Gemini Review: Secure Cryptocurrency Exchange With Advanced Tools

Finding a cryptocurrency exchange that is secure and has never been hacked can be a tall order.

And if you also prefer for the company to be based in the United State, you might already be thinking about Coinbase. But you might be surprised to learn that Coinbase isn’t the only game in town that meets all of those requirements.

Gemini is a U.S.-based company with FDIC protection for USD and has never been hacked (that we're aware of as of publication). It’s a straightforward platform that is easy to use and puts security at the highest level. In this article, we’ll do a detailed review of Gemini.

Who Is Gemini?

Gemini is a cryptocurrency exchange. It was started by the Winklevoss twins (Cameron Winklevoss and Tyler Winklevoss). You might recognize those names. They created ConnectU, which was the predecessor to Facebook.

Gemini was started in 2014 and is based in New York, New York, which means it is one of a few cryptocurrency exchanges that is regulated in the U.S. Specifically, it is regulated by the New York State Department of Financial Services (NYSDFS).

What Do They Offer?

Gemini has over 20 cryptocurrencies, including its own currency called Gemini dollars (GUSD). You can trade and store cryptocurrencies with Gemini.

Through a partnership with Samsung, Gemini powers the Samsung Blockchain. Customers in the U.S. and Canada can connect their Samsung Blockchain Wallet to the Gemini app to trade currencies.

Funding Your Account

You’ll have to fund your account from a bank account. It can’t be funded using a debit or credit card. The maximum daily funding limit is $500 USD and $15,000 USD monthly. The daily withdrawal limit is $100,000 USD.

If you have cryptocurrencies in another off-site wallet and want to fund your Gemini account using those currencies (crypto-to-crypto), you can do that as long as the currencies are BTC, ETH, BCH, LTC, or ZEC. 

Gemini Earn - Crypto Savings

Gemini recently launched their Gemini Earn, which is the ability to earn interest on your crypto. Right now you can earn up to 7.4% on various tokens, or 3.05% if you want to earn with your Bitcoin.

You can see how Gemini compares to the best crypto savings accounts here.

Mobile Trading

Like many crypto exchanges, Gemini has a mobile app that you can trade from. You’ll find that it’s easy to use and comparable to the desktop platform. If you want to execute complex trades, it’s probably best to do those on the desktop platform. Complex trades can get a bit tedious on the mobile app.

Gemini Dollar

The Gemini dollar™ is a stablecoin that can be used in all kinds of transactions from spending to lending to investing. Its backed by US dollars held at State Street Bank and Trust Company and offers 1:1 transferability back to US dollars at any time. And Gemini has partnered with BlockFi to offer savings accounts for your Gemini dollars with interest rates of up to 7.4% APY.

Related: These Are The Top Crypto Savings Accounts

Flexa

Would you rather spend your cryptocurrency directly from your wallet? With Gemini, you can. Through a partnership with Flexa, you can purchase products at participating retailers using cryptocurrencies. Retailers include Nordstrom, GameStop, Whole Foods, and Home Depot. You’re able to spend Gemini dollars (GUSD), Bitcoin, Bitcoin Cash, and Ether.

Nifty Marketplace

The Nifty Marketplace is Gemini's recently launched platform where you can buy and sell digital art and collectibles. Digital artistic assets can also be stored in the marketplace, which increases trust and security for both the buyer and the seller.

Related: What Is An NFT?

Are There Any Fees?

Yes, Gemini does charge commission rates for trading on its platform. There is a convenience fee of 0.50% above the market rate. To figure out the convenience fee amount, multiply 0.50% (1.005) by the amount of currency you want to buy. 

There is also a flat transaction fee for orders placed via their web or mobile applicaitons. The fee ranges from $0.99 to 1.49% of your order value, as shown in the chart below.

ActiveTrader fees are more involved. You can view the ActiveTrader fee schedule here.

For people who want to custody (i.e., cold storage) crypto with Gemini, there is a 0.40% charge for customers with assets greater than $1million. There is a $125 administration withdrawal fee as well.

How Do I Open An Account?

The account sign-up process for Gemini is simple and straightforward. You will need to verify your identity using a form of ID. You'll also need to connect your phone for two-factor authentification.

Finally, you'll need to fund your account. Gemini uses Plaid to connect with your bank acount or card issuer. Once your application has been accepted and your account has been funded, you can start making trades! Get started with Gemini and earn $10 in free Bitcoin!

Is My Money Safe?

As long as it’s been in operation, Gemini has not been hacked. Like Coinbase, USD stored in your Gemini account is FDIC insured.

Gemini started with a “security-first” mentality. They utilize security and compliance by being compliant in SOC 1 Type 1, SOC 2 Type 1 and Type 2. All of that compliance means you’ll need to be prepared to give up some of your personal information such as email address, bank account details, phone number, and some form of ID when opening an account. 

Is It Worth It?

Gemini is one of the most secure cryptocurrency exchanges out there. Security is its main selling point. It is a U.S. based company and the platform is easy to use.

If your crypto trading is mostly in popular currencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, or Zcash, you’ll probably enjoy using Gemini. For all of those reasons, Gemini is certainly worth checking out as a cryptocurrency platform.

However, before you rush into cryptocurrency investing, keep in mind that digital currencies are often volatile investments and should only receive a small portion of your total investing capital. To start building a diversified stock market portfolio, see our favorite stock brokers of 2020.

Gemini Features