- Trading crypto in GBP: Available
- SWIFT: Yes
- Regulation: New York State Department of Financial Services
- Customer support: Email
- Deposit limit: Account-based
- Mobile app: Android and iOS
Last Updated: May 15, 2022
- Trading crypto in GBP: Available
- SWIFT: Yes
- Regulation: New York State Department of Financial Services
- Customer support: Email
- Deposit limit: Account-based
- Mobile app: Android and iOS
Investors and traders of all skill levels
- Wide cryptocurrency selection
- Tight security
- Regulated by the NYDFS and FCA
- Both hot and cold wallets available
- No phone or live chat support
- Complex fee structure
- Some products are available in the US only
Similar to gold, people invest in cryptocurrencies because they see them as investment opportunities that can hold or increase in value over time. Some cryptocurrencies are more valuable than others due to rising demands in the face of limited supply — a phenomenon Bitcoin and Cardano holders already know by heart.
Nevertheless, other less popular cryptocurrencies are also worth looking into, especially if you’re building a trading career. But, before you dip your toes into investing, you will need an account on a reliable exchange to sell and buy crypto.
This Gemini review weighs the pros and cons of trading on this platform. If you want to learn more about the Gemini exchange before creating an account on this platform, keep on reading. This article will cover the following:
What Is Gemini?
Gemini is a US-based crypto exchange launched in 2014. Its founders are Tyler and Cameron Winklevoss, twin brothers famous for suing Mark Zuckerberg after he had stolen their idea for the social network platform.
Gemini has over 13.6 million active users — a user base number similar to other prominent crypto exchanges such as Coinbase. On top of that, it’s heavily regulated by one of the strictest regulators worldwide — the New York State Department of Financial Services — making it one of the most secure platforms to buy and sell crypto.
Gemini’s primary goal is to earn and maintain its clients’ trust. Over the years, Gemini’s team has built a simple, easy to use, and secure platform for all crypto enthusiasts to exchange goods, allowing anyone to benefit from it. This transparent and straightforward approach is one of the main reasons many users have opted for the Gemini exchange.
Crypto is undoubtedly changing the world as we know it. Still, for the blockchain to entirely transform the financial services industry, service providers need to find new ways for people to interact and learn about virtual currencies.
To put it another way, the more user-friendly and interactive platforms we have available, the more likely we are to adapt to modernised financial markets. I wanted to mention this because the Gemini exchange actively contributes to this global transformation by giving its users a straightforward and, above all, secure crypto investment platform.
The 2020 CryptoCompare Report had chosen Gemini as the #1 crypto exchange. On top of that, Nerdwallet’s Best-Of Awards 2022 proclaimed Gemini as the best exchange for beginners. In addition, the platform received many other awards, all of which you can find on Gemini’s official website.
Who Is Gemini Best for?
While Gemini is great for both first-time and institutional investors, it’s geared more towards investors with basic to intermediate knowledge of crypto trading. To join the Gemini community, you must be at least 18 years old.
Gemini is available in over 60 countries, including the UK, all 50 US states, Austria, Spain, Singapore, and Egypt. However, since this exchange isn’t as famous as other crypto exchanges (for example, Binance and Coinbase), many traders wonder whether it can meet their trading needs.
Even though it lacks general praise from the public, Gemini is a decent exchange for everyone who wants to get involved with the trading of the most in-demand cryptos on the market.
Additionally, Gemini is an excellent choice for:
- Investing in Bitcoin, Ethereum, Cardano, and Filecoin
- Learning the fundamentals before diving into any complex trading strategies
- Enjoying convenient trading on your smartphone or tablet
- Reaping the benefits of a high-performance platform as an advanced trader
How Does Gemini Work?
For starters, buying and selling crypto on Gemini is easy for UK clients. Gemini allows you to link your debit card with your account or immediately fund your account with GBP through bank transfers.
Gemini offers two platforms — Gemini Exchange and ActiveTrader. Gemini exchange is a standard crypto platform beneficial for first-time traders. At the same time, Gemini ActiveTrader is more suitable for active professional traders who need access to advanced charting options, multiple order types and block trading.
Gemini Exchange makes it easy to dip your toes into the crypto market for the first time. It allows users to do market research, buy in-demand cryptocurrencies, and create decent portfolios for building their wealth.
If you decide to open a trading account on the Gemini Exchange, you’ll get access to all tools a first-time trader needs to understand the crypto market and begin investing in digital currencies. Through its user-friendly interface, you can view basic charts, manage your holdings, and set recurring buys on the Gemini exchange.
Gemini Exchange makes it possible to send your withdrawals to approved addresses only. However, it also includes other goodies, such as downloadable account statements and transaction histories.
