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PROS & CONS
SPECIFICATIONS
Pros
Available in all 50 U.S. states
Hot wallet insurance
Strong security
Cons
Only around 100 cryptocurrencies available
Trading fees can be high
Pros Explained
Cons Explained
Introduction
Company Overview
Cryptocurrencies
Trading Experience
Fees
Security
Opening An Account
Customer Service
Customer Satisfaction
Account Management
Competition
Methodology
Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.
Pros Explained
Available in all 50 U.S. states: Unlike some of its competitors, Gemini is available in all 50 U.S. states.4
Hot wallet insurance: Geminiās hot wallet is backed by digital asset insurance. User funds stored in the wallet are covered in the event of a security breach or hack.
Strong security: Since its founding, Gemini has put a strong emphasis on user security. It has several security measures and insurance to help protect user assets.
Cons Explained
Only around 100 cryptocurrencies available: Compared with some industry competitors, Gemini offers fewer cryptocurrencies available to buy, sell, and trade.1
Trading fees can be high: Geminiās trading fees are relatively high, especially if youāre trading a small amount of crypto.
Introduction
Gemini Trust Company LLC is a cryptocurrency exchange offering over 100 assets available to buy, sell, and trade. In addition to a modest selection of crypto, the platform provides strong account security and compliance measures. Users can also access several products and services, including a cryptocurrency rewards credit card, a built-in hot wallet, and the option to pay their favorite retailers with crypto.Investing in cryptocurrencies, Decentralized Finance (DeFi), and Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.
Company Overview
Tyler and Cameron Winklevoss founded New York-based Gemini in 2014 after struggling to find a safe place to hold their cryptocurrency. Since its founding, Gemini has operated on four key pillars: product, security, licensing, and compliance. Its goal is to establish and maintain user trust by offering a secure, compliant crypto exchange platform.While Geminiās focus on security and compliance sets it apart, the exchange offers fewer cryptocurrencies than many competitors. Despite its smaller number of assets, this platform is still an excellent option for both novice and experienced traders, thanks to its strong security focus and range of products and tools.Highlighting its commitment to security, Gemini recently became the first SOC 2-certified crypto exchange in the industry. The SOC 2 examination is given by third-party auditors, and it assesses a product or companyās levels of security and compliance.2Between November and December 2022, Gemini secured regulatory approval to operate in Italy, and launched operations in Greece and Bulgaria.5 To start 2023 on a high note, the platform added support for the Cosmos (ATOM) blockchain.6
Cryptocurrencies Available on Gemini
While Gemini offers fewer cryptocurrencies than other major exchanges, around 100 assets are currently available on its platform.7 Users can buy, sell, and trade some of the most popular assets such as:
Bitcoin (BTC)
Ethereum (ETH)
Dogecoin (DOGE)
Gemini Dollar (GUSD)
Cardano (ADA)
USD Coin (USDC)
Uniswap (UNI)
Trading Experience
Both the Gemini website and mobile app offer a user-friendly trading experience. Beginners will appreciate Geminiās simple buy and sell option and its extensive support page. Experienced traders will appreciate its ActiveTrader platform, which offers advanced charting tools and multiple order types, and allows users to execute trades quickly.8To take advantage of Geminiās full trading features, account holders need to complete an identity verification process.9 This process involves uploading a government-issued photo ID, such as a driverās license or passport.
Fees
Geminiās fee structure works differently than many other exchanges, which often use a tiered maker/taker fee model. Its fees vary depending on the amount youāre trading and the platform youāre using. For instance, Gemini has both a mobile fee schedule and a desktop fee schedule.1011 Fees can range up to $2.99 for trades greater than $50 but less than $200, or 1.49% for trades of at least $200 or more.3While this exchange is transparent about its fees, its basic fee structure is more complicated than what youāll see with some other exchanges. Its fees are also slightly higher than what many industry competitors charge.For those who plan to use Geminiās ActiveTrader platform, hereās what you can expect in terms of fees:
Security
Gemini offers industry-standard security features like two-factor authentication, wallet address whitelisting, and the option to review and approve devices used to log in. To access the platformās full suite of trading features, users also need to complete its Know Your Client (KYC) verification process, which involves uploading a government-issued photo ID. This process is designed to reduce instances of fraud on Gemini.In addition to its security features, Gemini is SOC 2-certified, which highlights the platformās commitment to security and compliance. This exchange also offers FDIC insurance for U.S. dollar deposits up to $250,000 and digital asset insurance for funds held in its hot wallet.12 This insurance helps protect user funds in the event of a breach or hacking incident.In December 2022, email addresses and phone numbers belonging to over 5.7 million Gemini users were leaked in what the firm claimed to be a āthird-party issue.ā13
Opening a Gemini Account
Youāll simply need to provide your name, email address, and password to get started on Gemini. After that, youāll confirm your account via email, set up multi-factor authentication, and begin the identity verification process. Once youāve completed identity verification, youāll be able to connect your bank account or debit card and start buying and selling crypto.
Customer Service
Gemini has a comprehensive help center where users can find answers to common questions.14 It also has a virtual chatbot and the option to submit a support ticket for help from a human. Like many other crypto exchanges, Gemini does not offer live support over the phone for individual users.
Customer Satisfaction
While Geminiās platform is intuitive, customer feedback is mixed. The exchange boasts only 1.1 out of five-star rating across 849 Trustpilot reviews.15Dissatisfied users report issues with frozen accounts, lengthy verification processes, poor customer support, and the inability to redeem earnings from the now-suspended flagship earn program championed by Genesis. However, some customers praise Geminiās reliability, user-friendly interface, and regulatory compliance.
Account Management
Gemini users can access their accounts, make deposits, and buy and sell crypto through its online dashboard and mobile apps, available for Android and iOS. Its ActiveTrader platform is also available on both desktop and mobile browsers, so users can make trades at home or on the go.As a Gemini user, you should prepare for a self-service account experience. While this exchange does have some options for customer support, youāll be responsible for navigating the platform and learning how it works. Itās worth noting that most crypto exchanges operate similarly, relying on users to do their due diligence and manage their accounts primarily on their own.
How Gemini Compares to Other Cryptocurrency Companies
Compared to other leading crypto exchanges, Gemini is a relatively secure platform offering an intuitive user experience and helpful features. In addition to the option to buy, sell, and trade cryptocurrency, users can also access a suite of unique products, including a crypto rewards credit card and a tool that allows you to pay for your everyday purchases with cryptocurrency.
Gemini vs. Coinbase
Both Gemini and Coinbase are leading crypto exchanges with a strong U.S. and global presence. Hereās how they compare and differ:
Gemini is available in over 70 countries, while Coinbase is available in over 100. 16
Gemini is licensed in 50 U.S. states, and Coinbase is licensed in 49 (Hawaii is excluded).17
Both Gemini and Coinbase have created crypto rewards cards, which allow cardholders to earn crypto from their everyday purchases. Gemini offers a credit card, while Coinbase offers a debit card.
Both exchanges are relatively secure and focused on meeting regulatory requirements in the jurisdictions they serve.
FINAL VERDICTThose seeking a secure, user-friendly platform to buy, sell, and trade cryptocurrencies may find what theyāre looking for with Gemini. It provides an easy-to-navigate interface and a simple buy/sell form for beginners. Advanced traders can benefit from its Active Trader platform, which offers advanced charting tools and multiple order types.While Geminiās fee structure is more complex than what you might see on other leading platforms but it is transparent about fees, so you wonāt be surprised by unexpected costs. Whether youāre new to crypto or a seasoned trader, Gemini could be worth considering if youāre thinking about investing in or trading crypto.
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