Gemini Review 2024: What To Know About The Pros, Cons, & Features

Gemini Overview

In this Gemini review, we’ll look at the trading fees, security, and unique features Gemini has to offer. Here’s an overview:

What Is Gemini?

Gemini is a top-tier cryptocurrency exchange known for its focus on security and regulatory compliance. 

Founded by the Winklevoss twins, it offers a user-friendly platform for buying, selling, and storing over 70 cryptocurrencies. Bitcoin, Ethereum, and various altcoins included. 

Whether you’re a beginner or a seasoned trader, Gemini provides a wide range of tools. A simplified exchange for basic transactions, an “ActiveTrader” platform for more advanced trading, and a derivatives platform for trading perpetual contracts with up to 100x leverage.

One of Gemini’s standout features is its hardcore security measures, including SOC 1 Type 2 and SOC 2 Type 2 certifications, and FDIC insurance on USD deposits. 

The platform also offers unique products like the Gemini Credit Card¹, which lets you earn crypto rewards on everyday purchases, and the Gemini Dollar ($GUSD), a fully regulated stablecoin. 

Its trading fees are competitive with its peers, and the platform’s transparency, security, and compliance make it a strong choice for users who prioritize safety. Gemini offers a secure and reliable environment, from dipping your toes into crypto to engaging in more complex crypto activity.

Gemini Key Features

Gemini isn’t just a basic crypto exchange – it’s a one-stop shop for all things crypto.

It offers a range of services like staking, its own stablecoin, derivatives trading, and even an NFT marketplace. Whether you’re new to crypto or a seasoned trader, Gemini’s got the tools to cover all your needs.

• Mobile App: The Gemini mobile app on iOS and Android makes crypto trading easy and intuitive, with all the features of the web exchange.
• Exchange: Easily buy, sell, and store over 70 cryptocurrencies like Bitcoin and Ethereum in a safe and user-friendly environment.
• ActiveTrader: Get advanced trading tools, real-time data, and multiple order options for fast and efficient trading.
• Staking: Earn up to 4.98% interest on your crypto just by holding it, with no complicated requirements.
• Derivatives: Trade contracts on crypto with high leverage to boost your potential gains.
• Credit Card: Earn rewards in crypto on everyday purchases, with up to 4% back on gas at the pump and EV charging⁴, 3% on dining, 2% on groceries, and 1% on everything else.
• Gemini Dollar ($GUSD): Use a stable, U.S. dollar-backed digital currency that’s reliable and easy to trade.
• Nifty Gateway: Buy and sell digital art and NFTs, featuring exclusive drops and a simple, integrated experience with your Gemini account.
• Gemini Institutional: Secure crypto solutions for institutional investors, businesses, private clients, and fintech companies. Includes an exchange, custody, over-the-counter (OTC) desk, and staking options.

Gemini Fees

Understanding the fee structure is an important part of any exchange experience. This part of the Gemini review breaks down all the costs you might incur.

Trading Fees

Gemini’s fees tend to vary depending on how you’re trading, which could be a little confusing at first glance.

Instant orders on mobile and the basic web UI are generally more expensive. 

The transaction fee for these ranges from $0.99 (for orders under $10) to 1.49% (for orders over $200 USD). These fees can differ slightly based on the currency you’re using, like AUD, EUR, or CAD. There’s also a 0.50% convenience fee added on top of this.

Limit orders on mobile and the basic web UI, and all orders on the ActiveTrader platform, are charged differently – using a maker-taker fee model.

This means you’ll pay 0.40% for taking liquidity (taker orders) and 0.20% for adding liquidity (maker orders) for volumes under $10,000 per month. As your trading volume increases, these fees decrease significantly, dropping as low as 0.03% for takers and even offering a -0.01% rebate for makers when trading over $500 million.

Finally, converting one cryptocurrency to another costs 1.49%, and for stablecoin-to-USD trading pairs, there’s just a 0.01% taker fee and no maker fee.

Derivatives Fees

When it comes to derivatives, taker fees range from 0.07% to 0.03%, and maker fees go from 0.02% down to a -0.01% rebate. Liquidation orders get an additional 0.5% charge. 

There is also a variable funding rate that transfers between long and short positions each hour, to keep contract prices in line with market prices.

