Gemini offers a strong track record for a variety of cryptocurrency investors, but trading costs are on the higher end of the industry range. Those new to cryptocurrency will benefit from Gemini’s extensive educational content available through its Cryptopedia site, while more experienced traders will appreciate the professional trading platform, ActiveTrader. You will be able to trade over 50 different coins, which should satisfy most crypto investors. If you are only looking to trade the most popular ones, you can consider better known financial apps, Robinhood or Webull.
Trading costs are high for Gemini, especially through its web application. You will also be charged a fee if you choose to participate in the exchange’s staking program. Binance.US and Kraken might be better choices for customers who are particularly cost-focused.
- Active traders
- Trading only crypto
- Teaching materials
Gemini in brief
|The minimum balance:||None, but the trade minimum varies by cryptocurrency type. (.00001 bitcoin/.001 ether)|
|Negotiable securities:||More than 50 cryptocurrencies|
|Cost per transaction:||
|Customer service:||Email, chat and self-help|
|Mobile app:||The Gemini mobile app is available on the Apple App Store and Google Play Store|
Benefits: Where Gemini Stands Out
No deposit/withdrawal fees
You won’t have to worry about getting nickel and reduced fees when making deposits and withdrawals with Gemini. Bank transfers can be made from your bank account to Gemini without any fees (make sure your bank does not charge a processing fee). You can also avoid fees on withdrawals if you stay less than ten each month. Once you go over ten, fees kick in and the amount varies by cryptocurrency.
Active traders will not be disappointed with the trading experience offered by Gemini. Advanced charting, different order types, auctions and block trading are all available through Gemini ActiveTrader, the exchange’s leading trading platform. Trades can be executed in microseconds and the order book visibility helps give the platform a professional feel. The site is designed to work with most mobile browsers, so you should have no problem accessing it when you’re on the go.
Gemini also stands out for its educational resources available online. You can find answers to basic questions on its support site, but Gemini’s main differentiator is its cryptocurrency educational site known as Cryptopedia.
Cryptopedia aims to answer questions posed by both novice and experienced cryptocurrency traders. Gemini sees the lack of comprehensive education available as one of the biggest barriers to crypto adoption and offers Cryptopedia as a solution. You will find plenty of information about cryptocurrency trading and security, the decentralized finance ecosystem, and even NFTs. With so many new traders interested in cryptocurrency, other exchanges would be wise to add similar educational material.
Cons: where Gemini could improve
High trading fees
Gemini’s trading fees are at the higher end of the industry and can be very high depending on the platform used. Transactions made through the Gemini website application are charged a convenience fee and transaction fee. Convenience fees are 0.5% higher than the current cryptocurrency trading price, while transaction fees vary based on order size. For orders over $200, a 1.49% fee is applied.
For users of the Gemini ActiveTrader platform, the exchange follows the common maker-taker model used by most exchanges and brokers in the industry. Orders that add liquidity (maker) are charged slightly less than orders that remove liquidity (taker). Fees drop to almost zero if you trade over $15 million each month. Here is how Gemini’s ActiveTrader fees break down based on trading volume.
|Less than $500,000||0.25 percent||0.35 percent|
|$500,000 – $2,500,000||0.15 percent||0.25 percent|
|$2,500,001 – $5,000,000||0.15 percent||0.25 percent|
|$5,000,001 – $10,000,000||0.10 percent||0.15 percent|
|$10,000,001 – $15 million||0.10 percent||0.15 percent|
|$15,000,001 – $50 million||0.00 percent||0.10 percent|
|$50,000,001 – $100 million||0.00 percent||0.075 percent|
|$100,000,001 – $250 million||0.00 percent||0.05 percent|
|$250,000,001 to $500 million||0.00 percent||0.04 percent|
|$500 million or more||0.00 percent||0.03 percent|
Like other exchanges, Gemini gives customers the opportunity to earn rewards by holding cryptocurrency deposits with the company through a process known as staking. The process is similar to a bank savings account, but involves much greater risk. Unlike Binance.US, which does not charge for its staking program, Gemini charges agent fees as part of its program. While that’s not a lot for popular coins – Bitcoin is only 0.03% – the fees can add up, especially for more obscure cryptocurrencies. The fees for 1INCH are almost 3.5%, for example.
Gemini’s mobile app provides a satisfying user experience and will suit most cryptocurrency traders. You can track dozens of different coins, make trades, and even set price alerts through the app. But if you’re looking for the same trading experience that Gemini’s ActiveTrader platform gives you, you’ll need to use a desktop or mobile browser. Adding the features and experience available through ActiveTrader in the mobile app would really set it apart from other exchanges.
At the end of the line
Gemini gives new and experienced cryptocurrency traders reasons to choose its platform. New users will appreciate the solid educational material available on the Cryptopedia website, while experienced traders will benefit from the professional feel of Gemini’s ActiveTrader platform. You also won’t have to worry about withdrawal fees as long as you stay below the monthly limit.
But the trading fees are high, especially if you use the web application. Cost-conscious users can consider Binance.US or Kraken, which offer similar benefits with lower trading costs.
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