Gemini Review: Best Crypto Exchange for Withdrawals!

Gemini exchange platform was released in 2015, and ever since its inception, it has been a staple name when it comes to crypto exchanges globally.

Gemini has its own office in Singapore and offers a one-stop solution for all your crypto needs at an affordable price.

But how good is the platform when compared with other exchange platforms?

Let’s find out in this in-depth article where we discuss Gemini’s main features, different apps that Gemini has to offer, its fees, and some of the pros and cons of the platform.

So, without further ado, let’s get started!

What is Gemini Exchange?

Gemini Trust Company, also known as Gemini, is a U.S.-based cryptocurrency exchange platform where you can trade and invest your crypto holdings. It is co-founded by the Winklevoss twins, Cameron Winklevoss and Tyler Winklevoss.

Gemini has a global reach and is currently available in more than 60+ countries, including Australia, Singapore, Hong Kong, and Taiwan, to name just a few.

Gemini also offers affordable rates with useful features that set it apart from other crypto exchanges.

We have tried the Gemini for more than 2 weeks now and are pleasantly surprised by the dept and usefulness of some of its features.

The number of cryptocurrencies available

As of June 2022, Gemini supports over 100 cryptocurrencies globally and for its Singapore market, with all the popular options like Bitcoin, Ethereum, and Dogecoin up for the taking.

Here are the supported cryptos as of June 2022:

Gemini also supports 7 fiat currencies which include:

• USD,
• AUD,
• CAD,
• HKD,
• EUR,
• SGD,
• GBP

How do I fund my Gemini account?

Funding your Gemini account is a simple process. You have a total of 5 options you can choose to fund your account, which are as follows:

• Using a debit card
• Using third-party solutions like Xfers (for our Singaporean readers)
• Wire and Bank Transfers
• Depositing cryptocurrency coins that you already own
• Apple or Google Pay

Let’s look at these deposit methods in detail.

Debit Card: You can use your debit card to fund your Gemini account. You can use any mainstream debit card and deposit up to $1,000 per day.

However, there is a 3.49% fee deducted by Gemini that will be charged on the total amount. Debit cards can not be used to withdraw funds in fiat currency.

Xfers: Xfers is an all-in-one solution that allows you to transfer funds in your crypto account seamlessly. To transfer funds using Xfers, you first need to deposit SGD to your Xfers account via a bank transfer.

Once the amount is deposited on your Xfers account, it can be used to deposit in your Gemini account and make a purchase within the platform.

Wire and Bank Transfers: You can also deposit your account using a wire or bank transfer to deposit money to your account quickly. (1-2 days).

Gemini supports various types of transfers, including SWIFT wire transfers for all currencies and FAST transfers for Singapore Dollars.

Depositing cryptocurrency: Using your crypto holdings is another way to deposit your Gemini account. Select the coin you wish to deposit to your Gemini account from the “Deposit” section of your Gemini account.

You’ll be able to deposit any of the cryptocurrencies or tokens supported by Gemini into your Gemini account.

Apple or Google Pay: On 22nd April 2022, Gemini officially started support for the purchase of crypto with Apple and Google Pay.

You can connect your bank account with the platforms and start depositing your account. Both Apple and Google pay usually take around 24 hours to deposit the amount in your Gemini account.

Different Gemini apps

Gemini offers 3 applications that help you make the most use of the platform. Each of these apps is targeted at users with different experience levels.

Here is a brief overview of the apps.

Gemini Exchange App

The world of crypto changes every second, and to keep up with it, you must always be connected with your trading platforms to see how the market is evolving.

To help traders to be constantly connected to the platform, Gemini offers a versatile mobile application for both Android and iOS users.

This app simplifies the interface and makes it easy for beginners to familiarise themselves with the platform.

You can trade and get important information about the price of crypto in real-time when using the app.

However, the fees charged when trading through the app is a bit higher.

Gemini ActiveTrader

For experienced users who have a basic idea of the crypto world and want to advance their trading skill to the next level, Gemini introduced the ActiveTrader platform.