Staking

When staking your crypto, Gemini takes a 15% cut of any staking rewards you earn. There is no fee to stake or unstake your crypto.

For reference, popular staking platforms like Lido take 10% of any staking rewards you earn on Lido. 

Deposits and Withdrawals

ACH bank transfers are free, but deposits with a debit or credit card come with a 3.99% fee. Withdrawals are mostly free, except for debit card withdrawals, which have a 1.75% fee.

Our Expert Gemini Review

In this Gemini review, I’m going to have a first-hand go at signing up for Gemini, and walk you through some of its main features.

Signing Up To Gemini

Getting started with Gemini is easy – simply head to Gemini.com and click “Get Started”. If using mobile is more your style, you can scan the QR code and onboard via the app.

Like many exchanges these days, signing up on Gemini leads with the KYC process. This may be a tad annoying if you just wanted to check out the platform, but it’s also essential if you’re signing up or depositing funds. It’s also good to get it out of the way.

This KYC process is pretty quick, and I was able to have my identity verified within 16 hours. Immediately after that, I was allowed to fund my Gemini account by linking a bank account. Options included using a bank card, depositing crypto, or even using instant electronic payment methods such as Apple Pay.

Basic Trading

Trading on Gemini can be done through two interfaces: 

1. The simple, beginner-friendly default interface
2. The more advanced “ActiveTrader” interface (for experienced users).

The default interface is simplified and perfect for newbies. It has simple line charts, which avoid the complexity of candlestick charts. The main actions – buy, sell, and convert – are clear and quick, with preset amounts for easy decisions.

Order types are simplified too, with market orders labeled as “instant” to avoid confusion. Limit orders are also available by clicking the Instant (order type) button. You can also set up recurring buys for hands-free investing and receive price alerts when key levels are hit. 

Overall, the default interface offers a pretty intuitive experience, with little room for any confusion or making mistakes. This is replicated perfectly on the mobile app, too.

ActiveTrader

Next up, we have Gemini’s ActiveTrader platform – designed for experienced traders who want advanced trading tools at their fingertips. 

Here, you’ll find a whole suite of features like TradingView candlestick charts with tons of indicators and drawing tools for in-depth analysis. You get a detailed order book, and various order types that go beyond the basics. This includes stop-limit, good-til-canceled (GTC), maker-or-cancel (MOC), immediate-or-cancel (IOC), and fill-or-kill (FOK) orders.

ActiveTrader also provides exotic trading pairs like DOGE/ETH, letting you trade different cryptos against each other, instead of just USD. The dark theme gives it a professional feel, and handy price adjustment buttons (1%, 5%, and 10%) let you quickly tweak your orders.

Daily prizes are available in $GUSD for top-performing traders, adding a fun competitive element to the trading experience. Overall, it’s a feature-packed platform with everything you need to execute advanced trading strategies.

Gemini Portfolio Page

The portfolio page is your central hub for tracking your investments and their performance on Gemini. 

It offers a clear view of all your holdings, including your primary account, derivatives positions, and staking balances – all in a single, easy-to-read chart. 

You can also quickly access deposits, withdrawals, sending and receiving crypto, or swapping directly between supported coins. 

It’s also convenient for reviewing your recurring buys and alerts. This makes it easy to stay on top of your preset activities and overall portfolio progress.

Gemini Derivatives

Gemini’s derivatives trading platform lets users trade perpetual contracts priced in $GUSD. This is a small but important difference to other platforms that tend to price in $USDT or USD.

These contracts don’t have an expiry date, so you can keep your position open as long as you maintain sufficient margin. You can use both $GUSD and $BTC as collateral, and trade with leverage up to 100x – though 20x is the default setting. The funding rate is settled hourly, and for high-performing traders, there are daily $GUSD rewards. 

Unfortunately, derivatives trading isn’t available for users in the US, EU, or UK. So if you’re based in those areas, you’ll need to look elsewhere for perpetual futures trading.

Staking

Gemini makes staking simple, allowing users to earn rewards on Ethereum, Solana, and Polygon without having to dive into the technical side of things.

Staking is an easy way to grow your crypto holdings passively, with Gemini taking care of all the backend work. This  includes managing validator nodes and ensuring compliance, so you don’t have to worry about the complexities. 

There’s no minimum staking amount required for most assets, making staking accessible to a wider audience. Gemini offers a relatively small selection of assets for staking, which may limit options for users looking to stake a wider range of coins. 

