Gemini Review 2022: Secure Crypto Exchange With Advanced Tools

Finding a cryptocurrency exchange that is safe and has never been hacked can be a daunting task.

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

Gemini is a US based company with USD FDIC protection and has never been hacked (which we are aware of as of publication). It is a simple platform that is easy to use and puts security at the highest level. In this article, we will do a detailed review of Gemini.

New customer promotion: Open a new account and earn $25 in BTC when you trade $100 within the first three days. Open a new account here >>

Cryptocurrency Exchange Based in the United States Leading Security Standards20+ Supported Digital Currencies

Cryptocurrency Exchange, Digital Wallet, Interest Accounts, Rewards Credit Card (Coming Soon)

Convenience Fee: 0.50% above market rate

Transaction Fee: $0.99 to 1.49%

$25 in free Bitcoin (after buying or selling $100)

Who is Gemini?

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

Founded in 2014, Gemini is based in New York, New York, meaning it is one of the few cryptocurrency exchanges regulated in the US. Notably, it is regulated by the New York State Department of Financial Services (NYSDFS).

What do they offer?

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

Through a partnership with Samsung, Gemini is powering the Samsung Blockchain. Customers in the US and Canada can connect their Samsung Blockchain wallet to the Gemini app to trade currencies.

Financing your account

You must deposit money into your account from a bank account. It cannot be financed with a debit or credit card. The maximum daily funding limit is $500 USD and $15,000 USD per month. The daily withdrawal limit is $100,000 USD.

If you have cryptocurrencies in another off-site wallet and want to fund your Gemini account with 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, the opportunity to earn interest on your crypto. Right now you can earn up to 8.05% on various tokens or 1.49% 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 allows you to trade. You will find that it is easy to use and similar to the desktop platform. If you want to make complex trades, it’s probably best done on the desktop platform. Complex transactions can get a bit tedious in the mobile app.

credit card

Customers can get on a waiting list for Gemini’s soon-to-be-launched rewards card. Those who get the Gemini Credit Card™ earn up to 3% back on their transactions with no annual fee. Here’s how the rewards break down:

Restaurants: 3% backGrocery stores: 2% backAll the rest: 1% back

You earn your rewards in crypto and you have 40+ different options to choose from including Bitcoin, Ether and more. In addition to no annual fee, this card charges no foreign transaction fees and cardholders are not charged a crypto purchase fee for the rewards they earn.

Gemini Dollar

The Gemini dollar™ is a stablecoin that can be used in all kinds of transactions, from spending to borrowing to investing. It is backed by US dollars held with 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 up to 7.4% APY.

Related: These are the best crypto savings accounts

Flexa

Prefer to spend your cryptocurrency directly from your wallet? With Gemini you can. A partnership with Flexa allows you to purchase products from participating retailers that use cryptocurrencies. Retailers include Nordstrom, GameStop, Whole Foods, and Home Depot. You can spend Gemini dollars (GUSD), Bitcoin, Bitcoin Cash and Ether.

Handy 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, increasing trust and security for both the buyer and seller.

Related: What is an NFT?

Are there any costs?

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

There are also fixed transaction fees for orders placed through their web or mobile applications. Costs range 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 keep cryptocurrencies (i.e. cold storage) with Gemini, there is a 0.40% surcharge for customers with assets over $1 million. There is also an administration fee of $125.

How does Gemini compare?

Gemini’s cost is very similar to Coinbase’s, but it supports less than half the amount of coins. But of the two platforms, only Gemini currently offers interest accounts. That could make Gemini a good choice if you are primarily an investor/HODLer.

But if you are an active trader, you may want to consider another platform that charges lower transaction fees. Check out how Gemini compares in this quick chart:

header

Additional costs for ticket purchases

Cell

How do I get in touch with Gemini?

Gemini doesn’t have many options when it comes to customer service. You need to create a support ticket through their app or website and wait for a resolution.

