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- Gemini is another leading crypto exchange that is user-friendly and caters for both beginners and advanced traders.
It has very strong security, robust educational sources, high availability and hot wallet insurance. Gemini offers various unique services like Gemini Custody and Gemini Earn. The only disadvantage is that it has higher fees than its competitors. Is Gemini’s service worth its expensive prices? Let’s find out.
- Funding Methods: Bank Transfer, ACH Transfer, Debit Card
- Supported fiat: USD, AUD, CAD, EUR, GBP, SGD, HKD
- Cryptocurrencies: 60+
- Website: www.gemini.com
“We have invested thousands of hours researching Binance and can say unequivocally that it is one of the most strategically important infrastructure providers in the blockchain ecosystem.”
Pros
- Extremely high security
- Gemini Pay apps enable purchases with 30,000 retailers using your cryptocurrency
- Available in all 50 US states
Cons
- High fees
Gemini History and Background
Gemini Trust Company LLC was founded by Tyler and Cameron Winklevoss in New York back in 2014 with the aim to produce a crypto exchange which operates and excels in its product, security, licensing and compliance. And as such, Gemini was born and quickly became a well-known exchange that has never been hacked before.
Despite its low versatility compared to its competitors, its focus on security sets it apart from all its competitors. As proof of their commitment, they are the first crypto exchange that has been awarded a certification of SOC-2.
Screenshots
What Cryptocurrencies Can You Buy on Gemini?
Gemini currently supports over 60 cryptocurrencies, that includes top crypto assets like Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK) and Dogecoin (DOGE). Aside from the Native Assets mentioned earlier, Gemini also offers Stablecoins like the Gemini Dollar (GUSD), SPL Tokens like Orca (ORCA) and various ERC-20 Tokens:
- Bitcoin (BTC)
- Ethereum (ETH)
- Filecoin (FIL)
- Zcash (ZEC)
- Zcash (ZEC)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Dogecoin (DOGE)
- Tezos (XTZ)
- Solana (SOL)
- Polkadot (DOT)
- Gemini Dollar (GUSD)
- USD Coin (USDC)
- DAI (DAI)
- TerraUSD (UST)
- ApeCoin (APE)
- Magic Internet Money (MIM)
- Bonfida (FIDA)
- SushiSwap (SUSHI)
- Aave (AAVE)
Setting up a Gemini Account
Setting up a Gemini Account is very simple, taking no more than 10 minutes.
Step 1: Go to www.gemini.com and click on Sign In and then create an account. Type in your email and password and set up a two-factor authentication login.
Step 2: Verify your email address and log in again. You will then proceed to verify your identity via SingPass.
Step 3: Once that’s done, you are free to navigate the website.
The steps to open up an account on Gemini
Open www.gemini.com and select "Sign in".
Type in your email and password and set up a two-factor authentication login.
Verify your email address and login again.
Verify your identity via SignPass.
Gemini Fees
Gemini has a more complicated fee structure than most top crypto exchanges out there, but maintain complete transparency of their fees for their users. Gemini has four main types of fee on their site:
- Agent Fees. These fees are automatically deducted from the earning interest in Gemini Earn.
- Custody Fees. These are fees to cover the cost of the cryptocurrency storage in Gemini Custody account. Custody fees usually reach up to 0.4%.
- Trading Fees. The amount varies on where you make your crypto trades. Gemini’s website, mobile app, API and ActiveTrader platforms have varying fees. For instance, Gemini Mobile and Web have fees reaching up to 1.49%, however, it will decrease to 0.35% when using Gemini ActiveTrader.
- Transfer Fees. These are fees associated when depositing or withdrawing. These fees vary on what deposit and withdrawal method you will use.
For more information regarding fees, you can see their full rates on their Fee site.
