Gemini

About Gemini Crypto Exchange

Gemini Trust Company, LLC, is a cryptocurrency exchange and custodian based in New York, USA. It was founded by Cameron Winklevoss and Tyler Winklevoss – the billionaire twin brothers who shot to fame after suing Facebook founder Mark Zuckerberg for stealing their social media idea. 

Established in 2014, Gemini went live in 2015 and in 2016 became the world’s first licensed ether (ETH) exchange. By 2022, Gemini had grown to become one of the world’s most popular crypto exchanges, employing over 1,000 employees, and supporting around 100 crypto assets. 

In this review, we’ll explain everything you need to know about opening an account, depositing, buying, transferring, and withdrawing at Gemini.

Can Gemini be Trusted?

Because it is a publicly listed company based in New York, Gemini is highly regulated by US financial authorities, theoretically making it one of the most robust crypto exchanges. Indeed, the company has always made a selling point of its transparent business structure and conservative strategies.

However, as always, we don’t recommend keeping large amounts of cryptocurrency on any centralised exchange. Instead, you should consider moving your cryptos to a non-custodial wallet. For more information about the various wallets available, see our handy guides.

Is Gemini Legal?

As a US-based and regulated crypto exchange, Gemini is fully legal to use for most Americans and international customers. However, access to some services may be restricted in some states. If you are unsure of the legality of using crypto in your region, we recommend you consult the appropriate authorities or seek professional legal advice.

Countries and Regions Served

As of July 2022, gemini.com offered crypto buying and / or exchange services to residents in the following countries and territories:

Is Gemini Secure?

Gemini has an excellent track record when it comes to security. It is regulated by the New York State Department of Financial Services (NYSDFS), so it is subject to rigorous oversight and held to the highest standards.  
As with other major cryptocurrency exchanges, Gemini accounts use two-factor authentication (2FA), such as Authy, Duo, or Google Authenticator (it also still offers 2FA codes by phone if you prefer).

Creating an Account with Gemini

Creating an account with gemini.com is straightforward and similar to other major crypto exchanges. Just follow the steps below:

1. Go to gemini.com and select Get started.
2. Enter your name, email, select a strong password, and check your country / state location is correct. Agree to the user agreement and privacy policy and click Next. 
3. Now add your mobile phone number. Gemini will send you a security code, enter it and continue. 
4. You will now see your account screen. Next, click Add funding source. 
5. Add your bank account and / or debit card details as directed. US, Canadian, UK and EEA bank accounts can be automatically added via Plaid. 
6. Make sure you confirm the security email sent to the address you provided. 
7. In Coinbase, under Complete your account, select Enter address and ID to raise limits and allow withdrawals. 
8. You will be asked to verify your identity with a passport or driver’s licence. Follow the directions to upload a photo of your ID, and submit. 

Once verification is complete, your Gemini account will be fully functional. Verification of documentation is normally completed within minutes, but there can be delays if it needs to be manually verified.

How to Deposit at Gemini

Before purchasing crypto at Gemini, you will need to add funds to your account. To do this, select ‘Transfer‘ and your funding source (your bank account or card). Specify how much you would like to deposit, and complete any security verification steps.

Supported Fiat Currencies

• Euro (EUR)
• Pound Sterling (GBP)
• US Dollars (USD)
• Australian Dollars (AUD)
• Canadian Dollars (CAD)
• Singapore Dollars (SGD)
• Hong Kong Dollars (HKD)

How to Buy Crypto at Gemini

To buy crypto at Gemini, go to the Market page, where you’ll see a list of available cryptocurrencies and their current prices. Select a crypto and you’ll see a new page with detailed information and trade options. 

Under Make a trade, choose Buy. You can make a one-off trade, or set it to repeat daily, weekly, bi-monthly or monthly. Next, set how much fiat currency’s worth of crypto you want to buy. Review the order and the fees, then select your payment method (either your account balance, or a card). 

The order will complete immediately and your new crypto will show in your account wallet.

