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Gemini Review: Are they better than other crypto exchange?

Gemini review

Gemini is an attractive cryptocurrency exchange for beginners and experienced traders. Although there are many top crypto exchanges out there, Gemini seems to appeal to crypto enthusiasts and for the right reasons. To start with, Gemini is an ideal investment or trading platform for crypto enthusiasts because of its high-end security features, personal hot wallets, and comprehensive support.

Not just that, the platform supports over 100 cryptocurrencies, so there is no shortage of cryptocurrencies you can trade. Whether you’re looking to buy, sell or trade digital assets, rest assured that Gemini has you covered. The most intriguing part is that you can sign up for an account within minutes.

But don’t just take our words for it. Read our comprehensive review of Gemini to see if it is a right fit for you. We are going to start off by showing you some pros and cons of the platform. Let’s get started, shall we?

Pros

  • U.S.-wide availability
  • Insurance for hot wallets
  • Secure environment

Cons

  • Approximately 100 cryptocurrencies are available
  • Trading fees are high.

Top Perks

With Gemini, you can trade cryptocurrencies in all 50 U.S. states, and that’s because the exchange is licensed to offer its services in the U.S. So if you live in the U.S. and looking for a way to get into crypto, you’ll love Gemini as the platform makes it easy to get into crypto. 

Similarly, Gemini’s hot wallet is insured against digital assets. If a hack or security breach occurs, user funds are protected.

Gemini has always placed a high priority on user security since its founding. It offers a variety of security measures and insurance for the protection of user assets.
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Top Recommended Platforms

MIN. DEPOSIT

$50

EXCL. OFFER

USER RATING

9.8

4.9/5

78% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

MIN. DEPOSIT

$100

EXCL. OFFER

USER RATING

9.7

4.8/5

MIN. DEPOSIT

$250

EXCL. OFFER

USER RATING

9.6

4.5/5

CFDs are complex instruments and involve a high risk of losing money quickly because of the leverage effect. 68% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Areas Gemini needs to improve

Unfortunately, Gemini doesn’t support a lot of digital assets. Compared to platforms like Binance and Coinbase, Gemini is still miles away. So if you’re interested in a platform that support tons of digital assets, its best to consider other crypto exchanges as Gemini is lacking in this area. Also, it can be pretty expensive to trade with Gemini, especially because of the insane fees they charge traders.

Introduction

The Gemini Trust Company LLC offers nearly 100 cryptocurrencies for trading, buying, and selling. Furthermore, the platform offers strong account security and compliance measures and a modest selection of cryptos. Additionally, users can use cryptocurrency to pay at their favorite retailers. You can also earn interest on holdings and receive cryptocurrency rewards.  

Risks and pitfalls are associated with cryptocurrency investment, decentralized finance, and initial coin offerings (ICOs). If you are considering making any financial decisions, you should consult with a professional. 

A brief overview of the company

In 2014, Tyler Winklevoss and Cameron Winklevoss founded Gemini after they struggled to locate a secure place to store their cryptocurrencies. Since its founding, product, security, licensing, and compliance have been key pillars of Gemini’s operations. Through its secure, compliant crypto exchange platform, it aims to establish and maintain trust with users.

Although Gemini is known for its emphasis on security and compliance, fewer cryptocurrencies are available than most competitors. The platform makes sense for traders of all levels due to its strong security focus, products, and tools.

Gemini recently earned a SOC 2 certification to demonstrate its commitment to security. A SOC 2 examination evaluates a company or product’s security and compliance levels and is conducted by third parties.

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Available Cryptocurrencies on Gemini

On Gemini, you can buy around 100 assets, compared to the hundreds on other major exchanges. As well as popular assets, users can trade some less-known coins.

Trading Experience

It is easy to trade with Gemini online and on its mobile app. In addition to its extensive support page, Gemini’s simple buys and sell option will appeal to beginners. 

Its ActiveTrader platform allows experienced traders to execute trades quickly and offers multiple order types. 

To use Gemini’s full trading features, account holders must verify their identities. You will need a government-issued ID to complete this process. 

Fees

Unlike other exchanges, Gemini does not use a tiered maker/taker fee model. Its fees depend on the amount you trade and the platform you use. For instance, a fee schedule is available for mobile and desktop accounts on Gemini. You can pay $2.99 for trades over $50 and under $200, or 1.49% for trades over $200.  

Although the fees on this exchange are transparent, the structure is more complex than on other exchanges. Compared to its competitors, its fees are higher. 

Security

It offers industry-standard security features such as two-factor authentication and device approval. The platform also requires users to upload a government-issued photo ID, which is required as part of the know-your-customer (KYC) verification process. Gemini uses this process to reduce fraud. 

As part of its security features, Gemini recently became SOC 2-certified, demonstrating its commitment to compliance and security. Additionally, funds held in its hot wallet are insured by the FDIC for up to $250,000 and insure digital assets. Having this insurance protects users’ funds from a breach or hack. 

Opening a Gemini Account

Getting started with Gemini requires only your name, email address, and password. Afterward, you’ll receive an email confirmation, set up multi-factor authentication, and begin verifying your identity. After completing identity verification and connecting your bank account or debit card, you can start buying and selling cryptocurrency

Customer Service

The Gemini online help center provides answers to the most frequently asked questions. Alternatively, you can submit a support ticket for human assistance via a virtual chatbot. Unlike many other crypto exchanges, the Gemini exchange does not offer phone support for individual users.

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Customer Satisfaction

Customers have mixed feelings about Gemini’s platform, although it is intuitive. Based on 370 Trustpilot reviews, the exchange averages 1.5 stars out of 5. 

Most dissatisfied users complain about frozen accounts, lengthy verification processes, and poor customer service. Nevertheless, some customers appreciate Gemini’s user-friendly interface, reliability, and regulatory compliance

Account Management

Users can use Gemini’s online dashboard and mobile apps to manage their accounts, deposit funds, buy and sell crypto, and make deposits. Traders can trade on ActiveTrader via desktop and mobile browsers. 

The Gemini account is self-service. Customer support is available on this exchange, but you’ll need to learn how to use it yourself. Most crypto exchanges operate alike, relying primarily on users to manage their accounts and do their due diligence. 

Gemini vs. Other Cryptocurrency Companies

The Gemini platform offers an intuitive user interface and helpful features compared to other leading crypto exchanges. The platform offers unique products for everyday purchases, such as credit cards and cryptocurrencies. It also offers the ability to trade, buy, and sell cryptocurrencies. 

Gemini vs. Coinbase

It’s no surprise that Gemini and Coinbase are both top crypto exchanges with extensive global and U.S. presence. The following are their differences and similarities:

More than 60 countries have access to Gemini, while over 100 have access to Coinbase. 

Coinbase is licensed in 49 states, and Gemini in 50 (Hawaii is not a part of either license).

Cardholders of Gemini and Coinbase can earn crypto from their everyday purchases with crypto rewards cards. Coinbase offers a debit card, while Gemini offers a credit card.

They both strive to meet the regulatory requirements in their jurisdictions, and the exchange platforms are secure.

Conclusion

The Gemini platform offers users a safe and user-friendly way to buy, sell, and trade cryptocurrencies. It features an easy-to-navigate interface and a simplified buy/sell form. Traders with advanced charting skills may benefit from its Active Trader platform, which offers multiple order types and advanced charting tools.

Despite Gemini’s complex fee structure, you won’t be surprised by unexpected costs since it’s transparent about fees. In case you’re thinking about investing in or trading cryptocurrency, Gemini is worth considering, regardless of your level of experience.

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