2020 Gemini Review • Crypto Platform • Pros, Cons & More • Benzinga

December 17, 2020 John Altcoin 0

Why Gemini Over Others?

Gemini offers a number of unique features over competing cryptocurrency brokers, including:

  • A range of platform options. Gemini offers both a standard, simple web interface as well as a more advanced ActiveTrader platform. This allows you to customize your Gemini experience to your trading skill level.
  • Wide selection of cryptocurrency offerings. Gemini provides support for a diverse mix of 26 cryptocurrencies, ranging from major projects to smaller altcoins.
  • Dynamic price alert features. Mobile investors will love the Gemini app’s alert features, which allow you to receive a push notification when an asset you’re interested in reaches a predetermined price target. You can even set alerts to inform you when an asset increases or decreases in price by a predefined percentage. 

Brokerage Quick Summary

Tradable assets Cryptocurrency
Platform Beginner-oriented; easy to open an account and start placing orders
Mobile app Fully-operational, mirrors desktop web-trading platform
Products Primary products include web and mobile trading and insured hot wallets. 
Advanced options are available for more experienced investors. 
Fees Vary by platform and account type

Gemini offers a variety of fee schedules depending on which platform you use to invest in the cryptocurrency market. Most new investors will invest using the mobile or web trading platform, which carries the following fees for U.S. residents:

Web or mobile order amount (in USD) Transaction fee
Less than $10 $0.99
More than $10 but less than $25 $1.49
More than $25 but less than $50 $1.99
$50.01 to $200 $2.99
More than $200 1.49% of your total order value

Gemini also charges a convenience fee on top of the amount that you pay on your transaction fee. Gemini’s current convenience fee is set at 0.50% of the current market price of the coin that you’re buying. You’ll see your convenience fee included with the price of the coin when you place your order.

Let’s take a look at an example of how this dual fee schedule works. Imagine that you want to buy $500 worth of Bitcoin and that the current market price of 1 Bitcoin is $19,000. When you place your order, you’ll see a quoted price of $19,095 per coin (that’s the market price, $19,000, plus the convenience fee of 0.50%). 

When you enter your order, Gemini will also apply a 1.49% transaction fee to your purchase, which is deducted directly from your trading funds. This means that when you place a $500 order for Bitcoin, you’ll receive $492.55 worth of Bitcoin at the current market rate plus the convenience fee.

Different maker-taker style fee schedules apply to users buying and selling on Gemini’s API and ActiveTrader platforms. 

Gemini’s range of platform offerings provide a solution for traders at every skill level. Let’s take a look at some of the features you’ll be able to take advantage of when you choose Gemini as your cryptocurrency broker.

  • A simple web exchange platform. New investors will appreciate Gemini’s simple, straightforward and intuitive web platform, which makes it easy to buy and sell cryptocurrencies with just a few clicks. Gemini’s desktop interface is clean and attractive with an instant view of the day’s market movements, as well as all the tools that you need to manage your investments from a single screen. 

Gemini’s web-based platform can be a welcoming platform for new cryptocurrency investors, with straightforward order placement and a simple, easy-to-navigate platform. 

  • Comprehensive transaction histories. Gemini’s platform allows you to quickly view your account history and transactions, as well as download a complete list of your transaction history. This can be a major benefit during tax time, especially for frequent and professional investors.
  • Insured hot wallet services. A hot wallet is a type of cryptocurrency wallet that must be connected to the internet in order to access your coins. Though some cryptocurrency investors worry about the level of security that standard hot wallets provide them with, Gemini’s wallets feature a range of unique features that make it a reliable place to store your coins and tokens. Gemini’s hot wallets support all of the assets you can purchase through the Gemini platform, which means that you won’t need to worry about compatibility issues.