Gemini is a cryptocurrency exchange offering around 100 cryptocurrencies to buy, sell and trade. Additionally, the Gemini platform prides itself on having robust account security and compliance. Users can enjoy extra rewards, including a credit card, interest-earning opportunities, a built-in hot wallet, and the option to pay retailers with crypto.
Gemini was founded in 2014 by Tyler and Cameron Winklevoss, aka the Winklevoss Twins. The twins were struggling to find a secure platform to hold their bitcoin, and so created their own cryptocurrency exchange.
According to the twins, Gemini operates on four pillars: product, security, licensing, and compliance. It aims to establish and maintain user trust by offering a secure and compliant cryptocurrency exchange.
Gemini is considered an excellent option for novice and experienced traders due to its focus on security, and its range of tools.
The cryptocurrency exchange was the first of its kind to become SOC 2 certified, which is given by auditors that assess a product or company’s security level.
Of the 100 cryptocurrencies offered by Gemini, the main players are all present, alongside a number of altcoins.
Gemini has a web app and a mobile, both of which offer a user-friendly experience. For beginners, there is also an extensive support and education page. Experienced traders can take advantage of Gemini’s ActiveTrader platform, which offers advanced charting tools and multiple order types.
To use Gemini’s full features, users will need to complete identity verification, usually by submitting a government-issued ID.
While other cryptocurrency exchanges use the maker/taker model, Gemini does not. The fee structure instead depends on the amount that is being traded, and the platform being used – Desktop or mobile. Fees can range up to $2.99 for trades greater than $50 but less than $200, or 1.49% for trades of at least $200 or more.
Though Gemini is transparent regarding its fees, the structure is more complex than other exchanges. Furthermore, Gemini’s fees are higher than its competitors for the most part.
Being security-focused, Gemini offers a number of security features such as 2fa, wallet address whitelisting, and device review. To access the platform, users must complete a full KYC verification process.
Gemini offers FDIC insurance for US dollar deposits up to $250,000 and digital asset insurance for funds held in its hot wallet. This offers great protection in the case of a breach.
As stated, Gemini offers a comprehensive help page where users can find answers to their questions. The cryptocurrency exchange has a virtual chatbot for support, or the option to submit a support ticket. Gemini does not offer live support over the phone.
Despite its user-friendly design, Gemini is a self-service experience without much handholding, especially when it comes to customer support. It is the responsibility of the user to learn the platform.
Available in all 50 U.S. states
Hot Wallet Insurance
High Trading Fees
Not as many Cryptocurrencies as competitors
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