The Gemini crypto exchange is one of the large ever cryptocurrency trading platforms based in the United States. It aids you to buy, sell and hold your crypto coins. It offers over two dozen cryptocurrencies and some very unique features as well. In this Gemini review, we will talk about the advantages and disadvantages of the crypto trading platform. Additionally, we will provide some more essential information that will prove to be beneficial for you to decide whether you must use the platform.
The Advantages Of The Gemini Cryptocurrency Exchange
Like all other crypto trading platforms available in the market these days, Gemini too has its pros and cons that you need to consider before using the platform. Here are the top perks of the Gemini crypto trading platform.
The Gemini cryptocurrency trading website offers a diverse array of cryptocurrencies to U.S. customers. The total number of cryptocurrencies available on the trading platform is not the greatest one as compared to the other similar exchanges. But, it definitely has a stronghold on the various cryptocurrencies to draw the attention of its users and visitors.
The crypto trading platform, Gemini, possesses minimum order amounts and they are very low. For instance, the minimum quantity of Bitcoin (BTC) a user can purchase is 0.00001 BTC. Like BTC, the other tokens or crypto coins have a small investment threshold.
New User Bonus
The platform offers new user bonuses to all its new users. The user bonus is $150 in Bitcoin. The offer is only applicable to those new users who plan to invest at least $1,000 within 30 days. While most of the similar cryptocurrency exchanges offer such bonuses, but this one is definitely on the higher end. The best part is that the bonuses can be easily earned.
Gemini believes in “on the go” trading. Thus, it has an excellent mobile app for trading that permits the users to buy, sell, hold and convert their digital currencies from the ease of their smartphones or tablets. The users can choose to set up the price alerts on specific cryptocurrencies that they are tracking. The cryptocurrency trading platform’s app boasts a 4.7 rating out of five on Apple’s App Store and a 4.5 rating out of five on Google Play Store.
Advanced Trading Platform
Gemini digital currency trading platform offers a pretty easy-to-use desktop trading platform. It is more than enough for most cryptocurrency sellers and buyers. You can choose to sell and convert digital currency, set recurring buys and much more.
The company has also come up with the Gemini ActiveTrader platform. It is designed to offer a professional quality trading system to its users. With this platform, you can place multiple order types such as limit or market orders, enjoy advanced charting tools and whatnot! Adding more to this, the ActiveTrader is completely mobile-optimised. Thus, it can be used from anywhere you want.
Gemini Earn seems to be the biggest differentiator between the Gemini crypto exchange and its competitors. This is owing to the fact that it permits its customers to gain interest in their idle crypto balances. The rates of interest are subject to change. But as of March 2021, the customers can earn rates at over 3% on their Bitcoin deposits, which is the best pay of the online savings account.
Gemini Pay has been included under the Gemini offers via its mobile app. This permits the users to pay for the goods and services using their cryptocurrencies backed by QR code technology at over 30,000 retail locations in the United States. The users can choose any cryptocurrency to use. For instance, you can use Ethreum (ETH) for purchasing dinner and leave your BTC balance intact.
The platform perhaps offers the most impressive collection of crypto coin guides in its Cryptopedia section. The users can find almost all types of guides and study materials from the basics of Bitcoin to the more advanced topics like blockchain technology, trading and much more.
The Disadvantages Of The Gemini Cryptocurrency Exchange
All the cryptocurrency exchanges have specific disadvantages and Gemini is no different. The scope of improvement is always there. Here are listed some of the drawbacks of the Gemini platform that the traders and the investors must be aware of.
Unavailability Of Certain Tokens
There are nearly 4,500 various cryptocurrencies in the world. Of these only 26 of them gets traded in the Gemini platform. Many of the crypto coins that exist are obscure, small and do not really deserve a place in the top cryptocurrency exchanges. Unfortunately, the Gemini platform is devoid of some of the major cryptocurrencies namely, Cardano (ADA), Ripple (XRP) and Stellar Lumens (XLM), just to name a couple.
No Debit Card Linked Accounts
Gemini pay introduced by the company is definitely a nice feature that offers crypto as a payment feature at thousands of merchants. However, it is not as universal as compared to the VISA-branded debit cards that are offered by one of the top rivals of the Gemini platform. It is great to enjoy spending cryptocurrencies at any retail shop that accepts Visa. Nonetheless, Gemini does not offer that feature currently.
Expensive Fee Structure
The fee structure of the Gemini crypto trading platform is much competitive. This is especially considered competitive when it comes to the larger trades. The company levies a transaction fee rate of 1.49% on all orders over $200. This is definitely in line with its peers. This being said, the transaction fees can rise on the smaller transactions. For example, if you order Bitcoin worth $5 on the Gemini app, you will have to pay a transaction fee of $0.99, which is approximately 20% of your complete order.
How Does Gemini Work?
Gemini is entirely a cryptocurrency exchange and custodian. It does not provide other options like stocks or any other forms of investments. Users can only buy, sell and store cryptocurrencies via the web-based platform of Gemini as well as the high-rated mobile app or via the active trading platform of the company.
Fees Levied On The Gemini Trading App
The fee structure of Gemini comprises the “transaction fee” and the “convenience fee”. You can find the convenience fee as the quoted price against the cryptocurrency you are purchasing. It is typically a markup of 0.5% above the quoted price for the buy orders. The transaction fee is based on the currency that is being used and the transaction size. If the transactions have been made with U.S. Dollars, the transaction fee on the platform for both the mobile and web-based orders will be as stated below:
$10 or less
Greater than $200
1.49% of order value
Gemini also levies a separate fee schedule that gets applied on the orders placed via Gemini’s ActiveTrader platform. This can be less expensive significantly, usually for the traders that have high trading volume reaching millions per month. If you are using ACH, crypto transfers from external accounts and wire transfers, you can deposit your funds in the Gemini account for free. If you choose to use your debit card for this purpose, the transaction fee will be high and at a 3.49% rate. For the most part, the withdrawals from the platform are absolutely free. However, the crypto withdrawals over 10 per month will have petite fees associated with them.
Gemini trading platform currently supports 26 cryptocurrencies or digital coins for trading on their platform. The following are those crypto coins:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Dogecoin (DOGE)
- Bitcoin Cash (BCH)
- Chainlink (LINK)
- Zcash (ZEC)
- Orchid (OXT)
- Dai (DAI)
- Basic Attention Token (BAT)
- Amp (AMP)
- Compound (COMP)
- PAX Gold (PAXG)
- Balancer (BAL)
- Curve (CRV)
- Decentraland Mana (MANA)
- Kyber Network (KNC)
- Maker (MKR)
- Ren (REN)
- Storj (STORJ)
- Synthetix (SNX)
- Uma (UMA)
- Uniswap (UNI)
- Yearn.finance (YFI)
- Aave (AAVE)
- Filecoin (FIL)
Following the analysis of the Gemini cryptocurrency trading platform, it can be stated that the trading app is the right choice for you if you are looking for a user-friendly cryptocurrency exchange that offers both web-based and mobile-based trading options. The platform helps you to spend individual crypto coins at real-world merchants. The platform also facilitates its users to earn some interest on their unused balances. If you have been searching for a good hot wallet and cold storage, you should go for Gemini. However, the insurance offered by the platform does not cover the losses resulting from the unauthorised access to the users’ accounts.