Cryptocurrency exchanges are a dime a dozen nowadays, but few offer the attractive security features that Gemini boasts. Available in over 50 states, including New York, and supporting more than 80 cryptocurrencies, Gemini stands out as one of the most reliable platforms for U.S. users.
Not only is Gemini’s platform beginner-friendly, but it also caters to both novice and expert crypto traders. Gemini offers an intuitive interface for those new to digital assets, making it easy to trade assets, set up recurring buys, and earn staking rewards on popular cryptocurrencies. This ease of use ensures that even those without experience can confidently navigate the exchange and begin their investment journey.
Gemini’s ActiveTrader platform provides a wealth of advanced features for seasoned traders. Faster order execution, over 100 crypto trading pairs, and dual market tracking capabilities offer experienced investors the tools they need to execute sophisticated trading strategies and maximize their returns.
Here is a deep dive into what Gemini’s crypto exchange offers.
What You Need To Know About Gemini
Gemini might be touted as a go-to crypto exchange, especially for institutional traders seeking a secure and regulated environment to trade large digital assets. However, it’s important to note that Gemini has faced some legal challenges over the years.
The Winklevoss-founded platform recently faced legal action by the SEC over their defunct Earn product. Gemini’s Earn product peaked at its peak with about 340,000 users and nearly a billion dollars in assets. The Winklevoss twins promised to refund Earn customers after the product was discontinued. On June 20th this year, Gemini announced that it had completed the final Earn distribution. It’s important to note that Earn was separate from the exchange itself and run by a third-party (Genesis Global Capital).
Since making Earn customers whole, Gemini has had a stellar reputation for security and it remains one of the top choices for crypto exchanges.
Gemini’s History and Early Beginnings
The idea behind Gemini was first announced by the Winklevoss twins as early as June 2013. However, the exchange only went live in October 2015 with a vision of facilitating the purchase and storage of Bitcoin.
At the time, owning Bitcoin required a user to understand the complexity of private keys and wallets. Gemini aimed to simplify the whole process through a regulated exchange.
Over the years, Gemini’s crypto exchange has grown to accommodate institutions such as the Chicago Board Options Exchange that have used Gemini to settle Bitcoin futures contracts. Today, Gemini ranks among the top 20 crypto exchanges with a daily trading volume of over $70 million.
Gemini’s Notable Features
Apart from its beginner-friendly user interface and a wholesome catalog of educational resources, Gemini also offers a yield-earning program through its Gemini Staking product.
Since the collapse of Gemini’s previous “Earn” program, the exchange restarted a modest staking program on three assets that earn between 3 and 4% APY. This staking product is not available to users in the U.K. except for the Staking Pro product, which only offers a minimum of 32 ETH to U.K. traders. Some advantages to this staking feature are that there is no minimum amount to stake, and a majority of the crypto is held in offline cold storage systems. At the time this article was published only Ethereum and Polygon were supported for staking.
Another notable feature of Gemini is its banking relationship with State Street, a New York state-chartered bank. This gives Gemini users the assurance that their funds are held on the platform in accordance with conventional banking requirements. Moreover, Gemini’s crypto vaults are insured for up to $200 million, meaning losses from theft or hacking can be compensated.
Is Gemini Safe?
As mentioned, even though Gemini has had legal challenges in the past, its platform is relatively safe and has industry-standard security features. You can set up two-factor authentication and whitelist wallet addresses for increased security. The exchange also has Know Your Customer verification processes that require users to verify their identity using government-issued IDs, thus reducing fraud on the platform. In addition to the $200 million crypto vault insurance, Gemini also offers FDIC insurance for the U.S. dollars held in its accounts.
The exchange has always been rock solid even if other offerings (such as the defunct Earn) were not as stable.
How to Set Up a Gemini Account
Opening an account with Gemini is pretty straightforward.
Step 1:
Head over to Gemini and open a “Personal Account” using your email . You will get a prompt to verify your account and enable 2FA.
Step 2:
After you have verified your account, you can move on and fund it.
Step 3:
Next, you’ll be required to link your bank account, and as soon as your bank account is linked, you’ll get a notification like this:
Step 4:
Now that your bank account is linked, you can proceed to the exchange and make a deposit. At the beginning, your deposit limit of $500 is set. You can increase the limit by completing the full identity verification process. Once complete, you can start building your portfolio.
Supported Cryptocurrencies
Gemini supports over 100 coins, including the following:
- Litecoin
- Bitcoin
- Ethereum
- Zcash
- Bitcoin Cash
- Dogecoin
- Tezos
- Filecoin
- Polkadot
- XRP
- Cosmos
- Solana
Gemini also supports ERC-20 tokens; however, some of these ERC-20 tokens are not available to customers in some locations.
Funding Options on Gemini
Gemini’s crypto exchange supports several payment methods. These options include:
- ACH Transfer
- Wire Transfer
- PayPal
- Bank Transfer
- Debit Card
- Google/Apple Pay
- Fast Transfer
- Plaid Direct Payments
Some options such as PayPal offer same day settlement time while others feature up to 5 business days. Wire Transfer comes with an additional $25 withdrawal fee and a minimum withdrawal limit of $25.01. If you plan to use a Debit Card, be sure to include a 3.49% platform fee plus trading fees. Only CBIT and Plaid Direct Payments in the U.K come with zero fees.
Fees
Gemini’s fees are some of the highest among crypto exchanges. While most of the platform’s web orders vary in costs, users can expect to pay a minimum of $0.99 per trade to a fee as high as 1.49% of the value traded. Gemini charges a Debit Card fee of 3.49% and 2.5% for PayPal users.
While you can avoid most of these fees by making purchases through ACH transfers or CBIT, these alternatives are only available for institutional traders and high-volume retail traders. Previously, Gemini offered free withdrawals of cryptocurrencies but this feature has since been removed and now users must pay network fees when making a crypto withdrawal.
Customer Service
Gemini’s customer service could be better given that the company’s website only features a standard chatbot and an FAQ section. There is no company telephone number or other significant customer service options therefore most users will struggle to access immediate assistance. However, the platform’s online ticket system works as expected even though some bit of patience may be required.
Gemini Verdict: Is it Good?
After a thorough exploration of Gemini, it’s clear that this exchange brings a lot to the table, particularly for U.S. users. Gemini excels with its robust security features, including insurance on crypto vaults and FDIC coverage for USD balances, making it one of the safest options for trading digital assets.
Its user-friendly interface and extensive educational resources make it an excellent starting point for beginners. Additionally, the advanced tools on its ActiveTrader platform cater to the needs of seasoned investors looking for sophisticated trading options and efficient order execution.
However, Gemini is not without its flaws. The platform’s high trading fees and complex fee structure can be a significant drawback, especially for frequent traders. The discontinuation of free crypto withdrawals adds to the cost burden for users. Furthermore, the lack of direct customer support options, such as a helpline, is a notable downside.
Despite its past legal challenges, however, Gemini has demonstrated a commitment to resolving issues and maintaining a secure and regulated environment.
