Gemini is a cryptocurrency exchange and custodian that allows customers to buy, sell, and store digital assets. It was launched in 2015 as a crypto trading platform that is appealing to beginners and professional traders.
It is one of the largest platforms based in the U.S to buy and sell crypto assets. It supports a large number of cryptocurrencies and also have some unique features.
Gemini also has a learning hub to teach beginners all about crypto investing, and a suite of unique products which can add more value for seasoned investors. In this post, we will discuss the pros and cons of the exchange platform and also give some useful information that will help you decide if it is the right choice for you.
Gemini Exchange Pros
- Over 40 cryptocurrencies to choose
- Low minimum purchase
- Simple interface for beginners along with more advanced options for active traders
- Highly rated mobile app
- Earn interest on cryptocurrency balances
- Available in all U.S states
- Enough educational resources
- Earn up to 7.4% APY on your cryptocurrency balance with Gemini earn
Gemini Exchange Cons
- Some popular cryptocurrencies aren’t on the platform
- High fees based on market price
- No linked debit cards available
- May be complicated for true beginners
- Fee structure is expensive for small trades
Gemini Exchange At A Glance
- Over 40 cryptocurrencies available
- Trading fees include spread and fee per transaction
- No account minimum
- Minimum trade amount equal to the smallest amount of each crypto that can be traded
- Gemini Earn program allows you to earn interest on your holdings
- Available in all U.S. states
- Cryptopedia education hub
- Insurance plan and majority of assets held in offline cold storage
- Offers multiple products like Gemini ActiveTrader for frequent buyers and sellers, Gemini Pay to use your cryptocurrency at stores, and more
Some Top Picks on Gemini Exchange
1. Strong selection
Gemini offers a wide array of different cryptocurrencies on its platform to U.S. customers. While this isn’t the biggest list available on a crypto exchange platform, it is certainly on the higher end.
2. Low minimums
Gemini has minimum order amounts, but they are very low. For example, the minimum quantity of Bitcoin a user can buy is 0.00001 BTC. Other digital tokens have similarly small investment requirements.
3. $150 new user bonus
New Gemini users get a bonus of $150 in bitcoin when investing at least $1,000 within 30 days. While some cryptocurrency exchanges offer bonuses, this one is on the higher end and can be easily earned. Use the “Open Account” option on this page to qualify.
4. Mobile app
Gemini has an excellent mobile app that allows users to buy, sell, and convert digital currency from their smartphones or tablets. Users can set up price alerts on cryptocurrencies they’re tracking. The Gemini app has a 4.8 out of five star rating on the Apple App Store and a 4.4 out of five on the Google Play Store.
5. Advanced trading platform
Gemini offers an easy-to-use desktop trading platform that is more than enough for most cryptocurrency buyers and sellers. You can set recurring buys, sell and convert digital currency, and more.
The company also offers the Gemini ActiveTrader platform that is designed to be a professional-quality trading system. It includes the ability to place multiple order types (such as market or limit orders), features advanced charting tools, and more. What’s more, ActiveTrader is mobile-optimized, so it can be
6. Gemini Pay
Gemini offers the Gemini Pay feature through its mobile app. This allows users to pay for goods and services with their cryptocurrencies at more than 30,000 retail locations in the U.S. with QR code technology. Users can choose which cryptocurrency to use — for example, you can choose to spend Ethereum to buy dinner, but leave your Bitcoin balance intact.
7. Gemini Earn
Gemini Earn is perhaps the biggest differentiator between the Gemini exchange and its competitors, as it allows customers to earn interest on their idle cryptocurrency balances. Interest rates are subject to change, but as of November 2021, customers can earn around 1.5% on Bitcoin deposits and over 8% on stablecoins like the Gemini dollar — more than what the best online savings accounts pay.
8. Credit card offering
Gemini hasn’t yet launched its crypto rewards credit card but the waitlist is open. U.S. customers will be able to apply for this no annual fee card that offers up to 3% rewards on certain purchases. Customers can opt to earn rewards in Bitcoin or a wide array of available cryptos.
9. Transaction Fee
On top of the convenience fee, you’ll be charged a transaction fee based on the amount you trade. For crypto conversions — such as trading Bitcoin for Litecoin — this fee is a standard 1.49%. For buying and selling crypto, the fee varies by the type of currency you use, and ranges from a flat fee for less expensive orders to a percentage of more costly transactions.
Here is the fee schedule for U.S. dollar transactions:
TRANSACTION AMOUNT & FEE
Less than $10
Between $10 and $25
Between $25 and $50
Between $50 and $200
More than $200
List of Cryptocurrencies available on Gemini Exchange
Gemini supports all the top cryptocurrencies including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Chainlink (link)
- Dogecoin (DOGE)
- Polygon (MATIC)
- Dai (DAI)
- Uniswap (UNI)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Filecoin (FIL)
Each crypto has its own withdrawal fees, if you plan to move your coins to your own wallet or another exchange, but these don’t kick in until you withdraw more than 10 times per calendar month. Coinbase, in comparison, doesn’t have any restrictions on how many times you can withdraw, but you may be charged a portion of the cryptocurrency’s network fee when you withdraw to a non-Coinbase crypto wallet.
Gemini’s trading minimum for any coin is simply the smallest amount of each coin that can be traded (the smallest amount of Bitcoin you can trade, for example, is 0.00001 BTC). Gemini offers a list of trading minimums for cryptocurrencies available on its website.
Who Should Use Gemini?
Gemini is a solid exchange choice for beginners and seasoned crypto enthusiasts alike, but it is geared more toward those with at least a baseline knowledge of cryptocurrency — and has many features suited for those looking to do more than simply buy and hold Bitcoin.
It wins points for top-tier security features and the ability to earn interest on your holdings with Gemini Earn. And with over 40 cryptocurrencies to choose from, Gemini can be a great place to start if you just want to dip a toe into the world of cryptocurrency investing. It offers a simple mobile and online experience for new investors, plus some educational tools to help you learn more.
But Gemini also offers a ton of options and tools for more advanced trading activity and crypto users, which might be overwhelming for total beginners. Many of the exchange’s additional fees come from doing things like trading and selling cryptos, which long-term HODLers don’t need to worry about.
If you plan on buying or trading crypto over time, these fees can get pretty pricey, but it may be worth it for all of Gemini’s tools and extra security measures.