Gemini Review 2024

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Written By
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Written By
Michael MacKenzie
Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.
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Edited By
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James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
Updated

3.8 / 5
Gemini is #25 in our crypto broker rankings.

Gemini’s ActiveTrader platform, transparency and attention to regulatory requirements make it a good choice for serious crypto traders seeking a reliable platform to trade crypto derivatives, though we were disappointed by some unnecessary fees and past financial problems.

- Michael MacKenzie, Reviewer

Gemini is a cryptocurrency exchange set up in 2014 by the Winklevoss brothers, known for their early involvement in Facebook. The exchange is among the world’s 20 largest and continues to provide a secure and reliable trading environment by actively seeking regulatory oversight and complying with the latest industry requirements. Gemini traders can trade and stake 80+ cryptocurrencies, with derivatives trading available in some jurisdictions, an advanced proprietary platform, ActiveTrader, and additional features including an NFT marketplace.

$0
ActiveTrader, AlgoTrader, TradingView
Cryptos
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USD, EUR, GBP, CAD, AUD, HKD, SGD
Bitcoin Payments, Credit Card, Wire Transfer, Visa, Mastercard, Silvergate Bank Transfer, Ethereum Payments, ACH Transfer, PayPal, Etana
Crypto Trading

Gemini offers 90+ cryptocurrencies on its exchange, which is anchored by the native Gemini Dollar stablecoin. The powerful ActiveTrader platform is optimized for online trading, and the broker offer perpetual swap derivatives.

Awards

  • Best Cryptocurrency Exchange 2019 - Markets Choice Awards
  • Best Crypto Exchange Overall 2022 - The Ascent

✓ Pros

  • High security with 2FA a requirement for all crypto investors
  • The app has a high-end design and intuitive interface
  • There is a decent range of education, guides and tutorials suitable for beginners
  • Gemini has won various awards in recent years, including the 2019 Markets Choice Awards: Best Cryptocurrency Exchange
  • TradingView integration opens up some great features for Gemini traders
  • Crypto perpetual futures are available in many jurisdictions with up to 1:100 leverage
  • The exchange has made great efforts to prove their credentials via audits, transparently publishing financial data and obtaining licenses

✗ Cons

  • High fees for some funding methods including a 3.49% fee for card transactions
  • History of concerning incidents including the collapse of its Earn program and a phishing breach
  • 'Convenience fee' for using mobile app seems arbitrary and makes it inefficient to use this feature
  • Some larger coins by market cap are not available to buy through Gemini
  • There is no practise profile or demo account for prospective traders

Our experts have comprehensively reviewed Gemini’s services, features and fees to provide an objective look at how this crypto exchange stacks up against similar rivals and how suitable an option it is for traders.

Regulation & Trust

2 / 5

Crypto exchanges like Gemini occupy a unique place when it comes to regulation because watchdogs have not yet caught up with the explosion in crypto trading, which remains far more loosely regulated than other forms of day trading.

The dangers of this have been demonstrated time and again, with numerous crypto giants going under due to scams or mismanagement – a recent high-profile example being the 2022 collapse of FTX, once the world’s third-largest crypto exchange.

This is one of the reasons that our experts recommend that casual traders consider crypto brokers like OANDA, which allow you to speculate on crypto price movements in a more secure regulatory environment.

With exchanges, you’ll never have the same level of trust or financial cover trading with a crypto exchange as you would with one of our top-rated, highly regulated brokers like Pepperstone.

We urge all traders to be aware that when trading with Gemini they won’t be covered by many of the protections that highly regulated brokers provide – for example, in the UK you’ll miss out on the Financial Services Compensation Scheme, which covers up to £85,000 of your investments.

As a result, customers of Gemini’s Earn program have been left facing large losses after crypto prices fell dramatically, forcing the exchange and a lender behind it to bankruptcy filings in 2023.

Our other main area of concern that reduced Gemini’s trust score concerns a 2022 report of a phishing scam that led to the leak of 5.7 millions users’ personal information.

Some of Gemini's licenses
Gemini has obtained licenses from numerous countries

Having said that, Gemini has evidently made the effort to obtain the best degree of regulatory oversight possible, and I was impressed by some of the results.

These include a slew of licenses from numerous US states as well as the UK’s Financial Conduct Authority, Greek Capital Market Commission, and Italian and Irish regulators, and it is obviously proactively seeking proof of its credibility. It’s worth noting, though, that these don’t entail full regulation as you’d find with top brokers in these jurisdictions.

Gemini has also obtained certification such as SOC 1 Type 1 and SOC 2 Type 2 from global auditors Deloitte, giving a positive report on the organization’s security and financial reporting.

Importantly, Gemini is transparent with its financial information and publishes proof of its reserves and other pertinent information, which we view as reassuring.

Gemini's financial metrics
Gemini makes an effort to be transparent with its metrics and financial information.

