Gemini Australia review

• Gemini is a well-funded, global crypto exchange founded by the Winklevoss brothers.
• It has a reputation for being easy-to-use as well as having a high level of security with many features geared up for beginners as well as an ActiveTrader platform..
• Some features are not yet available in Australia, but the accessible benefits may still suit crypto traders.

Gemini is a cryptocurrency exchange suitable for both beginners and advanced traders while also featuring a lot of educational resources. It offers a robust level of security as well as over-the-counter (OTC) trading and even an APY-earning cryptocurrency balance feature for traders in the US, Hong Kong and Singapore. Some of Gemini's full feature set are not available in Australia yet.

It was founded in 2014 by twins Cameron and Tyler Winklevoss, and has seen a tremendous level of growth over the years it’s been active.

Are you considering Gemini as an option when it comes to cryptocurrency trading? Explore all of the features the exchange provides and find out if this is the most suitable option for your specific needs.

What is Gemini?

Gemini is a cryptocurrency exchange platform based in New York. Its products include:

• Gemini Exchange. Buy, sell, and store 70+ cryptos, including Bitcoin and Ethereum.
• ActiveTrader pro-level platform.
• Gemini Wallet. Insured hot wallet.
• Gemini Custody. Institutional-grade cold storage system.
• Gemini Clearing. Settlement of off-exchange crypto trades.
• Gemini dollar. USD-backed stablecoin.
• Gemini Earn. Earn interest on crypto balances – not currently available in Australia.
• Gemini Credit Card and Gemini Pay. Currently only available in the US.

Is it safe?

Gemini takes great pride in its security. The company is regulated by the New York State Department of Financial Services (NYSDFS).

Gemini uses a cold storage system involving HSMs that have achieved a FIPS 140-2 Level 3 rating or higher. All of the private keys are generated onboard the HSMs and stored and managed for their lifetime.

It also uses a multisignature digital signature scheme (multi-sig) to eliminate any single point of failure, and Two-Factor Authentication (2FA) to make crypto withdrawals.

Who is Gemini aimed at?

Gemini is located in the US. However, it targets customers on a global scale, which means that anyone can use it, and it is now live in Australia. Its easy-to-use standard platform and educational resources make it appropriate for beginners, while the ActiveTrader premium platform is tailor-made for more experienced crypto traders.

Tradable coins

Gemini has a selection of over 70 cryptocurrency tokens, which means that, while you won’t find every single option there, you still have a varied choice. From Bitcoin and Ethereum to The Sandbox, Decentraland, Litecoin, Dogecoin and others, Gemini has you covered if you want access to popular cryptocurrency tokens.

Funding your account

You can fund your account with a fiat bank transfer, a debit card, or through a crypto deposit.

1. Automatically link your bank account on the ‘Funding Sources’ page, or manually link your bank account by sending funds from your bank account into your Gemini account.
2. To link your debit card, again navigate to the ‘Funding Sources’ page, add the billing address and name associated with your debit card (which must match your details as a Gemini account holder), and verify the card via two micro-deposits made to your account. You will be asked to confirm the amounts which were deposited, after which the deposits will be reversed.
3. To fund with crypto, instruct your external wallet, or the service provider that holds your crypto, to initiate a withdrawal to your unique Gemini deposit address.

Useful features

There are specific features found in the Gemini exchange that make it stand out compared to other options.

ActiveTrader

ActiveTrader is a high-performance trading platform on offer at Gemini, delivering a solid experience to experienced traders. It features advanced charting, multiple order types, auctions, and even block trading.

Gemini Earn (only available in the US, SG, and HK)

Gemini Earn allows account holders to put their crypto balance to work. Instead of the funds just sitting idle in your wallet, they can be used to help you receive up to 8.05% APY (at the time of writing) on your cryptocurrency, and this includes stablecoins.

You can redeem and move your cryptocurrency back to your trading account at any time.

Gemini Credit Card (US only, currently)

The Gemini Credit Card allows its users to earn crypto rewards on every purchase. It is issued by WebBank, offers up to 3% cashback rewards in Bitcoin, Ether, or over 40 other cryptocurrencies, and has no annual fee or foreign transaction fees.

