Gemini is a leading cryptocurrency exchange founded in 2014 that allows users to buy, sell and trade over 100 cryptocurrencies. This Gemini review will dive into its pros and cons, fees, available cryptocurrencies, user experience, and more to help you determine if it’s the right fit for your crypto investing needs.
Gemini Rewards Credit Card
Gemini has partnered with WebBank to offer users a crypto rewards credit card. Cardholders can earn up to 3% back in Bitcoin or other cryptocurrencies on everyday purchases. Rewards are automatically deposited into your linked Gemini exchange account. The card also comes with no annual fee. For frequent shoppers wanting passive BTC/crypto rewards, Gemini’s card is a unique perk over competitors.
Under its Learn tab, Gemini operates an expansive Cryptopedia resource covering everything crypto-related, from basic concepts like public keys and cold storage wallets all the way to recent trends like Metaverse gaming and DAOs. Hundreds of guides provide both newbies and veterans helpful primers to better understand the crypto space and blockchain technology. For continued learning, Gemini’s Cryptopedia is an invaluable free tool.
Gemini Review: Gemini Pros and Cons
Gemini is a secure and beginner-friendly cryptocurrency exchange with some key advantages as well as some drawbacks to consider:
|Beginner friendly interface
|Limited number of supported cryptocurrencies (around 100)
|Available in all 50 US states
|Trading fees can be high compared to competitors
|Robust security features
|Recent issues with the Earn program and Genesis
|FDIC insured USD deposits
|Mixed customer satisfaction reviews
|Hot wallet insurance
Gemini has a relatively complex fee structure compared to other top cryptocurrency exchanges. Fees vary depending on trade size, platform (mobile vs desktop), and whether you are a taker or maker. ActiveTrader fees range from 0% to 0.40% based on 30-day trade volume. These fees are generally higher than competitors like Coinbase Pro and Kraken.
Gemini employs industry-leading security practices like 2FA, address whitelisting, and device confirmation to protect user accounts and funds. As a New York trust company, Gemini is subject to strict capital reserve requirements and banking compliance standards. Gemini also offers hot wallet insurance and FDIC coverage for USD balances.
Gemini Verification Process
Gemini has a straightforward identity verification process that is required to access full trading capabilities. Users need to provide a government-issued ID and complete a brief KYC checklist. Verification usually completes within 1-2 days.
Gemini Customer Service
Gemini offers customer support through an online help center, chatbot, and support ticket system. Phone support is not available. Response times vary from a few hours to 1-2 days. Reviews of Gemini’s customer service are mixed, with some users reporting lengthy response times.
Gemini User Experience
As of today, Gemini serves over 13 million users across 100 countries, making it one of the largest centralized exchanges operating globally. With strong backing from investors, Gemini is valued at over $7 billion. The Gemini platform and mobile apps provide an intuitive user interface that is ideal for both beginners and experienced traders. Quick buy/sell options cater to novice users, while the ActiveTrader platform offers pro-level tools like advanced charting and order options.
Available Tokens on Gemini
Gemini offers around 100 cryptocurrencies – significantly fewer than offerings on exchanges like Binance and Crypto.com. But most major cryptos like Bitcoin, Ethereum, Litecoin, Chainlink, Filecoin, and more are available. Gemini’s own stablecoin, the Gemini Dollar (GUSD), can also be used on its platform.
Regulatory Compliance and Legal Status
As a New York trust company, Gemini must comply with strict regulations and licensing requirements from the NYDFS. Gemini operates in all 50 states and is one of the most compliant exchanges in terms of adhering to AML and KYC regulations.
Liquidity and Volume
As one of the largest US-based exchanges, Gemini provides excellent liquidity with high daily and monthly trading volumes across all its major trading pairs. This ensures fast order execution and minimal slippage.
Staking and Lending Options
Gemini offers customers the ability to earn interest by lending their crypto. Interest rates vary from 1.01% to 7.4% APY depending on the asset. The former Gemini Earn program allowed staking of tokens through Genesis but was shut down in late 2022.
App and Web Experience
Gemini Web Experience
Gemini’s web platform provides a user-friendly experience ideal for beginners but also caters to advanced traders via its ActiveTrader interface. Customizable dashboards, extensive charting tools, and a variety of order types suit pro-level users.
Gemini App Experience
Similarly, Gemini’s mobile apps offer an intuitive experience making buying, selling and trading crypto on the go simple. While not as robust as its web platform, the Gemini Mobile App also includes ActiveTrader tools for sophisticated traders.
For US-based crypto investors and traders seeking a secure, compliant exchange to buy and sell digital assets, Gemini stands out as an excellent choice. While it offers fewer coins than some competitors, Gemini provides an ideal blend of strong security, intuitive interface, and pro-level trading tools that appeal to traders of all skill levels.
For users wanting more tokens or lower fees, the following Gemini alternatives are worth considering:
|Lower fees, more coins, similar security features
|Lower fees, high liquidity, great security, many altcoins
|Excellent mobile app, debit card options, low fees, 200+ coins
Is Gemini trust company safe?
Yes, Gemini employs industry-leading security practices and ensures crypto assets are stored online. As a New York trust, Gemini adheres to strict regulations and reserve requirements.
Can I still withdraw from Gemini?
Yes, normal trading and withdrawals on the Gemini exchange are still operational. Only the Earn program operated via Genesis is currently paused.
What are the high fees for Gemini?
Gemini has a complex fee structure with taker/maker fees ranging from 0% to 0.40% based on 30-day trade volume. These fees are generally higher compared to top competitors.