The Winklevoss twins of Facebook fame are the owners of Gemini, a security-focused cryptocurrency exchange geared toward both institutional investors and newcomers to the space. In addition to an industry-first hot-wallet insurance policy that covers the theft of digital assets stored in the Gemini digital wallet, Gemini is renowned for its strong security measures.
Gemini was established in 2015 to assist other investors in buying digital assets after Cameron and Tyler Winlkevoss made a killing by buying Bitcoin with the money they received from their Facebook lawsuit. With its easy-to-use platform and mobile app, Gemini now supports over 90 cryptocurrencies and appeals to novice investors.
Additionally, Gemini focuses on institutional investors, providing an over-the-counter trade desk, round-the-clock customer service, and even portfolio management for significant crypto investment clientele.
The Gemini Fees
Like other cryptocurrency exchanges, Gemini offers free account creation, but trading on the platform does cost money.
The cost of using Gemini is broken down as follows.
|Debit card purchase||3.49% + trading fees|
|Wire transfer||Determined by bank|
|Crypto trades below $200||$0.99 to $2.99|
|Crypto trades above $200||1.49%|
Gemini’s transaction costs are rather high, especially for trades valued at less than $200. The minimum cost for a transaction is 10% of the purchase price, however, it might be more for larger ones (or more).
Here is how the fees work for less significant transactions:
- Less than $9: $0.99 fee
- $10 to $24: $1.49
- $25 to $49: $1.99
- $50 to $200: $2.99
- Over $200: 1.49% of the order total
In addition to the standard trading fees, a surcharge of 3.49% is added to debit card purchases.
ActiveTrader Fees for Gemini
Gemini’s cutting-edge trading platform is ideal for frequent traders because of its low costs and volume discounts. We at Gemini ActiveTraders charge both makers and takers. Making a market requires an order to be placed in the order book so that it can be matched at a later time. When a “taker” makes a purchase, the order is instantly filled, or “taken,” from the books. Fees for creators are typically lower than those for consumers.
The Gemini ActiveTrader costs are as follows.
|30-Day Trading Volume (USD)||Taker Fee||Maker Fee|
The Key Gemini Characteristics
Gemini is a comprehensive cryptocurrency exchange that caters to novice and advanced traders alike, in addition to institutional investors. Some of the most notable capabilities of the Gemini system are as follows:
User-Friendly Mobile App
Gemini’s mobile app simplifies cryptocurrency trading whenever and wherever you need it to be. The mobile app, like the desktop version of Gemini, features simplified design elements like easy-to-read price charts, a streamlined order form, and cryptocurrency price alerts. You can invest in cryptocurrency gradually by making regular, scheduled purchases.
Easy access to Gemini Earn, which pays daily interest on deposited crypto, is a great feature of the Gemini mobile app. Using the cryptocurrency in your Gemini account, you may make everyday in-app purchases with Gemini Pay. Not only that, but the Gemini app also serves as a credit card management hub.
The Gemini app is a great place to start if you’re looking for a simple way to buy and sell cryptocurrencies on the go.
Gemini provides cryptocurrency lending with interest-bearing accounts that reward you in cryptocurrency for making loans to others. You may earn up to 8% APY on certain cryptocurrencies every day with Gemini’s Earn program.
Over 40 different cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), and USD Coin, are eligible for interest from Gemini (USDC). Different coins have different lending rates, and only approved institutions can borrow coins.
For sophisticated cryptocurrency traders, Gemini provides a sophisticated trading platform with a large range of trading options. Live order books, a variety of order types, and user-configurable charts help traders monitor the market and place orders with confidence.
Every cryptocurrency available is paired with a variety of other coins on ActiveTrader, providing you access to many trading opportunities. A variety of order types, including market, limit, and stop-loss, can be put in simultaneously.
For larger orders, Gemini provides block trading, and on a daily basis, the exchange hosts an auction where buyers and sellers can establish a maximum price for an asset they wish to purchase.
In sum, Gemini ActiveTrader caters adequately to the needs of active traders without alienating intermediate traders who are still getting their feet wet in the world of active crypto trading.
Gemini provides safe cryptocurrency custodial services, including offline cold storage and insurance for custodial account holdings. Gemini is one of the few cryptocurrency exchanges to be regulated by the New York Department of Financial Services, making it an attractive custody alternative for institutional clients and those who wish to secure substantial cryptocurrency holdings.
Gemini’s custody service serves as the cold storage solution for smaller exchanges and is available to users of other cryptocurrency platforms.
Gemini Custody provides traders with access to immediate liquidity for trading, same-day withdrawals, and round-the-clock customer service, in addition to insurance coverage of $200 million. At Custody, we provide each customer with access to a personal account manager who can answer any questions or concerns they may have.
