Gemini is a cryptocurrency exchange and one of the only ones to be available and regulated in the United States. It’s aimed at new traders, so is very beginner-friendly and has lots of useful features to help you get started.
By:
Theodor Tonca
Theodor is a Financial Writer for Invezz, reviewing, testing and scrutinizing financial products. He is a former financial analyst and investment…
read more.
Updated:
Jan 24, 2022
3/5Star rating
16 min read
Ad disclosure
Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who compensate us for users that Invezz refers to their services. While our reviews and assessments of each product on the site are independent and unbiased, brands may pay to appear higher up our table rankings or place ads in specific areas of the site. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >
Gemini is rare among crypto exchanges to be open to traders in the US. It’s famously founded by the Winklevoss twins, who were involved in the foundation of Facebook and are best known for being reprised in the 2014 film ‘The Social Network’. Read on to learn more about Gemini and to decide whether you should sign up.
Pros & Cons
Pros:
Authorised, regulated, and insured exchange
Easy to use interface
Multi-layer security
Cons:
No margin trading
Higher fees than other top exchanges
What can I do with Gemini?
Gemini offers cryptocurrency trading with more than 50 coins available on the platform. It boasts lots of useful trading features, like block trading, multiple order types, and auctions.
One of the key pillars of Gemini is that it’s very security conscious and beginner-friendly. That’s reflected by the fact it’s regulated in the United States, and offers even the most inexperienced users the opportunity to execute a trading strategy with a simple order process and an intuitive interface.
Gemini cryptocurrencies and trading options
What cryptocurrencies can you trade on Gemini?
Gemini offers over 50 of the most popular coins in the crypto space. That means you can trade all the usual suspects such as Bitcoin, Ethereum, and Litecoin, but can also get involved with some smaller altcoins as well, such as Zcash and Chainlink.
Major cryptos traded on Gemini
Bitcoin
Bitcoin Cash
Ethereum
Litecoin
Chainlink
Filecoin
Zcash
Yearn
Dai
Uniswap
REN
Amp
Balancer
Maker
Compound
Aave
Basic Attention Token
Storj
0x
Gemini core currency pairs
BTC/DAI
ETH/BTC
ETH/DAI
ZEC/BTC
ZEC/ETH
ZEC/LTC
ZEC/BCH
BCH/BTC
BCH/ETH
BCH/LTC
LTC/BTC
LTC/ETH
LTC/BCH
OXT/BTC
OXT/ETH
BAT/BTC
BAT/ETH
LINK/BTC
LINK/ETH
All Gemini trading options
Gemini offers standard cryptocurrency and crypto pair trading options, with a good selection of choices within these two categories.
Due to their regulatory oversight, Gemini doesn’t currently offer margin or leveraged trading.
What are the spreads?
Gemini employs a maker-taker fee model for determining trading fees for all orders, instead of a spread schedule. Fees for under $500K of monthly trading volume start at 0.35% on the taker side and 0.25% on the maker side.
Gemini charges fixed maker and taker fees on each transaction which start at 0.35% on the taker side and 0.25% on the maker side. Additionally, Gemini also charges a 0.5% “platform connectivity fee” that applies to all transactions. These are on the high side among cryptocurrency brokers.
Fee type
Fee amount
Commission
Crypto trading
0.25%-0.35%
–
Transaction Fee
ranges from USD $0.99 to USD $2.99 for purchases between $0-$200
Gemini allows you to buy and sell from almost any device, including from its mobile app which is available for both iOS and Android devices and it’s one of the best crypto apps for new traders.
PC
Laptop
Android mobile and tablet devices
iOS mobile and tablet devices
Can I use Gemini in my country?
Gemini is currently available in more than 50 countries, including the United States, Canada, United Kingdom, and Germany. You can select your country from the list below to see if it is available where you are.
Is Gemini available in my language?
Currently, Gemini’s only supported language is English.
How easy is it to use Gemini?
Gemini’s secure platform allows you to seamlessly buy, sell, and store your crypto either online through your browser or via mobile.
Its ActiveTrader trading platform is easy to use, but also comes packed with features such as microsecond transaction execution, multiple order types, and block trading for trades outside of the open market. All with mobile browser optimization for a professional experience.
The Gemini Wallet also enables you to store your assets in their insured hot wallet or an institutional-grade cold storage system that holds funds in reserve at a New York trust company and licensed fiduciary.
Key features
Gemini offers a simple, elegant, and secure platform that comes loaded with features.
Block trading
This is the sale or purchase of a large number of securities at an arranged price between two parties. Such transactions are often performed outside of the open market to lessen the impact on the security price.
Auction-only orders
Traders can place an auction-only market order which will execute at the final auction price. Much like any other form of auction, this can be used to (hopefully) buy a security at a lower price.
Gemini pay
This enables you to pay with crypto at over 30,000 U.S. retailers, in a free, simple, and secure way through the Gemini mobile app. All you have to do is tap the ‘Pay’ icon at the bottom of your screen, once you’ve selected what you would like to purchase and you’ll be ready to check out.
Security and regulation
Is Gemini safe?
Yes, Gemini offers a multitude of security features to defend against external threats, human error, and misuse of insider access. This includes two-factor account authentication (2FA), IP address whitelisting, and an offline, cold storage wallet with hardware security modules of FIPS 140-2 Level 3 rating or higher.
