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Gemini Review – Pros, Cons, Fees, Features, and Safety

Founded in 2015 by founded by Cameron and Tyler Winklevoss, Gemini is a global digital asset exchange that has a market cap of $26 million.
Rating 3/5
We do not recommend this exchange. Read on to find out why we think there are better alternatives out there.

When trading on the Gemini cryptocurrency platform, a Wall Street trader could mistakenly think he is on his Bloomberg terminal, but with a much simpler interface. The trading system built for banks and hedge funds has the trading speed, trading tools and custody services institutional investors are accustomed to.

Gemini has succeeded in developing an institutional-class exchange. As the exchange starts to woo retail investors, this review explores whether the Gemini exchange is overkill for the rest of us.

We have conducted an in depth review of fees, features, and pros and cons to determine if Gemini is an exchange for the average retail investor. Our conclusion is that the average trader may have more power and features than he needs sitting behind the Gemini dashboard.

We recommend users consider exchanges with the basic services compatible to their cryptocurrency trading level and needs. Robinhood’s social trading platform, for example, is among the crypto platforms also competing for Main Street. This review takes a closer look at what the Gemini exchange has to offer and whether retail traders can get better value with another exchange.

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    Best alternatives to Gemini exchange

    1. eToro: Buy 16+ cryptos outright in a safe, regulated platform
    2. Plus500 : 2,000 markets available, company listed on the Stock Exchange
    3. Libertex: Low fee crypto CFD trading
    4. Forex.com : Best for U.S. customers looking for an advanced platform
    5. Avatrade: Trade crypto CFDs and get access to research tools and indicators

    Is Gemini Recommended?

    We have concluded that although Gemini has among the best regulatory and security safeguards, the centralized exchange is not the best choice for novice cryptocurrency investors. The deceivingly simple interface is packed full of advanced trading features for the pros the average retail investor will never use.

    With sparse education, the novice is left to figure out the overly complicated trading experience on their own. 

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    68% of retail investor accounts lose money when trading CFDs with this provider.

    What is Gemini?

    Gemini is a global digital asset exchange and regulated New York trust company founded by Cameron and Tyler Winklevoss in 2015. Both crypto-to-crypto and fiat-to-crypto pairs are traded on the exchange. Since then, the exchange has introduced new crypto products to make crypto more transferable and usable. Gemini has launched its own stablecoin, the Gemini dollar (USDT), to link cryptocurrency to the more stable dollar. The first regulated stablecoin trades on 25 exchanges. Gemini launched the first bitcoin futures contracts and is trying to get the first cryptocurrency ETF past regulators.

    By making its “Digital gold” safer than the precious yellow metal, the Winklevoss twins say they are creating a bridge between the crypto and fiat worlds, and in so doing, making crypto more universally accepted. These digital economy paladins are not loved by everyone in the cryptosphere, though. They are at the center of the heated debate over a centralized versus decentralized future for cryptocurrencies. Gemini’s the “revolution needs rules” campaign is in full swing as it seeks to sign up retail investors. The exchange has a market cap of $26 million, which is 69th on Coinmarketcap.com.

    Gemini started out creating a cryptocurrency trading system for the institutional investor. The regulated exchange sought to be the Ferrari of crypto trading with the fastest speed and fanciest dashboard. But first and foremost, Gemini has created a safe exchange. Following a record year in the number of cryptocurrency exchange hackings and scams and the amount stolen, Gemini has developed the regulatory and security safeguards of a Wall Street bank.

    With the recent launch of its mobile trading app, Gemini is taking its safe crypto trading platform to Main Street. Is one of the most advanced crypto exchanges for professional traders more than Main Street wants or needs?

    How does the Gemini exchange work?

    Gemini is a centralized cryptocurrency exchange. The Gemini exchange caters to both the beginner and advanced trader. Let there be no misunderstanding, though, this trading interface was developed for the professional trader. From the basic buy order execution, a beginning trader may find the advanced price analysis tools confusing.

    The exchange provides a basic trade order service, and also auction and block trade orders used by large traders. Traders can buy Ether or bitcoin in large volumes. Even the basic order book goes beyond the basic market, limit and stop-loss orders offered by most crypto trading platforms.

    Market – Fill at the current price
    Limit – Fill at specified price (fill or cancel unfilled order)
    Limit Immediate-or-Cancel – Fill at immediate or better price. Cancel unfilled order
    Limit Fill-or-Kill (FOK) – Fill all at immediate or better price, or cancel all order
    Limit Maker-or-Cancel (MOC) – Fill at specified price. Cancel if can be filled immediately

    As for the trading environment, Gemini is a secure and trusted exchange. The exchange has had no reported outages in the last year, other than going offline for regular scheduled maintenance. Gemini’s security measures, discussed in more detail later, encompass crypto asset insurance, FDIC deposit insurance and offline cold storage. The exchange is open 24/7.