Fees

Gemini has a complex fee structure that covers a lot of different use-cases.

• The standard trading fee is 0.5% of the Gemini market price for any trade.
• Added to this is a transaction fee, which is charged based on the amount of your trade. The standard fee is 1.49% of your order value, but there are small fixed fees for order amounts below $200.
• The ActiveTrader Platform uses a maker and taker fee model, with fees varying based on the user’s 30-day trading volume. Maker fees start at 0.35% and taker fees at 0.25%. These fees are relatively high when compared with competitors’ fees.
• Deposits to your trading account by bank transfer or crypto deposit incur no fees, but debit card transfers incur a fee of 3.49%.
• Withdrawals are free, provided you make less than 10 withdrawals in a month.

Pros and cons

Alternatives to Gemini

• Swyftx. An Australian-based cryptocurrency exchange supporting over 260 cryptocurrencies, fully licensed and regulated by AUSTRAC.
• CoinSpot. Used by more than one million Australians to buy and sell over 300 cryptocurrencies. Refer a friend and earn $10 worth of BTC.
• Cointree. No prior experience is needed on Australia’s simplest cryptocurrency exchange, with roots all the way back in 2013. Get fresh ideas by looking at the most successful portfolios.
• Crypto.com. Global crypto app and exchange with 10 million customers. Buy, sell, and trade Bitcoin and 250+ lesser well-known crypto's. Extra services such as buying NFT's, advanced trading options, crypto earning Visa cards, crypto staking, crypto savings accounts and crypto lending.
• Coinbase. This is one of the largest cryptocurrency exchanges in the US, allowing traders to buy, sell, or trade many different tokens. It is known for its simple user interface and Coinbase Pro service.
• Kraken. Kraken is one of the oldest cryptocurrency exchanges and has a solid selection of cryptocurrency tokens available for its traders. Suitable for both beginners and pro traders.
• eToro. Well known for as a global share trading platform with copy trader, eToro also offers commission-free trades of crypto.

Comparisons

Compare Gemini's fees and features against some of its key competition.

• CoinJar vs Gemini
• CoinSpot vs Gemini
• Gemini vs Cointree
• Gemini vs Coinstash
• Independent Reserve vs Gemini
• Swyftx vs Gemini

FAQs

What about KYC?

Gemini is a trusted company and Qualified Custodian chartered by the New York State Department of Financial Services, and in order for Gemini to keep its licence it is required to verify the identity of its customers. This means that you will be required to complete a KYC (Know Your Customer) procedure.

Is there a demo account?

Gemini does not offer a demo account for its customers.

Is Gemini crypto insured?

Crypto funds in Gemini Earn (not available in Australia) are not insured by Gemini, but US dollars in users accounts are eligible for FDIC (US Federal Deposit Insurance Corporation) insurance. Gemini also maintains insurance coverage for the crypto that it holds on your behalf in the online hot wallet.

Do I need a crypto wallet with Gemini?

Gemini does offer an online hot wallet that you can take advantage of and use on the exchange directly, which means that you will not be required to create your own private account. However, a cryptocurrency account in which you hold and manage the access keys is recommended if you want to have the highest level of security and control over your cryptocurrency tokens.

How do I withdraw crypto from Gemini?

If you want to withdraw your cryptocurrency tokens to an external wallet or cryptocurrency exchange, you need to go to the Withdrawal Page. After this, you need to select the currency from the drop-down menu and select the destination address. This will be provided by your external wallet or exchange. Input the amount you would like to withdraw, and after reviewing all of the transfer details, you need to select ‘Request Withdrawal’.

Verdict

Gemini offers a high level of service to both beginners and seasoned cryptocurrency traders. However, it is mainly focused on newcomers. This can be seen by its fairly limited cryptocurrency offering, as it only supports well-known tokens.

Its ActiveTrader, Gemini Earn, and Gemini Credit Card services are also an interesting addition that differentiates the exchange from the competition. Only the first of these is currently available in Australia, but it’s possible the others may be added down the track.

Traders in Australia do have alternatives that are more focused and oriented towards their own region. However, Gemini does have interesting additions that might make it a solid choice, but be wary of the (avoidable) high debit card fees.