Gemini Exchange Review

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• Published: August 25th, 2020
• Updated: August 25th, 2020

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Gemini is one of the best-known cryptocurrency exchanges out there, and for good reason.

Owned and operated by the Winklevoss twins, who had extremely early involvement in Facebook, it’s no wonder the exchange has been such a massive success.

But how does Gemini and it’s many services compare to the competition?

That’s what you’ll find out!

Let’s get right into it!

Gemini Services

Gemini Mobile

Gemini Mobile App

Gemini mobile is the exchange and brokerage sleek mobile app.

Available on the Apple Store, Google Play Store, and Galaxy Store, it’s easily accessible to many. On the app, you can easily buy, sell, and store cryptocurrencies.

Please note that we don’t recommend any users to store cryptocurrency on an exchange for an extended period of time as there’s always the risk of an exchange being hacked.

For those that want to buy and trade from the comfort of their own phone, look no further than the Gemini Moble app. It’s SOC-1 & SOC-2 compliant, and secured with WebAuth Hardware security keys.

It also supports Gemini Active Trader fully, which we’ll cover next.

Gemini Active Trader

Gemini Active Trader is their version of Coinbase Pro – an advanced and high performance trading platform for those looking for a proffesional experience.

It’s even fully optimized for the mobile versions of Gemini!

We highly reccomend this version of Gemini as it features several order types and the lowest trading fees available on the platform. This will bring your trading fee down to .25-.35% minimum, with the potential to go lower based on trading volume. See our fee section to learn more.

Gemini Clearing

Gemini Clearing is an off exchange trading service that allows people to settle large trades off the books, with Gemini as a trusted third party to eliminate counter party risk.

For mosrt of our audience, this service is completely unnescary, but we wanted to mention it as it’s one of Gemini’s main services.

Gemini Custody and Gemini Wallet

Gemini Custody is a cryptocurrency cold storage service that claims to store your currency in a extremely secure, compliant, and insured manner.

While we don’t doubt the legitimacy of the service, many experienced cryptocurrency investors will tell you:

“Not your keys, not your coins”

It will always be the best and most secure option for you to learn how to store cryptocurrency in a secure manner on your own, independant of any third parties. Learn more about the best options for storing Bitcoin in our best Bitcoin wallet page.

The same goes for Gemini Wallet.

Short term, you’ll be fine keep low amounts of cryptocurrency in there for every day use.

However, the best option will be to learn how to store your own cryptocurrency and be in charge of your private keys.

Gemini Dollar

The Gemini Dollar ($GUSD), is the world’s first fully regulated stablecoin, designed to counteract the shortcomings of our current dollar while gaining all the positive aspects of cryptocurrency. You can read the whitepaper for this here.

This currency is able to be used with many innovative services such as BlockFi, and spent at many well-known places such as Travala, and Flexa.

Overall, we reccomend this to those wanting to avoid the volatility of cryptocurrency while still being able to diversify their holding and even earn interest.

Gemini Supported Countries

Gemini supports a wide variety of countries making it a great choice for our very diverse audience. All US States, most of all Europe, Asia are supported. When it comes to South America, Argentina, Brazil, Peru, and Chile are supported.

Gemini Supported Payment Methods

Gemini is rather unique in the fact that it only supports bank transfers. In the event you already have cryptocurrency, you can also deposit these into the exchange to convert into fiat or other cryptocurrencies.

At press time, other methods like credit & debit card, Paypal, or Skrill are not accepted.

Gemini Supported Coins

At press time, Gemini is supporting markets for 23 coins, with the main coins like Bitcoin and Ethereum as well as some more obscure ones like Storj and Orchid. As time goes on we are sure Gemini will continue to add more and more cryptocurrencies.

Gemini Fees and Limits

When it comes to fees, the exchange will not charge for deposits. Some institutions may charge a wire fee if that’s what you decide to use, as well as any cryptocurrency transaction fees. None of these is something “exclusive” to Gemini.

Once you have some funds on the exchange, it’s time to trade!

Depending on your account type (Active Trader vs Brokerage), you’ll have different fees.

Brokerage Fees

Gemini has what they call a “convenience fee” which is usually a .5% premium on the price of Bitcoin for their brokerage customers. For example, if Bitcoin’s trading at $10,000 on an exchange, the price Gemini would sell Bitcoin for is $10,050.

On top of this, the fees for their brokerage are as follows:

Gemini Brokerage Fees

Assuming your order is larger than $200, expect to pay a 1.99% fee on your total order. This is pretty competitive with many other options that allow you to purchase Bitcoin with a bank account.

Active Trader Fees

Gemini Active Trader

Gemini calculates fees based on your 30-day trading volume. The more you trade, the lower the fees. If you were to cross a bracket, you’ll receive a fee rebate down the line. In order to save on fees, you can be a maker as opposed to a taker. This means that instead of taking liquidity, you offer liquidity by putting an order in the order book.

Frequently Asked Questions

How Long Does it Take to Get Verified on Gemini?

Due to required regulations for an exchange operating in the United States, Gemini does require some personal information for account verification.

The main verification will be a photo of a license as well as a proof of address.

What’s interesting about Gemini is that they do not accept a drivers license as a vaid form of ID. Only a passport.

For proof of address, you can use different kinds of bills with your address.

Once this is all submitted, expect verification to be done in 1-3 days.

Conclusion – Who’s Gemini For?

Overall, Gemini is an incredible service for the cryptocurrency newbie all the way to the cryptocurrency experts. I’ve been involved in the cryptocurrency space for many years, and still use Gemini as on of my main cryptocurrency exchanges as a US Citizen.

Cryptocurrency newbies will get lots of use out of their brokerage service, mobile app, and wallet.

Cryptocurrency experts can find some of the most competitive fees around with Gemini’s Active Trader.

Austin Tuwiner Administrator
Austin is the owner of Bitpremier, and got involved in Bitcoin in 2012. After working as a cryptocurrency journalist and and at several blockchain startups, he decided to start Bitpremier and educate the world on Bitcoin.
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