Looking for a secure and reliable cryptocurrency exchange can be a daunting task, especially if you prefer to keep things local since many of the best exchanges are based overseas. But fear not, fellow crypto enthusiasts!
There’s a gem of an exchange that ticks all the boxes—Gemini. This US-based platform boasts FDIC protection for USD and has never been hacked (that we know of). So grab your pickaxe, and let’s dig into this 2023 Gemini review!
With a beginner-friendly interface and a strong emphasis on security, this exchange is quickly becoming a favorite among crypto traders. But don’t let its simplicity fool you—there are plenty of features and products to explore, from a rewards credit card to paying your favorite retailers with crypto.
Some of the highlights of this 2023 review include:
- Gemini is a US-based cryptocurrency exchange with a beginner-friendly interface and over 100 cryptocurrencies.
- The exchange offers a variety of features and products, including a trading platform, a custodial service, a credit card, a staking service, and educational resources on its Cryptopedia platform.
- This exchange’s security measures are top-notch, with two-factor authentication, multisignature technology, digital asset insurance, and capital reserves.
- The Gemini Credit Card enables you to earn rewards in Bitcoin, Ethereum, and other cryptocurrencies by making regular purchases.
- Gemini Dollar is a stablecoin that combines the stability of the US dollar with the speed and efficiency of cryptocurrency.
What Is Gemini?
Gemini is a crypto exchange launched by the Winklevoss brothers, the pioneers who once tangled with Mark Zuckerberg over Facebook. Founded in 2014, Gemini is a trusted and secure platform for buying, selling, and storing over 100 cryptocurrencies, including the popular Bitcoin and Ethereum.
As a regulated New York trust company, Gemini sets the bar high with strict compliance and banking practices to keep your assets safe. Whether you’re an individual or a business, you can explore a variety of features such as a trading platform, custodial service, staking service, credit card, and educational resources on its Cryptopedia platform.
Get ready to dive into the exciting world of crypto with Gemini!
How to Open an Account at Gemini
Creating a Gemini account is as easy as following these instructions:
Step 1: Head over to the Gemini website and click on “Get Started” in the top right corner.
Step 2: Enter your email address and create a strong password.
Step 3: Complete the CAPTCHA and click on “Create My Account.”
Step 4: Check your email for a verification code and enter it on the website.
Step 5: Enter your personal information, including your full name, date of birth, and residential address.
Step 6: Provide a valid government-issued ID, such as a driver’s license or passport, and take a selfie to verify your identity.
Step 7: Set up two-factor authentication to add an extra layer of security to your account.
Congratulations, you’re now part of the Gemini community! Sit back, relax, and start exploring your account and the many features this exchange has to offer.
Is Gemini Safe?
Gemini prioritizes security, and it has implemented a comprehensive, multi-layered approach to safeguarding your crypto assets. By default, your account is protected by two-factor authentication (2FA), and multiple signatories are required to take cryptocurrency out of its cold storage system. Furthermore, private keys are kept offsite at high-security data centers.
Besides that, employees are subjected to extensive background checks, and Gemini complies with global regulators’ security requirements, including the New York Department of Financial Services, the Monetary Authority of Singapore, and the United Kingdom Financial Conduct Authority. Annual penetration tests are performed by independent third parties to proactively identify and resolve security vulnerabilities.
Gemini employs multisignature technology for added security, as well as digital asset insurance and capital reserves to protect your assets in the event of a disaster. It keeps a small amount of cryptocurrency in its online “hot wallet” environment, which is managed with dedicated HSMs, and is PCI DSS compliant to protect debit and credit card data.
As a whole, Gemini’s multi-tiered security system is designed to make you feel secure knowing that your assets are safe.
What Are Gemini Features?
Let’s look at some of the most notable features, which include the Gemini Credit Card, staking options, ActiveTrader platform, native token, and Cryptopedia.
Gemini Credit Card
The Gemini Credit Card is a game changer in the world of cryptocurrency. With this card, you can earn rewards in Bitcoin, Ethereum, and over 40 other cryptocurrencies available on Gemini simply by making regular purchases.