Gemini Dollar ($GUSD)

The Gemini Dollar ($GUSD) is Gemini’s fully regulated stablecoin, pegged 1:1 to the US dollar.

It provides the stability of fiat currency within the crypto world, as an ERC-20 token on Ethereum. This makes $GUSD versatile, and it can be used within the wider DeFi ecosystem – not just on the Gemini exchange.

What really makes $GUSD stand out above other stablecoins is its security and transparency. 

Gemini keeps the dollar reserves backing $GUSD in FDIC-insured bank accounts or US Treasury securities, ensuring that every token is 100% backed by real assets. They even publish attestations each month from independent auditors so you can see for yourself that the reserves are legit. 

With some less-than-trustworthy stablecoins out there, $GUSD is a solid choice for anyone looking to lock in value in a crypto-native way.

Gemini Credit Card

The Gemini Credit Card¹ is probably one of the coolest features on the platform – at least in my opinion. 

This credit card turns everyday spending into an easy way to grow your crypto portfolio, without even thinking about it².

Gemini Credit Card users earn up to 4% back in Bitcoin, Ethereum, or 50 other cryptos on every purchase. Rewards are deposited instantly³ into your Gemini account. No waiting around for monthly statements. 

You can snag 4% back on gas⁴, 3% on dining, and 2% on groceries, plus 1% on everything else. And the best part? There are no annual or foreign transaction fees⁵. 

The card even comes with Mastercard Zero Liability Protection and ID Theft Protection for extra peace of mind. 

Whether you’re a beginner looking for a simple way to dip into crypto or an experienced investor looking for passive investment, the Gemini Credit Card is a genius way to build your crypto stack with every swipe².

¹ The Gemini Credit Card is issued by WebBank.

² This content is for general informational purposes only and is not investment advice. Buying, selling, and trading cryptocurrency involves risks. You should consult a qualified, licensed advisor before engaging in any transaction. Past performance is no guarantee of future results. 

³ Some exclusions apply in which rewards are deposited when the transaction posts. Subject to Rewards Program Terms.

⁴ 4% back is available on up to $200 in spend per month (then 1% on all other Gas at the pump and EV charging purchases that month). Spend cycle will refresh on the 1st of each calendar month.

⁵ See Rates & Fees.

Nifty Gateway (NFT Platform)

Nifty Gateway is Gemini’s hub for all things NFTs, serving as a marketplace and creative studio showcasing digital art from top artists and creators. 

It’s a go-to platform for exclusive NFT drops and has made a name for itself with high-profile collaborations involving well-known brands and artists. Whether you’re a seasoned collector or just starting out, Nifty Gateway makes it easy to buy, sell, and trade unique digital art pieces.

You’ll have to sign up separately for Nifty Gateway, but it does provide an option to connect directly to your Gemini account for easy use.

Mobile App

Gemini also provides a mobile app that’s available on iOS and Android. It provides a similar experience to that of the web exchange – but in your pocket.

The app supports both the simplified and ActiveTrader trading modes, and all extra features such as derivatives trading and staking. This means that you won’t need to compromise on any major features or functionality if you want to trade on-the-go.

The user interface on the Gemini mobile app is super user-friendly and easy to navigate. It’s designed to be clear and straightforward, so whether you’re checking prices, buying crypto, or managing your portfolio, everything feels smooth and intuitive. 

Even if you’re new to crypto, you won’t feel overwhelmed. It’s like using a familiar finance app but with all the crypto bells and whistles.

Gemini Customer Service

The Gemini Help Center is the first port of call for support on all things related to the platform. 

For basic questions about funding your account, navigating trading interfaces, or need security tips like setting up two-factor authentication, you’ll probably find your answer here. There’s also information on managing your account, including verification and tax details, plus sections on earning rewards with staking and the Gemini Credit Card. 

If you need one-on-one help, you can click the “Support” button in the bottom right corner, which will provide you with a chatbot window. From here, you can select “Get in Touch” and fill out a form for a support ticket.

My own inquiry was met with support within half an hour, which I thought was pretty quick!

Who’s Gemini For?

