Gemini Cryptocurrency Wallet Review

Pros & Cons Explained 

Pros Explained

• Supports 100+ cryptocurrencies: The Gemini Wallet supports up to 133 different cryptocurrencies including Bitcoin, Ethereum, and Litecoin.
• Interactive user interface: Users can easily navigate between sections and locate features thanks to the wallet's easy and interactive interface.
• Staking rewards available: Gemini users can earn up to 8% APY using the staking or “Grow” feature.
• Insurance of crypto asset loss: Gemini claims that third-party insurance companies insure all crypto deposits.  However, this insurance only covers assets affected by a security breach or hack, not those lost by a user's carelessness or fault.

Cons Explained

• Requires a lot of personal information: Signing up for the Gemini Wallet requires a lot of personal information, like a home address and an ID, which might not sit well with privacy-focused users.
• Lacks live customer support: Although the wallet has other support channels, it does not have a live customer support channel where users can instantly get tailored solutions to their wallet challenges.
• Difficulty transferring crypto to other wallets: It is much harder to transfer crypto to other wallets as the Gemini Wallet is designed to support interactions between itself and its exchange primarily.

Features

Gemini Wallet is a top choice for crypto investors of all classes, as it currently supports 133 cryptocurrencies across 8 blockchains. The wallet is available on both mobile and the web devices, allowing users to access it on the go. However, using it on multiple devices can be challenging, requiring continuous user sign-in on those devices simultaneously. It is not an issue for users who do not mind constant verification.

Because it prioritizes the security of user funds, the Gemini Wallet presents users with various ways to protect their assets, including multi-factor authentication (MFA) and biometrics. It supports wire and bank transfers, ACH transfers, Apple Pay, Google Pay, debit card purchases, and crypto transfers for fiat deposits and withdrawals. 

You can earn via staking on the Gemini Wallet. However, Gemini stakes on behalf of users and takes a small commission for helping them stake. Gemini might not be a good match for frequent crypto traders because of the high fees. Also, users cannot generate multiple addresses per asset with the Gemini wallet.

Security

When it comes to security, Gemini ensures that user funds are as secure as possible. The company has completed two major security compliance tests: SOC 1 Type 1 and SOC 2 Type 2. As an extra security measure, Gemini supports hardware security keys. You can use USB or near-field communication (NFC) chip technology to sign into the mobile wallet.  

The wallet requires users to use at least two forms of authentication: a password and a fingerprint or Face ID, depending on your device. For transactions, the Gemini Wallet also allows users to activate an MFA system or use a pin code. You can only use the pin code to log into the mobile wallet.

Gemini keeps your funds safe as a custodial wallet and has almost $200 million in insurance coverage. However, this might not sit well with some users as Gemini was involved in the FTX saga. You are at a greater risk of losing your assets in a custodial wallet than in a non-custodial wallet. But using a custodial wallet like Gemini prevents total loss of crypto assets if you forget your login details.

For example, if you forget your Gemini Wallet password, you can reset your password using an authorization code sent to your mail. After resetting your password, you must wait 72 hours to withdraw any crypto assets for security reasons.

Privacy and Anonymity

For users who want privacy, the wallet does poorly,  as a lot of personal data is collected. Although Gemini argues that it needs the data for Know Your Customer (KYC) compliance, additional information like a home address or a required selfie might be a turnoff for privacy-centric users. Gemini is also focused on compliance and is a Qualified Custodian under New York State Department of Financial Services regulations.

New users have to submit a valid means of identification, preferably one issued by the government, and take a selfie within the app to show they are truly the ones behind the account. This verification must be done before buying, selling, or trading crypto within the app. Also, the wallet does not allow users to carry out anonymous transactions. Anyone using the Gemini wallet can be fully identified at any time with their submitted credentials, which removes any layer of anonymity.

Setup  

Setting up the Gemini Wallet can be a bit confusing, as the landing page showcases the available cryptocurrencies rather than the sign-up page. Immediately after you download the mobile wallet, you are taken to the “Markets” page, where different cryptocurrencies and their corresponding prices are displayed. 

