Gemini Review

A crypto exchange with robust security features and hot wallet insurance

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Gemini

 Gemini

Investopedia’s Rating
2.8

Our Take

Gemini is a user-friendly cryptocurrency exchange that could be a good choice for beginners and experienced traders alike. With industry-leading security features, its own hot wallet, and a comprehensive support center, Gemini is worth considering if you’re interested in crypto investing or trading.  

  • Pros & Cons
  • Key Takeaways
  • Specifications
Pros & Cons
Pros
  • Available in all 50 U.S. states

  • Hot wallet insurance

  • Strong security

Cons
  • Only around 100 cryptocurrencies available

  • Trading fees can be high

Key Takeaways
  • Gemini is a user-friendly crypto exchange offering features that appeal to both novice and experienced traders.
  • In addition to its exchange, Gemini offers a crypto rewards credit card and the options to pay with and earn interest on your crypto.
  • Users benefit from a comprehensive support center, and real-time status updates informing them of any downtime or scheduled platform maintenance.
Specifications
  • Year Founded 2014
  • Official Website https://www.gemini.com/
  • Cryptocurrencies Available Around 100
  • Customer Support Chatbot, FAQ, support tickets

Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.

Pros Explained 

  • Available in all 50 U.S. states: Unlike some of its competitors, Gemini is available in all 50 U.S. states.
  • Hot wallet insurance: Gemini’s hot wallet is backed by digital asset insurance. User funds stored in the wallet are covered in the event of a security breach or hack. 
  • Strong security: Since its founding, Gemini has put a strong emphasis on user security. It has several security measures and insurance to help protect user assets. 

Cons Explained

  • Only around 100 cryptocurrencies available: Compared with some industry competitors, Gemini offers fewer cryptocurrencies available to buy, sell, and trade. 
  • Trading fees can be high: Gemini’s trading fees are relatively high, especially if you’re trading a small amount of crypto. 

Introduction

Gemini Trust Company LLC is a cryptocurrency exchange offering nearly 100 assets available to buy, sell, and trade. In addition to a modest selection of crypto, the platform provides strong account security and compliance measures. Users can also access several products and services, including a cryptocurrency rewards credit card, the opportunity to earn interest on their holdings, a built-in hot wallet, and the option to pay their favorite retailers with crypto. 

Investing in cryptocurrencies, Decentralized Finance (DeFi), and Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.

Company Overview

Tyler and Cameron Winklevoss founded New York-based Gemini in 2014 after struggling to find a safe place to hold their cryptocurrency. Since its founding, Gemini has operated on four key pillars: product, security, licensing, and compliance. Its goal is to establish and maintain user trust by offering a secure, compliant crypto exchange platform. 

While Gemini’s focus on security and compliance sets it apart, the exchange offers fewer cryptocurrencies than many competitors. But despite its smaller number of assets, this platform is still an excellent option for both novice and experienced traders, thanks to its strong security focus and range of products and tools. 

Highlighting its commitment to security, Gemini recently became the first SOC 2-certified crypto exchange in the industry. The SOC 2 examination is given by third-party auditors, and it assesses a product or company’s levels of security and compliance.   

Cryptocurrencies Available on Gemini

While Gemini offers fewer cryptocurrencies than other major exchanges, around 100 assets are currently available on its platform. Users can buy, sell, and trade some of the most popular assets as well as some lesser-known coins. Here’s a partial list of cryptocurrencies and stablecoins available on Gemini: 

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

Trading Experience

Both the Gemini website and mobile app offer a user-friendly trading experience. Beginners will appreciate Gemini’s simple buy and sell option and its extensive support page. Experienced traders will appreciate its ActiveTrader platform, which offers advanced charting tools and multiple order types, and allows users to execute trades quickly. 

To take advantage of Gemini’s full trading features, account holders need to complete an identity verification process. This process involves uploading a government-issued photo ID, such as a driver’s license or passport. 

Fees

Gemini’s fee structure works differently than many other exchanges, which often use a tiered maker/taker fee model. Its fees vary depending on the amount you’re trading and the platform you’re using. For instance, Gemini has both a mobile fee schedule and a desktop fee schedule. Fees can range up to $2.99 for trades greater than $50 but less than $200, or 1.49% for trades of at least $200 or more.  

While this exchange is transparent about its fees, its basic fee structure is more complicated than what you’ll see with some other exchanges. Its fees are also slightly higher than what many industry competitors charge. 

