Gemini exchange review
Cryptocurrencies:
Fees:
Security system:
Deposit methods:
Cryptocurrencies
Gemini offers only 100 cryptos, including some of the biggest ones on the market such as Bitcoin, Ethereum and Polkadot.
| Bitcoin (BTC) | Available |
| Bitcoin Cash (BCH) | Available |
| Ethereum (ETH) | Available |
| Ripple (XRP) | Unavailable |
| Solana (SOL) | Available |
| Dogecoin (DOGE) | Available |
| Polkadot (DOT) | Available |
| Polygon (MATIC) | Available |
| Cardano (ADA) | Unavailable |
| Litecoin (LTC) | Available |
| Tether (USDT) | Available |
In contrast, KuCoin has over 700 cryptos on its platform, while Binance lists more than 350. However, compared to its competitors, Gemini offers institutional crypto trading solutions including a full-stack platform with crypto custody, clearing and trade execution for fund managers and exchange traded fund (ETF) issuers.
Payment methods
You can deposit and withdraw in CAD. Gemini doesn’t explicitly outline withdrawal limits but does state on its site that it's subject to KYC tiering.
| Payment method | Limits |
|---|---|
| VISA daily limit (buying in FIAT) | $1,000 requires KYC verification, ID check and a selfie |
| MasterCard daily limit (buying in FIAT) | $1,000 requires KYC verification, ID check and a selfie |
| Bank transfer daily limit (buying in FIAT) | $1,000 requires KYC verification, ID check and a selfie |
| Wire transfer daily limit (buying in FIAT) | No limits |
| PayPal daily limit (buying in FIAT) | $1,000 requires KYC verification, ID check and a selfie |
On the other hand, Binance requires KYC verification to buy, sell and trade cryptos but your country of residence must match your ID documents. Instead of a selfie, you need to complete their face verification process and this can be done on your desktop computer or via a QR code on the Binance mobile app.The company asks you for proof of identity, which can be a drivers licence, government-issued ID or passport, as well as proof of address, which can be a utility bill, correspondence from a government department or bank account statement.
Coinbase requires KYC verification to buy, sell and trade cryptos and the company asks you for a selfie, proof of identity, which can be a drivers licence, government-issued ID or passport, as well as proof of address, which can be a utility bill, correspondence from a government department or bank account statement. However, for Canadians with dual U.S citizenship, the company notes that it doesn’t accept U.S passports or U.S permanent residence cards as forms of ID.
CashtoCode eVoucher
You can’t fund your account with a CashtoCode eVoucher as this isn’t offered at Gemini.
Trading fees
There are no deposit or withdrawal fees but Gemini charges high trading fees whenever you buy, sell or exchange cryptos. The trading fees are based on a mobile and desktop structure and they differ based on the amount you’re trading. There’s also a flat convenience fee that’s 0.5% of the current market price of the crypto you’re buying.
| Mobile app order amount | Mobile app trading fees | Web platform order amount | Web platform trading fees |
|---|---|---|---|
| Up to $15 | $1.49 | Up to $15 | $1.49 |
| $15-$50 | $2.99 | $15-$50 | $2.99 |
| $50-$100 | $3.99 | $50-100 | $3.99 |
| $100-$250 | $4.99 | $100-$250 | $4.99 |
Staking
Gemini offers a program that allows users to stake only two cryptos. In comparison, Uphold offers a staking program with 32 eligible cryptos and higher annual percentage yields (APYs) of up to 13%.
| Cryptocurrency | APY |
|---|---|
| Ethereum | 4.8% |
| Polygon | 3.91% |
Is Gemini exchange safe?
As a regulated Over-the-Counter (OTC) exchange, Gemini has been in operation since 2015 and amassed over 13 million users across the world. The company has advanced security measures in place that offer a high level of security for users, from IP address whitelisting to holding customers' assets offline in a proprietary cold storage system.
A very low percentage of users (3%) rate Gemini with five stars on Trustpilot, which is a low indicator of safety. In addition, the company faced controversy in December 2022 for a phishing data breach incident that led to 5.7 million customers' email addresses and phone numbers being leaked.
| Trustpilot | 1 star |
The most common issues raised are related to account, KYC verification and withdrawal concerns. However, people praise them for their ActiveTrader service.
Security
Gemini has a range of advanced security measures in place such as annual third-party penetration tests, running a private bug bounty program, a coordinated disclosure program related to hacking research and a digital multi-signature scheme. The company is secured by PCI DSS, has SOC 1, SOC 2 and ISO 27001 certifications and is regulated by the NY Department of Financial Services, Monetary Authority of Singapore (MAS) and Financial Conduct Authority (FCA). In addition, Gemini maintains $100 million insurance coverage for the digital assets it holds on behalf of customers.
