Gemini Review

Gemini Crypto Ratings at a Glance

Gemini, founded by Tyler and Cameron Winklevoss in 2014, is a prominent cryptocurrency exchange based in New York. Born out of a need for a secure crypto holding space, Gemini has built its reputation on four foundational pillars: product, security, licensing, and compliance. The platform's dedication to security and regulatory compliance distinguishes it from many competitors, underscored by its achievement as the first SOC 2-certified crypto exchange. While it offers a more limited number of cryptocurrencies than other platforms, Gemini remains a solid choice for new and seasoned traders due to its strong security measures and comprehensive suite of trading tools. Recent expansions into Italy, Greece, and Bulgaria, along with support for the Cosmos (ATOM) blockchain, highlight its growing influence and commitment to broadening its services.

Gemini Features

Gemini Exchange

Gemini is a user-friendly cryptocurrency platform based in the U.S., offering a straightforward experience for buying and selling cryptocurrencies. It supports over 70 coins and operates in all 50 states. The platform caters to beginners with its intuitive interface and experienced traders with its advanced ActiveTrader tools. Gemini provides options for peer-to-peer and crypto-to-crypto trading with various payment methods. Ranking in the top 15 for daily trading volume, it ensures high liquidity. Known for its robust security and regulatory compliance, Gemini has maintained a strong track record with no reported breaches.

ActiveTrader

ActiveTrader is Gemini's advanced trading platform designed for professional traders who need more sophisticated tools. It offers detailed charting options and a range of crypto-to-crypto trading possibilities. Users can perform high-speed trades, utilize a comprehensive order book, and use multiple API integrations, including FIX, WebSockets, and REST APIs. The platform's Duel Market feature allows for real-time comparison of market activities, aiding in strategic trade execution and position hedging. While ActiveTrader includes crypto derivatives, this feature is unavailable to U.S. traders.

Staking

Gemini provides staking options for two cryptocurrencies: Polygon, with an APR of 3.68% and Ethereum with an APR of 2.32%. Additionally, non-U.S. investors can stake Solana, which offers a higher APR of 4.54%. Regular staking on Gemini doesn't require a minimum account balance, and rewards are distributed among all participants to a single address, though individual positions can't be tracked on-chain. Gemini offers Staking Pro for more transparency, which provides detailed on-chain visibility, but this service is not available to U.S. investors.

Gemini Institutional

Gemini Institutional caters to private clients, institutional investors, fintech companies, and businesses by offering advanced trading tools and multiple order types. This service allows institutional accounts to designate roles such as administrators, managers, and auditors for better portfolio management. Gemini Custody securely stores digital assets using cold storage, multi-signature technology, biometrics, and role-based governance to ensure protection. Additionally, Gemini eOTC provides an electronic over-the-counter trading platform, offering real-time insights, price tracking, and detailed trade execution for private clients and institutional investors.

Cryptocurrencies Available on Gemini

Gemini supports 70+ cryptocurrencies, providing a range of popular and established assets for trading.

Here are some of the major cryptocurrencies available on the platform:

• Bitcoin (BTC)
• Ethereum (ETH)
• Dogecoin (DOGE)
• Gemini Dollar (GUSD)
• Cardano (ADA)
• USD Coin (USDC)
• Uniswap (UNI)

While Gemini offers a more limited selection than other major exchanges, it covers many well-known and widely used cryptocurrencies.

Gemini's fees for trading on its regular exchange and mobile platforms tend to be higher than some of its competitors. For web orders, fees start at $0.99 per trade and can rise to as much as 1.49% of the order value, which might be challenging for beginners to navigate.

On the other hand, Gemini's ActiveTrader platform offers lower fees. Its tiered maker/taker structure depends on your 30-day trading volume. Maker fees range from 0.00% to 0.20%, while taker fees range from 0.03% to 0.40%. Additionally, mobile traders incur a 0.5% convenience fee on all trades. Staking services also come with a 15% fee.

Gemini incorporates robust security measures, such as two-factor authentication, wallet address whitelisting, and device review and approval processes, to safeguard user accounts. To access all trading features, users must complete the Know Your Client (KYC) verification by submitting a government-issued photo ID, which helps mitigate fraud on the platform.

In addition to these security protocols, Gemini holds SOC 2 certification, underscoring its dedication to security and compliance. The platform also provides FDIC insurance for U.S. dollar deposits up to $250,000 and digital asset insurance for funds stored in its hot wallet, protecting user assets against breaches or hacks. However, in December 2022, a data leak involving email addresses and phone numbers of over 5.7 million users occurred due to a third-party issue, raising concerns about data security. Based on the industry's outlook, we rate it four out of 5.

Opening a Gemini Account

To start on Gemini, enter your name, email address, and password first. After creating your account, you'll confirm it through an email, set up multifactor authentication, and complete the identity verification process. Once verified, you can link your bank account or debit card and buy and sell cryptocurrencies

Gemini offers an intuitive and user-friendly platform, making it accessible for novice and experienced traders. The sign-up process is straightforward, but user reviews reflect a mix of satisfaction and frustration. While some users appreciate Gemini's reliable interface and strong regulatory compliance, others have reported issues with account freezes, lengthy verification, and inadequate customer support. The platform's Trustpilot rating of 1.1 out of five stars from 849 reviews highlights these concerns, suggesting that while Gemini has its strengths, it also has areas that need improvement.

The Gemini mobile app offers a user-friendly experience for trading cryptocurrencies on the go. It is available for both Android and iOS devices. Key features include an intuitive interface for easy buying and selling, real-time market data, price alerts, and the "Recurring Buys" option for automated investments. The app also provides advanced trading tools like line and candlestick charts, including security measures such as two-factor authentication. Overall, the app combines robust functionality with strong security, making it suitable for novice and experienced traders.

Gemini’s mobile app allows you to set dynamic price alerts for both currency percentage movements as well as pre-determined price targets.  

Gemini provides a thorough help center where users can access answers to frequently asked questions. Additionally, it features a virtual chatbot for instant assistance and allows users to submit support tickets for human help. However, like many other cryptocurrency exchanges, Gemini does not offer phone support for individual users.

Gemini vs Competitors

Gemini and its competitors, such as Robinhood and Coinbase, each cater to different types of crypto traders and investors with distinct features and fee structures:

Gemini and Robinhood offer beginner-friendly platforms but diverge significantly in focus and functionality. Gemini's AdvancedTrader platform is geared toward more advanced users, offering in-depth charting tools and a broad range of cryptocurrencies. Robinhood, on the other hand, combines cryptocurrency trading with traditional securities like stocks and ETFs. It features a no-commission model and low fees, making it more suitable for those new to trading. However, Robinhood's charting tools are limited compared to Gemini's.

Gemini and Coinbase are both prominent exchanges with a substantial range of cryptocurrencies. Coinbase offers a wider selection of over 240 cryptocurrencies and provides a free noncustodial wallet, which appeals to investors seeking flexibility and additional security. In contrast, Gemini supports around 70 cryptocurrencies and offers slightly lower trading fees than Coinbase. It also provides advanced trading tools and NFT platforms, which might attract more experienced traders concerned about minimizing fees.

Gemini offers a secure and user-friendly platform for beginners and advanced traders, providing an intuitive interface and various trading tools. Its AdvancedTrader platform is a notable feature, offering advanced charting and multiple order types that cater to more experienced users. However, the fee structure is relatively complex, which may be a drawback for some users, and customer feedback has been mixed with concerns about account issues and support. Despite these concerns, Gemini's transparency about fees and a strong focus on security makes it a solid choice for many crypto investors.

Frequently Asked Questions