Gemini is a cryptocurrency exchange that is gaining a lot of popularity as individuals educate themselves about the different options for crypto trading. When it comes to managing your digital assets, Gemini is a great choice.
But how does it stack up against other cryptocurrency exchanges regarding fees? After all, when you buy and sell cryptocurrencies, you want to avoid higher fees at all cost to get the most from your crypto investments.
In this Gemini review, we will cover the fees that they charge when buying, selling, trading, depositing and withdrawing.
Gemini Overview
The Winklevoss twins founded Gemini and have been involved with Bitcoin since at least 2013.
The Gemini cryptocurrency exchange was founded in 2014.
Gemini is a New York trust company that has been approved and is regulated by the New York State Department of Financial Services.
Gemini has central order books that operate on a price-time priority model. This is important if you have already purchased via a fiat currency from another another exchange, but are looking to trade with Gemini.
Just like any other cryptocurrency exchange, Gemini offers various security features, payment methods and a variety of crypto to trade.
The team at Gemini has been very transparent in their operations, which is a breath of fresh air in the crypto world.
How do you sign up for Gemini?
- Visit the Gemini homepage, select your account type and enter your country.
- When signing up for trading on Gemini cryptocurrency exchanges, you’ll receive an email verifying your account. Follow the prompts in it to verify your email address.
- After you verify your email, you’ll need to verify your identity before you can begin trading. Gemini requires you to upload some documents to verify your identity.
- Once your information has been verified you can enter a payment method to purchase and deposit cryptocurrency.
Gemini Review
Gemini is highly rated against their competitors like Coinbase. Gemini offers FDIC insured cryptocurrency services, which is something to look for in exchanges.
Besides Bitcoin (BTC), Gemini features over 30 different cryptocurrencies with your Gemini account including the Gemini Dollar.
Supported fiat currencies: USD, AUD, CAD, EUR, GBP, SGD, HKD
Supported cryptocurrencies: Over 40 cryptocurrencies
You use fiat currencies like USD to fund your wallet and buy cryptocurrencies using that money. They offer transfer via the app or website.
Gemini vs Coinbase fees
Coinbase is the most popular crypto exchanges. However, many exchanges offer different fee structures and can save crypto traders money based on their exchange habits.
Both Coinbase and Gemini are fairly simple to use cryptocurrency exchanges. Gemini and Coinbase are two different crypto exchange platforms that allow traders to buy, sell, or trade different altcoins online. There are many differences between the exchanges, but Gemini and Coinbase have some similarities.
Coinbase
Pros
- Easy to use interface and simple design
- Supports 100 different countries
- Cash funds are FDIC insured
Cons
- High fees
- Lackluster customer service options
- Pro version charting features
Coinbase Conclusion
Coinbase can be a good platform for beginners. However, the complex fees and limited amount of altcoins often sends users to popular competitors, like Gemini, who has a much easier fee structure.
Both platforms support institutional investors looking to diversify their portfolios with cryptocurrency, while beginner traders can learn how everything works on either platform–although beginners will feel more comfortable using Coinbase due to its availability in more countries and currency types.
Gemini
Pros
- Low fees when using Active Trading
- Simple interface
- Can earn interest with Gemini Earn
Cons
- High fees when not Active Trading
- Only available in 50 countries
Gemini Conclusion
Gemini, another cryptocurrency exchange that is easy for beginners, offers a much simpler fee structure and even has the ability to earn interest on your assets throguh Gemini Earn
Both Gemini and Coinbase have similar cryptocurrency offerings and allow trading in more than 50 countries. They also take a “security-first” approach to trading.
The biggest difference between the Coinbase and Gemini platforms is their customer service options. In contrast, Gemini offers 24/7 phone support for its customers. This gives users peace of mind since they can talk to a real person about any account issues.
Many people are interested in getting started with trading cryptocurrency and have the desire to use simple tools. They might start by using a Gemini or Coinbase exchange, both of which can be used for this purpose. People who want a more streamlined experience may prefer using Coinbase as it is easy to get through all their beginner requirements on that platform.
However, the Gemini exchange is often cheaper than Coinbase. In many cases, it charges a fee of approximately .5% per trade and only $2.99 for purchases made with more than 100$. However, if you pay by card that flat fee is dropped and a fee of 3.99% is charged.
The difference between the two exchanges can be felt when you’re making a deposit. Gemini doesn’t charge for wire transfers, while Coinbase charges $10 per transaction.