• Beginners and Passive Investors: Users who are new to the crypto game or want hands-off investment can use Gemini to instantly buy crypto. They can also set up recurring purchases for daily, weekly, twice monthly, and monthly frequencies.
• Security and Compliance Focused Users: Users who value security, compliance, and regulation will have peace of mind when using Gemini. It’s regulated by the NYDFS, holds SOC 1 & 2 certifications, and offers FDIC insurance on USD deposits up to $250,000 per customer.
• Advanced Traders: Despite being great at catering to beginners, Gemini also caters well to advanced traders, with its ActiveTrader advanced interface and Derivatives platform. ActiveTrader has a solid suite of trading charts and tools, while its derivatives platform provides up to 100x leverage for perpetual futures on major assets.
• Crypto-savvy Credit Card Users: Gemini’s crypto-back credit card provides as much as 4% back in crypto rewards on select goods and services, letting users passively stack crypto rewards on everyday purchases.

Who’s it Not For?

• Obscure token investors: Gemini is careful about the assets they list, making sure they meet certain criteria before exposing their customers to them. Because of this, they don’t list random, high-risk tokens.
• Derivatives traders in the US, EU, or UK: Users in the US, EU, or UK who want to trade perpetual contracts with leverage are not permitted to do so on Gemini. For full derivatives options, users in these regions will need to consider other platforms.

Gemini Alternatives

Gemini vs. Coinbase

Gemini and Coinbase have a lot in common but also have some key differences. Gemini tends to have lower trading and staking fees and offers a unique credit card for earning crypto rewards.

On the other hand, Coinbase has a wider range of supported assets. 

If you’re looking for lower fees, better security and a crypto-back credit card, Gemini is the way to go. But if you want access to more coins, Coinbase might be the better option.

Gemini vs. Kraken

Gemini and Kraken have very similar fees for lower-volume spot traders, while Kraken has a slight edge on perpetual futures. Gemini has Kraken beat on fees for staking reward fees and a more transparent fee structure for instant purchases.

Kraken does have more assets available for trading, however Gemini takes the cake when it comes to security and regulation. Thanks to its NYDFS compliance, Gemini can operate in New York while Kraken cannot.

Is Gemini Safe to Use?

This Gemini Review section looks at the different safety and security features Gemini has, as well as their reputation.

Gemini Security

Gemini is well-known for its security and regulatory compliance, making it one of the most reliable crypto exchanges out there. 

It was the first to achieve SOC 1 Type 2 and SOC 2 Type 2 certifications, which are the gold standards for internal controls and data security. This is essentially what you’d expect from a traditional bank. 

They also use strong security measures like two-factor authentication, address whitelisting, and keep most assets in cold storage. 

On top of that, any US dollar deposits you hold on Gemini are FDIC-insured up to $250,000.

Gemini Regulation & Transparency

In terms of regulation and transparency, Gemini is fully regulated by the New York Department of Financial Services (NYDFS), conforming to strict anti-money laundering (AML) and know-your-customer (KYC) requirements. 

This oversight means that all transactions align with US financial regulations, giving users confidence that their funds and personal data are protected. To top it off, Gemini regularly publishes reports on their reserves and undergoes frequent third-party audits – something not many crypto platforms do. 

This focus on clarity and accountability makes Gemini a top choice for those who value security and compliance.

How Much Money Has Gemini Raised?

Gemini has raised a total of $423.9 million in funding over three rounds. 

The most significant funding round was in November 2021, when the company secured $400 million, boosting its valuation to $7.1 billion. This was led by Morgan Creek Digital and included big-name investors like 10T, ParaFi, and the Commonwealth Bank of Australia. 

The funds were used to scale Gemini’s global operations and roll out new products like staking, allowing users to earn rewards on proof-of-stake networks. They also doubled down on the NFT space with Nifty Gateway, solidifying their presence in the digital art market.

Gemini Review Conclusion

Overall, our Gemini review determines Gemini is an excellent option for anyone looking for a secure and user-friendly crypto exchange. 

It’s versatile enough to cater to both beginners and seasoned traders, with options ranging from simple crypto purchases to a bunch of more advanced features like staking and derivatives (where available).

The platform provides peace of mind thanks to its solid regulatory compliance and strong security measures. Their fees are also competitive. 

Whether you’re just getting started with Bitcoin or exploring extras like their crypto-back credit card, Gemini is a highly dependable choice in a sometimes unpredictable market.

Frequently Asked Questions