Gemini Exchange Review 2024: Pros & Cons

Gemini is a US-based crypto exchange with robust security, strong regulation, and support for over 70 coins. It’s suitable for beginners and experienced traders alike, not to mention institutional investors.

But is Gemini the right exchange for you, or are there better options? This Gemini review covers everything traders need to know, including supported markets, fees, payment methods, trading tools, and safety.

What Cryptocurrencies Can You Trade on Gemini?

Let’s start this Gemini review by exploring which cryptocurrencies users can trade. It supports more than 70 coins, with a strong focus on large-cap markets. This includes Bitcoin, Ethereum, Tether, Solana, USD Coin, XRP, Dogecoin, Cardano, Shiba Inu, and Polkadot. Not to mention Pepe, Aave, Filecoin, and Dai.

While the top coins and tokens are supported, Gemini doesn’t list new cryptocurrencies or those with a small market capitalization. There are also some notable large-cap omissions, including BNB and Cardano.

Do note that there are several ways to trade cryptocurrencies on Gemini. This includes the instant buy feature, enabling users to purchase cryptocurrencies with fiat money, such as a debit/credit card. Cryptocurrencies can also be traded on an advanced platform with charting tools and technical indicators. Both of these options offer spot trading services.

Gemini also supports derivative products, which we cover in the following section.

Derivative Products

Gemini offers derivative products via perpetual futures. These products enable users to speculate on cryptocurrencies without taking ownership. Users can go long or short, unlike the spot trading markets. Moreover, leverage of up to 100x is available. This makes Gemini one of the best crypto leverage trading platforms.

For instance, suppose you’ve got $2,000 in your Gemini account. At 100x leverage, that $2,000 can be amplified to $200,000. This provides a significant capital boost. However, Gemini’s derivative platform is only available in select countries.

This includes the US, UK, and European Union. Nonetheless, a wide selection of perpetual futures is supported, including Bitcoin, dogwifhat, Pepe, Ethereum, XRP, and Polygon. These markets are traded against the US dollar.

Some quick facts about perpetual futures on Gemini:

• Average bid-ask spread: 0.056%
• Weekly trading volume: Averages $29.89 million
• Average execution speed: 65 microseconds
• Expected funding rate (APR): -13.46%

Gemini Fees

While Gemini is a trusted exchange with a broad selection of products, we found that fees are much higher than other exchanges.

Read on for a full breakdown of Gemini fees.

Instant Buy

Gemini’s instant buy feature is popular with beginners who simply want to invest in cryptocurrencies. There’s no requirement to use an exchange – just choose which coin to buy and type in the payment details.

However, this feature comes at a cost. Those using a debit/credit card will pay 3.49% of the transaction amount. For instance, suppose you want to buy $500 worth of Bitcoin with Visa. This will cost you $17.45 in fees.

Moreover, purchases under $200 incur a flat charge. This is based on the specific amount. For instance, orders between $50 and $299 are charged $2.99. Meanwhile, orders between $10 and $25 are charged $1.49.

Standard Conversions

Standard conversions are also aimed at beginners with limited trading experience. Users can buy and sell cryptocurrencies without using Gemini’s advanced exchange. This covers fiat-to-crypto and cross-cross conversions.

The standard fee is 1.49% of the transaction size. For instance, suppose you want to sell Ethereum for USD. The trade is valued at $1,000. This means you’d pay $14.90 in fees. Similarly, suppose you want to trade $500 worth of Bitcoin for XRP. Again, this would be charged 1.49%, so you’d pay $7.45 in fees.

Similar to instant buys, Gemini charges a flat fee when trading orders are below $200.

ActiveTrader

ActiveTrader is Gemini’s advanced trading platform. It’s aimed at traders seeking tools like pricing charts, order books, and technical indicators. That said, ActiveTrader fees are considerably lower when compared to instant buys and standard conversions. As such, it’s a great way to reduce trading commissions.

The specific fees depend on two variables. First, whether you place a limit (maker) or market (taker) order. Limit orders are always cheaper. Second, fees are reduced when meeting 30-day trading milestones. This is based on the amount traded and includes enter and exit orders.

• Those placing limit orders and trading under $10,000 per month pay 0.2% per slide.
• For instance, suppose you trade $1,000 worth of BTC/USD. You’d pay a commission of just $2.
• The same trade with a market order is charged at 0.4%, so you’d pay $4.

Gemini trading fees for limit and market orders is reduced to 0.1% and 0.3% when trading at least $10,000.The lowest fee is 0.03% and 0%, which requires more than $500 million in monthly volume.

Payments

Although Gemini charges 3.49% when buying cryptocurrencies with a debit/credit card, other payment methods are cost-effective.

For instance, those depositing or withdrawing funds via local banking methods don’t pay any fees at all. This includes ACH (US) and Faster Payments (UK).

PayPal deposits are also supported but cost 2.5% of the transaction size. Crypto deposits are free although withdrawals are charged the dynamic network fee.

Gemini Features & Tools

In this section of our Gemini review, we’ll cover the platform’s key features and tools.

