Strong points
The Gemini platform is a well-known crypto exchange, particularly in the USA. Find out more about the world of Gemini by reading this review by Tokize.
Gemini is a platform that lets you buy, sell and trade cryptocurrencies. In addition to crypto trading, Gemini has also developed various cryptocurrency-related products such as:
Gemini can be summed up in a few figures:
The Gemini exchange ranks 11th in CoinMarketCap’s overall ranking of crypto platforms.
The quality of the Gemini platform has just been highlighted by the latest DataCompare report published on April 11, 2022. This report ranked over 150 exchanges worldwide, with ratings ranging from AA (best) to E (worst). Only four exchanges received the top AA rating, and the Gemini platform is one of them! Gemini scored particularly well on the “asset quality/diversity” criterion.
Gemini
Gemini
The Gemini platform was created in 2014 by the famous brothers Cameron and Tyler Winklevoss. Why famous? The Winklevoss brothers first made headlines in 2004 when they took Mark Zuckerberg to court over the Facebook social network. Indeed, the three brothers studied together at Harvard. The Winklevoss brothers claimed that Zuckerberg had stolen their idea to create Facebook. The lawsuit ended with the brothers receiving a handsome cheque for $65 million.
Initially, Gemini was intended for institutional customers, but the platform eventually opened up to the general public.
Gemini has developed a wide range of crypto products and services. Discover the different components of the Gemini ecosystem below.
The Gemini platform lets you buy, sell, and trade cryptocurrencies.
To date, the exchange offers over 120 cryptos. You can view the full list of cryptos available on Gemini.
Naturally, Gemini offers the best-known cryptos, such as:
The platform also offers other less popular tokens, such as:
Gemini offers a straightforward and uncluttered trading interface compared to other exchanges, which can quickly lose beginners in the crypto field. No charts, curves, order books, statistics, etc. Gemini concentrates on the essential information for each crypto:
Some traders may find the Gemini exchange interface too simplistic. That’s why Gemini has developed a second trading interface, Active Trader, for more advanced traders who need more data. This platform offers advanced charts and data for professional-level trading.
Experienced traders have all the tools they need to implement their trading strategy and execute orders in a matter of microseconds.
With Gemini, you can trade crypto anywhere, anytime. The Gemini mobile app is available on the Apple, Google, and Galaxy stores.
You can watch the crypto market from the Gemini app, view your portfolio, place orders, and more. You can also set alerts so you don’t miss any trading opportunities.
In February 2021, Gemini launched an investment program with Genesis called Gemini Earn, in which Genesis generated profits for investors by lending assets to third parties and returning a portion of those profits to investors.
When Gemini Earn was launched, Gemini told investors that it had examined Genesis through a risk management framework and that it was a reliable company. However, Gemini’s internal risk analyses of Genesis showed that loans to the company were risky.
The lawsuit alleges that from the start of the Gemini Earn program in February 2021 until November 2022, Gemini’s internal risk analyses showed that Genesis’ loan portfolio was risky and highly concentrated in a few counterparties. At one point, Sam Bankman-Fried’s Alameda was the borrower of nearly 60 percent of all Genesis’ outstanding loans to third parties.
Only a year after the program began, in February 2022, Gemini revised its estimate of Genesis’ credit rating from BBB (investment grade) to CCC (junk grade). Still, it did not publicly disclose to investors that it had lowered the rating and continued to market Earn as low-risk.
In July 2022, the Gemini board discussed ending the Gemini Earn program because of the risks associated with Genesis, and one board member even compared Genesis’ financial condition to that of Lehman Brothers before its collapse. Moreover, in the summer of 2022, Gemini’s risk staff withdrew their investments from Earn.
However, Gemini did not provide its investors with any meaningful warnings about these risks. In October 2023, Genesis postponed for the tenth time a hearing on the adequacy of the information contained in the Disclosure Statement and the solicitation and voting procedures related to Genesis’ Amended Plan. The hearing is now scheduled for November 7.
Also, the New York Attorney General’s Office has sued Genesis, its former CEO, its parent company Digital Currency Group, Inc. (DCG), and DCG CEO Barry Silbert for conspiring to lie and defraud Gemini, Earn users, and other creditors of Genesis. The Attorney General’s lawsuit confirms that Gemini, Earn users, and other creditors were victims of massive fraud and were systematically “misled” by these parties about Genesis’ “financial condition.” That said, Gemini disagrees with the Attorney General’s decision to sue Gemini, as it makes no sense to blame a victim for being defrauded and lied to.
