Gemini Crypto Exchange Review [2021]: Does It Have the Features You Need?

Gemini crypto exchange offers a variety of choices when it comes to crypto trading.
Last updated Aug 18, 2021 | By Miranda Marquit | Edited By Jess Ullrich
Man comparing crypto exchanges

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Interest in buying Bitcoin and other cryptocurrencies has surged recently. If you’re looking to buy crypto, one way to easily make these purchases is to use an exchange. There are a number of crypto exchanges that can help you access a variety of coins, including altcoins.

One of the more popular and robust is the Gemini crypto exchange. Gemini offers more than 40 coins, as well as access to the ability to earn a return on your holdings and a level of security not often seen on cryptocurrency exchanges. Read this Gemini exchange review to learn more.

Quick Summary

Gemini allows you to buy and trade over 30 cryptocurrencies.

  • Buy, sell, and store your crypto in one place
  • Set recurring buys and dynamic price alerts
  • Earn interest on your crypto
In this Gemini review

What is Gemini crypto exchange?

Gemini was founded in 2015 by Cameron Winklevoss and Tyler Winklevoss, twin brothers who were known for their dispute with Mark Zuckerberg over Facebook. After the Winklevoss twins lost that dispute and ownership of Facebook, they turned to other ventures, including crypto. Gemini’s current CEO is Catarina Fazzino, and the company is headquartered in New York City.

One of the top 15 cryptocurrency exchanges by volume, Gemini is well-known for its strict security, including the fact that it carries insurance coverage for the assets you hold in Gemini’s hot wallet service. This insurance helps protect your assets in the event of a security breach, hacking event, or theft by an employee. It won’t protect you from market losses.

If you’re learning how to invest money in cryptocurrencies, Gemini could be a good choice. While the service might be better suited to intermediate to advanced traders, some easy-to-use features can be useful to beginners. Plus, the insurance and security features can help to give novice crypto traders and investors peace of mind as they learn the ropes.

Gemini also offers the ability to earn a return on cryptocurrency and pay for retail purchases using funds from your Gemini crypto account. These are some products and features that Gemini has built in to set itself apart as a cryptocurrency exchange.

Gemini
Mobile app Yes
Fees 0.5% - 3.99%, depending on payment platform and method
Available cryptocurrencies
  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Chainlink (LINK)
  • Dai (DAI)
  • Dogecoin (DOGE)
  • Ether (ETH)
  • Filecoin (FIL)
  • Litecoin (LTC)
  • Orchid (OXT)
  • Zcash (ZEC) *More than 30 cryptocurrencies available
Buy/deposit methods
  • Bank transfer
  • Debit card
  • Crypto
Sell/withdrawal methods
  • Bank transfer
  • Crypto
Order types
  • Market
  • Limit
  • Stop limit
Other features
  • Pay for certain purchases using crypto funds
  • Earn interest on your crypto funds
  • Wallet service
  • Stablecoin backed by the U.S. dollar
  • Peer-to-peer trading
  • Credit card (coming soon)
Best for... Crypto traders who want access to additional financial services
Visit Gemini

What does Gemini offer?

Gemini crypto exchange works like many other exchanges. It’s possible for you to buy cryptocurrency using fiat currency or crypto. You can send your crypto to the exchange from your wallet or fund your account with a bank transfer or debit card purchase. Additionally, Gemini offers trading between cryptocurrency pairs, allowing you to trade one crypto for another without the need to convert to a fiat currency first.

You can buy, trade, or store more than 30 crypto assets with Gemini, including coins like Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Polkadot (DOT), and Uniswap (UNI). On top of that, Gemini offers its own stablecoin, the Gemini dollar (GUSD), which is backed by the U.S. dollar.

Gemini offers several features and products, including:

  • Gemini Earn: Use your crypto balance, including stablecoins, to earn up to 7.4% APY (as of Aug. 10, 2021). Actual APYs will vary depending on the coins you hold. One nice feature of Gemini Earn is that there aren’t requirements to keep your crypto for a set period of time to earn a yield. You can move your crypto and any interest earned back into your trading account at any time.
  • ActiveTrader: For those more interested in active trading, it’s possible to use this platform to execute complex orders in less than a second. Fees are based on volume, and it's possible to make trades that aren’t normally available on the “regular” exchange.
  • Gemini Dollar: Gemini’s proprietary stablecoin is linked to the U.S. dollar and is highly liquid. It can be used on a number of other decentralized exchanges. Additionally, you can keep it in your Gemini account to earn interest, and it can be used with Gemini Pay at select retailers.
  • Gemini Pay: You can use the Gemini mobile app to pay at more than 30,000 retailers in the United States. It’s possible to pay using crypto, so you don’t have to make an effort to exchange your crypto for fiat currency on your own.
  • Gemini Wallet: Gemini offers both a hot wallet and a cold storage system. On top of that, Gemini has insurance to cover the coins you keep with their service.
  • Gemini Clearing: If you’re interested in off-exchange trading, you can choose to trade directly with another party. Gemini offers clearing services for peer-to-peer trades.

Gemini also has plans to introduce a credit card that earns rewards. You have to be placed on a waitlist at this point, but it’s expected to allow you to earn crypto rewards on your spending.

On top of offering insurance on crypto wallets — something somewhat rare for crypto exchanges — Gemini also employs multi-factor authentication and follows best practices for security. Not only that, but Gemini is a licensed New York trust company and submits to bank exams. There are multiple internal controls and other measures in place to protect the exchange and your account.