| Level | 30d Trade Volume (USD) | & | BNB Balance | Maker / Taker | Maker / Taker (25% off with BNB) |
|---|---|---|---|---|---|
VIP 0 | < 50,000 USD | or | ≥ 0 BNB | 0.1000% / 0.1000% | 0.0750% / 0.0750% |
VIP 1 | ≥ 50,000 USD | & | ≥ 50 BNB | 0.0900% / 0.0900% | 0.0675% / 0.0675% |
VIP 2 | ≥ 100,000 USD | & | ≥ 100 BNB | 0.0800% / 0.0900% | 0.0600% / 0.0675% |
VIP 3 | ≥ 500,000 USD | & | ≥ 200 BNB | 0.0700% / 0.0800% | 0.0525% / 0.0600% |
VIP 4 | ≥ 1,000,000 USD | & | ≥ 400 BNB | 0.0500% / 0.0700% | 0.0375% / 0.0525% |
VIP 5 | ≥ 5,000,000 USD | & | ≥ 800 BNB | 0.0400% / 0.0600% | 0.0300% / 0.0450% |
VIP 6 | ≥ 10,000,000 USD | & | ≥ 1500 BNB | 0.0000% / 0.0600% | 0.0000% / 0.0450% |
VIP 7 | ≥ 25,000,000 USD | & | ≥ 2500 BNB | 0.0000% / 0.0500% | 0.0000% / 0.0375% |
VIP 8 | ≥ 100,000,000 USD | & | ≥ 4000 BNB | 0.0000% / 0.0400% | 0.0000% / 0.0300% |
VIP 9 | ≥ 250,000,000 USD | & | ≥ 6000 BNB | 0.0000% / 0.0300% | 0.0000% / 0.0225% |
VIP 10 | ≥ 500,000,000 USD | & | ≥ 6000 BNB | 0.0000% / 0.0200% | 0.0000% / 0.0150% |
Binance Deposit and withdrawal methods
Gemini accepts deposits in both FIAT and crypto. You can deposit and withdraw through credit/debit cards and local US bank transfers. Fees depend on the types of depositing and withdrawing method you use. Meanwhile, most cryptocurrency deposits are free apart from their associated network fee. You can check the detailed lists here.
Deposit Options for Binance
| Deposit method | Buy | Sell | Processing time |
|---|---|---|---|
BANK ACCOUNT (ACH) | Yes | Yes | 1-3 days |
CREDIT / DEBIT CARD | Yes | No | Instant |
WIRE TRANSFER | Yes | No | 1-3 days |
Withdrawals
Withdrawal options for the Binance are almost the same as the deposit options.
- Cryptocurrency: You can send cryptocurrency out of your Binance wallet into another cryptocurrency wallet. To do this, select the cryptocurrency that you want to send out, and click on “Withdraw”. Select a network you want to use for the transfer and the amount of crypto you want to send. Then you can submit the transaction to the network.
- Fiat: Just as you used your credit card and bank transfer to fund your wallet, you can explore these means to withdraw funds from your Binance wallet into your local bank.
- P2P Trading: Some countries do not support cryptocurrency transactions. Traders from these countries can sell their cryptocurrencies on the Binance P2P platform and get paid in their local currency.
Is Gemini Safe?
Gemini prides itself for being one of the most secure crypto exchanges. As proof of this, there has yet to be a report saying that they have been hacked. They remain transparent in their security, offering third-party security assessments (that includes their certification of SOC 2 Type 2, ISO 27001), and annual penetration testing. In addition, USD stored in your Gemini account is secured in FCID-approved banks all over the US. With the security-first motto of the exchange, their users would have to comply to give their personal information such as email address, home address, identification card, phone number and such when opening an account.
Gemini Mobile App
Gemini has an excellent mobile application you can download straight from their site. It is currently available in Apple App Store and Google Play Store, where they have stellar remarks from their current users.
- It is really easy to use as long as you are familiar with the Gemini Web.
- You have access to all the web features such as trading.
- In addition, users can set up price alerts and track different cryptocurrencies.
All in all, the application is minimalistic and clean making it easy to use for all busers. It is perfect for traders who are always on the go.
The Gemini Card
Gemini Credit Cards are solid cryptocurrency-earning credit cards. Like any other crypto credit card, this allows you to purchase in-site and onto actual stores scattered over the world that accept MasterCard. Of course, holding a Gemini Credit card also lets you earn rewards, discounts, perks and various bonuses when using it on Gemini’s platform. However, with its low earning rates, most of its users are those who loyally use the Gemini platform.
For more information on this card, you can visit the Gemini Credit Card site.
Binance Education
Gemini, as a large cryptocurrency exchange, provides the expected educational materials for its users to start learning about crypto or to navigate their platform. There are various educational materials on their site free to access by anyone, such as Cryptopedia. They even partnered up with Learn & Earn, an app that teaches financial and crypto literacy. These crypto courses are sponsored by Gemini and involve the fundamentals of cryptocurrency and how to get started.
Customer Support
With their extensive guides, basic questions are often answered by their support page. They also have a chatbot which is able to provide detailed answers to most queries.
Conclusion
Frequently Asked Questions
Gemini is very transparent when it comes to the handling of their platform’s crypto assets. In their blog, they detailed their digital assets, insurance and capital reserves. They mentioned that a small portion of crypto assets held by the Gemini platform is kept in a “Hot” wallet, the rest kept in cold-storage.