Crypto exchanges · Review

Gemini Review 2026: NYDFS Trust Charter, ActiveTrader Fees, and Earn Resolution

Item: Gemini
Rating: 8.4
Author: Eric Nkando

Gemini 2026 review — NYDFS Trust Company charter, ActiveTrader tier fees, Winklevoss regulatory posture, and where the 2022-2023 Gemini Earn program stands. Best for regulation-first US users.

By Eric Nkando, senior writer · 3 min read · Updated 16 Sep 2026

X LinkedIn

Our verdict

4.2/5

Very good

Best for

US retail users who prioritize regulatory clarity above all else, and institutional users needing NYDFS Trust custody. Not the lowest-fee option.

Score breakdown

Regulatory posture4.8
Trading fees3.8
Security + reserves4.5
Asset selection3.8
Fiat rails4.3
Product depth4.0
User experience4.3

The facts

Founded: 2014
Founders / owners: Cameron and Tyler Winklevoss
Headquarters: New York, NY
Regulatory posture: NYDFS Trust Company charter; FinCEN MSB; FINRA-registered broker-dealer subsidiary
ActiveTrader base fees (0-$10K 30d): 0.20% maker / 0.40% taker
ActiveTrader top tier ($500M+ 30d): 0.03% maker / 0.10% taker
Simple mode: Wide spreads — 1%+ effective cost; avoid for active trading
Assets: 100+ cryptocurrencies (compliance-vetted)
Stablecoin: GUSD (Gemini Dollar) — NYDFS-regulated
Insurance: Hot-wallet insurance in place

Pros

NYDFS Trust Company charter — the most stringent US crypto exchange license
FINRA-registered broker-dealer (Gemini Securities LLC)
Founded 2014 by Cameron and Tyler Winklevoss
SOC 2 Type 2 audited; hot-wallet insurance
ActiveTrader tier fees drop to 0.03% maker at high volume
Every listing vetted for compliance — quality-over-quantity approach
Gemini Dollar (GUSD) stablecoin issued directly by Gemini

Cons

Smaller asset selection than Coinbase or Kraken (~100+ vs 240-260+)
Higher headline fees than competitors — must use ActiveTrader for reasonable pricing
Simple mode uses wide spreads — expensive for casual users
Gemini Earn (through Genesis) went through bankruptcy proceedings 2023-2024 — see Earn resolution section

The short answer

Gemini is the right choice for US retail users who prioritize regulatory clarity above all else. Founded in 2014 by Cameron and Tyler Winklevoss, Gemini holds a New York Trust Company charter — the most stringent US crypto regulatory license — and operates under NYDFS oversight. That regulatory posture is genuinely differentiating.

Score: 8.4 / 10. Loses points on fees (higher than Kraken; use ActiveTrader) and asset selection (smaller than Coinbase). Wins on regulatory framework and institutional trust.

The 2018 NYDFS Trust charter

This is the single most important thing to understand about Gemini. In 2018, Gemini obtained an NYDFS Trust Company charter — a state-chartered trust license that puts Gemini under the same regulatory framework as traditional trust companies.

What this means practically:

Capital requirements and reserve requirements enforced by NY state
Regular examinations by NYDFS
Fiduciary standards — Gemini owes a fiduciary duty to custody users
Consumer protection requirements above the standard MSB level

Very few US crypto exchanges operate under a state trust charter. It's the strongest US regulatory framework available for a crypto exchange.

ActiveTrader — the fee mode you should use

Gemini has the same Simple-vs-Advanced problem as Coinbase. Simple mode uses wide spreads (~1%+ effective cost). ActiveTrader uses volume-tier fees.

ActiveTrader schedule (verified against gemini.com/fees September 2026):

30-day volume	Maker	Taker
$0-$10K	0.20%	0.40%
$10K-$50K	0.15%	0.25%
$50K-$100K	0.10%	0.20%
$100K-$500K	0.08%	0.15%
$500K-$1M	0.05%	0.12%
$1M-$5M	0.04%	0.11%
$5M-$500M	0.03%	0.10%
$500M+	0.03%	0.05%

Higher than Kraken's default fees at low volume, but competitive at high volume. For casual users, Kraken or Coinbase Advanced Trade beat Gemini ActiveTrader on cost — Gemini's edge is regulatory posture, not fees.