| Safe coins storage | An undisclosed amount of deposits are held in geographically distributed cold storage systems. |
| Two-factor authentication | Two-factor authentication via SMS verification is required at Gemini. |
| Information security | End-to-end data encryption for user information such as credit/debit card details. |
| Platform security | The platform relies on a state-of-the-art hardware model that has achieved a FIPS 140-2 security rating. IP address whitelisting enables users to restrict crypto withdrawals on their account. |
| Network security | A private bug bounty program and third-party annual penetration tests. |
Similarly, Uphold has an array of industry-standard security measures in place such as annual audits for its web network, third-party financial and compliance audits, a bug bounty program, Anti-Money Laundering (AML) controls, as well as their very own Uphold Security Operations Centre. The company is also registered as a Money Service Business (MSB) with the United States Treasury Department regulator FinCEN and adheres to Office of Foreign Assets Control (OFAC) standards
Coinbase uses a wide range of industry-standard security practices such as holding customers' assets 1:1 in custody, end-to-end encryption for all user data and annual third-party audits. Coinbase was one of the first companies in the world to be granted a coveted Bitlicense from the New York State Department of Financial Services (NYDFS). In addition, the company also implements Anti-Money Laundering controls and adheres to Office of Foreign Assets Control (OFAC) standards.
How to start trading at Gemini exchange?
Registration
You need to create an account in order to register with Gemini and this can be done by:
- Visiting the homepage and inputting your full name and email address so you can create a password and start the process.
- You then need to verify your phone number.
- After verifying your phone number, you need to select if you want to receive marketing emails about products and services.
- You then have to enter your phone number to receive an SMS verification text message.
- After verifying your phone number, you have to complete KYC verification.
- Upon successful registration and passing verification, access to all functions of the site including higher limits are available to you.
KYC
After filling in your account details, you need to go through multi-step KYC verification. This process is required for anyone who wants to buy, sell or exchange cryptos on the platform. Passing KYC checks also unlocks functionalities such as more order types via ActiveTrader or the ability to earn rewards on your crypto balance through a staking program.
You must provide a clear and visible picture of the front and back side of your documents such as proof of address and passport. In addition, you need to submit a selfie.
Customer support
Despite being a globally well-known and prominent crypto exchange, customer service options are limited at Gemini with only a Help Center displaying FAQs, email address and no live chat or phone support.
| Live chat | No live chat |
| Phone support | No phone support |
| support@gemini.com | |
| FAQs | Available |
Gemini uses a ticketing system where you need to fill in an online form with your email address, a subject, description and attachment option. For users who are dealing with emergency account issues, there’s no way to speak with customer service on the phone or through live chat.
Conclusion
Gemini is recommended to users who are looking for a regulated exchange that upholds advanced security measures and also offers digital asset insurance coverage. However, there are high trading fees, making the service less accessible for active traders, a low number of cryptos available for both trading and staking and no phone support or live chat.
But if you don’t mind this, Gemini can still be a great option if you’re looking for advanced charting tools and more order types like market, limit, stop limit and auction modes via Active Trader, which is a major differentiating factor and unique selling point (USP) for the platform. The platform could improve its service by reducing trading fees or increasing the available range of cryptos that can be traded and staked.
Alternatives of Coinbase
- Low trading fees
- Modern interface
- Wide selection of cryptos available at over 350
- Ability to stake 27 different cryptos
- Variety of payment methods available
- Regulatory issues and lawsuits
- Security concerns related to hacks
- Modern trading platform
- Zero trading, deposit or withdrawal fees
- Rewards debit card
- Ability to stake 32 different cryptos
- Cross-asset trading
- Limited customer support
- Relatively high service fees and a price protection fee
- VISA debit card with spending rewards in crypto
- Staking program available for 22 different cryptos
- Online Crypto.com University with educational resources for traders
- Trading fee discounts
- Top-rated mobile app
- High fees unless you use CRO in trades
- Limited payment method options
- No customer phone support
Binance is well-known for their low trading fees that are tiered and based on a maker/taker model, with higher volume trades being subject to lower fees and a 25% fee discount when using BNB coins in trade. For example, the highest VIP tier pays as little as 0.02% for the maker fee and 0.04% for the taker fee. The company also offers 24/7 live chat available in 17 languages and a large selection of over 350 cryptos to trade and 27 cryptos to stake.
While there are no trading, deposit or withdrawal fees, Uphold does charge relatively low service fees and a price protection fee of 0.75% whenever you buy or convert between FIAT currencies. For example, cryptos come with service fees of up to 1.95%, while stablecoins come with a 0.65% charge. Uphold also provides 24/7 live chat available in both English and Spanish, as well as a wide selection of over 250 cryptos to trade and 32 cryptos to stake.
Similarly, Crypto.com offers some of the lowest trading fees on the market with a base fee of 0.1% for both market makers and takers. The fee model is tiered and users can even receive a 20% discount on trading fees if they use KCS in trades. There’s also a large selection of over 250 cryptos available to trade and 105 cryptos available to stake.
FAQs
Yes, because Gemini has been in operation since 2015, amassing over 13 million users across the world and has advanced platform and network security measures in place.
They accept MasterCard and VISA but it’s not apparent whether they are currently working to enlarge the choice of cards available for users.
Yes, you can generate a transaction report by clicking the document icon on your web wallet or mobile app screen.
Yes, but to be eligible you must register through a business or have a Tax-free Savings Account (TFSA) account.
Yes, Gemini uses end-to-end data encryption for user information such as credit/debit card details.
There’s only two cryptos available within the staking program with commissions of 4.8% for Ethereum and 3.91% for Polygon.
Specification: Gemini exchange review
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