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Gemini Investing
Insider’s Rating
4/5
Account Minimum
$0
Fees
$0.99-$2.99 fee for web and mobile transactions between $10 and $200 (1.49% fee for transactions over $200); 0.50% convenience fee; 3.49% debit card transfers
Pros
- Want to trade more than 80 other virtual assets
- Value account security and want your assets securely stored and insured against theft
- Are an advanced trader looking for features like faster order execution, crypto trading pairs and auctions, and charting tools
- Want to earn daily interest from different cryptocurrencies
Cons
- Want to use margin accounts to take on additional buying power; no NFTs
- Multiple fee schedules to keep up with
Product Details
- Promotion: Receive $10 of bitcoin (BTC) when a referral exchanges $100 or more within the first 30 days of creating an account.
- Features: Trading options for beginners, experts, and institutions; Gemini Earn, Gemini Wallet, and $200 million insurance in Gemini Custody.
- App store rating: 4.8 iOS/ 4.5 Android
*Note: In response to the FTX crisis, Gemini's lending partner, Genesis Global Trading, recently announced it is suspending redemptions and new loan originations. As a result, Gemini has currently paused withdrawals on its Gemini Earn account.
Gemini: Overall Rating
| Feature | Insider rating (out of 5) |
| Fees | 4.00 |
| Investment selection | 4.50 |
| Platform navigability | 4.50 |
| Customer service | 3.00 |
| Trustworthiness | N/A |
| Educational resources/research | 4.00 |
| Overall score | 4.00 |
Is Gemini Right for You?
Legally known as Gemini Trust Company, LLC, Gemini is a cryptocurrencyexchange offering trading and storage options for individuals and institutions. Founded in 2014 by Cameron and Tyler Winklevoss, Gemini says it abides by a "security-first" mentality and belief system of asking for permission, not forgiveness.
Gemini offers more than 100 cryptocurrencies — including bitcoin, ethereum, and dogecoin — and prides itself on being the only cryptocurrency exchange to offer interest-bearing account options to traders in all US states.
It's best for individual and institutional users interested in trading and storing different cryptocurrencies and tokens. Its user-friendly platforms make it easy for new investors to use. But Gemini is also great for advanced traders looking for features like faster order execution, crypto trading pairs and auctions, and charting tools.
Among Gemini's offerings are interest-bearing account perks (allowing you to earn a high APY on certain cryptocurrencies), online and offline storage options, and the ability to pay with crypto at select retailers.
The downside of this crypto exchange is that Gemini offers a more limited range of cryptocurrencies than some competitor platforms (such as Coinbase). It also has high fees.
Gemini vs. SoFi
Both Gemini and SoFi share the $0 minimum account options, but the two investment platforms vary when it comes to fees and account features.
SoFi Invest is best for beginners and hands-off investors and is free of advisory fees. It's easy to try DIY trading with self-directed accounts. SoFi mainly offers ETFs (a blend of stock, bonds, and commodities). But it doesn't offer tax-lossing or sustainable investing portfolio features.
Gemini's web and mobile transaction fees range from $0.99 to $2.99 (and larger transactions carry higher fees).
Gemini vs. Coinbase
Gemini and Coinbase are both popular crypto exchange platforms that each offer more than 100 cryptocurrencies and provide support for retail traders and institutions. However, the platforms vary when it comes to cryptocurrency selection and fees.
Coinbaseis a better option for institutions and retail traders looking for a broader range of flexibility in investment types (it currently offers more than 170 crypto assets). It also supports NFT trading and futures.
Gemini is also a slightly cheaper option as you'll pay 0.40% or less with Gemini Active Trader. With Coinbase Pro and Coinbase Advanced Trade, you'll pay 0.60% or less.
Ways to Invest with Gemini
Cryptocurrencies and ERC-20 tokens
Gemini's crypto selection isn't as vast as many of its competitors. It offers the following assets: bitcoin, ether, litecoin, bitcoin cash, zcash, Filecoin, dogecoin, and tezos (XZT).
When it comes to tokens, however, Gemini gives you access to more than 40 ERC-20 assets (tokens are virtual assets derived from blockchains that already exist). See a complete list of its supported assets here.
The exchange also provides an advanced trading platform, Gemini Active Trader, for more experienced traders. This platform is free to set up (although it has a separate fee schedule for orders) and comes with a number of perks, including faster trade execution, multiple order types, auctions for different crypto trading pairs (trading pairs are crypto assets that can be exchanged for one another), and more.
While this platform is available on the web, Gemini says it's optimized specifically for mobile browsers so you can trade on the go.
The exchange also offers Gemini Dollar (a USD-backed stablecoin), Gemini Clearing for order transactions, and Gemini Pay. Gemini Pay lets you make purchases with crypto at more than 30,000 retail centers across the US.
On the institutional side, Gemini serves asset managers, liquidity providers, corporations, and wealth managers.
