Is Gemini Actually that Safe + Legit? [Read this First]

Is Gemini Actually that Safe + Legit? [Read this First]

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Gemini is a popular mainstream cryptocurrency trading platform. But is it safe and legit? Read on to find out.

In the crypto world, Gemini is considered to be one of the most secure exchanges.

But is it as safe as they say?

In this detailed look at Gemini, we’ll show you once and for all whether or not Gemini is safe and legit.

What is Gemini?

Gemini is an NYC-based digital currency exchange and custodian founded in 2014 by Cameron and Tyler Winklevoss.

Gemini began by allowing users to securely trade Bitcoin. They now support an extensive range of cryptocurrencies and crypto-related services for beginners and expert traders alike.

Gemini became the first licensed Ethereum exchange in the U.S. in 2016, and the first licensed Zcash exchange in 2018.

As a security and compliance-minded exchange, Gemini is regulated by the New York State Department of Financial Services (NYSDFS). The platform is also a Qualified Custodian and a fiduciary.

Is Gemini Safe and Legit?

Yes, Gemini is safe and legit.

In fact, Gemini stands out among the many cryptocurrency exchanges as being dedicated to compliance and the security of both crypto holdings and customer data.

Gemini is regulated by the NY Department of Financial Services (NYDFS), the Monetary Authority of Singapore (MAS), and the UK Financial Conduct Authority (FCA).

They maintain compliance with PCI DSS to protect debit and credit card data, and they were the first cryptocurrency exchange and custodian to complete a SOC 1 Type 2 exam, a SOC 2 Type 2 exam, and to earn an ISO 27001 certification.

Gemini’s security features are some of the strongest in crypto, and include:[1]

  • Cold and Hot Storage: The majority of crypto is stored offline in a geographically distributed, air-gapped system that requires multiple employees to operate, and the small amount of crypto they do keep online has protection of a FIPS 140-2 Level 3 rating or higher, and is insured.
  • Two-Factor Authentication: With WebAuthn hardware security keys
  • Address Allowlisting
  • Rate Limiting: To prevent brute force attacks
  • Encryption: To safeguard personal information
  • Multiple Signatories: Needed to transfer crypto out of cold storage
  • Controlled Facilities: Objects of value, such as private keys, are not stored in company offices

Fees to Look Out for

Trading on Gemini incurs two fees: a convenience fee and a transaction fee.[2]

These fees vary based on country and amount of the given trade:

Convenience Fee (U.S.): 0.50% above market price, included in your quoted price

Transaction Fee (U.S.): $0.99 – 1.49% added to the cost of your transaction, depending on the amount

They may charge fees for deposits and withdrawals, and they are charged differently.[3]

Deposits

  • Cryptocurrency deposits: Free
  • Wire transfers: Free
  • Debit deposits: 3.49% of purchase

Withdrawals

  • Varies by cryptocurrency. If the number of coins the user withdraws in a calendar month is ≤10, the withdrawal is free.
  • If the number of coins withdrawn is >10, the price varies depending on currency.

Gemini Features

Let’s take a look at some of the features that Gemini offers users to get a better idea of what exactly it is they do. As you can see, there are quite a few.

Gemini Exchange
Gemini has a full-service cryptocurrency exchange that makes it easy to buy and sell crypto. While the number of coins they offer changes over time, it’s safe to say it’s growing. At time of writing, they supported 75+ cryptocurrencies.

Through the exchange, users can buy and sell crypto, track their portfolios, and the state of the market. They can set up recurring purchases and price alerts for specific coins.

Gemini Earn
Gemini Earn, which is only available in the U.S., Singapore, and Hong Kong, allows users to earn interest on their crypto holdings much in the same way they would in a high-yield savings account, but with much higher interest rates than those currently offered by traditional banks.

Gemini Credit Card
The Gemini Credit Card is a crypto rewards Mastercard that offers users up to 3% cash back on purchases with no annual fee and rewards in a range of over 50 different cryptocurrencies, including Bitcoin and Ethereum.

Unlike some other crypto rewards cards, your rewards are transferred to your account instantly when your transaction posts.

The rates they offer include 3% back on dining, 2% back on groceries, and 1% back on all other purchases. These rates go up to an annual spend of $6,000, at which they all revert to 1%.[4]

Active Trader
While the regular Gemini Exchange caters to users of all types and features a simplified, beginner-friendly interface, Gemini’s Active Trader platform is designed specifically for experienced crypto traders.

It features multiple order types, advanced charting, block trading, and auctions. It’s also equipped for a high transaction speed and supports both mobile and desktop versions.

Gemini Dollar
Gemini Dollar is Gemini’s native token as well as a stablecoin tied to the value of the USD.

Unlike some stablecoins, Gemini Dollar is fully backed 1:1 by USD held by Gemini in accounts at U.S. FDIC-insured bank accounts, as well as money market funds holding short-term U.S. treasury bonds, maintained with a custodian.

Gemini Dollar is used for a variety of purposes, including transacting on DeFi exchanges, earning interest, lending, providing liquidity to the market, and for daily spending.

Gemini Custody
Gemini provides safe and secure storage for digital assets through Gemini Custody, with a focus on compliance as well as Bitcoin, Gemini dollar (GUSD), Ether, Litecoin, Zcash, Dogecoin, Dai, Chainlink, Orchid, Basic Attention Token, and Bitcoin Cash.

Gemini Wallet
One of the biggest concerns with crypto is how to store it. Gemini Wallet is a high-security online storage option for crypto users.

This hot wallet is equipped with digital theft insurance, is supported by capital reserves, and is subject to rigorous internal security measures.

Bottom Line

Not only does Gemini have a lot to offer crypto traders of all types—whether complete beginners or seasoned experts.

With a range of features that go far from being a mere cryptocurrency exchange, their dedication to compliance and security ensures their status as one of the safest cryptocurrency exchanges in operation.

Considering the great lengths they’ve gone to work with regulators and experts in security and finance to build their exchange, you can say for certain that Gemini is both safe and legit.

References

Jeremy Harshman is a protector of art and writing at CreditDonkey, a crypto comparison and reviews website. Write to Jeremy Harshman at [email protected] Follow us on Twitter and Facebook for our latest posts.

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