ActiveTrader is Gemini’s cryptocurrency trading platform tailored to active investors. It helps them break through speed barriers while putting reliability and security in the spotlight. The platform can execute trades in microseconds, making it one of the most reliable exchanges on the market regarding speed and predictability.
Traders who join ActiveTrader will get to use Gemini’s pair selectors and deep order book visibility to get the most out of current market opportunities. On top of that, this platform is optimised for most mobile browsers, giving traders access to the market at all times.
Not only that — the mobile app also includes all the advanced tools and features you’d find on the ActiveTrader platform. This is good news, considering that some exchanges don’t offer advanced apps to their users.
Once you create a Gemini account, you can decide whether you want to stay on the Gemini Exchange or try your luck with the ActiveTrader platform. Before deciding to go for the second option, you should evaluate your experience and check the fee differences to determine if trying ActiveTrader can benefit your trading career.
Gemini offers a suite of valuable products that can be of great use to experienced investors. In this section of my Gemini review, I’ll briefly explain each Gemini product to help you understand what you’re getting into before creating an account on this platform.
Before we begin, I’d like to add that Gemini’s selection of products is impressive, meaning you’ll most likely find something that meets your needs after joining this growing crypto trading community. So, let’s get started!
Gemini Earn is a product that will put your crypto to work. All Gemini users are eligible to purchase any amount of crypto and transfer it to Gemini Earn to begin earning interest on these holdings. With Gemini Earn, traders can receive up to 8.05% Annual Percentage Yield (APY) on their cryptocurrency, as well as stablecoins held within Gemini Earn.
Note: Gemini Earn is available in all US states, Hong Kong, and Singapore. So, for now, UK residents can’t enjoy the benefits of earning interest on crypto holdings.
Gemini Credit Card
The Gemini Credit Card is, unfortunately, available only to US citizens. However, you should still know that this card allows users to earn rewards on every purchase in Bitcoin or any other cryptocurrency available on the Gemini platform.
Additionally, the Gemini Credit Card owners don’t have to pay any exchange or foreign transaction fees for using the card. So, if it ever becomes available in the UK, you may want to give it a try.
Gemini dollar (GUSD) is a 1:1 USD-backed stablecoin built by the Gemini exchange. GUSDs correspond to US dollars Gemini holds in accounts at US FDIC-insured banks, and you can redeem them for $1 each.
It’s noteworthy that GUSD is an Ethereum ERC-20 token. Therefore, it’s fully configurable and available for use in smart contract development. Furthermore, you can trade this stablecoin on the Gemini Exchange without paying any fees.
Essentially, Gemini Custody is a cold crypto storage system. As every client has unique custody requirements, Gemini works with them individually to create unique pricing plans for their cold storage. One of the main benefits of Gemini Custody is the ability to store all digital currencies available on Gemini on this account, including many other cryptos offered to Gemini Custody users only.
Gemini Clearing allows Gemini clients to settle trades off the order book. In this scenario, Gemini acts as a confirming third (or neutral) party in transactions arranged beforehand, assisting in the fast transaction settlements while reducing counterparty risk.
Offerings such as Gemini Pay exist to help investors live on crypto. With this widely-popular Gemini app, you can spend your digital currencies at over 30,000 retail stores in the US. The best part is that this exchange doesn’t charge transaction fees for shopping via Gemini Pay.
However, Bitcoin, GUSD, Ether, Litecoin, Zcash, and Bitcoin Cash are the only available payment methods. In other words, you’d need to hold these currencies on Gemini to shop with Gemini Pay.
Gemini Wallets are insured against theft, so you can use them to safely store all cryptocurrencies available on Gemini. Of course, you can also keep your cryptos in a standard Gemini account. However, if you’re investing large sums of money in crypto, it would be best to consider keeping your funds in a Gemini Wallet.
What Cryptocurrencies Does Gemini Support?
You can buy and sell over 70 different cryptocurrencies on the Gemini exchange. Still, I must add that other exchanges, such as Binance, offer a broader selection. So, if you’re interested in dealing with less popular currencies, you might want to look into other options.
Gemini offers trading with Bitcoin, Litecoin, Cardano, Dai, and TerraUSD. Additionally, here are some other cryptocurrencies and digital tokens you can find on Gemini:
- Basic Attention Token
- Enjin Coin
- Shiba Inu
Gemini Charges and Fees
Gemini will charge you both a convenience and transaction fee every time you deal with crypto on this platform. The good news is that the Gemini exchange fees stay the same regardless of whether you buy or sell crypto on its official website or through the mobile app.
The convenience fee will cost you around 0.5% of the Gemini market price for the crypto you want to purchase. Note that the transaction fee depends on the amount you wish to buy or sell.
