In this Gemini Exchange review, we’ll take a look at how you can buy Bitcoin, Ethereum, and other cryptocurrencies within their beginner-friendly cryptocurrency exchange. Whether you’re an experienced trader or just getting started buying your first Bitcoin, Gemini has a range of tools to help you to buy, sell, or store your crypto.
What is Gemini Exchange?
Gemini exchange is a regulated cryptocurrency exchange, wallet, and custodian that makes it simple and secure to buy Bitcoin, Ethereum, and various other cryptocurrencies. The exchange was launched in 2015 in the US by the Winklevoss twins Cameron & Tyler, who rose to fame in 2004 after they sued Mark Zuckerberg over Facebook and the company has now expanded its operations to Europe and Asia.
Gemini Exchange Fees
Gemini has a fairly complicated fee structure, which will depend on the way that you access their platform and whether this may via mobile, the web application, or using their ActiveTrader platform. The below will explain the fees associated with the exchange platform only.
Withdrawal & Deposit Fees
Gemini does not charge any fees for deposits made using crypto and wire transfers. Although, some bank fees may apply depending on your bank. I wouldn’t personally recommend it, but if you chose to pay with a debit card you are charged 3.49% of the total purchase amount.
Withdrawals are dependent on the type of cryptocurrency but are also generally free for less than 10 per calendar month, per withdrawal. And all bank wire withdrawals are also free of charge. A list of all the crypto fees can be found here.
Platform Trading Fees
All orders that are placed using the Gemini exchange incur both a convenience fee and a transaction fee. Before you place your order, you will be quoted a price that includes the convenience fee and in addition, you’ll also see the transaction fee that has been applied too, and these will depend on your trading amount and currency.
If you want to help to reduce the transaction fees that you will be paying on Gemini, there are savings to be had by trading with Gemini ActiveTrader where you can reduce your fees to a maximum of 0.35%.
Gemini has never reportedly been hacked and the majority of assets are held in our offline, in Cold Storage. With only a small portion is held in their online Hot Wallet. The exchange is accessed with a combination of strong passwords and 2-factor authentication which can also be used for withdrawals. However,
Gemini is a centralised exchange and therefore has control over your cryptocurrencies with access to your private keys. This means you are entrusting a third party to look after and secure your coins. I’d personally recommend not to keep your crypto in an exchange which is a far more likely target for hackers.
Originally Gemini only supported Bitcoin and Ethereum. However, have since increased the availability to 26 coins and 42 trading pairs including the likes of BTC, ETH, BCH, LTC, ZEC, OXT, DAI, BAT and LINK. Plus FIAT markets such as USD, AUD, CAD, EUR, GBP and HKD.
The lack of choice available on Gemini is one of its biggest negatives, compared to the like of Binance it can’t compete.
The Gemini exchange platform has a wide range of FAQs with helpful information to try to resolve any initial queries. However, if you need further assistance, you can also contact them via a customer support line (based in the US) or you can direct message them via Twitter.
Gemini BTC Referral
If you’re new to Gemini and you’re just getting started, you could get $10 of Bitcoin by using this referral link. Simply sign up for an account using the link and buy or sell with $100 or more within 30 days of creating your account. Then you will be credited $10 worth of bitcoin, straight into your account.
You could also share your referral link with friends and family and as the referee could also earn yourself a further $10 when they also buy or sell with $100.
Gemini vs Coinbase
For beginners looking for a place to buy their first Bitcoin or other cryptocurrencies both Gemini and Coinbase are both well-trusted platforms to get started.
Both Coinbase and Gemini entice new customers with sign up offers of $10 of free bitcoin Once signed up, beginners can very easily buy their crypto with bank transfers or credit/debit card payments. These exchange platforms both charge high fees based on their convenience, with Coinbase charging customer 3.99% for credit or debit card payments, whilst Gemini comes out (ever so slightly less) at 3.49%.
However, trading fees can be reduced on either exchange by heading across to their more advanced trading platforms, Coinbase Pro or Gemini ActiveTrader. With Coinbase Pro, users will be able to reduce their fees to 0.5% whereas Gemini ActiveTrader users will be paying a maximum of 0.35%.
With both Coinbase and Gemini being safe and easy to use, it’s hard to find a clear winner and both have their advantages. However, if you’re interested in saving yourself on fees, then Gemini will come out on top.
Louise created the Every Bit Helps YouTube channel back in 2017, after finding the process of buying Bitcoin difficult. Therefore, in an aim to help others, she hopes that her tutorials will make the process of buying, selling and storing crypto a lot easier for newbies in the future.
After spending 20 years working in London in cyber security, she left the corporate life after having her second child in 2018. Louise now travels the world with her two small children trying to make the most out of life.