Top 10 Gemini Crypto Exchange Features and Review

Gemini is known for its platform’s security and availability in all US states. Its availability includes New York, frequent dropouts by crypto exchanges. It’s also a beginner-friendly platform that makes it easy to get started despite being expensive.

Who should choose Gemini?

Gemini offers a beginner-friendly platform and strong educational resources, making it a reasonable choice for new crypto investors who are learning the ropes. The crypto exchange’s strong security offering, trading platform and yield-earning feature known as Gemini Earn should appeal to crypto trading veterans looking to delve deeper.

However, Gemini’s complicated fee structure can be a huge downside for those just getting started in crypto.

Although very few exchanges in the US offer margin trading, the lack of advanced trading options such as margin or short selling can frustrate experienced investors. As with all cryptocurrency exchanges and investment options, every investor should exercise caution. Make sure you don’t invest more than you can afford to lose.

Gemini characteristics

Gemini stands as a top platform for those who want to get started with crypto. Its easy-to-use app and Crypto pedis’s educational resources make it a snap for anyone to dip their toe into the cryptocurrency waters, though its fee structure for trades outside of its advanced trading platform is confusing. Air gets expensive quickly.

In particular, you are able to make the exact same crypto purchases at a much lower price on Gemini’s (or many other companies) trading platform, which means learning a more sophisticated interface if you intend to invest seriously in crypto. Worth making time for.

Extensive features for crypto traders

Active Trader is Gemini’s professional crypto trading platform that offers advanced charting capabilities and many crypto-to-crypto trading options. This option may appeal to certain types of advanced traders seeking additional security, anonymity or lower trading costs.

Insurance and Security

Gemini is notable for never being the target of a major hack. Crypto exchanges offer insurance to cover losses from potential hacks as well as strong security measures. In addition to storing most of your customer’s crypto assets offline, Gemini requires the use of two-factor authentication to log in or withdraw, and you can apply a limited list of addresses that can receive withdrawals. can—or disable withdrawals from your account entirely. .

Earn Gemini.

Gemini Earn lets you earn interest on some of your crypto holdings, in a similar fashion to how you earn interest on a savings account. With this feature, you can put your crypto to work by lending your crypto assets primarily to institutional investors for an annual percentage yield (APY) of 8.05%.

These exceptionally high APYs can be very attractive. Keep in mind that unlike money in your savings account, the coins you lend are not insured by the Federal Deposit Insurance Corporation (FDIC).

Gemini Fees

Gemini charges a variety of fees depending on the services you use.

Transfer Fees. Exchanges charge certain types of deposits or withdrawals. Wire transfer deposits are free, but any deposit by debit card incurs a 3.49% fee. The withdrawal fee is variable but is only charged if you withdraw more than 10 in a month.

Trading Fees. These vary depending on whether you trade crypto on the website, on the mobile app, through the Gemini API or on the ActiveTrader trading platform—in some cases there are additional convenience fees.
Custodial fee. It covers the cost of cryptocurrency storage in a Gemini Custody Account, a highly secure cryptocurrency storage solution aimed mostly at institutional investors.
Gemini earning fees. These are charged for the crypto that is gaining interest in Gemini Earn. These agent fees are also subject to change.

The mobile web app also has a fee structure that amounts to a complicated jumble of if/then conditions based on your purchase amount. In addition, you will be charged an additional 0.5% convenience fee regardless of the size of your purchase. As a result, small purchases in particular may result in significantly higher fees in terms of percentages.

The fees shown below are the transactions charged for “Web Orders”. These types of fees are significantly higher than the Gemini ACTIVE Trader platform.

Gemini’s ActiveTrader platform uses a maker and taker fee structure.

Along with maker and taker fees, the amount you pay for a trade depends on whether your request for cryptocurrency matches an existing request to buy or sell someone else’s crypto or if You are making a new request that will be combined with another one. The former is called a taker trade because it takes away liquidity from the exchange while the latter is a maker because it creates more liquidity.

These are important distinctions to be aware of as you as a buyer can expect to pay higher fees for the same trade as you are reducing the liquidity available in the Gemini ecosystem. Unfortunately, there is no way to know whether you are a maker or a taker until the trade is completed.