In the table below, you’ll find the fee schedule for transactions in USD:
|Transaction amount||Transaction fee|
|Less than $10 (roughly £7.62)||$0.99 (roughly £0.75)|
|$10–$25 (roughly £7.62–£19.06)||$1.49 (roughly £1.14)|
|$25–$50 (roughly £19.06–£38.12)||$1.99 (roughly £1.52)|
|$50–$200 (roughly £38.12–£152.50)||$2.99 (roughly £2.28)|
|More than $200 (roughly £152.50)||1.49% (roughly £1.14) of your web order value|
Those who place orders via the ActiveTrader platform are subject to the rates on this Gemini schedule. Moreover, this exchange utilises a maker-taker fee model for creating trading fees for all orders, meaning the Gemini fees can change depending on your market position.
|30-day trading volume in USD||Taker fees||Maker fees||Auction fees|
|$0–$500,000 (roughly £0–£381,243)||0.25%||0.15%||0.20%|
|$500,001–$2,500,000 (roughly £381,244–£1,906,214)||0.25%||0.15%||0.10%|
|$2,500,001–$5,000,000 (roughly £1,906,215–£3,812,429)||0.15%||0.10%||0.10%|
|$5,000,001–$10,000,000 (roughly £3,812,430–£7,624,858)||0.15%||0.10%||0.00%|
|$10,000,001–$15,000,000 (roughly £7,624,859–£11,437,287)||0.10%||0.00%||0.00%|
|$15,000,001–$50,000,000 (roughly £11,437,288–£38,124,290)||0.075$||0.00%||0.00%|
|$50,000,001–$100,000,000 (roughly £38,124,291–£76,248,580)||0.05%||0.00%||0.00%|
|$100,000,001–$250,000,000 (roughly £76,248,581–£190,621,450)||0.04%||0.00%||0.00%|
|$250,000,001–$500,000,000 (roughly £190,621,451–£381,242,900)||0.03%||0.00%||0.00%|
Withdrawal and Deposit Fees
When it comes to Gemini withdrawal fees, each fee is calculated depending on which crypto you want to withdraw to your account. It would be best to visit the Gemini Help Centre or contact Customer Support to get accurate information regarding this matter before transferring the money to your bank.
Gemini won’t charge deposit fees unless you use a debit or credit card to transfer funds to your Gemini account. In that case, deposits to Gemini would cost you 3.49% of the transferred funds’ amount.
In the following sections of my Gemini Review, I’ll explain how to open an account and withdraw money from this exchange. Additionally, if you ever need to close your account, scroll down to find out how to do it.
How to Open a Gemini Account?
To trade on Gemini, you must first sign up and verify your account. As stated earlier, you have to be at least 18 to join Gemini and reside in one of the countries where Gemini operates. The signup process is straightforward, and here are all the steps you need to take to become a Gemini user:
- Visit the Gemini official website
- Click on the Get Started button
- Select your country of residence
- Provide requested information, including your full legal name and email address
- Set a password
- Allow Gemini to use the Face ID or pin identification
- Link and confirm your mobile phone number via text message you’ll receive from Gemini
- Verify your email address
How to Withdraw Money From Gemini?
Currently, Gemini users can’t withdraw fiat currency to their debit or credit cards. Instead, they can get a hold of their profits via a linked bank account. If you’re struggling to link the bank account of your choice to Gemini exchange, here’s the easiest way to do it:
- Open your Gemini Account
- Go to the Payment Methods page
- Select the Automatically Link Bank button
- Click on Get Started
- Enter your bank login credentials via Plaid
- If you’re unable to link bank information using Plaid, exit this screen and select the Manually Link Bank button
- Provide the necessary information and complete the verification process
Once you’ve completed these steps, you can open Gemini’s front page and click on the Transfer button you’ll find in the top right corner of Gemini’s website. Next, find the Withdraw From Gemini button that will show you your balance. If you have funds on Gemini, you will be able to select the fiat currency, destination address (such as your bank account), and the withdrawal amount.
How to Close a Gemini Account?
Suppose you want to close your Gemini account and find a better trading platform. In that case, you will have to cut ties with Gemini using a web browser because the account closure is currently unavailable on the Gemini app. Additionally, you will have to empty your account of funds and clear any pending ACH transfers before Gemini can approve your withdrawal.
Once you transfer all your funds, you will have to open the Profile Settings page, select Account Closure, and click on the Close Your Gemini Account button. Finally, type in “CLOSE” (in all caps) to complete your request.
Many users want to know how Gemini keeps their funds and accounts safe before opening an account. So, the next step in my Gemini review is to give you a brief overview of Gemini’s most prominent security features.