For the safekeeping of cryptocurrency, the Gemini Wallet is available, and it is compatible with every asset traded on the Gemini exchange. Unlike most other crypto hot wallets, it covers losses incurred due to security breaches, hacks, fraudulent transfers, and employee theft.
The wallet does not link to decentralized applications and is primarily used for moving funds to and from the Gemini exchange.
The Advantages of Gemini
With its high level of security and user-friendly interface, Gemini has quickly become one of the most popular crypto exchanges in the United States. Crypto investors can benefit from Gemini’s minimal fees, powerful trading platform, crypto insurance for custodial accounts and the Gemini Wallet, and user-friendly mobile app.
Let’s have a look at a few examples:
- Easily Navigable Trading Environment. Particularly for newcomers, Gemini’s interface simplifies the process of buying and selling cryptocurrency. On the site, you can rapidly monitor asset prices, check your portfolio, read helpful articles, and stay up on the latest crypto news.
- Insurance for your Burning Wallet. Gemini’s insurance coverage for the Gemini hot wallet is an industry first. With this method, you may keep your cryptocurrency where you trust it to be safe, while also receiving insurance against loss or theft.
- Simple Mobile App to Use. You can check your account balance and place orders with the tap of a finger on the mobile app, making it one of the most user-friendly in the business. The Gemini mobile app is one of the best since it provides a streamlined trading interface, has built-in instructional information, and allows trading on the go.
- Superior Market Infrastructure. Although Gemini is made with new traders in mind, experienced traders can make use of the low costs and robust set of trading tools available on the platform’s advanced trading platform. Expert cryptocurrency traders will love Gemini ActiveTraders for its flexible charting, variety of order types, and ability to place larger block orders.
The Disadvantages of Gemini
There are some disadvantages to Gemini that should be considered, despite the fact that it has many advantageous features for both novice and experienced traders.
- Steep Costs. Fees for using the default trading platform are extremely exorbitant, especially for those who just make occasional trades. This might amount to a cost of 10% or more on orders under $10, with the minimum fee set at $0.99. Add to it the fact that investors placing tiny orders will incur a 3.49% surcharge when using a debit card, and this exchange will cost them significantly more than others when making their trades.
- There are Not a Lot of Options for Crypto. Although Gemini has been steadily adding assets over the past several years, the number of supported cryptocurrencies is still quite low at around 90. You can buy and sell Bitcoin, Ethereum, and other well-known cryptocurrencies here, but there may be fewer opportunities to invest in newer, more obscure ones. However, Coinbase and Crypto.com provide a wider variety of cryptocurrencies for purchase.
How Gemini Performs
Those who are concerned about the safety of their cryptocurrency holdings will find Gemini to be a reliable cryptocurrency exchange. How does it stack up against another major crypto exchange in the US, though?
With over 70 million members and over $500 billion in quarterly trading activity, Coinbase is by far the most popular U.S. exchange. Coinbase is a top-tier cryptocurrency exchange due to its wide selection of marketable tokens and friendly UI.
While Gemini and Coinbase’s base trading costs are both relatively high, those for their premium, high-volume trading platforms are comparable. Both provide platforms for institutional investors and methods for storing cryptocurrency securely.
Coinbase and Gemini are both excellent places for crypto newcomers to get their feet wet, with Gemini providing a more secure platform and Coinbase a wider selection of cryptocurrencies.
|Fees||Standard trading: 1.49% to 3.49%ActiveTrader: 0.00% to 0.40%|
|Number of Cryptocurrencies||90+||160+|
|Trading Features||Simple order form, advanced trading platform, mobile trading, crypto wallet, crypto custodial services||Simple and advanced charting, simple order form, mobile trading, recurring purchases|
|Security Features||Cold storage, two-factor authentication, FDIC insurance, crypto wallet insurance, user role management, whitelisting||Cold storage, two-factor authentication, FDIC insurance, crime insurance, AES-256 encryption|
Gemini provides investors with a number of useful tools, such as an easy-to-use mobile app and an advanced trading platform. Gemini is the go-to custodian for institutional investors and anyone who wishes to insure their cryptocurrency due to the exchange’s emphasis on safety.
Gemini’s fees are high for regular traders, and the costs of making smaller purchases are disproportionately high. However, there are no hidden costs associated with using the cutting-edge trading platform, and frequent users can even take advantage of bulk discounts.
In addition to its robust trading platform, Gemini also provides a rewards credit card and the Gemini Pay feature, which can be used to make in-store purchases using money from your account balance.
On the whole, Gemini is great for institutional clients who want protection on their digital assets and for newcomers who want safe access to the cryptocurrency market.