The more trades you make in a 30-day period, the less you’ll pay in maker and taker fees. In addition, Gemini offers an auction model for select cryptocurrencies, which collects orders in bulk and operates on an additional separate fee schedule. The basic fee schedule for Gemini’s ActiveTrader platform is as follows:

Cryptocurrencies on Gemini

Gemini currently supports over 60 cryptocurrencies, including:

  • 0x (ZRX)
  • 1inch (1INCH)
  • Aave (AAVE)
  • Alchemix (ALCX)
  • Amp (AMP)
  • Ankr (ANKR)
  • API3 (API3)
  • Balancer (BAL)
  • Bancor Network Token (BNT)
  • BarnBridge (BOND)
  • Basic Attention Token (BAT)
  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Chainlink (LINK)
  • Compound (COMP)
  • Dai (DAI)
  • Decentraland (MANA)
  • Dogecoin (DOGE)
  • Enjin Coin (ENJ)
  • Ethereum (ETH)
  • Filecoin (FIL)
  • Gemini Dollar (GUSD)
  • Injective Protocol (INJ)
  • Kyber Network (KNC)
  • Litecoin (LTC)
  • Liquidity USD (LUSD)
  • Magic Internet Money (MIM)
  • Maker (MKR)
  • Mirror Protocol (MIR)
  • Numeraire (NMR)
  • Orchid (OXT)
  • PAX Gold (PAXG)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • Ren (REN)
  • Skale (SKL)
  • Solana (SOL)
  • Tezos (XTZ)
  • The Graph (GRT)
  • The Sandbox (SAND)
  • UMA (UMA)
  • USD Coin (USDC)
  • Uniswap (UNI)
  • Yearn.Finance (YFI)
  • Zcash (ZEC)

How to Trade on Gemini

Except for the occasional maintenance window, Gemini Exchange operates on a 24/7 basis. As with any online broker, a standard market order on Gemini is filled immediately at the best available market price at the time. Gemini also offers multiple limit orders. These include instant-or-cancel (IOC), make-or-cancel (MOC), stop-limit, and fill-or-kill (FOK) orders.

All orders placed on Gemini must be fully funded, as the exchange does not offer margin trading as offered by competitors such as Kraken. It also does not allow short trading.

To trade on the platform, users must link a bank account and make a wire transfer or ACH deposit from the bank.

Gemini Clearing

Gemini’s clearing services provide a reliable solution by simplifying exchange trades and speeding up transactions. Both parties to the transaction must be fully funded, and trades are settled using Gemini’s services.

Custody of Gemini

The exchange is licensed by the New York State Department of Financial Services (NYDFS) to hold customer digital assets in trust. Your digital currency holdings are held in accordance with reserve requirements and banking compliance standards. Gemini is also committed to maintaining and meeting required cybersecurity measures.

Gemini has a banking relationship with State Street, New York’s state-chartered bank, where all customer funds are maintained.

The platform’s adherence to traditional banking requirements ensures that money in any form is backed by adequate financial reserves.

Also insures cryptocurrency holdings of up to $200 million for theft losses resulting from a hack of Gemini Exchange’s HotWallet service, fraudulent transfers initiated by Gemini, or theft by a Gemini employee. does.

Gemini Credit Card

Cryptocurrency owners earn cryptocurrency rewards on food, groceries and other purchases using their Gemini credit card.

Is Gemini a good exchange?

It depends on what you consider a good exchange. Gemini is regulated by the New York State Department of Financial Services and offers many products and services.

It also provides customers with insurance on their holdings under certain circumstances.

Is Gemini better than Coinbase?

Each exchange is different, but both offer many of the same services. It is better to compare both and choose the one that provides the services you need.

Can you exchange crypto on Gemini?

Yes. Gemini offers exchange services as well as crypto trading and other products.

Digital Wallet Options and Security

The exchange offers Gemini Wallet for users who do not already have a cryptocurrency wallet. Digital assets are insured against losses that result from a security breach or hack, fraudulent transfer or employee theft.

Gemini prides itself on its security measures and has not recorded a successful hacking attempt on its site. Digital assets on the site are insured against security breaches and hacks, and the bulk of its assets are kept in “cold storage”, away from online threats that could breach security. That said, loss of assets due to unauthorized access to your personal account — such as theft of your private codes and logins — is not covered by Gemini insurance.

Mobile app

Gemini offers a free app for both iOS and Android. Both versions are highly rated by App Store users and mimic many of the desktop site’s functions and features.

Customer support options

Gemini offers customer support via email and chat.

Other Features You Should Know

Peer-to-Peer Trading: Gemini offers direct trading between buyers and sellers through the Gemini Clearing Portal. Fee is the cost of the spread and does not have a minimum order size.

Platform: For desktop users, Gemini has Gemini Basic — a straightforward interface for buying cryptocurrency based on the total amount of crypto or the total amount of US dollars you want to spend.

Gemini’s ActiveTrader platform has more bells and whistles, such as advanced charting, tracking multiple order types and block trading.

How do we evaluate cryptocurrency platforms?

NerdWallet’s comprehensive review process examines and ranks platforms and companies that allow US consumers to buy and/or sell cryptocurrencies. Our goal is to provide an independent evaluation of providers to help you make the right, informed decisions that will best meet your needs. We follow strict guidelines for editorial integrity.

We collect data directly from providers through detailed questionnaires, and first-hand testing and observation through provider demonstrations. Questionnaire responses, combined with demonstrations, supplier personnel interviews and research from our experts, underpin our proprietary evaluation process that scores each supplier’s performance across more than 20 factors. The final output produces a star rating from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half star.

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