The Gemini platform offers a number of pros and cons which should both be heavily weighed. Starting with pros, the registration process is quite simple and can be completed quickly. Alongside this, there are multiple platforms that can accommodate users of any experience level. Furthermore, Gemini offers advanced security levels to protect its service. On the negative side, Gemini’s insurance does not cover the loss of your assets through unauthorized access to your personal account and there is an extra charge for those who buy and sell via the platform.
Gemini is a cryptocurrency exchange and custodian that allows customers to buy, sell and store cryptocurrency and digital resources and assets.
As Gemini is based in New York, it is required to be a licenced New York trust company and has to undergo regular bank examinations. It is also subject to regular to the stringent cybersecurity audits that are conducted by the New York Department of Financial Services.
Gemini is very thorough and candid about how it takes security seriously and how it works with this. Registering for a Gemini account is simple. You start by entering your name as it appears on official documentation (this will simplify Gemini’s verification process) and enter your choice of password. Once you have done this, you will be asked to enter your mobile phone number, so that they can send you a seven-digit code. Once you have entered this code, you will need to enter your primary address, then select the identification process that you want to use. These can be a choice of passport, driving license (front and back) or a government-issued identification card. Any photos that you submit for this must be clear, sheen-free and readable. Once you have submitted all of this information, it takes between two to five working days for Gemini to verify your identity and for you to start the trading process.
Cold Storage, which is an offline storage wallet for storing cryptocurrency, is used for storing the majority of the cryptocurrency that you invest in Gemini. Gemini uses hardware security modules that have achieved a specific level of US Government computer security standard, in this case FIPS 140-2 Level 3 or higher. In order to have achieved this level, systems and modules need to have already passed the physical security mechanisms that are required at Level 2. Gemini have a dedicated team that conduct these tests and Level 3 means that intruders (which the dedicated team would pose as to ensure that Gemini’s security system is airtight) are prevented from gaining access to the module. The mechanisms that are required at Level 3 mean that Gemini’s system has to have a high prospect of detecting and responding to security threats.
Another feature of Gemini’s cold storage is that all private keys are generated on their hardware security modules and are permanently stored there.
Gemini also integrates a multi-signature digital signature scheme which is designed to eliminate system failures and improve their system strength against the loss or compromise of any of their data. The hardware security modules themselves are stored in monitored, access-controlled facilities, meaning that they require the coordinated action of multiple employees to operate.
Although Gemini does incorporate a considerable amount of cold storage, it does use the hot wallet system as well which, again, has to achieve a FIPS 140-2 Level 3 rating or higher.
Gemini is keen to state that administrative access to this wallet requires multi-factor authentication, which is a standard feature throughout the cryptocurrency exchange industry. Their administrators are subject to role-based access-controls to their production environment, meaning that those with less privilege are given less access.
As previously mentioned, two-factor authentication is required hen you log into your account or want to make crypto withdrawals. Gemini use hardware security keys such as WebAuthn, meaning that you can secure and protect your account with strong two-factor authentication protection. You can also create an Approved Address list that strictly restricts your crypto withdrawals to approved addresses only or can disable all cryptocurrency withdrawals from your account (only use this option if you’re dedicated to continuing investment and purchases on Gemini.)
Gemini includes a rate-limiting process to certain account operations (the most notable being login attempts) in order to stop unauthorised access to your account. Once your account has been locked, Gemini will work with you to unlock the account.
Gemini also use encryption to secure any personal data that is held in transit and at rest, meaning that it is harder for hackers to access the data and to unencrypt the data.
All of the website data contained on Gemini is transmitted over Transport Layer Security (TLS) connections (the main example of this is HTTPS). Gemini uses the majority of the content security policy and HTTP Strict Transport Security features that can be found in modern browsers and partner with enterprise vendors to alleviate against denial-of-service attacks (which are known as DDoS attacks). There are sections of the website which are classed as internal-only sections, where separate access controls are integrated and are not visible on the actual website.
Gemini is very open about how its internal controls work and who can access what. Multiple signatories are required to transfer cryptocurrency out of the Cold Storage system. Gemini are also keen to emphasise that the CEO (Tyler Winklevoss) and President (Cameron Winklevoss) are unable to individually or jointly transfer cryptocurrency out of their Cold Storage system. In other words, the Winklevoss brothers are unable to access your cryptocurrency.
