemini wallet app has full functionality. All features, including technical indicators, have been well-designed and optimized for smaller screens.

How to Setup a Gemini Wallet Account

In this section, I’ll explain how to get started.

Step 1: Open a Gemini Account

The first step is to open an account. You can do this on the Gemini mobile app or the website.

Either way, you’ll need to provide personal information, including your full name, nationality, address, and date of birth.

Step 2: Verify Gemini Account

All Gemini accounts must be verified – even if you’re only using the wallet for crypto-specific transfers. The KYC process is simple and fast.

Simply upload an accepted ID document, such as a state ID card, driver’s license, or passport. Documents are typically verified near-instantly when uploaded in the correct format.

Step 3: Deposit Funds

You can deposit funds into the Gemini wallet after the KYC process is finished.

• Crypto deposits: Click on the crypto you want to deposit. A wallet address will be displayed. This is unique to the Gemini account. Transfer the cryptocurrencies to this address.
• Fiat deposits: Choose a payment method, such as a debit card or PayPal. Type in the deposit amount and confirm. The deposit should appear almost instantly. The funds can then be used to buy your crypto.

Is Gemini the Best Crypto Wallet?

Gemini offers many positives to wallet users, including a heavily regulated environment and institutional-grade security. Not to mention advanced trading features, including technical indicators and leveraged contracts. However, some major drawbacks should also be considered.

For a start, Gemini is a custodial wallet – Gemini controls their private keys, so your crypto is always under Gemini custody. You need approval just to make transfers, which could take days to arrive. Counterparty risks should also be assessed, especially if Gemini faces financial issues or compromised wallets.

Another issue is that the Gemini wallet can only store cryptocurrencies supported by its exchange. This is limited to just 70+ markets, with no option to add custom tokens. Fees are another issue, with Gemini charging up to 3.49% on fiat deposits and 2.49% on standard trades. Staking also comes with a huge fee of 15%.

Instead, much better options exist. I prefer non-custodial wallets with fully-fledged network support and low fees. Best Wallet is my overall top Gemini alternative, supporting over 60 networks. This includes Bitcoin, Solana, Ethereum, Base, and BNB Chain.

Unlike Gemini, Best Wallet supports custom tokens, meaning it’s compatible with millions of cryptocurrencies. This ensures investors can store all of their cryptocurrencies under one roof.

Most importantly, Best Wallet offers non-custodial storage. Only the user can access the private key, which is encrypted and stored on the smartphone. A 12-word secret passphrase is also provided, ensuring smooth wallet recovery from any device.

Best Wallet is completely free when storing and receiving cryptocurrencies. Users can instantly transfer funds without requiring approval. Only the network fee is applicable, meaning no markups. Best Wallet also offers considerably cheaper trading fees when compared to Gemini. It sources the lowest exchange rates from hundreds of liquidity providers.

Token swaps are not only cost-effective and instant but also completely anonymous – Best Wallet doesn’t implement KYC procedures like Gemini. Additional features include a staking aggregator, with Best Wallet comparing APYs from trusted validators. It also offers a token launchpad. This is ideal for buying new cryptocurrencies before they’re launched on other crypto exchanges.

Visit Best Wallet

The Verdict

In summary, Gemini is one of the most trusted crypto exchanges that doubles as a web and mobile wallet. Its security features are institutional-grade, and users benefit from a heavily regulated environment. However, Gemini offers centralized and custodial storage, meaning users never have access to their private keys.

The better option is a non-custodial solution like Best Wallet. This popular wallet mobile app offers full private key control, meaning users own their cryptocurrencies outright. Millions of cryptocurrencies from 60+ networks are supported alongside anonymous token swaps and fiat purchases. Best Wallet is free to download from Google Play and the App Store.

Gemini Wallet

7.1

Currency support

6.0/10

Ease of use

8.1/10

Fees

6.3/10

Support

8.0/10

Pros

• Lists most popular cryptocurrencies
• Easy to use
• Integrates well with Gemini Exchange
• Great security

Cons

• Doesn't have the full range of ERC-20 tokens
• Requires KYC
• Extremely high fees
• Not your keys...

FAQs

References

1. Self custodial vs non-custodial wallets (Fireblocks)
2. ‘Old-fashioned embezzlement’: where did all of FTX’s money go? (The Guardian)
3. Bitcoin Family is moving more than $1 million into decentralized exchanges after Sam Bankman-Fried’s FTX disaster (CNBC)
4. Hackers steal $1.5bn from crypto exchange in ‘biggest digital heist ever’ (The Guardian)