Gemini Review – Is It the Right Exchange for You?
This Gemini review provides everything you need to know about the cryptocurrency exchange. See how it compares against other exchanges before you decide if it's the right choice for you.
At a Glance
What we like
- Access to Gemini’s ActiveTrader additional features for the advanced investor
- Large cryptocurrency selection can be a one-stop-shop for many traders
- Lots of educational resources for users of all levels and abilities
What Needs Work
- Limited cryptocurrency investment options
- Fees can be pricey for smaller trades
- Cannot link a debit card to your account
- Daily cryptocurrency traders
- Anyone looking for a serious platform to aid their portfolio growth
- Investors who want the ability for buyers and sellers to trade with each other directly
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If you are getting into the cryptocurrency world, there is quite a bit of terminology that you must get yourself accustomed to. One of the things to consider is the companies where you exchange and manage your cryptocurrency.
Gemini is a company that has led the way to advances in crypto and all that can be done. If you are new to investing or consider yourself a trader, this is a Gemini exchange review that you will want to read and understand.
What Is Gemini?
Gemini is a cryptocurrency exchange. The exchange was developed to be a one-stop shop for buying, selling, trading, storing, and purchasing with cryptocurrency. Gemini is one of the more well-known privately owned cryptocurrency exchanges. It is built with security, stability, and ease of use in mind. Users of all different financial backgrounds have found Gemini to be an intelligent solution for their investments.
One of the most exciting things about Gemini is that it has its own currency. You can convert your crypto to the Gemini dollar and then use that at over 30,000 retailers across the country.
How Does Gemini Work?
Gemini is a full-service cryptocurrency exchange. You can sign up with Gemini to buy, sell, and trade cryptocurrency. Although most people consider Bitcoin as the most popular cryptocurrency, Gemini allows for 40 different types of crypto on their website. Although this isn’t the highest amount on the market, it is still pretty impressive.
In addition, Gemini allows you to keep your non-active crypto in an interest-bearing account. This is a great benefit and a way to enable your money never to sit idle.
Gemini also offers users a mobile app, so you won’t have to be sitting at a computer to get your Gemini service to work. This is a much more convenient process and service than other options on the market.
How Much Does Gemini Cost?
You will quickly see that Gemini has a lot of great benefits to consider. However, the one major negative that most people will admit to is the cost. The costs of Gemini are a bit higher than other cryptocurrency exchanges. However, for the ease of use and security, most don’t mind paying the extra fees.
As with any cryptocurrency exchange, there will be varying fees based on what you are trying to do with your money. There are trading costs and transaction fees associated with most of what you do through Gemini.
There is a flat 0.5% fee that is considered to be the convenience fee. In addition to this, you are going to get another transaction fee that will be based on the amount that you are trading. Depending on how much you are trading, there will be different dollar amounts associated with the trade fee.
For those that do a lot of trading, signing up for the active trader, an account can be a wise choice to consider. The fees will be lower, and although you pay a monthly fee, you will quickly recoup the fees spent per month.
Gemini Review: Pros & Cons
Now that you have a bit better of an understanding of what Gemini is all about, it’s time to take a few minutes to look into the pros and cons of this company. With all of the different crypto exchanges on the market, it is essential to understand their positives and negatives. As with anything in the financial world, the good always comes mixed with the bad.
Who Should Use Gemini
There are three groups of people that Gemini really stands out for being best for. If you fall into these categories, this should be a service that works well for you.
Serious Cryptocurrency Traders
Gemini is an excellent choice for those who trade cryptocurrency daily or are serious about the growth of their crypto investment. As we have mentioned many times in this Gemini exchange review, there are lots of reasons that Gemini has become trusted and dependable through the years. The speed, the security, and the ease of use make this a great option for those that use it every day.
If You Are Interested in Crypto to Crypto Trading
With the number of crypto to crypto trading pairs that Gemini offers, it is a great spot for those interested in Crypto to Crypto Trading. If you have been involved with Bitcoin for a while but want to branch out into different cryptocurrencies, this can make a perfect solution.