Crypto rewards
Gemini previously allowed users to opt into the Gemini Earn program in which investors could earn up to 8.05% interest on their assets. Geminin Earn accounts are currently frozen after the exchange's main lending partner, Genesis Global Capital, went bankrupt.
Wallet storage
You can safely store any of your coins or tokens with Gemini's hot wallet and institutional cold storage options. A hot wallet is an online storage software that protects your crypto assets; cold wallets, or cold storage systems, utilize offline storage.
The institutional cold storage option — also called Gemini Custody — includes free setup and no account minimums, $200 million in insurance (this protects your virtual assets against theft), same-day withdrawals, instant liquidity (this allows you to convert assets to cash right away), and 24/7 customer support.
Educational resources
Gemini offers multiple resources for beginner crypto traders or those who simply want to broaden their knowledge on different investment topics. Among these are its blog and Cryptopedia platform. The Gemini blog contains helpful posts on industry, product, and account-use/technical topics.
The Cryptopedia platform, however, is a much more expansive crypto education resource. The platform contains nearly 300 articles — including explainers on non-fungible tokens (NFTs) and Bitcoin — on all things crypto.
The exchange also offers several videos and webinars on important crypto topics. These include the following:
- Intro to Crypto webinar
- Intro to Ethereum webinar
- Crypto 201 webinar
Is Gemini Trustworthy?
The Better Business Bureau has given Gemini an F rating. The BBB's ratings range from A+ to F, and it says it has given Gemini the "F" status due to various unresolved customer complaints. There are a total of 1,183 complaints filed against Gemini.
The bureau found that most complaints filed after January 2021 alleged that customers weren't able to access bitcoin in their Gemini accounts. The BBB's findings also indicated that many users believed Gemini's verification process for withdrawals and transfers slowed transactions.
As for its rating methodology, the bureau also considers time in business, the type of business, licensing and government actions, advertising issues, and more. However, since its ratings don't guarantee whether a business will be reliable or perform well, it's equally important to conduct your own research.
In November 2022, Genesis prevented Gemini Earn investors from withdrawing crypto from their accounts as a result of Genesis's lack of sufficient liquid assets to meet withdrawal requests. The Gemini Earn program has thus been terminated. The SEChas filed a complaint against Genesis and Gemini that has yet to be resolved.
Gemini — Frequently Asked Questions (FAQs)
Is Gemini good to invest with?
Gemini is great for both experienced and beginner investors. It also prides itself on strong security features. But it offers fewer cryptocurrencies than some competitors, like Coinbase, which currently offers a range of over 170 cryptocurrencies.
Can you make money with Gemini?
The Gemini Earn program was a way for investors to earn interest on their assets, with the highest annual percentage yield (APY) at 8.05%. However, Gemini Earn has been terminated after its main lending partner, Genesis Global Capital, filed for bankruptcy.
Can Gemini be trusted?
Gemini is a legitimate business that has operated since 2015. However, Gemini is not BBB accredited and has received an F rating due to various issues including patterns of complaints and customer service issues.
The SEC filed a complaint against Gemini and its main lending partner, Genesis, for unregistered offers and sales of crypto asset securities through Gemini Earn. It has yet to be resolved.
Why You Should Trust Us: How We Reviewed Gemini
We examined Gemini using Personal Finance Insider's rating methodology for investing platformsto compare pricing, account flexibility, ethics, security, and overall customer experience when reviewing investing platforms. Platforms are given a rating between 0 and 5.
Investing platforms generally offer multiple assets, trading tools, fees, and other resources. Some investing platforms are better for more advanced investors or active investors, while others may better suit beginner investors and passive investors. Gemini was evaluated with a focus on how it performed in each category.
Senior Wealth-Building Reporter
Rickie Houston was a senior wealth-building reporter for Business Insider, tasked with covering brokerage products, investment apps, online advisor services, cryptocurrency exchanges, and other wealth-building financial products. Before Insider, Rickie worked as a personal finance writer at SmartAsset, focusing on retirement, investing, taxes, and banking topics. He's contributed to stories published in the Boston Globe, and his work has also been featured in Yahoo News. He graduated from Boston University, where he contributed as a staff writer and sports editor for Boston University News Service.
Junior Investing Reporter
Tessa Campbell is a Junior Investing Reporter for Personal Finance Insider. She reports on investing-related topics like cryptocurrency, the stock market, and retirement savings accounts. She originally joined the PFI team as a Personal Finance Reviews Fellow in 2022.Her love of books, research, crochet, and coffee enriches her day-to-day life.
Compliance Associate
Elias Shaya is a Compliance Associate on the Personal Finance Insider team based in New York City, whichensures content accuracy and editorial independence so readers are always getting up-to-date and objective financial advice.The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up-to-date and accurate.He joined Insider in February 2022 as a fellow on the compliance team.
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