The Gemini Earn resolution

Gemini Earn was a yield-generation program that let users lend crypto to Genesis Global (a separate company under DCG). When Genesis entered bankruptcy in January 2023 following the FTX contagion, Earn user funds were caught in the proceedings.

Timeline:

November 2022: Genesis paused withdrawals after FTX collapse
January 2023: Genesis files Chapter 11 bankruptcy
2023-2024: Court proceedings; multiple settlements between Gemini, DCG, and creditors
Late 2023 onward: Earn users received substantial distributions from the bankruptcy estate (verify final numbers at current sources)

Critically: Gemini exchange spot custody was not affected. If you held BTC in your Gemini spot account, your BTC was safe throughout. Earn users had lent their assets to Genesis via the Earn program — different risk profile from custody.

This is the important lesson: earn/lending programs are counterparty risk, not custody risk. Never confuse them.

Where Gemini wins

Regulatory framework — NYDFS Trust charter is category-leading
Institutional trust — Gemini Custody serves large institutional clients
SOC 2 Type 2 audited security
Broker-dealer subsidiary — Gemini Securities LLC is FINRA-registered for potential future traditional-securities products

Where Gemini loses

Fee competitiveness at low volume — Kraken and Coinbase Advanced Trade beat Gemini
Asset selection — 100+ assets vs Kraken's 240+ and Coinbase's 260+
Simple mode is more expensive than the alternatives' Simple modes

Gemini vs the alternatives

vs Coinbase: Different regulatory framing (Gemini's NY Trust vs Coinbase's public-company + ETF-custody). Coinbase has more assets and product depth; Gemini is arguably more regulatorily secure.
vs Kraken: Kraken has better fees and broader assets. Gemini has stronger NY-specific licensing.
vs Robinhood: Not comparable — Robinhood doesn't offer real crypto custody; Gemini does.

Getting started

Sign up at gemini.com — verification typically same-day for US users
Fund via ACH (free), FedWire, or debit card
Switch to ActiveTrader — click "ActiveTrader" in your Gemini account
Enable 2FA (Authy or YubiKey)
Move long-term holdings to a hardware wallet — Gemini should not be permanent storage

Frequently asked questions

Is Gemini safe?

Gemini holds one of the most stringent regulatory frameworks in US crypto — an NYDFS Trust Company charter (obtained 2018) plus a FINRA-registered broker-dealer subsidiary. It's SOC 2 Type 2 audited and maintains hot-wallet insurance. Gemini has not lost customer funds in its operational history. For long-term holdings, still move to a hardware wallet.

What was the Gemini Earn situation?

Gemini Earn was a yield-generating program (through 2022) where users lent crypto to Genesis Global (a separate company) in exchange for interest. When Genesis filed for bankruptcy in January 2023 following the FTX contagion, Earn user funds were caught in the bankruptcy. After extended proceedings, Earn users received substantial distributions from the Genesis estate through 2023-2024 (verify current final status). This is separate from Gemini exchange custody — assets held in your Gemini spot account were not affected.

What is Gemini ActiveTrader vs Simple?

ActiveTrader is Gemini's professional-grade trading interface with volume-tier maker/taker fees. Simple mode uses wide spreads (~1%+ effective cost). For any trade above a small amount, switch to ActiveTrader by clicking the ActiveTrader link in your Gemini account. Same custody, same account — just proper fees.

Gemini vs Coinbase — which is better?

Coinbase for broader asset selection and product depth; Gemini for regulatory-first stance. Both are legitimate US-regulated exchanges. Gemini's NYDFS Trust charter is arguably the strongest US crypto license — attractive for institutions and users who prioritize regulatory clarity. Coinbase's public-company + ETF-custody role gives it different institutional credibility.

What's GUSD?

Gemini Dollar (GUSD) is a US dollar-pegged stablecoin issued by Gemini. It's regulated by NYDFS as a Trust Company product, with monthly attestations of USD reserves. Market cap is much smaller than USDC or USDT — GUSD is a niche stablecoin that appeals primarily to users who want a fully NY-regulated USD stablecoin.

Can I stake on Gemini?

Yes, for eligible assets including ETH. Gemini offers native ETH staking with ~3-4% APR after commission. Post-2023 SEC actions restricted some staking programs; verify current offerings at Gemini's staking page.

Sources

Gemini fee schedule (official) — accessed Sep 16, 2026
Gemini regulatory status — accessed Sep 16, 2026
NYDFS crypto guidance — accessed Sep 16, 2026