Editor’s Note: We recently lowered our rating of Gemini due to poor customer service and account resolving issues. Please note that Gemini has locked out accounts and has not offered any solution to customers. We had our test account locked down without any notice (discovered on July 31, 2021), and we couldn’t even get a response until August 8, 2021. The only reason we think Gemini even responded was due to multiple tweets from our verified Twitter- account , along with support from other verified users. We also filed a complaint against Gemini through the New York Department of Financial Services.

That’s why we urge readers to exercise caution, as we’ve seen an increase in similar complaints from readers here, on Reddit and Twitter.

Is my money safe?

As long as it’s in business, Gemini hasn’t been hacked. Like Coinbase, USD stored in your Gemini account is FDIC insured.

Gemini started with a “security-first” mentality. They leverage security and compliance by complying with SOC 1 Type 1, SOC 2 Type 1 and Type 2. All of that compliance means you have to be willing to provide some of your personal information such as email address, bank account information, phone number and some form of ID when opening an account.

How do I open an account?

The Gemini account sign-up process is simple and straightforward. You must verify your identity with an ID. You also need to connect your phone for two-factor authentication.

Finally, you need to deposit money into your account. Gemini uses Plaid to connect to your bank account or card issuer. Once your application has been accepted and your account has been deposited, you can start trading! Get started with Gemini and earn $10 in free Bitcoin!

Is it worth it?

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

If your crypto trading is mainly in popular currencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash or Zcash, you will probably enjoy using Gemini. For all these reasons, Gemini is definitely worth checking out as a cryptocurrency platform.

However, keep in mind that digital currencies are often volatile investments and should only receive a small portion of your total investment capital, before rushing to invest in cryptocurrency. Check out our favorite stock brokers of 2022 to start building a diversified stock portfolio.

Gemini Frequently Asked Questions

Here are some of the most common questions people ask about Gemini:

What is Gemini’s custody fee?

Gemini charges a 0.40% (40bps) annual fee for storing your digital assets and also charges $125 per withdrawal.

Can I close my Gemini account from the mobile app?

No, Gemini currently only allows customers to close their accounts via the web or a mobile browser.

Are Binance Chain (BEP20/BEP2 tokens) transfers supported by Gemini?

No, only ETH and ERC-20 token transfers sent over the main Ethereum network will be accepted by Gemini.

Does Gemini have a sign up bonus?

Yes, currently new customers can earn $25 in free Bitcoin after buying or selling at least $100 worth of cryptocurrencies on the platform in the first three days.

Gemini Features

Cryptocurrency Exchange, Digital Wallet, Interest Accounts, Crypto Back Credit Card

BTC, ETH, LTC, BCH, ZEC, GUSD, LINK, OXT, DAI, BAT, AMP, COMP, CTX, PAXG, ZRX, BAL, CRV, MANA, KNC, MKR, REN, STORJ, SNX, UMA, UNI, YFI, AAVE, FIL, SKL, GRT, BNT, 1INCH, ENJ, LRC, SAND, CUBE, BOND, INJ, LPT, MATIC, SUSHI, DOGE, ANKR, MIR, FTM, ALCX, XTZ, AXS, SLP, LUNA, UST, MCO2

Convenience Fee: 0.50% above market rate Transaction Fee: ≤ $10.00: $0.99 > $10.00 but ≤ $25.00: $1.49 > $25.00 but ≤ $50.00: $ 1.99 > $50.00 but ≤ $200.00: $2.99 ​​> $200.00: 1.49% of the order value

US: all states except Hawaii

International: Canada, Hong Kong, Singapore, South Korea and UK

Transfer Methods and Fees

ACH: FreeWire transfer: FreeBitcoin, Ether, Litecoin, Bitcoin Cash, Zcash, Chainlink, Orchid, Dai, BAT, ACH, Gemini dollar (redemption): FreeACH transfer: FreeWire transfer: $10 ($25 outbound)

Customer service phone number

$25 in free Bitcoin (with referral link and after buying or selling $100 or more)

Related Posts

Leave a Reply

Your email address will not be published.