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Gemini Review

In our Gemini crypto review below, we evaluated the exchange’s features and general usefulness for new and more advanced users. Additionally, our research team did a Gemini vs Coinbase comparison to discover how Gemini compares to one of the acknowledged market leaders.

We attempted to answer the common question, “Is Gemini safe for newcomers?, as well as evaluate the built-in Gemini wallet. Finally, we closely examined the Gemini fees and compared them with industry standards in order to get a feel for overall value offered by the exchange.

Overview and Background of Gemini Crypto Exchange

With its reasonable fees and super-high security features, Gemini cryptocurrency exchange, whose legal name is Gemini Trust Company, LLC, has surged ahead during the past several years to become one of the top 15 players in the highly competitive field of crypto exchanges. After going live in late 2015, Gemini has slowly and consistently added features, security tweaks, bonuses for active traders, and other attractive components to its exchange platform.

Gemini is available in every U.S. state and 50 foreign nations. The user-friendly interface is appropriate for new traders and investors. Likewise, those who prefer a ramped-up platform for more frequent, advanced trading can use Gemini’s special functions designed specifically for them. In a nutshell, Gemini’s fees are not the lowest in this niche, but the exchange offers a solid form of account insurance that protects users from loss due to fraud, breaches, and standard kinds of hacking invasions. Most crypto exchanges do not.

Fees, Charges, Account Minimums

Transaction and trade fees on the platform are about 1.5 percent, but if you use a debit card, you’ll pay around 3.5 percent. Note that some of the trading fees can be different for various currencies, but for the most part users get something in between 1.5 and 3.5 percent per transaction.

 Avoiding the use of debit cards can mean a significant savings for all users of the exchange. Gemini supports 19 trading pairs and 40 different cryptocurrencies. There is no account minimum, which is a selling point for new traders. You can use your own digital wallet or the Gemini built-in version.

How Gemini Compares With Coinbase, With Pros and Cons of Each

Any Gemini vs Coinbase comparison is easier to understand when you simply examine the pros and cons of the two exchanges. That’s how our team approached this common question and here are the results:

Gemini

  • Pro: Unlike most of its competitors, Gemini offers account holders the chance to earn a decent interest rate on their holdings, just as they would get on a standard savings account (but much higher in most cases, depending on the amounts held and the form of crypto in which it is stored)
  • Pro: It’s one of the only exchanges that offers insurance for account balances held in their wallet.
  • Pro: For new users and beginning crypto traders, the interface of the exchange’s app is extremely intuitive and easy to operate
  • Con: Fees are not the lowest in this space, probably because the exchange offers a solid account insurance feature.
  • Con: While available in every U.S. state, Gemini is only open for business in 50 nations worldwide, considerably fewer than Coinbase (but more than many other crypto exchanges)
  • Con: There are not as many cryptocurrency pairs available for trading as on most other sites.

Coinbase

  • Pro: For users who have cash balances, Coinbase insures the money via FDIC protection (just like regular banks) for up to a quarter-million dollars, or $250,000
  • Pro: Generally, Coinbase is designed for new users and those who are making their first foray into the world of cryptocurrency
  • Pro: Boasting the widest reach of any crypto exchange, Coinbase is available to traders and investors in more than 100 nations around the globe
  • Con: As noted above, under “pros,” the exchange is built for new users, not advanced traders. One thing lacking is the ability for non-beginners to used advanced graphing and charting
  • Con: Trying to figure out the exact fees you’ll pay on a given transaction can be maddening because Coinbase’s fee schedule is unusually complicated

    Investor Security and Account Insurance

    To those who wonder, “Is Gemini safe?,” there are several reasons for a positive answer. First, the site is one of the very few that offers insurance on deposit amounts.

     *Note that traders are not insured against loss when trading, but against hacks, fraud, and security breaches, three things that, unfortunately, are not all that uncommon in the world of cryptocurrency. As the owners of the Gemini exchange like to say, they have not ever suffered a breach since they’ve been in business.

    One other way Gemini protects against hacks and similar financial disasters is by using cold storage for most of its assets. When crypto and other digital assets are cold-stored, it’s impossible for them to be hacked. But be warned, if you, as a user, were to give unauthorized control of your account to someone other than yourself, or if a third party were to learn your login information, passwords, and various security codes, you would NOT be insured against a resulting loss.

     This is not an unusual restriction when you consider that traditional banks operate exactly the same way. For example, if your local ABC Bank account gets cleaned out due to a bank error or a hack of the bank’s online account system, you’re protected with FDIC insurance. But, if someone learns your online access codes and withdraws money from the account, FDIC will be of no help

    The Wallet and the Platform

    If you choose to use your own wallet, you won’t get the advantage of the insurance that comes with Gemini Wallet, which is why the vast majority of Gemini customers opt for the exchange wallet. It’s insured against hacks, breaches, and fraud that is outside the control of account holders.

    If you prefer to use a mobile device, Gemini’s android and iPhone apps are almost identical to the experience of using the desktop platform, known as Gemini Basic.

    Our Final Decision

    Our research team ranks Gemini Trust Company, LLC, aka “Gemini,” as one of the top exchanges available for casual, intermediate, and advanced investors and traders. Gemini fees are not the lowest in the industry, but the company does offer very good value for what users pay.

    Similar to Coinbase in this respect, Gemini is not a “bargain-basement” choice for crypto enthusiasts who are hunting for the lowest fees and charges.

    Instead, the exchange serves as a top-notch one-stop-shop for all things crypto. The Gemini wallet is one of the best of all those offered by the major, well-respected exchanges.And when investors ask themselves, “Is Gemini safe?,” they can feel secure in knowing that the platform is one of the very few that offers account insurance.

    Are the Fees Worth It?

    Whether you’re brand new to the cryptocurrency space or an old hand with trading alt-coins, you’ll likely feel that the account insurance feature and other standard features of Gemini more than offset the slightly higher fees you’ll pay for using the web applications and mobile functions.

    On a standard scale, our research team ranks Gemini as a solid 4.9-star crypto exchange that serves as an ideal entry point for new traders and a suitable choice for more advanced traders.

    Compared To the Industry Leader

    Every person reading a Gemini crypto review wants to know how the site compares to one of the largest exchanges around, namely Coinbase. As noted above in our Gemini vs Coinbase comparison, Gemini holds up well against the popular Coinbase in several key ways, primarily because Gemini fees are lower and the Gemini wallet is a high-quality feature of the exchange.

    Overall Functionality

    Overall, our Gemini crypto review team discovered that the exchange is a good choice for people who want an interface that is user-friendly and comes with a fast setup. For more serious and advanced investors and investors, the Gemini toolbox gets the job done and you won’t find yourself wanting or needing much else.

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