Gemini has invested years and millions of dollars in technical and control measures to prevent any losses and malicious activities. As a result, the Gemini exchange is now regulated by the NYDFS, the strictest regulatory body in the US. It also passed a SOC 2 Type 1 review conducted by Deloitte & Touche LLP auditor. Moreover, did you know that Gemini is one of the five exchanges authorised and registered with the FCA?
Gemini’s private keys used to sign crypto transactions are stored offsite in guarded and geographically distributed facilities. These private keys rest on hardware security modules (HSMs). All HSMs meet and even exceed FIPS 140–2 Level 3 US government computer security standards.
Gemini keeps a portion of crypto in its online Hot Wallet. On top of that, all customer fiat funds in USD are held in accounts opened at FDIC-insured US banks. Still, what matters most is that Gemini separates these funds from its business and operating accounts.
Finally, Gemini’s policy states that the company requires various documentation before allowing someone to take the funds out of Cold Storage. As a result, Gemini’s SEO and president, for example, can’t individually or jointly transfer available client funds into or out of Gemini’s Hot Crypto Wallet or Cold Storage system.
Gemini is a decent service provider, but it isn’t the only player in this industry. If you’re wondering how Gemini differs from other exchanges, I’ll compare them side by side to see which one is the best.
Gemini vs Coinbase
Coinbase is one of the leaders in this industry, and it supports more locations and cryptocurrencies than Gemini. In addition, Coinbase allows you to earn crypto while learning how to trade with digital currencies, making it an excellent choice for investors with no trading experience.
A great thing about Gemini is that it never had any security breaches. Although Coinbase is working on restoring its reputation after dealing with security issues, many traders will never trust Coinbase again. While Coinbase undoubtedly deserves another chance, I’d advise you to try your luck with Gemini if you’re worried that Coinbase might suffer another attack in the future.
Gemini vs eToro
Gemini has a more extensive client base than eToro, but does that mean this crypto exchange is better than its competitor?
eToro offers copy trading, a strategy that helps beginners profit while essentially copying other investors’ moves. It’s a decent platform for beginners, but remember it supports trading of only around 30 cryptocurrencies.
If you want to get into the world of investment, eToro will offer you both crypto trading and investment opportunities through one platform. However, Gemini is easier to use and has a better customer support system (even though you can contact it only through email).
While eToro’s app is intuitive and easy to navigate, Gemini’s interactive user interface is better for first-time traders. On top of that, Gemini pushes you to take your trading skills further, which, in reality, is what most people want.
Whether you’re an existing or potential Gemini customer, the only way to contact Gemini’s Customer Support is by sending a message request. Gemini’s agents will send you their response via email, meaning the communication between clients and Gemini support isn’t as convenient as it should be.
The lack of the live chat feature on the Gemini website and the app makes resolving issues challenging. Hopefully, Gemini will introduce this feature soon, as this is the first step towards improving the customer experience.
Other than that, Gemini’s agents are quick to respond to all questions and requests. They are available 24/7, so you can expect a fast reply regardless of how late or early you decide to send them a message.
Gemini has a 4.5/5 star rating on GooglePlay. Some users say that this is the first exchange they’ve used to trade crypto, and others claim that they don’t ever plan on finding a replacement. Other Gemini reviews show that users who left a 5-star rating never had any issues with withdrawals, deposits, or the Gemini’s interface.
So, after gathering all this information, I have concluded that many users think of Gemini as a dependable crypto exchange. Still, it is important to make an informed decision before creating an account on this platform.
While most people love trading on Gemini, some former users don’t have the same attitude towards Gemini. Namely, some users have had minor issues with withdrawal verification, and almost everyone who left a negative review couldn’t link their bank account to Gemini via Plaid. Gemini support responded to these issues, but no one knows whether they’ve managed to resolve them.
I hope this Gemini review has provided you with a better understanding of how to trade crypto on this platform. Generally, Gemini is a reliable crypto exchange with many pros and very few cons. It’s not the cheapest exchange out there, but if you’re a first-time investor, you might as well give it a try before moving on to the next platform.
Additionally, if you aren’t satisfied with Gemini’s overall performance, you’re more than welcome to read other crypto exchange reviews on our website!
Gemini is a safe trading platform regulated by the NYDFS and FCA. On top of that, the company’s primary goal is to establish trust, which is why it invested millions of dollars in advanced security measures.
Gemini owners are Cameron and Tyler Winklevoss. They founded Gemini in 2014, and ever since then, this trading platform has helped millions of traders reach their trading goals.
Yes, Gemini supports Dogecoin. If you’re interested in buying or selling this cryptocurrency, all you need to do is open a Gemini account.