Gemini, a cryptocurrency trading platform launched by Tyler and Cameron Winklevoss in 2015 which appeals to both beginner investors and active traders. The exchange offers several options for buying and selling cryptocurrencies. It has an average trading volume compared to other exchanges like Coinbase or Kraken, but you may have heard of it because its founders are famous for their legal battles with Mark Zuckerberg over the creation of Facebook. The platform offers more than 40 cryptocurrencies along with learning tools which can benefit beginners who want to invest in crypto assets as well as seasoned investors looking for value-added products. Offerings like Gemini Earn, Gemini Pay, Gemini Wallet, and more can help investors tap into a more cohesive ecosystem than other exchanges may offer. Here’s what you should know about Gemini.
Gemini: Available Cryptocurrencies
- Bitcoin (BTC)
- Ethereum (ETH)
- Chainlink (LINK)
- Dogecoin (DOGE)
- Polygon (MATIC)
- Dai (DAI)
- Uniswap (UNI)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Filecoin (FIL)
Gemini offers a list of trading minimums for cryptocurrencies available on its website. For example, the smallest amount of Bitcoin you can trade is 0.00001 BTC and the smallest amount to be traded in any other coin is also listed accordingly as well (e.g., Ripple’s XRP).
Gemini: Fees
When you buy or sell on Gemini, a convenience and transaction fee will be displayed as your “quoted price” before finalizing the purchase. Both fees are static regardless of whether it is done online or through their mobile app.
- Convenience Fee- When buying crypto on Gemini, you’ll have to pay a 0.5% convenience fee that comes out of the market price for each trade. For example if Bitcoin is trading at $30,000 per 1 BTC then it will cost you about $299950 including this transaction fee which can vary depending on what cryptocurrency is being traded and how much they are worth in relation to one another.
- Transaction Fee- Think of the convenience fee as a transaction fee on top of your order. The standard is 1.49% for crypto conversions, but it varies by currency type and can cost from flat to percentage fees depending on how much you trade at once or in one purchase/trade.
- Deposit Fees- You can move crypto from your own wallet or another exchange to trade on Gemini, or deposit U.S. dollars into your account to make a trade. There’s no fee for depositing money into your Gemini account, unless you use a debit card.
- Withdrawal Fees- You won’t be charged for withdrawing crypto from your account, or cashing out U.S. dollars after selling off some of your cryptocurrency holdings as long as you make less than 10 withdrawals per month.
Gemini: Security
Cryptocurrency is not FDIC-insured, unlike money in a bank account. Gemini secures users’ digital assets through multi-layered security measures, which are highlighted on its website. Gemini states that the majority of digital currency is stored in an offline cold storage system – meaning it’s safer from hackers. However, there is always some portion kept online which Gemini claims are insured against theft resulting from security breaches or fraudulent transfers.
Within Gemini, you’ll be able to create a list of approved addresses that restricts who can withdraw from your account (alongside other security measures like two-factor authentication). However, unauthorized access may cause losses—if someone steals your identity or figures out your password. You won’t be able to recover any funds lost in this case.
Gemini: Additional Details
Gemini Earn
Gemini Earn is an automated lending program that allows you to earn up to 7.4% APR on your crypto assets by putting them in a smart contract with Gemini for institutional borrowers who need it instead of keeping the funds idle and losing out on potential earnings. The Gemini Earn partner is Genesis, a digital asset trading firm. The third-party borrowers are vetted periodically and have an obligation to return funds according to the terms of the loan agreement. While it may not make sense for most beginning investors, lending crypto offers another way they can draw value from their cryptos.
In your Gemini Earn account, funds aren’t covered by the same insurance policy as other currencies because they’re held with third-party partners. There are also various fees for each different currency type you hold and it depends on how much money is in there.
Cryptopedia
Cryptopedia is an Gemini online learning hub that teaches people about cryptocurrency. The website includes over 300 articles on 152 topics ranging from simple explainers to complex topics like smart contracts and decentralization.
ActiveTrader
Gemini has introduced a new trading service called ActiveTrader, which is designed to give advanced traders access to features like microsecond-level execution and special analytics. This might be an important consideration for more experienced investors who are looking for additional value from their brokerage firm. However, it’s worth noting that this platform will not provide much benefit if you’re just starting out as the standard Gemini experience offers plenty of valuable tools already at no extra cost (for now).
Gemini Pay
Gemini Pay allows you to spend your cryptocurrency at more than 30,000 retail locations—from Nordstrom to Bed Bath & Beyond. There are no transaction fees; however, we wouldn’t recommend using crypto for things like this because it is still very volatile compared with the dollar and can result in unnecessary loss if its value rises while you wait on a purchase.
