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Gemini is a beginner-friendly crypto exchange that’s well regarded for security, as it’s never been hacked. In addition, Gemini is one of the few leading exchanges that is available in all U.S. states. This includes New York, a frequent omission among crypto exchanges. While Gemini makes it easy to get started in crypto, users should be mindful of the platform’s relatively high fees and complicated fee structure.
Gemini offers a beginner-friendly platform and robust educational resources, making it a good choice for new crypto investors who are learning the ropes.
The exchange’s strong security offerings, trading platform, yield-earning product known as Gemini Earn and Gemini Staking are a good match for crypto trading veterans who are looking to delve deeper.
Gemini stands out as a top platform for people who are looking to get started with crypto. Its easy-to-use app and Cryptopedia educational resources make it a snap for just about anyone to learn about cryptocurrency, though its fee structure for trades made outside of its advanced trading platform gets pricey quickly.
Gemini also offers a host of yield-earning products with Gemini Earn and Gemini Staking.
Users can earn rewards on over 40 cryptocurrencies with Gemini Earn. While it’s not a staking program per se, Gemini Earn is a lending platform that lets users lend out their crypto holdings in exchange for interest payments.
Like staking, Gemini Earn users receive an annual percentage yield (APY) for participating with their crypto holdings. The New York-based exchange advertises that users can earn up to 8.05% APY with the program.
For those who would prefer to do just regular staking to earn a yield on their crypto holdings, there’s Gemini Staking. But if you’re looking for a laundry list of cryptos to stake, you might need to look elsewhere other than this Winklevoss-founded platform. Gemini only lets you stake Ethereum (ETH) and Cardano (ADA).
Gemini’s fee structure may be too big a downside for those who are just getting started in crypto.
You could end up paying fees of as much as 1.49% if you conduct your trade as a “web order,” which is the most likely method for a trade.
Plus, other fees may apply. If you use a debit card, tack on another 3.49% on to your trade. While Gemini might offer a user-friendly interface, the convoluted fees are definitely a downside.
Gemini charges several types of fees, depending on the services that you use.
- Transfer fees. Charged for certain types of deposits or withdrawals from the exchange. Wire transfer deposits are free. But any deposit from a debit card incurs a 3.49% fee. Withdrawal fees are variable based on the coin the user withdraws.
- Convenience fees. If you use the web or mobile app, there’s a fee for that. Gemini calls this a “convenience fee.” The fee is 0.5%.
- Gemini Earn fees. These are charged for crypto that is earning interest in Gemini Earn. These agent fees are also subject to change.
- Withdrawal fees. Users do pay withdrawal fees on non-Ethereum-based cryptos. If you’re withdrawing Bitcoin BTC), for instance, expect to pay a 0.0001 BTC fee. You’ll pay 4 DOGE, to withdraw your stash of Dogecoin, to name another example. But withdrawing Gemini’s stablecoin, Gemini Dollar (GUSD) is free.
- Transaction fees. The basic platform has a tiered structure for trades, with a 1.49% fee on orders over $200. Gemini has a different structure for its ActiveTrader product.
The fees displayed below are the transactions charged for web orders. These types of fees are drastically higher than the Gemini ActiveTrader platform.
Gemini Web Orders Fees | Text |
|---|---|
Web Order Amount | Transaction Fee |
$0.00 to $10.00 | $0.99 |
$10.01 to $25.00 | $1.49 |
$25.01 to $50.00 | $1.99 |
$50.01 to $200.00 | $2.99 |
$201.00+ | 1.49% of web order value |
Gemini’s ActiveTrader platform uses a maker-and-taker-fee structure. The fee schedule for its ActiveTrader platform is as follows:
Gemini ActiveTrader Fees | Text | Text |
|---|---|---|
30-Day Trading Volume | Maker Fee | Taker Fee |
$0 to $9,999 | 0.20% | 0.40% |
$10,000 to $49,999 | 0.10% | 0.30% |
$50,000 to $99,999 | 0.10% | 0.25% |
$100,000 to $999,999 | 0.08% | 0.20% |
$1,000,000 to $4,999,999 | 0.05% | 0.15% |
$5,000,000 to $9,999,999 | 0.03% | 0.10% |
$10,000,000 to $49,999,999 | 0.02% | 0.08% |
$50,000,000 to $99,999,999 | 0.00% | 0.05% |
$100,000,000 to $499,999,999 | 0.00% | 0.04% |
$500,000,000+ | 0.00% | 0.03% |
With maker and taker fees, the amount you pay for a trade depends on whether your request for cryptocurrency is matched with someone else’s existing request to buy or sell crypto, or if you are making a new request that someone else will then be matched with.