Accounts & Banking

2.8 / 5

Live Accounts

As with most crypto exchanges, a single account type is available to retail traders, with any differentiation in pricing coming from the volumes traded.

We like the simplicity of this system and are glad to see that all traders start with an even playing field and all services and assets available to them. These include the standard crypto trading platform, but also some nice extras including access to the Nifty NFT trading marketplace.

Gemini's Nifty NFT marketplace
Gemini users can trade NFTs on Nifty

I was also pleased to find crypto staking among these services, as this provides day traders with a good way to make their crypto profits work for them with up to 5.56% APR (net) available at the time of research.

The downside is that this yield is relatively low – it’s only roughly in line with what’s available from a far less risky savings account from a bank, and is some way behind the top rivals in this department like Nexo, whose peer-to-peer loan service can bring in upwards of 15%.

Deposits/Withdrawals

Gemini supports a decent range of payment options covering both the traditional card and wire methods and some fast and convenient e-wallet options.

The strong point of this is that Gemini clients can make deposits of any size (no minimum) in seven fiat currencies: USD, AUD, CAD, EUR, GBP, SGD, and HKD.

The most affordable methods are transfers via ACH, CBIT and Plaid, none of which incur any fees, though note that Plaid withdrawals are not accepted.

Otherwise, traders may face some hefty charges, including 2.5% plus trading fees for PayPal and 3.49% plus trading fees for card, Apple Pay and Google Pay transactions.

Overall, I find this a little disappointing since these instant methods will be more convenient for day traders than the free options, each of which could take several days to process.

I also feel the range is slightly limited compared to some crypto brokers like Eightcap, which accepts a wider range of e-wallets including Neteller and Skrill.

Bonuses

Gemini traders who refer friends can earn $15 per year in their chosen cryptocurrency up to a maximum of $600. The exchange has also offered sign-up bonuses such as $15 in Bitcoin on signing up, though note that these may not be available in jurisdictions that restrict this type of trading bonus.

Demo Account

I was disappointed with the lack of a demo account as I feel traders would benefit from the chance to try out Gemini’s ActiveTrader platform before signing up.

It’s always good to see if you click with a platform’s interface and if the tools and indicators work for you since this is a highly personal choice. Several notable crypto exchange competitors like Kraken and Binance provide this service.

Assets & Markets

2.2 / 5

Gemini’s 80+ cryptocurrencies is a decent range that provides far more range than you’ll find from most crypto brokers, but I feel it falls short of rival crypto exchanges.

You can trade around 250 cryptocurrencies with Kraken and Coinbase, so having around a third of that amount at Gemini is obviously limiting.

The benefit of having a larger range is that it means you can trade up-and-coming tokens with more potential upside, which for me is one of the main draws of crypto day trading.

Gemini's assets
Gemini’s asset list

You will find a decent range of smaller-cap tokens, with tokens in the low millions of market capitalization as well as the giants like Bitcoin and Ethereum and established altcoins like Avalanche.

However, if you’re looking to capitalize on the latest trending memecoin, you should consider that you may not find it on Gemini’s platform. I checked for options like BONK that have made a splash during a recent crypto upswing and was disappointed by their absence.

Derivatives

Gemini’s crypto derivatives platform offers perpetual futures trading to dozens of countries including Singapore, Hong Kong and Brazil.

Due to regulatory restrictions, traders from jurisdictions including the European Union, United States and United Kingdom are not offered these derivatives.

The derivative contracts are paired with Gemini’s stablecoin, GUSD, which is pegged to the US dollar.

With up to 1:100 leverage, I feel these crypto futures will work best for experienced traders who understand how to manage risk.
Since crypto markets are highly volatile, losses on leveraged positions can quickly mount and become extremely expensive, so take care.

Disappointingly, I found just six crypto pairs available, which is far below the offerings from rivals like Nexo with its 70 futures and Kraken with 95.

In this respect, I feel many traders will be better served by a crypto broker like OANDA, which offers 18 crypto pairs and is well-regarded and highly regulated.

Fees & Costs

2.6 / 5

Gemini’s middle-of-the-road trading fees make this a more expensive place to trade than similar crypto exchanges such as OKX.

Those who trade on Gemini’s ActiveTrader platform will be charged a percentage fee that depends on whether they are a ‘maker’ who brings liquidity to an exchanges and those who ‘take’ liquidity through market orders. As usual, taker fees are higher.

The rate you are charged depends on your monthly trading volume, starting from a basic 0.2% for makers and 0.4% for takers.

These fees reduce to 0.1%/0.3% for makers/takers from a monthly volume of $10,000 and continues to go down at regular intervals until the minimum 0%/0.03% for makers/takers with a monthly volume above $500 million.