If You Are Involved With Peer to Peer Trading
One of the unique features of the Gemini platform is the ability for buyers and sellers to trade with each other directly. This is not always an option on the Crypto exchanges. If you happen to use the Gemini Clearing portal, you will have to pay the spread cost. However, there is no minimum order size. Some other companies that offer this feature will have a much larger minimum order size to complete these transactions.
Who Shouldn’t Use Gemini
Some people should not use Gemini simply because of its costs. Unfortunately, this is not the cheapest of cryptocurrency exchanges and platforms. In addition, there is a bit of a functionality issue with the Gemini debit card issues.
If you take a look at the way this all works, you will make money investing in your different cryptocurrencies, but then you need to be able to use this money somewhere. One way to do this is to use crypto at online retailers.
With the Gemini platform, thousands of online retailers will allow you to link your Gemini account and purchase. However, you will be limited to these retailers. Many of the competitors to Gemini can link to a debit card so that you can use your earnings anywhere you would like.
How to Use Gemini: Features And Perks
Let’s take a look at a few of the essential features that Gemini has to offer. Knowing all of the features can tell you whether or not this service would be worthwhile to invest in.
If you are not a serious trader or are just looking to get started with cryptocurrency, the minimums can be a real problem. There is nothing worse than finding out that you don’t even have enough funds to be able to invest, simply because of the type of financial risk the service asks you to take. Gemini knows people are concerned about cryptocurrency and the future, and they allow for small minimum investments.
Gemini is a business. Although you may need this business to succeed with your cryptocurrency, Gemini needs you as a customer to keep its platform up and running. Therefore you can get some great bonus offers and promotions if you pay close attention. Look for anything that allows for bonuses based on the amount of investment; it could save you quite a bit.
Wide Selection of Cryptocurrencies
Bitcoin is talked about quite often, but it is not the only cryptocurrency on the market. You must understand there are other options and that you may have the potential to make money with these other options. Gemini offers a wide range of cryptocurrencies, enough that traders will have plenty that they can do with this platform.
Having a mobile app makes Gemini very convenient to work with. You can set up your mobile app to give you alerts, and you are also able to buy, sell, and convert currency using this app. If you are on the golf course, at the office, or watching a sports game, you always have access to the Gemini app, and it is straightforward to use.
Gemini Active Trader
The basic Gemini platform is excellent for anyone who likes to buy and sell cryptocurrency; however, there is a more advanced option available for those interested in trading. If you are a person that trades daily, this platform works more like a professional trading system.
With the ActiveTrader, you can place several orders at once, and you get some advanced charting and analytical tools. If you need to keep an eye on how your investments are progressing throughout the day, this is a great choice.
One of the exciting things about Gemini ActiveTrader is that it works on the mobile app as well. Most of the time, the mobile app is not the place to find a more advanced trading application like this one. However, the Gemini ActiveTrader allows for this functionality.
If you are waiting for just the right time to start getting your cryptocurrency investments working for you, you can still earn money with Gemini. This is one of the only platforms that will allow you to earn interest while you are cryptocurrency balances are idle. The interest rates always change as with anything else, but it can be quite a bit higher than the money would be should it be in an account with traditional funds. Many investors encourage their clients to take advantage of this and think of it almost like an online savings account.
Gemini Pay is something that is almost like a Paypal type account. Like how you can link your checking out to Paypal to make online purchases, you can also do the same with your cryptocurrency wallet on Gemini.
There are more than 30,000 retailers that are now accepting Gemini Pay as one of their approved payment methods. You can decide which cryptocurrency you want to play with as well. Therefore if you are trying to accumulate one balance for one type of fund, you can do so.
Most people that are getting involved with cryptocurrency are at least a little confused by the entire process. This is quite normal as there is a lot to figure out. As you are likely aware, things like real estate, mortgages, stocks all seem confusing until you get more involved in them.
However, when investing in Cryptocurrency, it really does make sense to understand what you are doing. As with any investment, you can lose money quickly if you are unsure of how it all works. Therefore the educational resources that Gemini offers can really help to make a difference.
You can learn everything from basic information on Gemini to more advanced things about Bitcoin or blockchain technology. The more money you're making, chances are the more you will want to learn. The fact that Gemini provides this opportunity is really a great thing.
