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Gemini review: Crypto trading with advanced security features

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  • Gemini offers cryptocurrencies, interest-bearing perks, and more for both individuals and institutions.
  • It doesn’t have an account minimum, but it charges different fees for web and mobile orders.
  • Gemini also offers a separate Active Trader platform for more advanced cryptocurrency traders.
  • Click here to set up an account with Gemini.

 

Legally known as Gemini Trust Company, LLC, Gemini is a cryptocurrency exchange offering trading and storage options for individuals and institutions. 

Among Gemini’s offerings are interest-bearing account perks (allowing you to earn a high APY on certain cryptocurrencies), online and offline storage options, and the ability to pay with crypto at select retailers. The exchange also prides itself on being the only cryptocurrency exchange to offer interest-bearing account options to traders in all US states.

Founded in 2014 by Cameron and Tyler Winklevoss, Gemini says it abides by a “security-first” mentality and belief system of asking for permission, not forgiveness.

The mobile app is available on iOS, Android, and Galaxy devices.

Both Gemini and SoFi share the $0 minimum account options, but the two investment platforms vary when it comes to fees, account features, and cryptocurrency selection. SoFi charges a 1.25% markup (this amount is added to each crypto purchase) on transactions, while Gemini’s web transaction fees range from $1.50 to $4.50 (and larger transactions carry higher fees).

Gemini also has a separate fee schedule for mobile transactions. Transaction fees for mobile orders range from $0.99 to $2.99. You can find the complete fee schedule here.

Binance.US has a slightly higher minimum than Gemini and SoFi, but this exchange gives you access to more than 50 cryptocurrencies. And if you make deposits through wire or ACH transfer, you’ll only have to pay 0.1% or 0.5% for transactions.

If you’re interested in Gemini, though, keep reading to learn more.

Cryptocurrencies and ERC-20 tokens

Gemini’s crypto selection isn’t as vast as many of its competitors. It offers the following assets: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Zcash, Filecoin, and Dogecoin.

When it comes to tokens, however, Gemini gives you access to more than 30 ERC-20 assets (tokens are virtual assets derived from blockchains that already exist). See a complete list of its supported assets here.

The exchange also provides an advanced trading platform, Gemini Active Trader, for more experienced traders. This platform is free to set up (although it has a separate fee schedule for orders) and comes with a number of perks, including faster trade execution, multiple order types, auctions for different crypto trading pairs (trading pairs are crypto assets that can be exchanged for one another), and more. 

While this platform is available on the web, Gemini says it’s optimized specifically for mobile browsers so you can trade on the go.

The exchange also offers Gemini Dollar (a USD-backed stablecoin), Gemini Clearing for order transactions, and Gemini Pay. Gemini Pay lets you make purchases with crypto at more than 30,000 retail centers across the US. 

On the institutional side, Gemini serves asset managers,

liquidity
providers, corporations, and wealth managers.

Crypto rewards

Gemini gives you the option to earn up to 7.40% APY on cryptocurrency balances by lending crypto to certain financial institutions. The feature — called Gemini Earn — pays interest daily, and the interest accrues starting at 4 p.m. on the business day after you deposit the funds. 

But interest rates vary for different cryptocurrencies. Here are some examples:

  • Bitcoin: 2.05%
  • Ethereum: 3.05%
  • Litecoin: 4.05%
  • Dogecoin: 2.25%
  • Filecoin: 7.40%

See a complete list of interest rates here.

Gemini says it lets you immediately opt in to Gemini Earn as soon as you open an account and purchase cryptocurrencies. You can also view both your combined trading balance and Gemini earn balance on the web and mobile platforms.

Wallet storage

You can safely store any of your coins or tokens with Gemini’s hot wallet and institutional cold storage options. A hot wallet is an online storage software that protects your crypto assets; cold wallets, or cold storage systems, utilize offline storage.

The institutional cold storage option — also called Gemini Custody — includes free setup and no account minimums, $200 million in insurance (this protects your virtual assets against theft), same-day withdrawals, instant liquidity (this allows you to convert assets to cash right away), and 24/7 customer support.

Educational resources

Gemini offers multiple resources for beginner crypto traders or those who simply want to broaden their knowledge on different investment topics. Among these are its blog and Cryptopedia platform. The Gemini blog contains helpful posts on industry, product, and account-use/technical topics.

The Cryptopedia platform, however, is a much more expansive crypto education resource. The platform contains nearly 300 articles — including explainers on non-fungible tokens (NFTs) and Bitcoin — on all things crypto. You can find Cryptopedia’s articles here.

The exchange also offers several videos and webinars on important crypto topics. These include the following:

The Better Business Bureau has given Gemini an NR (“No rating”). The BBB’s ratings usually range from A+ to F, but it says it has given Gemini the “NR” status while it evaluates a pattern of complaints about the exchange’s customer service issues and account management concerns.

When rating companies, the bureau also considers time in business, the type of business, licensing and government actions, advertising issues, and more. But since its ratings don’t guarantee whether a business will be reliable or perform well, it’s equally important to conduct your own research as well.

Gemini has closed 365 complaints in the last 12 months, according to BBB data.

Rickie Houston is a wealth-building reporter at Personal Finance Insider who covers investing, brokerage, and wealth-building products.

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