One way to unlock the full functionality of the wallet is to click on the user icon at the top right-hand corner of the screen. Alternatively, you can click on any cryptocurrency to display the “Get Started” button at the bottom of the screen. Once you do this, click sign-in and enter your Gemini account details. If you do not have an account, sign up by inputting your country, legal name, email address, and password. 

The next step is to decide whether you want to enable push notifications. You also need to input an active mobile number (where you will get a confirmation code), a home address, and your date of birth. 

Finally, to finish setting up your wallet, take a photo of a government-issued ID and a bright selfie.

Usability

Desktop 

Using the Gemini Wallet on the desktop is quite straightforward. The wallet's web version is available for desktop users and offers almost the same functionality as the mobile app. As a bonus, desktop users can choose a frequency to buy crypto, a feature not readily available on the mobile wallet. The “Active Trader” feature is available for desktop users, too, and is Ideal for those who need charts and order book information. Logging into the web wallet requires users to enter a password and a security code sent to the user’s phone number.

Mobile App

The Gemini Wallet app is quite interactive, allowing users to buy, sell or swap their crypto in a few steps. To withdraw crypto, a user needs to enter a pin and complete any enabled MFA. Crypto deposits do not require these processes. You can also add preferred cryptos to a watchlist and access learning resources via the app. Both the mobile and web apps allow you to see your crypto assets easily via the “Portfolio” section.

Customer Service

Gemini Wallet's customer service is yet another area that needs improvement. The wallet does not have a live support option but encourages users to fill out a ticket in case of any issues. There is no dedicated support mail for wallet issues and no phone number to call. Issues are resolved primarily through tickets and followed up via mail. This process might be slow for users with an emergency with their wallets.

Cost & Fees 

Like many crypto wallets, Gemini is free to download and use. But, if you want to use Gemini Custody, a more secure way of storing your crypto, you will be charged 0.4% of your asset balance or $30 monthly on every asset, depending on which is higher. 

Depositing fiat, through ACH or wire transfers, and crypto into your Gemini Wallet is free. But, to deposit fiat through your debit card or Paypal, you have to pay 3.49% or 2.5% of the total purchase amount, respectively.

Withdrawing crypto to another wallet does not come with an additional fee if you have made 10 withdrawals or less in a month. You only have to pay a dynamic or flat fee, depending on whether you are withdrawing an ERC-20 token. Additional withdrawals within a month attract an extra fee, and you still have to pay the dynamic/flat fee.

Final Verdict

The Gemini wallet does well in terms of security and ease of use, as even beginners will find the wallet quite easy to operate. However, for a crypto wallet, it requires a lot of personal information, which some users might find unnecessary. Many hot crypto wallets require only an email address, phone number, and, occasionally, a government-issued ID. So, users that want to retain their privacy might give this wallet a pass.

Also, if you frequently trade crypto or NFTs, you might pay more using the wallet than its contemporaries. Still, the wallet is great at protecting user funds as it even offers insurance for assets lost during a hack or any other fault of the exchange. And if you love to be absolutely compliant, especially with crypto, then the Gemini Wallet would be a good pick.

Methodology

One of the most important things to consider before you transact in and store cryptocurrencies is that you have a suitable crypto wallet in place. To help determine the wallet that works best for you, we conducted a comprehensive review process of the top cryptocurrency software wallets. 

Our review process is built around a quantitative ratings model that weighs key factors like security, costs, privacy, usability, customer support, and features according to their importance. Our team of researchers gathered over 40 data points and conducted extensive research for each of the 19 companies we reviewed. Our team of writers, who are experts in this field, then test drove each wallet to lend their qualitative point of view.

Our model gave preference to companies with the strongest security measures and reputations. Companies with rich features, such as supporting a large number of crypto assets, giving users the ability to sync with hardware wallets, and allowing for fee customization, also ranked highly.

Read our full methodology.