Gemini Review 2025: Fees Feature Safety Pros & Cons

Gemini is a popular New York-based global cryptocurrency exchange for trading digital assets. However, the exchange has been in hot water since late 2022, as users have been unable to withdraw their assets from the Gemini Earn program. 

In this Gemini review, we’ll look at the features that make this cryptocurrency exchange stand out and some of the things you should keep in mind before using it.

Pros & Cons of Gemini 

Pros:

• Offers a basic exchange for beginners and an active trading platform for more experienced traders
• Hot-wallet insurance for your assets
• Several features, including institutional custody services

Cons:

• Gemini Earn product is paused, and investors may not get back their assets
• Exchange fees higher than some competitors
• Offers only around 100 cryptocurrencies
• Issues with regulators due to staking and under investigation by the SEC

About Gemini 

Gemini was launched in October 2015, by the Winklevoss twins Tyler Winklevoss and Cameron Winklevoss. 

Gemini enjoyed a good reputation as a crypto exchange until 2022. The platform was one of the first crypto exchanges to obtain a New York Department of Financial Services (NYDFS) BitLicense license to serve New York state customers. In 2018, the company launched the Gemini dollar (GUSD). It was ranked third on CoinMarketCap’s best exchanges list.

However, Gemini started encountering issues after the bankruptcy of Genesis Capital. Genesis Capital was responsible for operating Gemini’s Earn program, but after declaring bankruptcy, it failed to pay back Gemini customers’ assets and earnings.

Gemini took a serious hit from the bankruptcy and quickly lost a lot of customers and a good portion of its business. It’s currently the 16th best exchange by trading volume and other metrics, according to CoinMarketCap.

The total amount owed to Gemini customers is around 900 million USD. Gemini owners recently announced that the company came to a debt restructuring agreement with Genesis, but it remains unclear whether Gemini customers will receive their assets placed in the Gemini Earn program in due time.

The platform also struggled with its debit card program. It was reported that the company suffered huge losses due to identity fraud.

Gemini also faces regulatory scrutiny from the SEC regarding the sale of unregistered securities. 

Crypto Coins Available on Gemini

Gemini offers around 100 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Tether (USDT), USD Coin (USDC), Polygon (MATIC), Maker (MKR), Cardano (ADA), Tron (TRX), AAVE (AAVE), and Chainlink (LINK).

In addition to these popular digital assets, the platform also supports several ERC-20 tokens and altcoins. 

Fiat Currencies Supported on Gemini

Gemini supports 7 fiat currencies, including the US dollar (USD), Euro (EUR), British pound (GBP), Canadian Dollar (CAD), Australian Dollar (AUD), Singapore Dollar (SGD), and Hong Kong Dollar (HKD).

Gemini offers several funding methods, including ACH transfers (6-7 business days settlement period), wire transfers (1-3 business days settlement period), debit card purchases (24 hours settlement period), Swift for EUR and GBP transfers (1-3 business days settlement period) and PayPal purchases (1-5 business days).

Please note that while settlement takes some time with some options, you can still trade instantly with ACH transfers, debit cards, and PayPal. However, you may not be able to withdraw your assets before the settlement period ends. 

While you can deposit via ACH, wire, bank transfers, and PayPal, you can’t deposit funds or withdraw to debit cards.

ACH transfers are free, but wire and bank transfers may cost additional fees determined by your bank. Debit card purchases cost a 3.49% fee, plus trading fees.
Usually, you can deposit funds via the Plaid network-connected banks. If your bank isn’t in the Plaid network, you can connect it manually.

Gemini Trading Fees

Gemini has different fee schedules for mobile, web, and active trader platforms.  Mobile and web platform fees are typically higher, whereas the active trader platform has a maker/taker fee schedule that is much cheaper.

Mobile and Web Instant Order Fees

When you place an instant order through Gemini mobile app or Gemini web platform, you pay a baked-in spread fee (dubbed convenience fee) as well as a transaction fee. 

A convenience fee is included in the quoted price displayed when you make an order. The Transaction fees vary depending on the amount of your purchase and start at 0.99 USD for purchases under 10 USD.

The prices may change depending on the fiat currency you choose. We listed the prices for USD purchases in the table below. For more information, check out the Gemini website.

WEB ORDER AMOUNT – USD	TRANSACTION FEE – USD
≤ $10.00	$0.99
> $10.00 but ≤ $25.00	$1.49
> $25.00 but ≤ $50.00	$1.99
> $50.00 but ≤ $200.00	$2.99
> $200.00	1.49% of your Web Order value

Active Trader Fees

Gemini has a tiered maker/taker fee schedule for orders placed through the Active Trader platform. The fees vary depending on your 30-day trading volume, and your fees are lowered as you move up in tiers. The starting rate is 0.40% for takers and 0.20% for makers.

However, the fees are much lower if you are trading stablecoins like USDC/USD, USDT/USD, and GUSD/SGD. Takers only pay 0.01%, while makers don’t pay exchange fees.

Deposit and Withdrawal Fees

ACH and bank deposits and withdrawals are free on the platform, but you’ll have to pay a deposit fee if you use a debit card. With a debit card, your deposit fee will be 3.49% of the total purchase amount.

PayPal deposits and withdrawal cost 2.50% of the whole amount, and wire withdrawals cost 25 USD.

Main Features of Gemini

Gemini provides services to streamline crypto trading. Let’s check out the main features of Gemini.

Gemini Mobile and Web Platforms

If you’re a beginner looking for a basic buy/sell crypto platform, then the basic Gemini trading dashboard is a good option. The interface is easy to navigate, allowing users to purchase and sell crypto easily. However, the fees are much higher compared to the ActiveTrader platform.