What’s more, the Gemini Credit Card is the only one that immediately deposits your crypto rewards, so you don’t have to wait a month to benefit from any crypto price appreciation. The rewards are also customizable, with up to 3% back on dining, 2% back on groceries, and 1% back on all other purchases.
But that’s not all. The Gemini Credit Card provides world-class security, including two-factor authentication and cutting-edge encryption, to protect your personal information and crypto assets. You can also shop with confidence thanks to Mastercard benefits such as Zero Liability Protection on Unauthorized Transactions and ID Theft Protection.
With no annual fee, no foreign transaction fees, and no exchange fees to claim your rewards, the Gemini Credit Card is an excellent choice for crypto enthusiasts looking to maximize their investments, as our Gemini exchange review concludes.
Gemini Staking is easy to use, and unlike other staking options, there is no minimum amount of crypto required to stake, as well as no staking transfer or redemption fees. With a few clicks, you can start staking any amount of cryptocurrency.
Gemini Staking supports a number of popular Proof of Stake (PoS) protocols, including Ethereum, Polygon, Solana, and Polkadot. You can earn rewards on your Ether (ETH) with an APY of 5.31% or Polygon (MATIC) with an APY of 3.77%.
Moreover, Staking guarantees to reimburse any losses incurred as a result of its validation process, which adds an extra layer of security to your staked assets.
This feature is available on the mobile app or web browser. Simply choose the crypto you want to stake, transfer your balance, and start earning rewards. Staking streamlines the staking process so that you can benefit from a decentralized system’s rewards on a safe and regulated platform.
Gemini ActiveTrader is the ideal trading option for cryptocurrency enthusiasts who expect nothing less than the best. Designed to meet the needs of more active traders, Gemini.com provides microsecond execution times without sacrificing stability or security.
ActiveTrader’s advanced charting and multiple order types allow you to execute your trading strategies easily. You can take advantage of market opportunities by using its deep order book visibility and trading pair selectors while enjoying an easy-to-use user interface.
ActiveTrader is also mobile-friendly, allowing you to use pro-level crypto exchange features like charting even when you’re on the go. ActiveTrader is a great solution for serious traders who demand the best, with central limit order books that follow a price-time priority model, a dynamic maker-taker fee schedule based on gross trading volume, and multiple order types and execution options.
Gemini Dollar is a stablecoin that is gaining traction among cryptocurrency traders and investors. GUSD, an Ethereum-based ERC-20 token, combines the stability of the US dollar with the speed and efficiency of cryptocurrency.
GUSD’s price stability, which is backed by FDIC insurance, is one of its key advantages, making it an appealing option for traders looking to mitigate the risk of volatility in the crypto market. With the ability to quickly and easily convert US dollars to GUSD, GUSD serves as a bridge between traditional finance and the rapidly growing world of cryptocurrency.
Moreover, GUSD is fully programmable and can be used in smart contract development, increasing its versatility and opening the door to a wide range of DeFi applications. As such, Gemini crypto exchange’s GUSD can play an important role in the development of decentralized financial products by serving as a stable store of value and enabling peer-to-peer payments.
Gemini’s Cryptopedia is an educational resource that aims to provide individuals with a comprehensive knowledge of the world of crypto. Cryptopedia caters to everyone, from those who are just starting their crypto journey to seasoned experts.
With Cryptopedia, you can learn the fundamentals of Bitcoin or discover the most exciting DeFi projects. You can also learn about cryptocurrency trading and investing concepts, as well as cybersecurity best practices to keep your cryptocurrency safe.
In addition, Cryptopedia is a platform for crypto experts to share their knowledge with the rest of the world. The Expert Network already includes prominent and innovative crypto project founders and thought leaders such as Brave’s CEO, Brendan Eich, Aave’s CEO, Stani Kulechov, and Tezos’s co-founder Kathleen Breitman.
What Are Gemini Fees?
Gemini’s ActiveTrader platform has taker fees starting at 0.40% and maker fees at 0.20% for trading volume under $10,000 over the course of 30 days.
Unlike many other exchanges, Gemini doesn’t use a traditional maker/taker fee model. Instead, its fees vary depending on the amount you’re trading and the platform you’re using. For instance, Gemini has both a mobile and desktop fee schedule.