This beats some rivals like Coinbase, which charges a 0.4%/0.6% maximum, but some of our top-rated exchanges are significantly cheaper – OKX’s maximum fees are just 0.08%/0.1%, for example, while the most you’ll pay on Kraken is 0.16%/0.26%.

When it came to additional fees, I was disappointed to find seemingly arbitrary ‘convenience’ charges of 0.5% on top of an asset’s prevailing market price for making orders on Gemini’s mobile app.

Given that traders won’t be charged for making the same trades via their browser windows, the mobile app fees struck me as unfair and illogical charges that will simply put people off using this feature.
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Michael MacKenzie
Author

Besides that, orders placed to purchase crypto via Gemini’s website application are charged fees starting at $0.99 for orders under $10 to a minimum percentage charge of 1.49% of orders over $200.

Platforms & Tools

2.8 / 5

Gemini traders can buy and sell crypto via the website or mobile applications, but they can also access the lowest pricing via the company’s proprietary ActiveTrader platform.

Gemini trading platform
ActiveTrader

I found ActiveTrader to be a perfectly serviceable platform with some decent features including the ability to stack price and depth charts, a range of order types including limit orders, immediate or cancel, maker or cancel and more.

The chart can be set to one of seven timeframes from 1 minute to 1 day and it comes with a very large range of indicators that can be easily configured and applied with a couple of mouse-clicks.

When I tested the platform I found high volumes of trading on BTCUSD and similar major crypto pairs as you’d expect, but much smaller volumes even on well-established cryptos like AVAX.

This led me to some choppy trading and frequent gaps on order books. While this is part and parcel of trading with smaller tokens it isn’t ideal for day trading and you should bear in mind that Gemini is only the 16th largest exchange. You’re likely to find higher volumes at a larger exchange like Kraken and a smoother trading experience from a crypto broker like Eightcap.

Gemini's ActiveTrader platform's WebTrader
Gemini’s ActiveTrader platform’s WebTrader

I also missed some of the integrated research and sentiment analysis tools that you get with eToro and other top-rated brokers’ proprietary platforms.

So, I was pleased to find that Gemini has integrated the popular TradingView platform, which as well as boasting far more powerful charting capabilities also comes with an excellent range of research and analysis tools.

These, and the backtesting and algorithmic trading capabilities presented by its native Pine script, make TradingView one of our experts’ favorite platforms.

Research

2.4 / 5

Because Gemini lacks depth in its native suite of research tools, I can only give it an average score for research.

This is a shame as the TradingView integration does give traders a great deal of scope for research via that platform. But for Gemini to improve on our research rating, it needs to offer its clients more than the weekly updates and sparse analysis articles on its blog.

Even though crypto exchanges tend to do poorly in this respect and I prefer Gemini’s offering to Kraken and others, it wasn’t on a level with Coinbase, which updates more frequently with in-depth insights.

I’d like to see daily updates, more frequent expert analysis articles and regular support for technical analysis on a number of popular tokens before bumping up Gemini’s score.

author image
Michael MacKenzie
Author
Gemini's blog section
Traders can find some market updates and research information on Gemini’s blog

Education

2.8 / 5

I found Gemini’s educational offering to be fairly good for a crypto exchange. All the basics are covered in the exchange’s FAQ and Education sites, which should be enough to help even a total beginner get started trading.

Beyond that, there’s also a ‘Cryptopedia’ section that has more theoretical articles on concepts related to crypto and NFT trading.

What I missed was in-depth guides that specifically focus on trading strategies and appeal to a range of beginners and more advanced traders, which you’ll find on some top crypto brokers – eToro’s academy comes to mind.

I feel that highly focused educational material on analysis and similar trading-related topics are more relevant to day traders than the more conceptual content that Gemini tends to provide.

author image
Michael MacKenzie
Author
Gemini education section
Gemini’s education section

Customer Support

1.8 / 5

Crypto markets are open 24/7 and highly volatile, and with day trading positions depending on margins of minutes or seconds, it can be crucial to be able to access support quickly. So, I was disappointed to find no live chat options available on Gemini.

Instead, there’s a chat window with a bot that directs you to FAQ topics depending on your input. Unfortunately, when I tested this function there was no way to reach a live agent through the bot, which directed me to an email contact form.

I found this form of contact slow, too, as my simple enquiry went unanswered until the following morning.

The upside is that Gemini packs plenty of useful information onto its support pages, which are easily navigated via subheadings or via the search tool. However, this is no substitute for the 24/7 live assistance offered by rivals like Nexo.

Should You Trade With Gemini?

Gemini’s focus on working with regulators and trying to build trust sets it apart from many rival exchanges, and we see it as one of the more reliable crypto exchanges. However, the fees are not the most competitive and day traders may find trading smaller altcoins tricky on this relatively small exchange, while casual traders might prefer the simplicity of a crypto broker.

FAQs

Is Gemini Legit Or A Scam?