If you are looking to save on fees, wire transfer may be the answer. Wire transfer users can avoid paying a fee for every transaction that they make since Gemini will not charge such an expense whereas Coinbase does.
Coinbase Pro and Gemini’s ActiveTrader program offer advanced trading options for traders both of which use a maker-taker model and are less expensive than the main platforms. Both allow you to purchase with your debit card or bank account.
However, besides the slight advantage that Coinbase has with payment methods, Gemini is a clear winner due to the 0 fees with ACH transfers and better transaction fees when using the Active Trader platform. If you are tired of the high fees on Coinbase, Gemini might be the exchange for you.
Transfer fees from Coinbase to Gemini
ACH transfer and wire transfer are free with Gemini. Additionally, if you are looking to transfer funds from Coinbase to Gemini, there won’t be any trading fees.
All you need to do is send your cryptos to your new wallet address on Gemini.
Because of how easy it is to transfer cryptocurrency, many users make the switch from Coinbase to Gemini.
Gemini Vs Coinbase Summary
Gemini was designed with customer service in mind. It makes it easy to find answers, whether you’re looking for a quick answer or detailed information about an issue.
Gemini is the right choice if your primary concern when considering which cryptocurrency exchange best suits your trading needs is being able to easily contact Gemini’s support team at any time of day (or night).
Additionally, when it comes to avoiding exchange fees, Gemini is likely going to be your preferred option if you are actively trading. Gemini fees on their Active Trader platform are some of the best in the crypto world.
Be like me, start trading with Gemini today.
Types of Gemini Fees
Mobile Fee schedule
In the Gemini Mobile Application, you have to pay both a convenience fee and transaction fees for your order. The quoted price with the convenience fee included will be displayed before you place your order. Additionally, the transaction fee will be displayed and is calculated based on the total amount of your Mobile Order.
The mobile app is very similar to how the web application operates on Gemini.
If you are purchasing through the mobile app and notice that the buying and selling fees are rather high, I recommend signing up for a Gemini Active Trader account.
| MOBILE ORDER AMOUNT – USD | TRANSACTION FEE – USD |
|---|---|
| ≤ $10.00 | $0.99 |
| > $10.00 but ≤ $25.00 | $1.49 |
| > $25.00 but ≤ $50.00 | $1.99 |
| > $50.00 but ≤ $200.00 | $2.99 |
| > $200.00 | 1.49% |
Web Fee schedule
When ordering from the Gemini website application, you are also charged a convenience fee and transaction fee.
Before placing the order, you will receive a quoted price that includes the convenience fee.
Again, the fees Gemini charges here might look a bit more pricey than other exchanges, but keep in mind the ActiveTrader Fee
| WEB ORDER AMOUNT – USD | TRANSACTION FEE – USD |
|---|---|
| ≤ $10.00 | $0.99 |
| > $10.00 but ≤ $25.00 | $1.49 |
| > $25.00 but ≤ $50.00 | $1.99 |
| > $50.00 but ≤ $200.00 | $2.99 |
| > $200.00 | 1.49% |
Transfer Fee schedule
Deposit fee
Gemini does not charge for wire transfers, ACH transfers or Gemini dollar redemption.
However, they do charge a 3.49% fee of your total purchase amount for debit card purchases. Unfortunately, you can’t purchase on Gemini using a credit card.
Because of this, many people decide to not use a debit card when purchasing through Gemini
Gemini does not have any deposit fees, though there may be fees associated with a bank account and wire transfers (available both for people from and outside the United States.). Foreign currency exchange rates may also be charged when using Gemini to purchase cryptocurrencies other than USD.
| Order size | Fee |
|---|---|
| All | 0.5% spread |
| ≤ $10 | $0.99 |
| $10 to ≤ $25 | $1.49 |
| $25 to ≤ $50 | $1.99 |
| $50 to ≤ $200 | $2.99 |
| > $200 | 1.49% |
Withdrawal fee
Withdrawal fees on Gemini vary based on the coin type of withdrawal. For the first 10 transactions per month for most cryptos, it is free.
| Order size | COST (≤ 10 PER CALENDAR MONTH PER WITHDRAWAL) | COST (> 10 PER CALENDAR MONTH PER WITHDRAWAL) |
|---|---|---|
| Bitcoin | Free | 0.001 BTC |
| Bitcoin Cash | Free | 0.002 BCH |
| Ether | Free | 0.001 ETH |
| Litecoin | Free | 0.002 LTC |
| Gemini Dollar | Free | Free |
| ACH | Free | Free |
Cryptocurrency like bitcoin, bitcoin cash (BCH) and Litecoin for example are all free for 10 transactions a month. There are no withdrawal fees in USD or other fiat currencies from Gemini, however, you might encounter bank fees depending on your bank.