However, while the exchange is transparent about its fees, its basic fee structure can be more complicated compared to other exchanges. Plus, its fees are slightly higher than most competitors charge.
For example, the costs for using the ActiveTrader platform in 2023 are as follows:
|30-Day Trading Volume (USD)||Taker Fee||Maker Fee|
Our Gemini exchange review found that Gemini accepts both fiat and crypto money deposits, as well as a variety of payment methods such as credit and debit cards, bank transfers, ACH transfers, and wire transfers.
For instance, fiat deposit fees for debit card deposits are 3.49% of the total purchase amount, whereas ACH and wire transfers have no money transfer fees. Furthermore, USD wire transfer fees for withdrawals include a $25 transaction fee.
Naturally, deposits made in cryptocurrency are free, but certain cryptocurrency withdrawals have set costs.
Gemini Customer Support - Which Options Does It Offer?
While the exchange does not offer phone support, it offers a more modern and efficient approach through email support and a live chat box. The live chat box provides immediate assistance through a chatbot, while the email support ensures that customers receive personalized and accurate responses to their inquiries.
To ensure the safety of its users, Gemini only contacts them through valid Gemini email addresses that end with the .gemini.com domain name. This ensures that customers don’t fall victim to scams and phishing attempts.
In addition to its email and live chat support, this platform offers a comprehensive FAQ and resource center where customers can find answers to common questions and learn more about the exchange’s products and services.
Gemini Reviews - What Do Customers Say About Gemini?
Gemini’s Trustpilot page has mixed reviews, with an overall rating of 1.2 out of 5 stars. As of April 2023, there are 904 reviews, with many customers expressing frustration over long wait times for customer support, as well as difficulties with their accounts, verification processes, and withdrawals. Some reviews have also criticized the platform’s high fees and slow transaction times.
On the other hand, some customers’ reviews have praised the platform’s security measures and ease of use. Additionally, Gemini has responded to some of the positive reviews, thanking customers for their support and addressing any concerns they may have had.
It’s important to note that reviews on third-party websites should be taken with a grain of salt and considered alongside other factors, such as the platform’s security measures, regulatory compliance, and overall reputation in the industry.
Final Thoughts - Is Gemini Worth It?
For those seeking a regulated, safe, and user-friendly cryptocurrency exchange, Gemini is a good choice. This site is quickly becoming a favorite among cryptocurrency traders with its support for over 100 different cryptocurrencies, availability in all 50 US states, digital assets insurance, an extensive selection of features and services, and top-notch security measures.
Nonetheless, the platform’s trading fee is a bit higher than those of some of its competitors, it provides fewer cryptocurrencies than the majority of its rivals, and it has experienced problems with its Gemini Earn platform.
But overall, Gemini has earned its place on our list of the best crypto exchanges in the business and is undoubtedly a worthy option to consider as your go-to exchange if you value security and usability.
Is Gemini crypto trustworthy?
Gemini is considered a trustworthy crypto exchange due to its regulatory compliance, security measures, and overall reputation in the business. It is regulated by the New York Department of Financial Services (NYDFS) and has received NY trust charter from the NYDFS.
Is Gemini better than Coinbase?
Both Gemini and Coinbase are reputable cryptocurrency exchanges that offer a variety of features and services. However, which one is better for you depends on your personal needs and preferences.
How long do Gemini withdrawals take?
Withdrawal times on Gemini vary depending on the asset being withdrawn and the method of withdrawal.
For cryptocurrency withdrawals, they typically take 2–3 hours to get processed. However, the processing time may vary based on network congestion or other factors outside of Gemini’s control.
Our Gemini review found that for fiat withdrawals, it may take up to 1–3 business days for funds to be transferred to your bank account, depending on the account payment method.
Why won’t Gemini let me withdraw?
Gemini may restrict your crypto withdrawals temporarily due to various reasons such as signing in from a new device, pending bank or debit card transfers, password resets, new Authy device detection, incomplete account verification, pending registration, or sell limit orders. If you encounter any withdrawal issues, contact Gemini’s customer support for assistance.