Am I and my cryptocurrency protected?
Yes, in addition to being self-insured by Gemini Custody for up to $200 million in coverage. Gemini is also one of the first crypto brokers and custodians to be licensed as a New York trust company that undergoes regular bank exams and is subject to the cyber security regulations set forth by the New York Department of Financial Services.
Is Gemini regulated?
Yes, Gemini is regulated by the New York State Department of Financial Services (NYSDFS) which is a state government agency responsible for regulating financial services and products, including those subject to the New York insurance, banking and financial services laws.
Gemini is also an Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority (FCA)
Do I have to verify my account with Gemini?
Yes, Gemini complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.
To verify your account you will need to take a clear photo of your valid government photo ID. This could be a passport, national ID card or driver’s license and take a selfie of your face. Verification can take up to 24 hours.
Extra information
Educational resources
Gemini provides a complete Resources and Learn section on its website. Contents include a crypto glossary, FAQ section, and tutorial guides on Bitcoin as well as other altcoins.
The FAQ section is particularly expansive, answering account management, trading, transfer/withdrawal questions and providing a full Getting Started guide.
Tools and charting
Whether novice or pro, Gemini has a multitude of tools for buying, selling, and storing crypto. From streamlined trading views which makes all tools available in one clear, simple interface to multiple order types (recurring buy, conditional, limit) to price alerts. Gemini’s exchange offers it all.
Customer support
Gemini support is available both via email and online in the form of submitting a ticket request. Support is generally responsive and seems to answer all inquiries within 24 hours or less.
Our verdict
Gemini is a simple, secure platform for buying, selling, and storing your crypto. It boasts an elegant, easy to use trading platform, an integrated wallet, and even a crypto payment processor that enables you to make purchases with your coins at participating retailers. Gemini is impressive in both its quality and breadth of features.
Apart from its many documented trading tools and charts, Gemini is also one of the safest crypto brokers with direct oversight from both the New York State Department of Financial Services (NYSDFS) and the UK’s Financial Conduct Authority (FCA). It also has many built-in security features like a multisignature digital signature scheme (multisig) and hardware security keys to secure your account alongside other protocols.
Overall, you would be hard-pressed to find a more well-rounded exchange that does as many things well as Gemini.
Gemini is owned by its co-founders Cameron and Tyler Winklevoss and was launched in 2014.
How does Gemini make money?
Gemini makes money through a multitude of fixed fees, including maker/taker fees which start at 0.25%-0.35%, a transaction fee – usually $0.99-$2.99, a platform connectivity fee of 0.50%, and debit/credit card deposit fees of 3.50%.
Do I have to pay tax on Gemini profits?
Depending on the laws of your country of residence, you may have to pay taxes on your Gemini cryptocurrency profits. We recommend checking with the local legislation to see the profit limits for which you don’t have to pay taxes.
How do I delete my Gemini account?
If you want to close your Gemini account navigate to your Profile’s Settings Page, Click on the link labeled “Close your Gemini account” at the bottom of the page under Account Closure. To complete the account closure type in all caps “CLOSE”.
How can I short on Gemini?
At this time Gemini does not offer leveraged trading and you cannot short sell.
What if I forget my account password?
If you forgot your password, simply click on the “Sign In” link at the top of the homepage and click on “Reset your password” hyperlink. An email will be sent to your address to reset your password.
Please keep in mind that this will result in a temporary 24-hour hold on cryptocurrency withdrawals.
Can I transfer from my Gemini account into my PayPal account?
No, Gemini does not currently support Paypal deposits or withdrawals.
What if Gemini closes down while I have open trades?
All your open trades are saved in real-time so you shouldn’t worry about losing funds even if the platform experiences technical difficulties.
Should Gemini cease operations altogether, It does carry self-insurance in the amount of $200 million from a related entity – Gemini Custody.
Can I access my full trading history on Gemini?
Yes, just navigate to Account Balance and Transaction History Page, click the drop-down arrow next to your account, and click the “Trade History” tab.
Can I pay in cryptocurrency with Gemini?
Yes, you can pay in all supported cryptocurrencies for free.
Does Gemini offer bonuses?
Yes, Gemini does currently offer a referral program whereby anyone you refer who buys or sells $100 or more of crypto within 30 days of creating their account, both of your accounts will then be credited $10 (or $10 USD equivalent of your domestic currency) worth of bitcoin.
How do I transfer from Coinbase to Gemini?
Simply choose the ‘send’ option in your crypto wallet, fill in all the required data and provide an external Crypto wallet address (Gemini). You will then receive a QR code to complete the transaction.
Is Gemini anonymous?
No, Gemini fully complies with all KYC/AML procedures and in accordance to the rules, it requires full identification of all clients who set up a trading account using the platform.
Does Gemini have an integrated wallet?
Yes, Gemini offers both an online, hot wallet and an offline, cold storage wallet.
How do I withdraw from Gemini?
To transfer to an external wallet or exchange, navigate to the Withdrawal Page, select your currency from the dropdown menu, select the destination address, input the amount, and after reviewing your transfer details, select “Request Withdrawal”.
Has Gemini ever been hacked?
No, Gemini has never been hacked or compromised since its launch in 2014.
Sources & references
Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >
Having worked for a decade as an analyst, investment partnership founder, and writer - Theodor is a keen sportsman. When not working, he can most commonly…
read more.