Cryptos Available at Gemini

Gemini supports many native assets, ERC-20 stablecoins, SPL tokens, and ERC-20 tokens, including:

How to Transfer Crypto from Gemini to Another Wallet

Okay, so you’ve purchased your first crypto on Gemini, and you want to send it to another wallet (or make a payment or deposit at a casino etc). No problem. Just follow these steps.

1. Find the unique address of the destination wallet (this could be your non-custodial wallet, online casino wallet, or the wallet of a retailer etc). Copy it to your clipboard. 
2. Log-in to your Gemini account and go to the Withdrawal page. 
3. Select the desired crypto from the dropdown.
4. Paste the destination address.
5. Include the appropriate tag or note, if required.
6. Select the appropriate network if it hasn’t been auto selected.
7. Set how much crypto you would like to transfer.
8. Carefully review the transfer details, and then select Request Withdrawal. 
9. Complete any security verification steps, like 2FA. 

The speed and fees of the transfer will vary according to the specific crypto used, network congestion, and if Gemini conducts security checks. For more information about transaction speeds and fees, check out our crypto guides.

How to Transfer Crypto to Gemini and Withdraw it as Cash

So, you’d like to transfer crypto from another wallet to your Gemini account, then convert it to fiat currency and withdraw it to your bank account? Just follow these steps:

1. Log in to your Gemini account and copy your unique crypto wallet address for the desired crypto type (Bitcoin, Ethereum, Litecoin etc). 
2. Log in to your source wallet (non-custodial wallet, casino account etc) account and go to transfer/withdraw/send.
3. Paste your Gemini wallet address as the destination, and select how much crypto you want to transfer.
4. Enter the appropriate tag or note, if required.
5. Select the appropriate network if it hasn’t been auto selected.
6. Carefully review the details and submit the request.

Your crypto funds should be in your Gemini wallet shortly (remember, the time taken will depend on the crypto network used, and how busy it is). Now you need to convert the crypto to fiat currency:

4. In Gemini, go to the Market page. Under Make a trade, choose Sell. Choose how much crypto you would like to sell and for what fiat currency.
5. Review the order and the fees, and submit it. The order will complete immediately, and the fiat will show in your account balance. 
6. Finally, go to Withdraw, and select where you would like to transfer the money too (your bank account or card). 
7. Complete any required security verification processes.  

Note that withdrawals to bank accounts can take several business days to complete.

Gemini Transaction Fees

Gemini charges a transaction fee and a convenience fee on each order placed via its website or mobile applications. The convenience fee is typically 0.50% of the current price of the specific crypto. Before each transaction, you will be provided with a quote of the total fees.

Cash deposit and withdrawal fees:

• Wire transfer – Free (but bank my charge)
• Debit card – 3.49% of total amount

When transferring crypto to an external wallet, users pay either a dynamic or flat fee. ETH and ERC-20 tokens (except Gemini dollar GUSD) are based on Ethereum gas fees, which vary significantly depending on network congestion. 

Non-Ethereum crypto withdrawals are charged flat fees as follows:

Gemini Customer Support

Gemini has a Help Centre and Help Desk. Go to the Help Centre for a range of handy guides and reference resources, or the Help Desk to get in touch with customer support via a simple form. This allows you to explain your issue in detail and add files. Alternatively, a Gemini live chat help bot is accessible from the floating blue button on every page.

Final Word on Gemini

As far as cryptocurrency exchanges go, Gemini is something of an acquired taste. On the one hand, it is one of the most popular and has a good reputation in terms of trust and security. The onboarding process was also one of the smoothest we’ve experienced, which always helps get things off to a good start. 

On the other hand, the fee structure is overly complicated and transactions can be relatively expensive. The choice of cryptos and geographical availability isn’t as impressive as competitors like Binance either. 

All things considered, Gemini makes a decent choice for those looking for a hassle-free and secure way of acquiring major cryptocurrencies. Can it match the likes of Binance, Kraken, and Coinbase? There’s only one way to find out, give it a try!