    Before trading on the real Gemini exchange, you can practice trading in the Gemini Sandbox. You will be required to sign up and complete email and SMS verification, or alternatively Authy app verification.
    You will be given USD 100,000, 1,000 BTC and 20,000 ETH to play with.

    What cryptocurrencies does Gemini support?

    The top two cryptocurrencies bitcoin and ether can be traded but you cannot buy Ripple, number three, due to securities classification concerns (see below). Gemini is listing the safest of coins. Other cryptos include a privacy coin (Zcash) and securitized tokens (DGD, GUSD).

    • Ethereum (ETH)
    • Ethereum Classic (ETC)
    • Bitcoin Cash (BTC)
    • Litecoin
    • Zcash
    • Gemini Dollar
    • DGD
    • BTC/USD
    • ETH/USD
    • ETH/BTC
    • ZEC/USD
    • ZEC/BTC
    • ZEC/ETH
    • ZEC/LTC
    • ZEC/BCH
    • BCH/USD
    • BCH/BTC
    • BCH/ETH
    • BCH/LTC
    • LTC/USD
    • LTC/BTC
    • LTC/ETH
    • LTC/BCH

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    for $1000 you get0.0572 BTC
    68% of retail CFD accounts lose money.
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    What are the best Gemini alternatives

    broker-logo
    68% of retail CFD accounts lose money.
    broker-logo
    74% of retail investor accounts lose money when trading CFDs with this provider.
    broker-logo
    The price and value of any investment in digital asset products can fluctuate.
    broker-logo
    The traded price of digital tokens can fluctuate greatly within a short period of time.
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    71% of retail CFD accounts lose money.
    broker-logo
    As prices of digital assets are highly volatile, users could lose all or a substantial portion of the value of any digital asset they purchase.
    Rating
    5.0
    4.7
    4.7
    4.6
    4.5
    4.4
    4.3
    4.1
    4.0
    Mobile App Rating
    10/10
    9/10
    9/10
    8/10
    8/10
    9/10
    9/10
    9/10
    10/10
    Mobile App
    Wallet
    Number of Coins
    7460223617596515123
    Trading Fees
    SpreadsSpreads0.1%0.1%0.1%0.1%0.50%Spreads0.2%
    Deposit Fees
    N/AN/AN/AN/AN/AN/AN/AN/AN/A
    Withdrawal Fees
    $5N/A0.0005 BTCN/AN/AN/AN/AN/AN/A
    Regulated
    ASIC, CySEC, FCACySECN/AN/AN/AFCAFCACBI, MiFIDN/A
    Min. Deposit
    $50100 EURN/AN/A$10$10$2$100N/A
    Leveraged Trading
    N/AN/A1 - 100x1 - 100x1 - 10x1 - 100xN/A1 - 30x1-200x
    Bitcoin
    $17486.69$17382.80$17326.54$40391.88$40393.04$40404.41$40416.27$17374.15$40377.55
    Ethereum
    $1308.36$1304.48$1296.38$2796.11$2795.55$2797.45$2796.59$1299.94$2795.54
    XRP
    $0.40$0.39N/A$0.23N/A$0.78$0.30$0.40$0.78
    Tether
    $1.01$1.01$1.00$1.00N/AN/A$1.00N/AN/A
    Litecoin
    $84.16$83.75N/A$109.04N/A$109.10$109.04$83.83$108.99
    Bitcoin Cash
    $116.51$116.86N/A$506.41N/A$295.12$295.07$116.80$294.96
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    $7.61$7.55N/A$14.26N/A$14.68$14.67$7.65$14.68
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    $0.33$0.33N/A$0.83N/A$0.83$0.83N/A$0.83
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    $0.22$0.22$0.21N/A$0.70$1.91$1.91$0.22$0.70
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    $298.73$296.07$295.99N/AN/A$385.92N/AN/AN/A
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    $0.09$0.09N/A$0.19$0.08$0.19$0.19$0.09$0.19
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    N/A$42.81N/A$182.50N/AN/AN/AN/A$77.12
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    N/AN/AN/A$1.00N/AN/AN/AN/A$1.00
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    $0.96$0.96$0.95$2.06$2.06$2.06$2.05$0.96$2.06
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    N/A$145.88$143.98N/AN/AN/AN/AN/A$188.31
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