ActiveTrader Fee schedule
ActiveTrader is Gemini’s advanced trading platform where fees are noticeably better compared to Coinbase’s Coinbase Pro. With an advanced trading platform, you face both a maker fee and a taker fee with you buy and sell respectively. These trading fees are normal for almost all digital assets.
Liquidity-making Orders are a type of Order that’s charged different fees than liquidity-taking Orders. If you place an Order that is filled immediately, this means the order takes up space in the marketplace and also charges taker fee.
When you place an order that is not immediately filled, but instead rests on the order book, your Order adds liquidity to the marketplace and thus you are considered a maker. Makers will be charged fees for creating this new volume of trading as opposed to takers who only trade with orders already resting in the system.
Your fee rate is determined by your gross trading volume over the last 30 days.
| 30-DAY TRADING VOLUME (USD NOTIONAL) | TAKER FEE | MAKER FEE | AUCTION FEE |
|---|---|---|---|
| 0 | 0.35% | 0.25% | 0.25% |
| ≥ $500,000 | 0.25% | 0.15% | 0.20% |
| ≥ $2,500,000 | 0.25% | 0.15% | 0.10% |
| ≥ $5,000,000 | 0.15% | 0.10% | 0.10% |
| ≥ $10,000,000 | 0.15% | 0.10% | 0.00% |
| ≥ $15,000,000 | 0.10% | 0.00% | 0.00% |
Tyler Winklevoss, cofounder of Gemini cryptocurrency exchange prides himself on this platform and how it creates liquidity in the market.
The ActiveTrader interface can be turned off or on in Account Settings. The buy and sell transactions listed above will apply when ActiveTrader is off.
Custody Fee schedule
It costs money to invest, including custodial fees if you are using a cryptocurrency exchange like Gemini.
Custody fees are something that is pretty difficult to avoid no matter what.
| Custody Fee | 0.4%¹ |
| Minimum Balance | None |
| Setup Fee | Waived |
| Administrative Withdrawal Fee | $125 |
¹Fees are annualized and deducted in the respective digital assets held in your Custody Account.
Gemini security
Gemini is a very secure exchange and offers users a secure digital wallet to store USD, BTC and many altcoins.
As with many crypto exchanges, Gemini stores most of their assets in offline cold storage. It also has a proprietary cold storage system and insurance for all assets in their posession.
Gemini is one of the only cryptocurrency exchanges with an NY BitLicense, regulated by the New York State Department of Financial Services.
Any verified user can trade on Gemini. The verification requires providing personal details like phone number and address, and documentation to support them like your license or other ID.
Gemini creates its own security by working with international authorities like Nasdaq and regulators from the department of financial services.
Even though Gemini is not hacked, some of its users have been via SIM swapping.
Gemini Earn
Recently, the Gemini cryptocurrency exchanges launched their new service called “Gemini Earn”. This allows you to earn interest on your cryptocurrency stored with them. You can account for up to 7.4% with a variety of cryptocurrencies, or 3.05% if you want the profits in BTC.
Summary of the Cryptocurrency Exchange: Gemini
Gemini is one of the most popular cryptocurrnecy platforms and exchanges. They have an NY BitLicense, regulated by the New York State Department of Financial Services.
Gemini offers a variety of different trading options for Bitcoin, Ethereum, Litecoin (LTC) and Zcash. You can deposit USD or other cryptocurrencies to trade on their platform.
The U.S-based exchange, Gemini, is FDIC-insured and has never been hacked. It’s straightforward and easy to use, and security is taken very seriously.
GUSD, Gemini’s own currency, is one of forty cryptocurrencies available through the Gemini cryptocurrency exchange. You can trade in cryptocurrencies with the Gemini platform and store them in your digital wallet.
Gemini, through a partnership with Samsung, powers the Samsung Blockchain. Samsung Blockchain Wallet customers can trade on the Gemini Cryptocurrency exchange with their account.
When you use Gemini Active Trading, ultimately, costs are much lower than Coinbase. The maker and taker fees are some of the lowest around and if you are trading in volume, Gemini is a no-brainer.
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