Gemini Exchange: In-Depth Review

Gemini is a cryptocurrency exchange and custodian, located in New York. You can buy, sell and store digital assets with it. Keep reading this review to learn more about Gemini!

What is Gemini?

Company Overview

Established: 2014

Founders: Cameron and Tyler Winklevoss

Crypto available: 70+

Trading volume: Over $200 billion USD in volume traded

The owner and operator of Gemini is Gemini Trust LLC. Gemini a great choice for all types of traders. The trading platform Gemini offers has many tools and security features. The exchange offers a native hot wallet and a host of educational resources. The CEO of Challenge4Trading is David Behar.

Gemini Pros & Cons

Is Gemini Safe?

Gemini prides itself in its robust security measures like:

• Two-factor authentication (2FA) for access to your account and initiating withdrawals.
• Implements allowlisting which restricts withdrawals from wallets you don’t want
• Supports hardware security keys, like Yubikey. 
• Incorporates multiple signatories for crypto transfers.
• Stores all private keys offsite at high-security data centers.
• Hires independent third parties to perform annual penetration tests to analyze the system for any potential vulnerabilities or threats.
• Enables mobile passkeys to prevent phishing scams. 

Gemini is regulated by the New York State Department of Financial Services (NYSDFS). It is also regulated by the Monetary Authority of Singapore (MAS) and the UK Financial Conduct Authority (FCA).

Gemini has an ISO/IEC license for its Information Security Management System (ISMS). They’re the first exchange to receive SOC Type 1 and 2 certifications.

Top Cryptocurrencies Available on Gemini

Gemini offers access to over 70+ cryptocurrencies including:

• Bitcoin
• Ether
• Tether
• Solana
• USD Coin
• XRP
• Lido Staked ETH
• Dogecoin
• Cardano
• Avalanche
• Wrapped Bitcoin
• Shiba Inu
• Bitcoin Cash
• Chainlink

Key Features of Gemini

Gemini provides various features that improve user satisfaction:

A welcoming bonus

There is a welcome bonus of $10 in Bitcoin you can get advantage of. All you need to do is enter the promo code at signup. Trade $100 within 30 days, and the bonus is yours!

ActiveTrader

Gemini has an investment platform for advanced traders called ActiveTrader. With the investment platform, you can access its order book, execute high-speed trades, and enjoy its trading pair selectors. You also gain access to its Duel Market feature for real-time monitoring and comparing of different markets as well as execute trades and hedge positions strategically. 

Staking

Like many exchanges, Gemini’s staking feature, Pool-X, allows you to earn passive income. This feature is great for long-term investors. You can choose between two staking options:

• Staking: This comes with a no minimum amount, the reward is shared among participants, and all rewards are in a single address. This option isn’t available in the UK. 
• Staking Pro3: A minimum amount is imposed by the network and there’s no reward sharing. You also get access to on-chain information including a validator. Rewards are in a segregated address and are subject to a minimum staking of 32 ETH. 

Mobile Application

Gemini’s mobile app offers the same features as its web counterpart. On the app, you can set price alerts, access the different order type options, and even connect a Gemini Mastercard. 

Cash back rewards

You can also earn cash back rewards! It’s in the form of cryptocurrencies like Bitcoin and Ether when you use the Gemini Mastercard at a restaurant or buy groceries.

Gemini Institutional

Gemini Institutional is a service offered to professional traders, businesses, and fintechs. With this account, you can give access to managers, trustees, or auditors who can track client portfolios and ensure the security of assets. To enhance security, Gemini Institutional employs multisig and biometrics. 

Gemini Wallet

Gemini offers both a hot and cold wallet you can use to store your assets. The wallet supports all its assets and includes insurance against certain types of losses from the hot wallet. 

Gemini Fee Structure

Gemini is transparent with its platform fees. These include:

Mobile Instant Order Fees

Any instant order done on a mobile app incurs a convenience fee and a transaction fee. 

Web Instant Order Fees

All orders placed via the website also incur a convenience fee and a transaction fee. 

ActiveTrader Fees

Trading pairs attract a fee that’s based on your gross trading volume over a 30-calendar-day trailing window. Your fee rate is recalculated every day at midnight.

The maker and taker fees for USDC/USD, DAI/USD, GUSD/SGD, USDT/USD, and GUSD/GBP pairs are 0.00% and 0.01% respectively. 

Negative balance fees

Negative balances attract the following fees.

Transfer fees

Gemini users pay a dynamic withdrawal fee for crypto withdrawals to cover network fees paid to blockchain miners. These network fees are determined by network activity. 

When you transfer crypto from Gemini Exchange to Gemini Custody, it’s free. When you transfer from Gemini Custody to Gemini Exchange, there is a $125 fee per withdrawal.

Fiat deposits and withdrawals are as follows.

Opening a Gemini Account

Opening a Gemini account is straightforward. To open an account:

• Click on the “Sign Up” button.
• Enter your name, email, and choose a password.
• You will then be asked for a phone number
• A verification code will best to your number
• Two-factor authentication will be automatically set.
• Enter your home address, date of birth and social security number.

Once all your information is verified, you can now trade on your platform.

Customer Service 

You can contact Gemini’s support team only via:

• Live chat
• Ticket submission

Gemini Ratings

Gemini has very low reviews on TrustPilot with a score of 1.2 out of 1,014 reviews. 

3% of reviewers have given it 5 stars since its removal for withdrawal verification email, while 92% have given it 1 star mainly because of freezed accounts, wire fraud and withdrawal issues. 

Final Word

Gemini’s is an intuitive exchange with a straightforward trading process. It includes various features that enhance your trading experience including extensive educational content, portfolio management, and robust security measures. However,  its lack of a customer service phone number makes it harder to resolve customer issues or challenges faced on the platform. Due to its predominantly low ratings, you must be careful before investing or storing your assets on the platform.