The former is called a taker trade because it takes away liquidity from the exchange while the latter is a maker because it makes more liquidity.
As for other fees, the mobile web app has a similar fee structure to the Gemini web order system. However, mobile users will also be charged an additional 0.5% convenience fee regardless of the size of their purchase.
As a result, small purchases in particular can result in notably high fees.
Gemini is notable for never having been subject to a major hack.
Digital assets are insured against losses from a hack or breach of security. Gemini is in compliance with more regulators than most crypto exchanges, including the New York Department of Financial Services. The platform is also in compliance with international regulators where Gemini operates globally.
In addition to storing the majority of its customer crypto assets offline, Gemini requires the use of two-factor authentication (2FA) to log in or make withdrawals, and users can implement a limited list of addresses that can receive withdrawals—or disable withdrawals from their accounts entirely.
To open an account with Gemini, new users enter their name and email address and choose a password. After entering this information, the new user enters their phone number. At this point, a verification code is texted to them.
Two-factor authentication is configured automatically once the member’s phone number is entered. After this, the new member needs to enter their home address, date of birth and social security number.
As soon as all this information is verified by Gemini, the user is ready to start buying crypto. Transferring crypto requires additional verification.
Gemini currently supports more than 120 cryptocurrencies, including:
For a full list of the cryptocurrencies available on Gemini, see this page.
Gemini At A Glance | Text |
|---|---|
Trading |  |
Advanced Trading Features |  |
Security & Storage | |
Crypto Wallet | ✔ |
Staking | ✔ |
Lending | X |
Margin Trading | X |
Gemini’s fee structure can be pricey for beginners. The trading fees for web- and mobile-based orders are easy to understand, which is how many beginning traders might choose to use the platform. However, these fees are expensive when compared with other exchanges.
ActiveTrader fees are more reasonable, but it’s not easy for beginning traders to interpret these fees.
If Gemini wants to be an even better platform for beginning crypto traders, the company could benefit by lowering its mobile- and web-based trading fees. Also, Gemini recently eliminated free withdrawals of cryptocurrency, a feature that once gave the exchange an edge among competitors.
Gemini’s lack of a customer service phone number and other significant customer service options may give some investors pause.
Since all customer support issues are handled by the online ticket system, customers needing immediate assistance will have to wait until the customer service team answers their questions.
With a trading list of more than 120 coins, Gemini has a robust coin offering. That’s what makes the conspicuous lack of two major coins, XRP and Cardano, curious.
With XRP and Cardano absent, two of the 10 largest cryptocurrencies by market cap remain unavailable on Gemini.
Welcome Offer:
Deposit $100 and get a $10 bonus! (US Only)
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To determine crypto exchange rankings, we assessed the features and options offered by nearly 25 exchanges, trading apps and brokerage platforms that offer crypto trading options.
To rank the best crypto exchanges overall and the best exchanges for beginners, we assessed all of the features and options offered by these 25 platforms. The editorial team then developed a standardized methodology, analyzing 10 key benchmark features and variables to assess quality across the platforms.
Basic trading features count as one factor in the overall and beginner rankings. Other ranking factors include platform availability, customer service, educational resources, security and storage, staking and rewards, to name a few.
The sum of weighted values across all or some of these key factors was calculated for each ranking to award each brokerage or exchange its overall rank. Margin trading, platform lending, and advanced trading were not considered for choosing the best crypto exchanges for beginners.
Last modified 2mo ago