Advanced Trading Suite

Gemini has developed a proprietary trading platform – ActiveTrader, which comes packed with features. This makes Gemini a great choice for crypto strategies like scalping and day trading. For instance, it offers customizable charts.

This covers multiple chart types, timeframes, and drawing tools. The latter includes trend angles, lines, and flat top/bottom. Pattern visualization is also available, covering the head and shoulders, XABCD, and triangle.

ActiveTrader also supports TradingView integration. This is ideal for deploying technical indicators like the MACD and Moving Averages. All in all, Gemini offers everything seasoned traders need to analyze and trade cryptocurrencies.

API Support

The Gemini exchange supports Application Programming Interface (API) connections from third-party platforms.

This means Gemini is suitable for deploying trading bots and other automated systems.

Fiat-Driven Pairs

Unlike other prominent exchanges, Gemini supports fiat-driven pairs. This means users can trade Bitcoin, Ethereum, and other cryptocurrencies against the US dollar, rather than a stablecoin like USDT or USDC.

Other fiat currencies are supported too, such as GBP, EUR, and SGD. This means traders can access crypto spot prices in their local currency, avoiding unnecessary forex conversion fees.

Portfolio Metrics

Gemini is also great for portfolio metrics. Users can view portfolio values in their domestic currency, and see how individual investments are performing.

This includes an overall view or changes within the prior 24 hours. Users can also create watchlists and set price alerts.

Leverage

We mentioned earlier that Gemini offers leverage of up to 100x. This converts a minimum margin requirement of just 1%, allowing traders to amplify their capital balances.

For instance, suppose you want to trade $50,000 worth of Bitcoin. This would require an upfront margin of just $500 when deploying 100x leverage.

However, do note that leverage is offered via perpetual futures. This means you won’t own the underlying coin being traded. What’s more, funding rates apply, meaning leverage is only suitable for short-term strategies.

Gemini Dollar

Gemini Dollar (GUSD) is the platform’s native stablecoin and it’s pegged to the US Dollar.

Crucially, unlike Tether (USDT), GUSD is 100% backed by US dollar reserves, held in regulated and audited bank accounts. GUSD is an ERC-20 token, so transactions are fast and transparent.

Credit Card

Gemini also offers a crypto-backed credit card. Issued by MasterCard, the card can be used at millions of retailers globally, including in-store and online. There are no annual or foreign exchange fees, making it a great choice when traveling overseas.

What’s more, purchases are covered by the cryptocurrencies held in your Gemini account. The coins are instantly converted to the local currency at the prevailing rate. Gemini’s credit card also comes with rewards on eligible purchases.

Spending the card on gas and EV charging offers 4%, while dining and groceries offer 3% and 2%, respectively. 1% cashback is offered on everything else. Cardholders can choose from over 50 cryptocurrencies when receiving rewards, including Bitcoin and Ethereum.

Institutional Services

Gemini is one of the best crypto exchanges for institutional services. It offers a native trading dashboard for institutional clients, including flexible roles, sub-accounts, and API integration. Gemini also supports over-the-counter trading, ensuring institutions can buy and sell large amounts at the best price possible.

Gemini also offers custodial services, a crucial requirement for institutional investors. This is secured by multi-signature technology, biometrics, and physical security guards. Custodianship also comes with $125 million in cold storage insurance.

Is Gemini User-Friendly?

Gemini offers a user-friendly experience regardless of the trader’s experience level. It offers individual trading platforms for beginners and seasoned pros, ensuring it caters to a wide audience.

For instance, first-time investors can instantly buy cryptocurrencies with their preferred payment method, such as Visa, MasterCard, PayPal, or ACH. The cryptocurrencies are instantly delivered to the user’s account, meaning beginners can avoid charts and custom orders. Moreover, Gemini also offers instant conversions without needing to use its exchange.

This includes fiat-driven conversions, such as selling Bitcoin for US dollars or buying Ethereum with British pounds. Crypto-cross conversions are also available. For instance, you can swap XRP for Bitcoin Cash or Litecoin for Uniswap. Intermediate to advanced users can trade via ActiveTrader. Not only does this offer high-level trading tools, but fees are significantly cheaper.

Gemini App

Gemini’s solid user experience extends to its mobile app. Available on Google Play and the App Store, the Gemini app comes with full functionality. This means users can access the same features and tools as found on Gemini’s desktop website.

This includes standard conversions, real-time pricing charts, technical indicators, drawing tools, and watchlists. Deposits and withdrawals can also be made via the app. Crucially, every feature has been individually optimized for smartphones and the respective operating system, making navigation a breeze.

Staking on Gemini

Gemini could be one of the best crypto staking platforms for those prioritizing security over APRs. The vast majority of staked coins are kept in cold storage wallets. While a small percentage is held in hot wallets, these are insured against certain types of losses.

However, the drawback is that just three cryptocurrencies are available for staking;  Ethereum, Polygon, and Solana. What’s more, staking isn’t available in some countries, including the UK. While US customers are eligible, this doesn’t include Solana staking.

Gemini takes a 15% cut from any staking rewards generated. This might seem expensive at first glance. However, Coinbase, for instance, charges up to 35%. There are no minimum terms when staking on Gemini, ensuring flexibility. However, there’s an ‘unbonding’ period of 4-14 days, depending on the staking coin.