For those who plan to use Gemini’s ActiveTrader platform, here’s what you can expect in terms of fees: 

30-Day Trading Volume (USD) Taker Fee  Maker Fee Auction Fee 
0 0.35% 0.25% 0.25%
≥ $500,000 0.25%  0.15% 0.20% 
≥ $2,500,000  0.25%  0.15% 0.10% 
≥ $5,000,000  0.15%  0.10% 0.10% 
≥ $10,000,000  0.15%  0.10% 0.00% 
≥ $15,000,000  0.10%  0.00% 0.00% 
≥ $50,000,000  0.075%  0.00% 0.00% 
≥ $100,000,000  0.05%  0.00% 0.00% 
≥ $250,000,000  0.04%  0.00% 0.00% 
≥ $500,000,000  0.03%  0.00% 0.00% 

If you’re interested in learning more about how fees work on Gemini, visit its Fees page for additional information.

Security

Gemini offers industry-standard security features like two-factor authentication, wallet address whitelisting, and the option to review and approve devices used to log in. To access the platform’s full suite of trading features, users also need to complete its know-your-customer (KYC) verification process, which involves uploading a government-issued photo ID. This process is designed to reduce instances of fraud on Gemini. 

In addition to its security features, Gemini became SOC 2-certified recently, which highlights the platform’s commitment to security and compliance. This exchange also offers FDIC insurance for U.S. dollar deposits up to $250,000 and digital asset insurance for funds held in its hot wallet. This insurance helps protect user funds in the event of a breach or hacking incident. 

Opening a Gemini Account

You’ll simply need to provide your name, email address, and password to get started on Gemini. After that, you’ll confirm your account via email, set up multi-factor authentication, and begin the identity verification process. Once you’ve completed identity verification, you’ll be able to connect your bank account or debit card and start buying and selling crypto. 

Customer Service

Gemini has a comprehensive help center where users can find answers to common questions. It also has a virtual chatbot and the option to submit a support ticket for help from a human. Like many other crypto exchanges, Gemini does not offer live support over the phone for individual users.

Customer Satisfaction

While Gemini’s platform is intuitive, customer feedback is mixed. The exchange receives an average 1.5 out of five-star rating across 370 Trustpilot reviews. 

Dissatisfied users report issues with frozen accounts, lengthy verification processes, and poor customer support. However, some customers praise Gemini’s reliability, user-friendly interface, and regulatory compliance. 

Account Management

Gemini users can access their accounts, make deposits, and buy and sell crypto through its online dashboard and mobile apps, available for Android and iOS. Its ActiveTrader platform is also available on both desktop and mobile browsers, so users can make trades at home or on the go. 

As a Gemini user, you should prepare for a self-service account experience. While this exchange does have some options for customer support, you’ll be responsible for navigating the platform and learning how it works. It’s worth noting that most crypto exchanges operate similarly, relying on users to do their due diligence and manage their accounts primarily on their own. 

How Gemini Compares to Other Cryptocurrency Companies

Compared to other leading crypto exchanges, Gemini is a relatively secure platform offering an intuitive user experience and helpful features. In addition to the option to buy, sell, and trade cryptocurrency, users can also earn interest on their holdings and access a suite of unique products, including a crypto rewards credit card and a tool that allows you to pay for your everyday purchases with cryptocurrency. 

Gemini vs. Coinbase

Both Gemini and Coinbase are leading crypto exchanges with a strong U.S. and global presence. Here’s how they compare and differ:

  • Gemini is available in over 60 countries, while Coinbase is available in over 100. 
  • Gemini is licensed in 50 U.S. states, and Coinbase is licensed in 49 (Hawaii is excluded.)
  • Both Gemini and Coinbase have created crypto rewards cards, which allow cardholders to earn crypto from their everyday purchases. Gemini offers a credit card, while Coinbase offers a debit card.
  • Both exchanges are relatively secure and focused on meeting regulatory requirements in the jurisdictions they serve.
Final Verdict

Those seeking a secure, user-friendly platform to buy, sell, and trade cryptocurrencies may find what they’re looking for with Gemini. It provides an easy-to-navigate interface and a simple buy/sell form for beginners. Advanced traders can benefit from its Active Trader platform, which offers advanced charting tools and multiple order types. 

While Gemini’s fee structure is more complex than what you might see on other leading platforms, it’s transparent about fees, so you won’t be surprised by unexpected costs. Whether you’re new to crypto or a seasoned trader, Gemini could be worth considering if you’re thinking about investing in or trading crypto.

Methodology

Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions. We are committed to providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels.


Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full cryptocurrency exchange methodology, including the review process and weighted data points, is available for review.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
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  2. CoinMarketCap. "Top Cryptocurrency Spot Exchanges."

  3. Gemini. "Gemini Support."

  4. Gemini. "Fees."

  5. Gemini. "Gemini User Agreement."

  6. Trustpilot. "Gemini Reviews." 

  7. Coinbase. "Coinbase Accounts - Hawaii."