Two-factor authentication is configured automatically once the member’s phone number is entered. At this point, a verification code is texted to them. After entering this information, the new user enters their phone number. To open an account with Gemini, new users enter their name and email address and choose a password. In addition to storing the majority of its customer crypto assets offline, Gemini requires the use of two-factor authentication (2FA) to log in or make withdrawals, and users can implement a limited list of addresses that can receive withdrawals-or disable withdrawals from their accounts entirely. The platform is also in compliance with international regulators where Gemini operates globally. Gemini is in compliance with more regulators than most crypto exchanges, including the New York Department of Financial Services. Gemini is notable for never having been subject to a major hack.ĭigital assets are insured against losses from a hack or breach of security. However, mobile users will also be charged an additional 0.5% convenience fee regardless of the size of their purchase.Īs a result, small purchases in particular can result in notably high fees. The former is called a taker trade because it takes away liquidity from the exchange while the latter is a maker because it makes more liquidity.Īs for other fees, the mobile web app has a similar fee structure to the Gemini web order system. With maker and taker fees, the amount you pay for a trade depends on whether your request for cryptocurrency is matched with someone else’s existing request to buy or sell crypto, or if you are making a new request that someone else will then be matched with. These types of fees are drastically higher than the Gemini ActiveTrader platform. The fees displayed below are the transactions charged for web orders. Gemini has a different structure for its ActiveTrader product. The basic platform has a tiered structure for trades, with a 1.49% fee on orders over $200. But withdrawing Gemini’s stablecoin, Gemini Dollar (GUSD) is free. You’ll pay 4 DOGE, to withdraw your stash of Dogecoin, to name another example. If you’re withdrawing Bitcoin BTC), for instance, expect to pay a 0.0001 BTC fee. Users do pay withdrawal fees on non-Ethereum-based cryptos. These agent fees are also subject to change. These are charged for crypto that is earning interest in Gemini Earn. Gemini calls this a “convenience fee.” The fee is 0.5%. If you use the web or mobile app, there’s a fee for that. Withdrawal fees are variable based on the coin the user withdraws. But any deposit from a debit card incurs a 3.49% fee. Charged for certain types of deposits or withdrawals from the exchange. Gemini charges several types of fees, depending on the services that you use. While Gemini might offer a user-friendly interface, the convoluted fees are definitely a downside. If you use a debit card, tack on another 3.49% on to your trade. You could end up paying fees of as much as 1.49% if you conduct your trade as a “web order,” which is the most likely method for a trade. Gemini’s fee structure may be too big a downside for those who are just getting started in crypto. Gemini only lets you stake Ethereum (ETH) and Cardano (ADA). But if you’re looking for a laundry list of cryptos to stake, you might need to look elsewhere other than this Winklevoss-founded platform. The New York-based exchange advertises that users can earn up to 8.05% APY with the program.įor those who would prefer to do just regular staking to earn a yield on their crypto holdings, there’s Gemini Staking. Like staking, Gemini Earn users receive an annual percentage yield (APY) for participating with their crypto holdings. While it’s not a staking program per se, Gemini Earn is a lending platform that lets users lend out their crypto holdings in exchange for interest payments. Users can earn rewards on over 40 cryptocurrencies with Gemini Earn. Gemini also offers a host of yield-earning products with Gemini Earn and Gemini Staking. Its easy-to-use app and Cryptopedia educational resources make it a snap for just about anyone to learn about cryptocurrency, though its fee structure for trades made outside of its advanced trading platform gets pricey quickly. Gemini stands out as a top platform for people who are looking to get started with crypto. The exchange’s strong security offerings, trading platform, yield-earning product known as Gemini Earn and Gemini Staking are a good match for crypto trading veterans who are looking to delve deeper. Gemini offers a beginner-friendly platform and robust educational resources, making it a good choice for new crypto investors who are learning the ropes.
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