It is a high-performance interface with detailed information, including charts and data, to help traders make precise decisions.

The Gemini ActiveTrader also supports multiple order types, auctions, and block trading features.

Gemini also emphasises the reliability and performance of the platform to ensure that trading requests are processed instantly, which is vital when trading in the crypto market.

However, it is essential to note that because of all the features that Gemini packs into its ActiveTrader platform can make the interface challenging to follow and may not be ideal for beginners.

The Gemini ActiveTrader platform also has lower fees when compared to the basic Gemini Exchange or its mobile app. We’ll cover this later on in the fees section.

Overall, for experienced traders who want reliable performance, advanced tools, and slightly lower rates, the Gemini ActiveTrader is a perfect tool and a recommended tool to try out.

All Gemini Features Available

Gemini Earn

Available only in the US, HK, and Singapore, if you want to make a passive income from your crypto holdings, Gemini offers to put your crypto to work for you and earn interest on your holdings.

As of June 2022, Gemini is offering up to 8.05% APY, which is significantly more than the 3-4% interest rate most high saving accounts offer on fiat currencies in Singapore.

Getting started in Gemini Earn is also a straightforward process.

You first need to create a Gemini account and buy any amount of cryptocurrency and transfer it to your Gemini Earn account.

Unlike Crypto.com, your interest doesn’t increase the longer you stake. Rather, it comes with a fixed APY and the duration you hold your fund in this account will earn you your interest.

The best part of Gemini Earn, when compared to other cryptocurrency exchanges, is that you can redeem and move your crypto and the interest back to your trading account instantly.

There is no minimum duration, transfer amount, or fees for you to worry about.

However, not all crypto holdings will earn you the advertised 8% APY. Popular coins like Bitcoin and Ether will get you around 1.34% in APY, while Solana will make you around 4.55%.

But overall, Gemini Earn is an exciting feature that is hugely beneficial for users worldwide.

Here’s the current list of cryptos you can earn interest in.

Gemini Wallet

Your crypto holdings will automatically be stored in a secured wallet when you make any trade.

Gemini offers 2 types of wallets: one being a hot wallet and the other being a cold one.

A hot wallet means the crypto holdings are kept securely and accessible at all times. If you need to make any trade, you do not have to worry much when your crypto is held in a hot wallet.

However, one downside of a hot wallet is that it is susceptible to cyber-attacks and can be exploited by hackers.

Although data breaches are extremely rare, Gemini has many security features to keep your holdings safe (more on this in the security section).

Gemini does not have any fees to keep your holdings in a hot wallet, making it perfect for traders who are just starting out.

A cold wallet, also known as Gemini Custody, is a highly secured storage where you can move your crypto off the network and hold them securely offline.

Gemini Custody is popular among advanced traders who need to ensure the maximum safety of their crypto and keep them safe offline.

Cold wallets are much safer than hot wallets as they are off the grid but are subject to a 0.4% fee of your total crypto holdings for an entire year.

Gemini Custody also offers additional security features like 2FA (two-factor authentication) for logins and allowing specific devices for withdrawal, and avoiding unauthorised breaches.

Gemini also promises to keep all your passwords encrypted for added security. More on this in the security section of the article.

So, which Gemini wallet is best? 

Well, it depends; if you are just starting out and making small trades only, Gemini hot wallet will be more than enough for you.

But if you are an advanced user and have a considerable investment in the crypto market, consider paying a premium to get cold storage, so add an extra layer of security.

However, both of these wallets are technically custodial wallets held by Gemini.

As the saying goes, not your keys, not your crypto.

So perhaps getting your own crypto wallet would be better.

Gemini Clearing

Gemini Clearing is an electronic clearing system for off-system trading or over-the-counter (OTC) crypto trades.

Gemini Clearing can be done directly between 2 parties or via the use of a third-party broker.

Gemini Clearing provides regulated clearing and settlement services for such pre-arranged deals, which helps to assure prompt settlement and limit counterparty risk.