You can access Gemini on mobile for iOS and Android and purchase the app in the Samsung Galaxy store.

Gemini could be a good choice for someone looking for an easy way to build a crypto portfolio and access other financial services in conjunction with using cryptocurrencies. While you might want to be an intermediate trader before trying Gemini, there are also some features that might be good for beginner cryptocurrency investors.

Pros and cons of Gemini

Pros

  • Access to more than 30 cryptocurrencies. You can buy, sell, trade, or store dozens of cryptocurrencies using Gemini crypto exchange.
  • Insurance on digital assets. Gemini has insurance coverage on the assets it holds in its wallet service. This can help to protect your wallet against hacking and other loss. It won’t protect you from market losses or drops in coin price, but it does offer peace of mind.
  • Available in all U.S. states. You can open a Gemini account in all 50 U.S. states.

Cons

  • Fees can be higher than other crypto exchanges. Gemini has a somewhat complex fee schedule, based on the platform you’re using (mobile vs. web) as well as the payment method you use and other factors. With the various fees, it could add up to more than some other crypto exchanges charge.
  • Limited payment and withdrawal options. Gemini allows you to buy crypto with a bank transfer and debit card, but not a credit card. You can also use crypto you own to buy more crypto, and withdraw funds to an outside wallet. You can only withdraw fiat balances with a bank transfer — you can’t use your debit card for instant withdrawal.

Who can open an account with Gemini?

Gemini offers accounts for individuals and businesses. You can sign up as long as you are the age of majority in your state and have a way to fund your account. Gemini is available in all 50 states and many countries. You can start investing with as little as $5. When you sign up, you’ll need to have your Social Security number, birth date, and other identifying information available. Also, be ready to provide banking details for transfers.

In general, Gemini crypto exchange is likely best suited for intermediate to advanced traders who want access to a few more bells and whistles with their crypto exchange. It can also be a good way for crypto enthusiasts to test out using crypto to pay for purchases with select retailers. Those learning how to invest money in crypto might want to consider another option.

How much can you earn with Gemini?

As with any investment, there’s no guarantee that you will end up with a profit when you buy, sell, or trade using Gemini. Additionally, cryptocurrency is considered a more volatile asset class than more traditional assets like stocks, bonds, and real estate.

However, you could potentially see returns, depending on the cryptocurrency you buy and how long you hold it. With Gemini Earn, though, there is potential to earn interest based on the coin you hold and how long you’re willing to keep it in your Earn account.

FAQs about Gemini

Is Gemini crypto exchange legitimate?

Yes, Gemini is a legitimate cryptocurrency exchange. In fact, Gemini is regulated in New York and meets stringent requirements. If you’re interested in how to buy bitcoin, or more than 30 other cryptocurrencies, Gemini can be a legitimate way to do so.

Can you lose money on Gemini crypto exchange?

Yes, you can lose money on Gemini if the value of the coins you buy goes down. Like any investment, there’s a risk of loss when you get involved with cryptocurrencies.

Which fiat currencies does Gemini support?

  • U.S. dollar (USD)
  • Australian dollar (AUD)
  • Canadian dollar (CAD)
  • Euro (EUR)
  • Great Britain pound (GBP)
  • Singapore dollar (SGD)
  • Hong Kong dollar (HKD)

How to open a Gemini crypto exchange account

To open a Gemini account, it can help to have the information you need on hand. This information may include:

  • Name
  • Date of birth
  • Address
  • Social Security number

You should also have some type of valid ID, such as a driver’s license, state-issued ID, passport, or Permanent Resident Card to confirm your identity. Gemini asks for an email address and your state of residence when you sign up.

You can sign up online relatively quickly, and Gemini uses Plaid to connect to your bank account. But it can help to have your routing and account numbers handy, just in case there’s a problem.

Other platforms to consider

If you’re not sure that Gemini crypto exchange is the right choice for you, there are some other trading platforms to consider.

Kraken

For those who are more interested in advanced trading choices, Kraken can be a good choice. Kraken offers futures trading, as well as the ability to trade on margin. Kraken also has a wide selection of altcoins. However, Kraken doesn’t offer a wallet service, so you have to be ready with your own wallet.

Read our full Kraken crypto exchange review.

Coinbase

Coinbase is more suited for beginning traders learning how to buy cryptocurrency, although its fees might be a little higher than what you’d see with Gemini. Coinbase is intuitive and easy to use. On top of that, Coinbase offers a wide range of rewards when it comes to altcoins. For those who just want something straightforward and simple, Coinbase can be a solid choice for cryptocurrency trading.

Read our full Coinbase review.

Bottom line

Gemini crypto exchange offers the opportunity to buy, sell, and trade digital currencies. You can also store your crypto with Gemini to earn interest. For those looking for one of the best cryptocurrency exchanges, this could be a good choice. 

Carefully consider your needs and each platform’s features before deciding which cryptocurrency exchange is right for you.

Gemini Benefits

  • Buy bitcoin and other cryptos
  • Set recurring buys and dynamic price alerts
  • Industry leading customer support

Author Details

Miranda Marquit Miranda Marquit has been covering money for more than a decade and is a nationally-recognized financial expert and journalist, appearing on CNBC, NPR, Forbes, Yahoo! Finance, FOX Business, and numerous other outlets.