Here’s what staking APRs are currently available on Gemini:

Gemini NFT Marketplace

Gemini has an NFT marketplace called Nifty Gateway. It covers a huge range of unique collections to suit all budgets. For example, the 5D collection by Kix starts from just $99.

At the other end of the scale is the End of the Road collection by NRL. This comes with a floor price of over $14.6 million. Gemini doesn’t charge fees when buying NFTs. However, it takes a 5% cut from NFT sellers, plus a $0.30 fee to cover credit card charges.

Gemini Wallet

Gemini offers a wallet service, allowing users to safely store their cryptocurrencies. It’s available via the user’s account, so it’s just a case of logging in. Access is provided on the desktop website and mobile app.

• However, it’s important to note that Gemini’s wallet is custodial.
• This means Gemini controls the private keys. This creates counterparty risks.
• After all, if Gemini is hacked or runs into financial problems, there’s no guarantee the wallet’s contents can be withdrawn.
• What’s more, wallet transfers must be approved by Gemini before they’re released.

Check out our guide on the best non-custodial wallets if you want to store cryptocurrencies away from third-party control.

Nonetheless, we should also stress that Gemini’s wallet comes with robust security features. For a start, the vast majority of client-owned coins are kept in cold storage wallets with multi-signature technology. Moreover, Gemini offers insurance for certain types of losses. We discuss security features in more detail later in this Gemini review.

Payment Methods

Gemini supports a wide range of convenient payment methods. It also supports multiple fiat currencies, including USD, AUD, CAD, EUR, GBP, SGD, and HKD.

Here’s a list of support payment types:

• Local banking methods (including ACH and UK Faster Payments)
• USD bank wire
• Debit/credit cards issued by Visa and MasterCard (deposits only)
• PayPal (deposits only)
• Google/Apple Pay (deposits only)
• Cryptocurrencies

Scroll up to our section on ‘Gemini Fees’ to assess charges for each payment type.

Gemini Withdrawal Times

Gemini typically takes about three business days to approve fiat withdrawals. After that, the payment time frame depends on the financial institution and network.

Crypto withdrawals are much faster, with requests often approved in a few hours. However, these time frames are slower when compared to other exchanges.

Coinbase, for example, normally processes crypto and fiat withdrawals within minutes. However, Gemini’s longer processing times are due to increased security measures.

Gemini Licensing & Security

Gemini is considered one of the safest and most regulated exchanges globally. While this results in higher trading fees, security should be the main priority when investing in cryptocurrencies.

Let’s take a closer look at how Gemini keeps your funds safe.

Licensing

Gemini is one of the few exchanges to hold a New York Trust License. This means that Gemini is overseen by the New York State Department of Financial Services. Gemini has received approval in all 50 states, ensuring US clients have localized protections.

Gemini has also secured licensing in other jurisdictions. This includes:

• E-Money Authorization and Virtual Asset Service Provider Registration from the UK’s Financial Conduct Authority
• Virtual Currency Operator from Italy’s Organismo Agenti E Mediatori
• E-Money Authorization and Virtual Asset Service Provider Registration from the Central Bank of Ireland
• Custodial Wallet Provider and Exchange Service Provider from Greece’s Hellenic Capital Market Commission

Cold Storage

Gemini uses cold storage wallets to secure the vast majority of client-owned cryptocurrencies. This means client funds are never exposed to online threats, such as ransomware and hacks. Gemini keeps a small percentage of funds in hot wallets for liquidity and withdrawals.

Nonetheless, Gemini-controlled wallets are also protected by multi-signature technology. This means no single employee can authorize wallet transfers.

Insurance

Gemini has secured a $125 million insurance fund under New York Banking Law. $100 million has been allocated from cold storage wallets. The $25 million balance covers commercial crimes for hot wallet storage.

The insurance fund potentially covers users in the event of a hack. But it wouldn’t be enough to cover a large-scale issue, such as bankruptcy.

2FA

Gemini offers two-factor authentication (2FA) via the Authy app. This is a must-have security feature. It requires a unique code whenever the user logs in or requests a withdrawal.

This protects users if their Gemini logging credentials are compromised. After all, the hacker can’t access the account without the 2FA code, which can only be retrieved from the registered smartphone.

Proof of Reserves

Gemini offers proof of reserves, transparently posted on its website. The reserves have been audited and cover user balances 1:1. What’s more, Gemini’s reserves are updated hourly. Currently, it holds $12.5 billion worth of cryptocurrencies.

The vast majority is held in Bitcoin. The balance is held in Ethereum and other altcoins. Gemini also publishes its reserves. It currently holds over $400 million, mostly in US dollars. This is held in FDIC-insured banks.

Conclusion

This Gemini exchange review has covered everything traders need to know. Overall, although Gemini charges higher commissions than other leading exchanges, the extra fees are worth it for the peace of mind available.

Gemini is heavily regulated, insured, and protected by robust security features. It also offers legitimate trading conditions, with transparent spreads and lightning-fast executions.

Gemini is suitable for all investor profiles, from beginners and day traders to institutional clients.

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