Gemini is a legitimate crypto exchange that’s been around since 2014 and has made a lot of effort to gain the best regulatory oversight available for this type of trading.

This puts it ahead of some similar exchanges, but note that Gemini traders who signed up for the Earn program have previously been burned during a market downturn. In general, crypto markets are only loosely regulated and we see exchanges as far riskier than fully regulated brokers.

Can I Trust Gemini?

Crypto exchanges as a rule are higher risk than traditional financial markets due to the lack of regulation.

Although Gemini has made some important steps toward gaining customers’ trust, it’s worth noting that the company has been involved in a bankruptcy which has left customers facing large losses.

We recommend doing your own careful research and only investing amounts you can afford to lose.

Is Gemini A Regulated Broker?

Gemini is a crypto exchange and not a traditional broker, and consequently it isn’t regulated in the same way.

It has obtained a number of licences from the UK, US and EU, but these tend to be for operating as a ‘Virtual Asset Service Provider’ (Ireland) and similar, and as a result traders won’t have the same protections as they would get from a broker that’s fully regulated by a tier-one watchdog.

Is Gemini Good For Beginners?

In general, we feel beginners should be cautious about trading cryptocurrencies, which are subject to more extreme price fluctuations than most other assets and thus to higher risks.

As far as crypto exchanges go, Gemini is only a mediocre destination for new traders – its platform is fairly intuitive and it has some educational content, but it lacks a demo account and a full educational academy.

Does Gemini Offer Low Fees?

Gemini’s fees are mediocre – it’s much more expensive than alternatives like OKX, but cheaper than some highly rated competitors like Coinbase. We were also put off by the ‘convenience fee’ for trading on the Gemini mobile app.

Is Gemini A Good Broker For Day Trading?

Gemini has some good features for day traders including a decent platform, crypto perpetual futures with 1:100 leverage and access to TradingView.

For me, the main sticking point is that this isn’t the biggest exchange, which means trading volumes will generally be lower than on larger rivals.

Does Gemini Have A Mobile App?

Gemini does have a mobile app, but traders should note that they’ll need to pay the added expense of a ‘convenience fee’ to use it, so it would be cheaper to trade via a browser window on your phone.

Top 3 Alternatives to Gemini

Compare Gemini with the top 3 similar brokers that accept traders from your location.

  1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
    Go to IG
  2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage for experienced traders, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
    Go to Interactive Brokers
  3. Kraken – Kraken is a leading cryptocurrency exchange with a proprietary trading terminal and a list of 220+ tradeable crypto tokens. Up to 1:5 leverage is available with stable rollover fees on spot crypto trading and up to 1:50 on futures. The exchange also supports crypto staking and has an interactive NFT marketplace.
    Go to Kraken

Gemini Comparison Table

Compare Gemini With Similar Brokers
Gemini IG Interactive Brokers Kraken
Rating 3.8 4.4 4.3 3.9
Markets Cryptos CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Cryptos
Demo Account No Yes Yes Yes
Minimum Deposit $0 $0 $0 $10
Minimum Trade 0.00001 BTC 0.01 Lots $100 Variable
Regulators NYDFS, MAS, FCA FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB FCA, FinCEN, FINTRAC, AUSTRAC, FSA
Bonus Lower fees when trading volume exceeds $50,000 in 30 days
Education Yes Yes Yes Yes
Platforms ActiveTrader, AlgoTrader, TradingView Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral Trader Workstation (TWS), Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral AlgoTrader
Leverage 1:30 (Retail), 1:250 (Pro) 1:50
Payment Methods 10 6 6 6
Visit Visit Visit Visit Visit
Review IG
Review
Interactive Brokers
Review
Kraken
Review

Compare Trading Instruments

Compare the markets and instruments offered by Gemini and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare Gemini Trading Instruments
Gemini IG Interactive Brokers Kraken
CFD No Yes Yes No
Forex No Yes Yes No
Stocks No Yes Yes No
Commodities No Yes Yes No
Oil No Yes No No
Gold No Yes Yes No
Copper No Yes No No
Silver No Yes No No
Corn No No No No
Crypto Yes Yes Yes Yes
Futures No Yes Yes Yes
Options No Yes Yes No
ETFs No Yes Yes No
Bonds No Yes Yes No
Warrants No Yes Yes No
Spreadbetting No Yes No No
Volatility Index No Yes No No

Gemini vs Other Brokers

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Gemini is a cryptocurrency exchange set up in 2014 by the Winklevoss brothers, known for their early involvement in Facebook. The exchange is among the world’s 20 largest and continues to provide a secure and reliable trading environment by actively seeking regulatory oversight and complying with the latest industry requirements. Gemini traders can trade and stake 80+ cryptocurrencies, with derivatives trading available in some jurisdictions, an advanced proprietary platform, ActiveTrader, and additional features including an NFT marketplace.

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