Think of it as an OTC/P2P feature that Gemini offers you.

Here is an overview of some of the main advantages you’ll have using the Gemini Clearing feature.

Privacy

The most significant benefit of using the Gemini Clearing feature is to have complete privacy over the trade details. Only the parties involved will know the details, and they will be kept anonymous.

Compliance Issue

All the parties will be subjected to Gemini’s robust KYC and BSA/AML program to ensure no parties are exploited.

Eliminating Counterparty Risk

To ensure safety, no funds are transferred between Gemini accounts until both parties of the trade are funded.

Gemini dollar (GUSD)

There is no denying that crypto is a risky investment. Recognising this, Gemini offers a 1:1 USD-backed stablecoin that will secure your assets from sudden price fluctuations.

Gemini dollar is based on the Ethereum ERC-20 token, which is fully programmable and ready for use in smart contract development.

GUSD is also audited meticulously and has no fees associated with it when trading GUSD with USD.

Most importantly, the Gemini dollar is collateralised by short-term US treasury bonds via money market funds and is FDIC-insured.

Cryptopedia

Getting started with crypto can be confusing, especially when you are just starting out.

One has to understand several new technologies and to make the process easier, Gemini offers its own online learning hub to teach you about cryptocurrency.

It’s resourceful, containing hundreds of valuable articles and video tutorials to help you get started.

The best part of Cryptopedia is that it’s completely free, and anyone with an account in Gemini can access the platform.

Features Only Available in the US

There are a few features that are exclusive to certain parts of the world and are currently not available outside the US.

Gemini Pay

Gemini Pay is a revolution in the crypto world that enables you to use your crypto holdings to pay for immediate expenses.

Gemini Pay works almost like a debit card allowing you to use your crypto to pay in over 30,000 retail locations across the United States.

Gemini Pay is also completely secured and has no transaction fees. But unfortunately, it is only available in the U.S. market and not available in Singapore.

Currently, there is no official announcement on when Gemini plans to port the feature in Singapore.

If you’re outside the US and are looking for an easy way to spend your cryptocurrencies, we highly recommend the Crypto.com Visa Card.

Gemini Credit Card

Another exclusive feature only available for clients in the U.S. is the Gemini Credit Card.

Fully verified Gemini users can log in to your Gemini account and apply for it.

It works almost like any conventional credit card and offers up to 3% instant cashback on your spending.

Earnings from Gemini Credit Card are either in Bitcoin, Ethereum, or any of the 60 crypto Gemini currently supports.

There are also no annual fees, making it a great credit card option for most. Again, there is no official statement on when this feature will be ported to other parts of the world.

Gemini Fees

Gemini offers a transparent fee structure and offers various fee schedules that depend on your trade volume and which services you are using.

But because there are so many services and products to keep track of, things can get a bit confusing at times. Here is a simple overview of the Gemini fee structure.

ActiveTrader Fee Schedule for Crypto

For all orders that are placed on Gemini’s ActiveTrader platform, there is a small fee that you have to pay.

Gemini uses a maker-taker fee mechanism to determine trading fees like most other crypto platforms.

Fees for liquidity-making orders differ from those for liquidity-taking orders. If you place an Order that is promptly filled, you are deemed a taker and will be charged a taker fee since you took liquidity from the market.

But, if you place an order that is not immediately filled but instead sits on the order book, it will be deemed as adding liquidity to the marketplace and, therefore, will be charged a slightly lower maker fee.

Here are the current ActiveTrader fees on Gemini:

It is important to note that in certain circumstances, your order can be subjected to both a Taker fee and a Maker fee.

For example, if an order is partially filled, you will be charged a taker fee on the filled portion.

But the remainder of the order will be charged a Maker fee. Several other factors may influence your rate, including continuous order books, auction order books, and block trading over a 30-calendar-day.

Fee Schedule for Stablecoins

For stablecoins (which includes GUSD/SGD), the fees are a lot lower.