Gemini
Gemini
Gemini Pay enables US users to pay for their purchases in crypto. To do so, download the Gemini Mobile application (see above). Then, open the Gemini Pay tab and choose the cryptocurrency you’d like to use for payment. You can choose between:
Then, choose the merchant. You’ll get a QR code that you’ll have to scan at checkout.
The platform also offers you the option of storing your digital assets on its Gemini Wallet. Gemini Wallet benefits from state-of-the-art security features. The platform combines online (hot wallet) and offline (cold wallet) storage.
Assets stored on Gemini Wallet benefit from:
Gemini Custody is another cryptocurrency storage solution offered by Gemini. You can store all the cryptos available on the Gemini exchange.
Here are some of Gemini Custody’s features:
Gemini Clearing enables you to buy, sell, or exchange cryptocurrencies between private individuals. Gemini acts as a trusted third party to ensure the transaction runs smoothly.
To carry out a transaction via Gemini Clearing, both parties (seller and buyer) must comply with Gemini’s KYC (Know Your Customer) and AML (Anti Money Laundering) procedures. Gemini’s intermediary service enables secure peer-to-peer transactions at a very competitive price. No minimum transaction is required.
The Gemini Dollar (GUSD) is the stablecoin of the Gemini platform. The GUSD price is pegged to the dollar, meaning its value always remains more or less equivalent to one dollar. Like any stablecoin, GUSD has the advantage of being far less volatile than standard cryptos.
The Gemini Dollar is valid for transactions on decentralized exchanges, using DeFi (Decentralized Finance) services, or benefiting from high-interest rates via Gemini Earn.
Gemini has launched a crypto credit card currently available only to selected users. With this card, you can use your cryptos to pay for everyday purchases. You pay neither annual subscription fees nor transaction fees.
What’s more, the Gemini credit card entitles you to cashback:
Unlike other competitors, Gemini pays cashback instantly into your Gemini account.
Gemini
Gemini
Ready to try crypto trading on Gemini? Find out how.
The Gemini platform offers a double authentication system (2FA) to help you better protect your account. Each time you log in, you must provide your password and an additional code received by your choice.
Gemini must verify your identity as part of the KYC (Know Your Customer) procedure. You will, therefore, need to provide proof of identity, depending on where you live:
The next step is to deposit funds into your Gemini account so that you can carry out transactions. You can fund your account in several ways:
The platform can receive funds in several currencies: USD, AUD, CAD, EUR, GBP, SGD, and HKD. Please note that European users are limited to euro (EUR) and pound sterling (GBP).
Go to the “Prices” tab on the site’s home page to trade cryptos. You’ll then have access to all the cryptos offered by the platform. Locate the crypto of your choice and click on “Buy”. Choose between a one-off or recurring purchase, then enter your order parameters. Once you’ve validated the transaction, you’ll receive a confirmation email, and the purchased crypto will be credited to your wallet.
What are the fees on Gemini?
The Gemini platform charges various trading fees:
Transaction fees for orders placed on the Gemini website or mobile app vary according to the order amount. For orders of up to €200, Gemini charges a fixed fee of €1 to €3. Above €200, transaction fees amount to 1.49% of the transaction value. Total charges are indicated in a summary before final order validation.
Transaction fees from the ActiveTrader interface are different. The basis for calculation is the 30-day trading volume. The higher the trading volume, the lower the trading fees. Here are the different types of fees charged, depending on the order:
The Gemini website has a page dedicated to deposit fees on the platform.
On Gemini, all cryptocurrency deposits to your account are free of charge. As for fiat currency deposits, bank transfer deposits are free, while credit card deposits are charged at 3.49%.
The first ten crypto withdrawals (per month) are free on Gemini. Beyond 10, withdrawal fees depend on the cryptocurrency in question. In addition, fiat withdrawals by bank transfer are free of charge.
The New York State Department of Financial Services (NYDFS) regulates the Gemini platform in the United States. As a result, the exchange is subject to various procedures such as anti-money laundering, customer protection, cybersecurity requirements, etc.
In Europe and the UK, Gemini is subject to the regulations of the FCA, the Financial Conduct Authority.
Most assets supported by Gemini are stored on “cold storage,” i.e., devices that are not connected to the Internet. This offline storage mode offers enhanced protection against cyber-attacks.
A small proportion of assets are stored online on “hot wallets” to be available anytime. To protect these funds, Gemini is covered by insurance against theft due to a security breach, fraudulent bank transfer, or employee theft. Please note, however, that this insurance would not cover theft resulting from unauthorized access to your account, for example, if someone uses your password without your knowledge.
Gemini also implements security measures such as two-factor authentication (2FA). You can also restrict withdrawals to your pre-approved addresses.
Gemini
Gemini
