Gemini Review 2023
With a user-friendly platform, solid security infrastructure, and advanced trading interface, Gemini is suitable for both beginner and pro traders.
The exchange hosts over 100 cryptocurrencies and trading fees start from 0.5%.
Gemini has a strong reputation for regulatory compliance and security. It is the first crypto exchange to obtain a SOC 2 certification.
The company offers a wide spectrum of crypto products that includes a wallet service, a custodial service for institutional investors, and a staking service as well as a crypto credit card.
Gemini’s crypto credit card offers up to 3% cashback rewards on purchases made with the card. The company is also the issuer of Gemini dollar, a USD-backed stablecoin.
How We Rate Gemini
At Financer.com, all crypto traders go through a thorough research and review process. Here’s how we rate Gemini:
|Advanced trading features||⭐⭐⭐⭐|
Do We Recommend Gemini?
Yes, we recommend Gemini as a reliable platform. Skip to our full review below and see how we rate Gemini.
Here’s what we’ll cover in this review:
Gemini is a crypto exchange founded in 2015 by Tyler and Cameron Winklevoss – the famous Winklevoss twins. It is based in New York and is known for its robust security infrastructure.
The Gemini Trust Company, LLC – a New York Trust Company runs the crypto platform.
In addition to a crypto exchange, Gemini also runs a wallet service, a custodial service (for institutional investors), and an advanced trading platform.
The exchange is also the issuer of Gemini Dollar (GUSD) – a dollar-collateralized stablecoin as well as a yield-earning service (Gemini Earn).
Gemini also has a crypto credit card that offers cashback rewards on every purchase you make with the card. The card offers 3% back on dining, 2% back on groceries, and 1% back on all other purchases.
You can find out if you qualify for the Gemini Credit Card with zero impact on your credit score.
Here’s a quick summary of Gemini:
|Number of cryptocurrencies:||100+|
|Minimum trade:||0.00001 BTC|
|Transaction fees:||0.5% – 3.49%|
|Product line:||Gemini Credit Card, Gemini ActiveTrader, Gemini dollar, Gemini Custody, Gemini Clearing, Gemini Wallet, Gemini Staking|
|Best known for:||Security and regulatory compliance|
Gemini’s unique service offering comes at a cost: high trading fees. Gemini offers relatively higher fees compared to the competition.
Gemini uses a unique fee structure that is quite different from the popular model used by many crypto exchanges. Gemini’s fee structure is based on user activity like transfers and withdrawals.
The exchange also charges convenience fees (for using the web or mobile app). There’s also a Gemini earn fee – which is a fee charged for the Gemini Earn service. Here’s a summary of the different fees:
|Transfer (deposits and withdrawals)||Wire transfer deposits: FreeDeposit via debit card: 3.49%Withdrawal Fee: Variable (depends on the coin)|
|Transactions||Flat fee for trades up to $200 1.49% fee for trades over $200|
|Convenience||0.50% spread in the price of the crypto asset you are trading|
You can cut down on transaction fees by using the trading platform where fees range from 0.2% (maker fee) to 0.4% (taker fee). Although the trading platform offers considerably lower fees, they are still higher than that of Gemini’s competitors.
Gemini Pros and Cons
Here are some of the pros and cons of Gemini:
Solid security infrastructure
Advanced trading interface
Wide range of products
Gemini’s strong regulatory-compliant stance and its security mean that traders can be sure of the safety of their funds – an increasingly serious concern following the FTX fiasco.
This has made the exchange popular amongst corporations, hedge funds, and asset managers.
This also means that you don’t have to worry about the platform getting in the crosshairs of regulators.
Long verification process
Only 100+ cryptocurrencies available
One of the tradeoffs of focusing on security and regulatory compliance is that Gemini is required to integrate a full KYC process into its verification system resulting in a rigorous verification process and higher trading fees.
This also means that the platform can only support a small basket of cryptocurrencies.
Who is Gemini For?
Gemini’s user-friendly platform makes it easy for beginners to navigate the site.
Its focus on security and regulatory compliance makes it the ideal platform for crypto traders and investors who prioritize security above everything else.
What’s more, its advanced trading platform and staking service also make it a good choice for professional traders and crypto investors.
Who It’s For
- You prioritize security above everything else
- You are looking for a crypto platform that is regulatory compliant
- You are looking for a crypto platform that offers multiple services like staking and crypto credit cards
Who It’s Not For
Gemini may not be a good option for you if:
- You are looking for a crypto platform with low transaction fees
How to Create a Gemini Account
Gemini requires full KYC verification. Here are the steps to creating an account:
Go to the Gemini website
Go to the Gemini website and click on “Get Started” and fill out the signup form. At this stage, all you need to do is provide your name and email address to create an account.