You just pay a 0.01% Taker fee on each order, while the Maker fee is completely free.

Here are the pairs available:

• USDC/USD
• DAI/USD
• MIM/USD
• UST/USD
• FRAX/USD
• LUSD/USD
• GUSD/SGD

Mobile Fee Schedule

Placing an order via Gemini’s mobile application has a separate trading fee. Gemini calls this a convenience fee and a transaction fee, and it can vary between currencies from 0.50% to almost 1.5%.

The transaction fees Gemini charges on popular fiat currency are as follows:

For USD

For orders more than $200, Gemini charges a flat rate of 1.5%

For other currencies, though, the rates are different and are usually charged more. For comparison, transaction rates for SGD are given below:

For SGD

For orders more than $250 SGD, users are subjected to a flat 1.49% fee just like the USD.

For Crypto Convert

Converting crypto on your mobile device will be subjected to a fee between 0.25% to 1.49% depending on the crypto you want to exchange.

Click here to see a detailed breakdown of the Crypto Convert fees and other fees for other fiat currencies not listed above.

Web Fee Schedule

You can also trade using the web version of Gemini Exchange. You simply log in to your Gemini account using a browser and start trading; the fees for the web version are exactly the same as using the mobile app.

Deposit Fees

Gemini has several deposit methods for depositing money, and it is free in most of them except for debit cards, which charge a flat 3.49% fee on top of any other fees charged by your card provider.

You do not need to pay any fees when depositing cryptocurrencies, ACH, or Gemini dollars.

However, there may be institutional fees charged from the platform you are using.

For example, when depositing money using Xfers, the platform will charge a 0.3% fee.

Withdrawal Fees

Gemini offers 10 free withdrawals each month which is highly convenient for most users. In fact, this is the only exchange that offers free withdrawals, which is why it’s one of the best cryptocurrency exchanges.

If you exceed 10 withdrawals for that month, for every withdrawal you make on the Gemini platform, there is a small fee that you will be subjected to.

Withdrawal fees are different for each cryptocurrency and can vary between coins; click here to see the full list.

Gemini Custody Fees

When using Gemini cold wallet, also known as Gemini Custody, you will be subjected to a 0.4% fee on the total amount that you have in the wallet.

However, there is no minimum amount that you have to hold or any setup fees.

Is Gemini Safe?

Security is an essential aspect of any cryptocurrency exchange, and Gemini acknowledges this by providing some of the best security features in the industry.

Gemini’s multi-layered security protects users’ digital assets, which are detailed on the company’s website.

Other security features include two-factor authentication and a device whitelisting feature, which enables only selected devices to be able to withdraw funds.

Gemini also offers PCI DSS support to protect debit/credit card data.

Gemini is also heavily invested in third-party security audits, such as SOC2 Type 2 and ISO 27001 certifications which highlight the platform’s commitment to security and compliance, as well as annual penetration testing to keep security posture visible.

Gemini also offers FDIC insurance for deposits in U.S. dollars for up to $250,000.

Gemini also takes a hard stand in verifying the identity of all its users within the platform.

Creating an account in Gemini will require users to upload a government-issued photo I.D. which Gemini will then verify.

Although the process can be a bit inconvenient, it will most certainly stop fraud and increase trust within the platform.

And Gemini also ensures complete privacy, and all your information is used with regards to their KYC (know your customer) policy and hence will never be sold to a third party or used in any other way.

On top of all these security features, Gemini also says that most of its crypto holdings are kept in secured offline cold storage and are not prone to any cyber-attacks.

However, although Gemini claims its platform is completely safe and has never been compromised by hackers, a recent IRA report suggests that a self-directed retirement account linked to Gemini Exchange was indeed hacked for $36 million in cryptocurrency.

Gemini confirms that they are aware of the allegations and will help the IRA in their investigation.

It is essential to understand that no matter how safe a crypto platform can be, it is not immune to cyberattacks as hacks are always on the lookout for variabilities.

But in general, Gemini is a completely secured platform and puts a lot of its resources into creating a safe and thriving community.