Gemini ActiveTrader

Gemini ActiveTrader is available to everyone with a standard Gemini account. The Active Trader platform features include advanced charting tools, multiple order types, and deep order book visibility for the more advanced crypto investors. The interface is more complicated to navigate than web and mobile platforms, but the prices are much lower.

How Easy Is It to Open a Gemini Account?

You can open a Gemini account by visiting the official website and registering with your name, phone number, and valid email address. 

Gemini is a regulated platform that requires identity verification for traders. You must provide proof of identity, such as a government-issued photo ID, a passport, or a driver’s license. You must also submit your social security number if you’re based in the US. 

Identity verification may take up to a few minutes or several days. Once you submit your documents, wait for the approval, and don’t try to open another account.

If you represent a business or have an IRA account, you can open an institutional Gemini account.

How Does It Compare to Other Crypto Exchange Alternatives?

Gemini can be compared to other popular crypto exchanges like Binance and Coinbase, which rank first and second on Coinmarketcap’s best exchanges list.

Fees

When it comes to fees, Binance is pretty much unbeatable. The platform is very popular due to low fees that start at 0.10% for makers and takers. The Gemini Active Trader platform charges 0.40% for takers and 0.20% for makers. 

Coinbase is more expensive than Gemini, charging 0.40% and 0.60% for maker and taker fees.

Digital Assets

Gemini offers around 100 digital assets. Coinbase provides a similar number of cryptocurrencies, while Binance Global offers about 350 digital assets. However, If you’re based in the US, you must use Binance US, which only offers 120 crypto coins. 

Overall, asset availability is very similar for all three exchanges. 

Security

All three exchanges employ industry-standard security practices, including cold storage for digital assets in their custody and 2FA for customer accounts.

Gemini is generally considered a secure platform, as it holds complete SOC 1 Type 2 and SOC 2 Type 2 examination certificates. However, the platform has been accused of covering up security incidents, including a data leak of customer names and phone numbers and a hacking incident that drained IRA Financial Trust of millions. Both Coinbase and Binance have been hacked several times.

It’s important to note that crypto users are generally advised to keep their assets in cold wallets, especially if they own a significant amount of crypto. If you leave your funds on a crypto exchange, the funds may become unavailable if the exchange is hacked or goes bankrupt. 

How Secure Is Gemini?

Gemini employs a number of security measures to protect user accounts, including cold storage for funds, encryption, and other security measures. The platform security is examined by independent third-parties for SOC 1 Type 2 and SOC 2 Type 2 standards.

Gemini users can also use two-factor authentication for more security. You can also create a list of all the devices that you approve of making withdrawals from your crypto account. 

Gemini Insurance Policy

Most of the Gemini assets are held in cold storage though some portion assets are held in an online wallet. Luckily, this online wallet – known as a ‘hot wallet’ – is insured from security breaches.

If Gemini’s system were to get hacked, you wouldn’t lose your assets totally as the insurance policy would reimburse you. This insurance policy, however, does not cover unauthorized access to your account.

Has Gemini Ever Been Hacked?

While Gemini hasn’t been outright hacked yet, there have been some concerning security issues. The platform announced that a third-party vendor had suffered a security incident that led to the leakage of 5.7 million customers’ data, including their email addresses and phone numbers. The exposed customers reported receiving scam emails that were phishing attempts. Gemini claims its systems were not breached, and customer funds remain safe.

In late 2022, IRA Financial Trust also suffered a hack that led them to lose 36 million USD worth of crypto stored in their Gemini account. The hackers were able to obtain IRA’s master key from their servers and used it to move their funds from Gemini. Gemini hasn’t accepted any responsibility for the attack, as the attackers didn’t hack Gemini but instead were able to obtain the key from the IRA.

Is Gemini a Regulated Exchange?

Gemini is registered as a Money Services Business (MSB) with FinCEN and holds a Bitlicence from the NYDFS.

It’s important to note that Gemini is currently under investigation by the SEC regarding its defunct Gemini Earn program.

Does Gemini Have an App?

Gemini offers a modern app for both Android and iOS, available on Google Play or the Apple App Store. The app allows you to buy, sell, and exchange cryptocurrency on your smartphone or tablet.

One of the best features of the Gemini app is the real-time price alerts that notify you of changes to the crypto market. This allows you to stay on top of your crypto game no matter where you are.

Gemini Review: Final Thoughts

Although it used to be a major crypto exchange, Gemini is going through a tough patch. The platform’s partnership with Genesis Global Capital, which went bankrupt in January 2023, has put the exchange in hot water with customers. 

At the time of its collapse, Genesis Global held 900 million USD worth of crypto on behalf of Gemini customers, which Gemini wasn’t able to take back. While there is some effort to recover these funds, it remains unclear whether this will happen any time soon. Gemini pledged to distribute 100 million USD, though that amount is nowhere near what the customers are owed.

Naturally, Gemini’s troubles have made customers reluctant to use the exchange, and the platform has lost many customers since. SEC has also charged Gemini for selling unregistered securities, which doesn’t help the platform’s public image.

Finally, IRA Financial Trust is suing the exchange for alleged misconduct regarding a 36 million USD worth of crypto hack.

So, although Gemini is a useful platform with many features, prospective traders should carefully consider the risks before signing up. If the company manages to ride out the turbulent storm it is in, it may again be considered a safe haven. Until then, it’s best to exercise caution.

To learn more about other exchanges, check out our reviews of the best 24 cryptocurrency exchanges and 8 other alternatives.