Andrew Munro is the global cryptocurrency editor at Finder. After previously writing about insurance and other areas, he now covers the latest developments in digital assets and blockchain and works on Finder's comprehensive range of guides to help people understand cryptocurrency.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
The fees below are accurate as of August 27, 2019. All dollar fees are listed in US dollars. Direct buy and sell fees These transaction fees apply when placing a cryptocurrency buy or sell order through the Gemini website or mobile app. A 0.5% "convenience fee" applies to all transactions.
$10 to ≤ $25
$25 to ≤ $50
$50 to ≤ $200
Marketplace ActiveTrader fees These transaction fees apply when buying or selling from the Gemini continuous order books, or the Gemini auction, via the ActiveTrader interface.
You can switch the ActiveTrader interface on or off in your account settings. The direct buy and sell fees listed above will apply when ActiveTrader is switched off.
30-day trading volume
0 to $499,999
Deposit and withdrawal fees
Gemini does not charge any deposit fees, but there may still be fees associated with bank deposits (USA only) and wire transfers (available both inside and outside the USA). Forex fees may also apply when transferring currencies other than US dollars.
Gemini charges nominal fees, broadly equivalent to cryptocurrency network fees, for crypto withdrawals. It does not charge any fees for bank or wire withdrawals, but there may still be fees charged by banks involved in the procedure.
Other fees and when they apply
Gemini offers special custody accounts, designed largely for institutional customers like hedge funds who may be required by law to store their digital assets with a licensed custodian.
In custody accounts, customer digital assets are segregated in unique addresses and stored offline in Gemini's proprietary cold storage system. Gemini is a qualified custodian, is a fiduciary under §100 of the New York Banking Law and is held to specific capital reserve requirements and banking compliance standards.
These fees and conditions apply to custody accounts only. Your regular everyday accounts are not custody accounts.
Minimum annual fee
1 business day
The Gemini Auction is a daily event for certain trading pairs, designed to foster increased liquidity and facilitate price discovery. All registered Gemini users can participate. And as you can see, the fees are lower for auction orders than regular orders.
It essentially works by letting people place auction orders throughout the day, both buy and sell, and then matching them up at the auction time and filling as many as possible. The Gemini website illustrates it like this:
Gemini Block Trading is a digital peer-to-peer block trading system, designed for trading larger amounts with reduced slippage outside the normal Gemini order books.
It essentially works by letting takers place orders for market makers to fill if desired. A block order price must be within 5% of the market midpoint at the time of the order submission.
The fees for API trading are slightly different to the ActiveTrader fees. These apply to orders placed via API.
30-day trading volume
$0 to $499,999
How fast will my funds be available?
Up to 5 days
Wire transfers may take up to three business days or longer depending on the situation.
Bank transfers can take up to five business days to clear.
Cryptocurrency transfers can be completed within minutes, depending on the cryptocurrency.
Up to 5 days
Wire transfers withdrawals can take several business days to clear, depending on the banks involved.
Bank transfer withdrawals can also take several days to go through, depending on the situation.
Is Gemini safe to use?
Regulation. Gemini dubs itself "the regulated cryptocurrency exchange". It's one of very few cryptocurrency exchanges with a New York BitLicense, which is regulated by the New York Department of Financial Services. This is one of the world's strictest bodies of cryptocurrency exchange regulations, encompassing a robust set of AML/KYC, market surveillance, capitalisation and security requirements.
Verification process. Only verified users can trade on Gemini. Verification requires providing some personal details and documentation to support it.
Security features. Gemini was the first exchange to pass a SOC 2 Type 1 examination, demonstrating a high level of security compliance in protecting user data and funds. It also uses a proprietary cold storage system and has insurance for assets in custody.
Gemini may be one of the world's highest security cryptocurrency exchanges. Rather than simply following security best practices, Gemini leads them by working with Nasdaq, regulators and other institutions to create these practices.
Gemini itself has never been hacked, although some Gemini users have been hacked through SIM swapping.
How do I create an account at Gemini?
Once you've selected your country, you will need to enter your name, email and chosen password.
After signing up, you will receive an email. Follow the prompts in it to verify your email address.
Once you verify your email, you will have to verify your identity before you can start trading. This involves uploading some documents to the Gemini site.
US applicants can provide a valid state issued ID or driver's licence.
International applicants will need to submit a passport as proof of identity, and proof of address such as a full page scan of a bank statement, utility or phone bill. It must be dated to within the last 90 days.
Once you're verified, you can deposit cryptocurrency, make a wire transfer internationally or complete a bank transfer from a US bank account.
Then you can start trading across Gemini's many different order types, such as direct buys or through the ActiveTrader interface. You can also participate in Gemini auctions, place block trade orders and use cryptocurrencies such as Gemini Dollar.
What else do I need to know about Gemini?
Gemini was founded by the Winklevoss twins, who successfully sued Mark Zuckerberg for $65 million – a story popularised by the film The Social Network.
The Winklevii, as they have previously said they don't mind being called, have been closely involved with Bitcoin and cryptocurrencies since at least 2013.
Gemini was founded in 2014 and is their most prominent cryptocurrency project to date. It's regularly included in the ranks of the world's top cryptocurrency exchanges and works closely with regulators and traditional financial institutions.
In a nutshell
Highly regulated. Gemini is one of the most tightly-regulated cryptocurrency exchanges in the world.
High security. Gemini is actively developing industry-leading security practices.
Multiple trade types. Between direct buys, the ActiveTrader interface, the auction and fully electronic block trades, Gemini offers many options.
Deep liquidity. Gemini has highly liquid order books.
Limited coin selection. Gemini only offers five cryptocurrencies.
Higher fees than other exchanges. Fees can be as low as 0% in some cases, but can also run considerably higher than other exchanges for equivalent trade types.
Limited fiat deposit options. There are limited fiat deposit options, and transfers may be slow and expensive – especially for currencies other than US dollars.
Gemini is available in the USA, the UK, Canada, Singapore, Hong Kong, South Korea and Australia. You can also create accounts from many countries in Europe.
Yes. You can download the Gemini app for iOS and Android.
The verification process involves providing documents to prove your identity to Gemini. The documents required vary depending on whether you're based inside or outside the USA.
You can find Gemini customer service in the help section and send messages to the support team if needed.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
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