Finding a great online exchange for cryptocurrency is a good thing, but it may or may not be the only service that you need. However, with Gemini, you will also get the Gemini Wallet. If you are new to cryptocurrency and don’t already have a cryptocurrency wallet, this is a great one to get started with. With a cryptocurrency wallet, your assets are insured against losses, and you won’t have trouble should a security breach or hack happen. There are lots of fraud-type issues that come up in the world of crypto. This is the way to protect yourself.
Is Gemini Safe and Legit?
Millions of people are currently using the Gemini exchange. Although the number of people using the service can’t be your only indication of whether or not it is a good platform, there is certainly some strength in numbers.
All investors of cryptocurrency worry about losing their money. This is a legitimate concern, and it is essential to keep an eye on the services you use and the safety precautions that they take.
Gemini is a company that is very serious about security and will ensure that they are not letting anyone get to your information. Gemini is proud to tell you that they have never been hacked, and they work daily to ensure that it will never happen.
They have internal methods to ensure that your information and your investments are kept safe. Gemini insurance will help to keep you free of losing any funds as long as the loss is not related to anything that you have done personally to cause these issues.
Even if you love everything we have mentioned in this Gemini review, it is always wise to take a look at the alternatives on the market. There could be something that stands out to you as being a better cryptocurrency exchange. The two options that stand out as the best choice are Coinbase and Robinhood.
Both Coinbase and Robinhood tend to be priced a bit lower than Gemini. So if cost is what you are going for, you may find this to be a good option.
The minimums are about the same across all three of these companies, so even those that are new to cryptocurrencies with smaller budgets can still find some options for investing.
The thing that makes Gemini stand out from the other choices is that it will be an all-in-one solution. If you happen to get very into cryptocurrency and all that is involved, chances are you will stay right here with Gemini and become a more active trader in the future.
Gemini gives some peace of mind and ease of use that you may not find with other providers.
The Final Word: Is Gemini Worth It?
Now that you have all the insider scoop from this Gemini crypto review on the platform and all that it has to offer, you have to make the determination if this is the right plan for you. Overall we can say that the reviews about Gemini and the customer satisfaction are pretty high. One of the things that really make the platform stand out is the mobile app usability and the fact that you can easily navigate between different features.
For those who get worried about using your cryptocurrency’s profit, over 30,000 retailers will accept Gemini as a payment option. If you are new to the world of cryptocurrency or have been in this for years, Gemini is an option worth considering.
First of all, Gemini is a legitimate cryptocurrency exchange, and they make security a top priority. Additionally, funds held in your Gemini account are FDIC-insured which is a big deal for an industry that focuses on being decentralized.
It’s hard to say which crypto exchange is the best because it’s more about what you need as a trader. If we’re looking at overall scores for trading volume, liquidity, and the number of coins, Coinbase outranks Gemini. Coinbase also has lower fees and more trading pairs.
Where Gemini shines is with an incredibly intuitive interface, more customer service options, and they have a unique feature where your store cryptocurrency can earn interest. You can learn more about how these two exchanges compare in my Coinbase vs. Gemini comparison.
Gemini’s wallet feature allows users to store their coins online in a “hot wallet” or offline in an institutional-grade cold storage system. Coins stored online are insured against theft due to a security breach, fraudulent bank transfer, or employee theft. Gemini even describes their wallet as the “most insured Bitcoin wallet.”
If you’re comparing different exchanges, Gemini is one of the safest cryptocurrency exchanges on the market. They’ve never experienced a successful hack, the majority of your funds are held offline in safer cold storage, and your U.S. dollar funds are FDIC insured up to $250,000.
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About Millennial Money Man
Bobby Hoyt is a former band director who paid off $40,000 of student loan debt in 18 months on his teaching salary and then left his job to run Millennial Money Man full-time. He helps other Millennials earn more through side hustles, save more through budgeting tools and apps, and pay off debt. He is a personal finance expert who has been seen on Forbes, Reuters, MarketWatch, CNBC, International Business Times, Business Insider, US News, Yahoo Finance, and many other personal finance and entrepreneurship media outlets.