Gemini Crypto Exchange Review – Reliable or Not?

4/5

Team of STO Investment Platforms Reviewers

Gemini is a fast-growing crypto exchange that’s available in all 50 states and offers a very high number of cryptocurrencies. But, is it reliable and safe? We’ll find out in this Gemini crypto review.

 

What is Gemini Crypto

Gemini Trust Company LLC was founded in 2014 by Tyler and Cameron Winklevoss. The New York-based company focuses on compliance and security and is known for being easy to use. Signing up is straightforward. You will have to provide basic information to create an account, however, verification is mandatory in order to trade.

 

Gemini offers a basic trading platform for beginners, an advanced version for experienced traders, and a tool for peer-to-peer crypto trading. Unlike some other exchanges, it only targets crypto users. Hence, it offers a variety of crypto-related tools including the ability to earn interest on crypto. Called Gemini Earn, this tool can be a great way to make money as interest goes as high as 9.05 percent.

 

In addition, it offers a credit card that links to the Gemini account. Cardholders can earn up to 3 percent back in crypto on eligible purchases. Moreover, users can choose the Gemini crypto wallet to hold their currencies. It supports a large number of digital coins including Ether, Bitcoin, Bitcoin Cash, and Litecoin.

Is Gemini crypto safe?

Gemini is a safe platform as it is the first SOC 2-certified crypto exchange in the US. It offers excellent security features, including 2FA and wallet address whitelisting. In addition, users get the option to add approved devices to their accounts. 

 

Like other exchanges, the Gemini crypto exchange requires the submission of identity documents that are kept safe and secure. However, the company has been under scrutiny due to security-related issues in the past. Conversely, it has introduced a number of security features and is known for its commitment to compliance and security. In addition, Gemini protects users by offering FDIC insurance for USD deposits – up to $250,000. 

What crypto does Gemini support?

Gemini crypto exchange supports more than 100 digital coins, making it one of the best platforms to trade cryptos. Some of the most popular coins available on the platform include:

  • Bitcoin (BTC)
  • Dogecoin (DOGE)
  • Ethereum (ETH)
  • Gemini Dollar (GUSD)
  • Bitcoin Cash (BCH)
  • Cardano (ADA)
  • Solana (SOL)
  • Tezos (XTZ)
  • Polkadot (DOT)
  • USD Coin (USDC)
  • Litecoin (LTC)
  • Uniswap (UNI)
  • Terra (LUNA)
  • Dogecoin (DOGE)
  • Solana (SOL)

In addition, several stable coins, supported SPL tokens, and ERC-20 tokens are available as well.

Gemini Crypto Platform: Pros and Cons

Here are some of the main pros and cons of using this platform:

Pros:

  • Offers a wide variety of crypto-related services including Gemini wallet and card

  • Available in all US states

  • Gives you the option to choose from over 100 digital currencies

  • The interface is fun and easy to use

Cons:

  • Customer services could have been better
  • Some popular coins are missing

How to buy crypto on Gemini

Gemini makes it very easy to buy crypto. You can do it through the mobile app or website. Here’s a step by step guide:

Mobile:

  • Download the free app (iOs and Android).

  • Login to your account.

  • Go to the Market tab and choose the coin that you wish to purchase.

  • Choose your preferred order type or set up price alerts for the future.

  • You can choose a recurring order or a one-time order. Recurring options include monthly, twice monthly, weekly, and daily purchases.

  • Enter the amount of currency you’d wish to buy.

  • Choose from available payment methods and provide the required details.

  • Done. The coin will show up in your account shortly. 

Website:

  • Open the website, login to your account, and choose the currency you wish to purchase. 

  • Create an order, again you can choose from a one-time and a recurring order.

  • Choose from available payment methods and provide the required details.

  • Done. The coin will show up in your account shortly. 

 

In both cases, your account must be verified in order to make purchases. Also, the system will ask if you wish to earn interest on your purchases. Choose it to use the Earn feature.

 

 

How to transfer crypto into Gemini wallet

Gemini crypto trading platform allows users to send crypto between different exchange wallets including hardware wallets. Here’s how to do it:

 

  • You will need a wallet with a currency supported by Gemini wallet.

  • Open your Gemini wallet and choose Receive. 

  • The screen will display a public address or key in the form of a QR code or letters and numbers. Send this information to the person who needs to send you digital currencies.

  • Now, open the other wallet, choose send, enter the address, and complete the process.

  • The currency will appear in your Gemini wallet. It can take a few minutes based on the size of the transaction and the currency selected.

 

Similarly, you can send coins from your Gemini wallet to another wallet. It should, however, support the currency. In both cases, there will be a transaction ID that can be used to look up the transaction with the help of a block explorer.

Gemini fee

Gemini isn’t free to use and the company has a very unique and somewhat complicated fee structure. The fee depends on two factors:

  • The platform

  • The amount traded

It has two fee schedules, one for desktop users and one for mobile users. Fees start as low as $2.99 for trades between $50 and $200. The company uses a percentage system (1.49 percent) for trades above $200. This is a little higher than what other companies such as Binance charge.

Is Gemini reliable?

Gemini is a reliable crypto exchange with more than 13.6 million active users. It mainly supports USD and is known to be reliable as it’s a regulated and licensed name.