Gemini’s offices do not store or contain anything of value. All private keys are stored offsite and geographically distributed in monitored, access-controlled facilities. All employees undergo criminal and credit background checks and are also subject ongoing checks throughout their employment, meaning that Gemini are consistently monitoring employee activities to ensure that your cryptocurrency is stored safely. All remote access required public key authentications via credentials and identifications that are stored on hardware tokens. Phishable credentials are strictly forbidden.
As you can see, Gemini are very open about their security measures and the measures that they take for their new and existing members.
As with the other cryptocurrency exchange platforms available, Gemini does charge a variety of fees for trading and transactions. There is a “convenience fee” applied to all trading, which is a 0.5% above the trading price that is already set. On top of that, there is a transaction fee based on the amount that is traded (any orders above $200 are charged 1.49%). So there are a few little fees to be aware of.
As Gemini is operational in the United States, they are able to charge fees for American users. If you trade with $10 or less, the fee is $0.99. Between $10 and $25 is $1.49, whereas between $25 and $50 is $1.99. Between $50 and $200 is $2.99 whereas, as previously mentioned, any trades above $200 are charged at 1.49% of the web order value.
Gemini is unique amongst its competitors in that it does not charge transaction fees for deposits from US bank account or wire transfers (although you may incur a charge from your bank). With that being said, there is an additional 3.49% charge of the total purchase if you use a credit or debit card to make purchases.
If you are a serious trader or intend to become a serious trader, Gemini offers a rate structure based on 30-day volume of trades on the ActiveTrader platform. The rates are also based on the liquidity of the asset at the time of purchase. Below is a table demonstrating the taker and maker fees that Gemini charge (obtained from Gemini’s website.)
| Pricing tier | Taker fee | Maker fee |
| Up to $499,999.99 | 0.35% | 0.25% |
| ≥ $500K | 0.25% | 0.15% |
| ≥ $2.5M | 0.25% | 0.15% |
| ≥ $5M | 0.15% | 0.10% |
| ≥ $10M | 0.15% | 0.10% |
| ≥ $15M | 0.1% | 0% |
| ≥ $50M | 0.075% | 0% |
| ≥ $100M | 0.05% | 0% |
| ≥ $250M | 0.04% | 0% |
| ≥ $500M | 0.03% | 0% |
Gemini, as with other cryptocurrency exchange programs, offers an array of trading platforms which are designed to accommodate the difference in experience that various traders and users have. Gemini has a simple, uncomplicated and intuitive interface which gives you an instant view of the live markets, as well as including the tools that you need to manage your investments (known as Gemini Basic). Having all of this on a single screen is advantageous for new traders because new users and those who are new to the industry, in general, can find viewing live market screens daunting and intimidating on these platforms.
Gemini offers a peer-to-peer trading experience, where users can trade with one another on the Gemini Clearing portal. There is no minimum order size, which allows users to make smaller trades if they don’t want to take large risks.
Gemini provides a substantial number of guides and resources that are designed to assist new users and those who are new to the industry. Among these resources is a set of cryptocurrency guides, which are designed to make it easier to learn about assets such as Bitcoin. By breaking these guides down into five-minute reads, this makes the guides more beginner-friendly and are written to ensure that novices and beginners are able to understand what these are about. Gemini have also produced a cryptocurrency glossary page, which is designed to make it easier for new users to understand the terminology used. Perhaps the most popular of Gemini’s assistance and guides is the webinars that are produced. Gemini have produced a multitude of webinars that are designed to educate beginners on what cryptocurrency is, dissecting the different cryptocurrencies available and discussing various topics such as the increase of women using cryptocurrency exchange markets. As these webinars are pre-recorded, you are able to watch them at your own pace, can stop them when you come across something that you’re unsure of and can watch again at any time.
Gemini offers access to over 50 cryptocurrencies, which range from the popular coins such as Bitcoin (BTC), Ethereum (ETH) to others such as Decentraland (MANA) and Kyber Network (KNC). By offering the popular coins and some of the lesser-known ones, this gives new investors the opportunity to get to grips with what the cryptocurrency exchange market can offer.
Gemini is a very user-friendly platform which can be used by users of all experiences. The emphasis that Gemini place on informing users of their security measures puts new users minds at rest, particularly as sensitive data is used when using a cryptocurrency exchange platform. There is a substantial amount of cryptocurrency available, although there are exchange platforms that use more. Where Gemini can fall short, however, is where the fees are concerned. The use of a flat fee, as well as a “convenience fee” for using the platform, does mean that you are paying a bit more for using it. With that being said, it is a very lauded platform with excellent guides throughout, so it is a platform that is thoroughly and highly recommended.
