Gemini is a cryptocurrency exchange with one of the largest active userbases in the world (13.6 million). That means it could be near the top of your list if you’re trying to figure out which exchange you’re going to use.
Gemini offers more than 50 cryptocurrencies for investors to purchase. It’s also available in all U.S. states and has site insurance to protect digital assets against exchange hacks.
The platform is fairly intuitive, making it a good option for beginning traders. But it also has something called an ActiveTrader platform – which is sort of like an advanced version of the site for people who are more familiar with cryptocurrency trading.
Is it safe to buy on Gemini?
It’s absolutely safe to buy cryptocurrency on Gemini. The website is 100% legitimate and is licensed to operate in all U.S. states. The company’s founders are also fairly public individuals who have a long track record of being honest in their business dealings.
Additionally, Gemini has an insurance policy that protects against the theft of digital assets from the exchange’s hot wallets.
This means that if Gemini is hacked and assets are drained from its accounts, you will be compensated for any effect it may have on your holdings. But this insurance policy doesn’t cover hacks that are limited to your account.
For example, if someone got your password and broke into your account, you wouldn’t be covered. That’s why it’s always important to practice good security, such as using two-factor authentication (2FA).
Gemini’s fees aren’t the best. The amount that you pay for a transaction on the site can range between 0.5% and 3.99%. The specific amount you’re charged will depend on the payment method and platform you use.
You can compare that to sites like FTX US, which charge between 0% and 0.4% in fees. It means that you may end up spending quite a bit more to use Gemini over a long period of time – especially if you’re an active trader or investing sizeable amounts.
- 50+ cryptocurrency assets to choose from
- ActiveTrader platform for advanced trading
- Up to 10 free withdrawals per month
- Low minimum trade amounts
- Highly-rated mobile apps for iOS and Android
- Some options for peer-to-peer trading exist
Do they offer a wallet?
Gemini is like many other cryptocurrency exchanges in that it offers wallets that are tied directly to your account. You can use the assets in these wallets to conduct transactions on the website. But you can’t use those assets on other web 3.0 applications like Uniswap and Aave.
If you want to use applications that are outside the Gemini ecosystem, then you need to withdraw your funds from the site to do so.
The company’s mobile apps are good, but nothing spectacular. They mimic the same features that you’ll find on the full Gemini website, which is nice if you want to be able to seamlessly make your investments both on your computer and from the palm of your hand.
Additionally, the company’s apps are highly rated on both the iOS and Android app stores. Many user reviews say that they’re intuitive and easy to use, which suggests that you’ll likely be happy with Gemini if you’re going to primarily be making investment decisions on your mobile device.
Withdrawals: A point of differentiation
Typically when you make a withdrawal on a cryptocurrency exchange, you’re responsible for paying the network fee associated with the transaction. These fees can end up being quite high – especially if you’re attempting to withdraw Ethereum during a period of high congestion.
But that’s not an issue with Gemini. Your first 10 withdrawals on the exchange per month are 100% free – meaning you don’t even need to pay the network transaction fee to complete the withdrawals.
This is something that most other cryptocurrency exchanges don’t offer.
Who is Gemini best for?
Gemini is a good – potentially even great – cryptocurrency platform. But it’s only going to be the best option for certain types of people.
Gemini is best for people who are new to cryptocurrency investing and want a simple way to purchase some of the most popular assets in the space. It’s also a great choice if you want an exchange where you can withdraw assets without having to pay any fees at all.
That being said, Gemini isn’t a good choice for people who want to be able to buy more niche cryptocurrency tokens since it only offers access to 50 of them.
The website also has higher trading fees than some of its competitors. So even though Gemini offers an ActiveTrader platform, it may not make sense to use because of the fees.
Compare Gemini before you invest
Gemini does some things very well and falls short in other key areas. But the only way to know whether it’s the best platform for your goals is to first have a good understanding of what the competition offers.
That’s why it’s important to compare Gemini to your other options before making a final decision. Doing so will ensure that you end up using the perfect crypto platform for your investment strategy and goals.
We’ve put together our comparison tool to make this easier for you to do. It provides a simple way to compare the most important information across each exchange that you’re considering.
So why wait? Give it a chance and compare crypto exchanges today to see if it’s right for you.