And because Gemini offers its services worldwide, there are many security requirements that the platform adheres including the N.Y. Department of Financial Services (NYDFS), U.K. Financial Conduct Authority (FCA), and the Monetary Authority of Singapore (MAS).

Gemini customer support

Customer support is an integral part of any crypto exchange, and it is vital to know how fast your issues will be addressed.

While Gemini’s platform is intuitive with tons of valuable features, its customer feedback is not that great.

As with most other platforms, Gemini has a score of 1.2 out of 5-star ratings across 736 reviews on Trustpilot.

Most complaints are about long verification processes, account restrictions, and poor customer support.

We have checked the customer support ourselves, and although they responded fast, some of the replies seem to have come from a bot instead of an actual human.

And there is a tendency to route you to articles related to the problem rather than directly telling you how to solve the issue.

But, credit where credit is due, Gemini has an extensive library of documentation, including numerous video articles that will help you solve your issue.

Overall, the support team has nothing to write home about, but it gets the job done.

Gemini Exchange Cons

Gemini is an excellent crypto exchange platform, but it is certainly not perfect and has some limitations. Here are some of the things we think Gemini can improve:

Limited Coins & Tokens

Gemini currently supports around 100 cryptocurrencies, with the most popular ones on the list.

This is a huge step forward from the 60 coins it endorsed in 2021, but many users still complain about not having their desired coins on the list.

Not offering the ActiveTrader option as a mobile app

As we have seen before, Gemini ActiveTrader is an excellent tool for advanced users to get valuable insights about their trading and pay a lower overall fee.

One downside we faced is that the mobile application in both iOS and Android has no way to turn ActiveTrader mode on, meaning you are restricted to using the default app with higher fees.

There isn’t a separate mobile app either for this, which we find really strange and inconvenient.

One approach is to utilise your mobile browser, which lets you access the ActiveTrader platform.

High Fees

For every trade you make within the Gemini platform, there is a fee that users have to pay.

Gemini charges 1.49% (of order value) on all mobile and web orders which are equal to or over S$250, which is greater than other online crypto trading platforms.

For orders lower than $250, Gemini has a different pricing structure (see All Gemini Fees) which varies between countries.

Users in the USA often are subjected to lower fees when compared to their Singaporean counterparts, which can be a real inconvenience.

But the difference is minimal, and for orders above $250, the rates are all the same.

Customer Support

Customer support has long been a significant problem for crypto exchange platforms worldwide.

There is no denying that Gemini has slow customer support that can even take weeks to resolve any issues.

This is one area Gemini has to improve if they want to stay on top of the crypto game.

Not all services are available worldwide

The biggest complaint we have about Gemini is that they do not offer the most exciting features in Singapore yet.

We love the Gemini Pay concept and how it can be used to pay in retail stores just like fiat currency.

Unfortunately, we assume crypto adaptation will take time, but we hope this feature will come to Singapore and other parts of the world.

Another omission is the Gemini Credit Card which is currently a U.S. exclusive. It works like any other card but has an added bonus of earning up to a 3% instant bonus.

Conclusion

So, considering all the points, is Gemini worth your time, especially if you are in Singapore?

The simple answer is yes; Gemini offers an excellent platform for crypto trading in Singapore.

It has a collection of over 100 coins and 7 fiat currencies.

Not only is it great for those in Singapore, but international users can also stand to benefit from the free withdrawals offered.

Gemini also provides top-of-the-line security features, including support for a cold wallet to hold all your investments safely.

However, Gemini has some drawbacks; the fees are a bit on the higher side, especially for customers in Singapore.

We are also a bit concerned about the recent data breaches that Gemini has encountered, but honestly, this is true for most other exchanges as well.

So if you are in Singapore and want to try the fascinating world of crypto, Gemini is definitely a great starting point.

For seasoned traders, we recommend using Gemini to make your withdrawals.

We’ve partnered with Gemini to give you exclusive benefits.

Check out the latest Gemini referral rewards here.