Add your mobile number, address, and age
You will need to add your mobile number to proceed. Once you’ve entered your number, a confirmation text will be sent to your phone. Enter the code and proceed. Next, you will need to provide details about where you live and your date of birth.
Verify your identity
To verify your identity, you will need to provide any of the following documents: An international passport or driver’s license. Once you’ve verified your identity, your Gemini account will be activated and you will have access to services offered on Gemini.
Add payment method
After you’ve created your account, you will be required to add a payment method.
What To Consider Before Applying
- Are you more concerned about low fees or more security: this is perhaps the biggest consideration when it comes to Gemini. While the platform offers a sound security architecture, it is accompanied by relatively higher fees compared to Gemini’s competitors.
- Where you live: Gemini has a pretty wide global reach, however, it only has a presence in 60+ countries. Check here to see if it’s available in your country.
- Deposit via debit card: 3.49%
- Withdrawal Fee: Variable (depends on the coin)
- Transaction fee for trades up to $200: flat rate
- Transaction fee for trades over $200: 1.49%
- Convenience fee: 0.50% spread in the price of the crypto asset you are trading
How Financer.com Rates Gemini
Is Gemini legit? Yes, at Financer.com we recommend Gemini.
At Financer.com, all companies go through a thorough research and review process. We don’t make recommendations lightly.
Following the FTX fiasco, security, and regulatory compliance have become serious concerns in the crypto space. When it comes to these issues, few crypto exchanges have invested in security and staying regulatory compliant as Gemini has done over the years.
Gemini has built a strong reputation for security and regulatory compliance that makes it one of the most secure exchanges in the crypto space.
Gemini goes above and beyond to be regulatory compliant and keep funds under its custody secure. A testament to this is the fact that the platform has never been hacked.
What’s more, Gemini’s user-friendly platform and advanced trading interface make it an ideal choice for both newbies and pro traders.
Gemini’s spectrum of services includes a staking service and a crypto credit card means you can get multiple services with just one account: a place where you can buy and sell crypto, invest, store crypto, earn yields on your holdings, and even get a crypto credit card if you want.
You might find that creating a Gemini account takes a much longer process compared to its competitors.
The reason isn’t farfetched: Gemini’s strong regulatory-compliant stance means that it is required to perform full KYC on all users.
That means collecting as much information as possible to verify your identity before you start using the service.
Gemini is relatively more expensive to use than its competitors.
Again, the reason goes back to the fact that it invests more in security and staying regulatory compliant than its competitors.
The platform charges a flat transaction fee for trades less than $200 and a 1.49% fee for trades above $200.
You can cut down on transaction fees by using the trading platform.
Gemini provides multiple channels for attending to user queries and concerns. The site has a virtual chatbot and offers the option of getting help from a human by submitting a support ticket.
Gemini also has a help center with answers to common questions.
Privacy and Security
Gemini has a strong reputation for security. It is one of the most secure crypto exchanges in the industry and one of the few crypto exchanges that have never been hacked. What’s more, all USD balances are FDIC insured.
A good chunk of user funds is held in offline air-gapped cold storage.
Gemini uses a multi-signature digital signature scheme which consolidates its security architecture and helps eliminate single points of failure.
- Two-factor authentication
- Restricting the number of login attempts you can make (in other to thwart brute force attacks)
- SMS verification
Is Gemini available in all 50 states?
Yes, Gemini is available in all 50 U.S. states.
Is Gemini crypto exchange safe?
Yes, Gemini crypto exchange is safe. It is one of the most secure crypto exchanges out there. What’s more, it goes over and beyond to be regulatory compliant.
Who owns Gemini exchange?
Gemini crypto exchange is owned by the famous Winklevoss twins – Tyler and Cameron Winklevoss.
Here’s a list of alternatives to Gemini and how they compare:
|Binance US||View||Low trading fees||A flat 0.1% for most trading activities.|
|Coinbase||View||Beginner friendly||$0.99 to $2.99 flat fee depending on the size of the trade; percentage-based fee for trades above $200|
|Etoro||View||The world’s leading social trading platform||A fee of 1% is added to the spread when buying or selling crypto assets|
Should You Create an Account with Gemini?
With a product line that includes an exchange, trading platform, wallet, staking service, and crypto credit card, Gemini incorporates many services in one.
Gemini’s user-friendly interface and advanced trading platform make it a good choice for beginner and experienced traders.
Its security architecture and a strong focus on compliance make it a good choice for institutional investors.
If you are looking for a crypto platform that incorporates many products in one and is safe to use, then you might want to consider Gemini.
Read more Gemini reviews from customers below or add your own.
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What Users On the Web Are Saying
Gemini is rated 1.1 out of 5 stars on Trustpilot. Dominant issues include poor customer support and lengthy verification processes.
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