When it comes to choosing a cryptocurrency exchange, there are plenty of options available. One such option is Gemini, which is a U.S.-based platform that allows users to buy, sell, hold, and trade their favourite digital assets.
In our Gemini Canada review, we’ll talk about buying Bitcoin and other crypto, platform fees, and much more
- Wide range of supported cryptocurrencies
- Available in Canada
- Advanced products and features
- iOS and Android mobile app
- Crypto staking to earn interest in digital assets
- Could support more cryptocurrencies
- Not financially friendly for smaller trading
- Higher trading fees than others in the market
- Customer support is limited
Who is Gemini?
Gemini is a cryptocurrency platform that allows its users to buy, sell, trade, and hold their favourite digital assets. The exchange provides a wide selection of cryptocurrencies plus plenty of financial products and services for its customers.
Many people don’t know that Gemini launched in 2015. It is most famous for its founders, Tyler and Cameron Winklevoss.
The pair based the exchange in New York and chose to take the road less travelled by becoming fully registered and compliant with all rules and regulations set forth by the state of New York and the SEC (Securities and Exchange Committee).
In addition to supporting crypto regulations, Gemini also maintained high reserves, meeting banking requirements as well. The twins continue to develop and operate a crypto exchange with high standards.
Their belief is that when it comes to cryptocurrency, the best path forward is to ask for permission first.
If nothing else, Gemini touts itself as a cryptocurrency platform that does everything above the board. It’s arguably the most legitimate and transparent crypto exchange on the planet.
The Gemini platform is intuitive and easy to use. It’s ideal for investors looking to take the next step in trading crypto. Here are some of the services available on the Gemini exchange:
Since we’re talking about an exchange that lets you buy, sell, and trade Bitcoin and other cryptocurrencies, it makes sense that trading crypto is its top service.
Gemini streamlines the entire process for all traders, which provides an interface that is easy to operate and navigate.
As a result, its simple interface is a basic line chart. This is perfect for those who only want to perform market trades.
Gemini also developed its “How often?” feature, which allows traders to set a schedule if they want to set up recurring transactions.
If you’re looking to perform more advanced trades, don’t worry, Gemini has you covered. The exchange offers a feature-rich service it refers to as “ActiveTrader.”
These are the features you’ll find on more advanced trading platforms and includes limit orders, depth charts, candlestick charts, and order books.
If you want to have access to your Gemini services on the go, the platform offers a mobile application. It’s available for download on any device that supports either Android or iOS operating systems.
All of Gemini’s core services are available through its app, which means you can buy and sell crypto while you’re away from home. Users can also set notifications that will alert them when a specific cryptocurrency reaches a certain price.
Gemini provides all account holders with a wallet on its exchange. With this wallet, you can quickly access your funds. However, we always advise storing your digital assets in an offline wallet if you’re not actively trading.
The Gemini wallet supports any cryptocurrency available on the platform, so you don’t have to create additional wallets for every digital asset you hold.
Account-holders will have access to the Gemini credit card, which the platform expects to release at some point during the 2022 calendar year. It will give users the ability to earn 3% on purchases when crypto is used.
No additional charges are levied against the card, so you don’t have to worry about finding hidden fees when your credit card bill arrives.
Gemini also offers its Gemini Dollar (GUSD), which is the platform’s native stablecoin. These coins are pegged 1-to-1 against the US dollar. Reserves on the coin are continuously validated by an outside auditing firm.
The exchange says that its coin sees a high redemption and turnover rate, which means they’re redeemable on the platform and highly liquid.
Last on our list of Gemini services is Gemini Pay. With Gemini Pay, users can spend their digital assets with retailers around the world.
So long as cryptocurrency is an accepted form of payment, users can pay for goods and services through the Gemini mobile app.
Gemini supports both cryptocurrencies and fiat currencies.
Gemini supports nearly 100 different tokens and coins on its platform. These include the following digital assets:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BTC)
- Chainlink (LINK)
- Basic Attention Token (BAT)
- Compound (COMP)
- Aave (AAVE)
- Uniswap (UNI)
- Solana (SOL)
You can see every digital asset that Gemini supports on the site’s prices page.
The exchange also offers support for several fiat currencies. These include:
A lot of traders like to use Gemini because they can trade in real dollars. Many of the more popular crypto exchanges don’t offer this capability. That means you have to use a stablecoin to trade fiat currency.
If you have an account with Gemini, you deposit the fiat you have, then withdraw the fiat you want. That’s all there is to it.
So long as you go through their identification process, of course.
Gemini accepts any of its supported cryptocurrencies as a form of payment. Users can also deposit any supported fiat currency through international or wire transfer.
The exchange will also accept ACH transfer, but only if your country of residence is in the United States.
Users can also withdraw their funds using the same methods, but of course, location restrictions apply for ACH transfers. And, of course, you can withdraw your digital assets right from Gemini, and into your own crypto wallet anytime you want.
Gemini’s fees are a little higher than you’ll find in the crypto market, so you really need to like what the exchange has to offer to not look elsewhere to trade digital assets.
The trading fees on the Gemini platform will vary based on the cryptocurrency you’re trading. If your trade is between $0 and $200, it’s likely that you’ll pay $1 to $3 in fees.
If you’re trading more than $200, you’ll pay 1.49% of the value of your order. Plus, Gemini also charges a convenience fee of 0.50% on all transactions.
If you’re using the ActiveTrader features, fees are a little more reasonable. Taker fees start at 0.35% while maker fees are 0.25%. Of course, fees are subject to change at anytime, so if you want the most accurate information, check out Gemini’s support page.
When depositing and withdrawing from the Gemini platform using ACH transfers, you won’t pay a fee.
Debit card transactions will incur a flat fee of 3.49%. If you’re paying via wire transfer, you won’t pay any fees to Gemini. However, some banks will charge you for those types of transactions.
You can perform up to 10 withdrawals per month on your cryptocurrencies for free with Gemini. Once you exceed that limit, you’ll have to pay a fee to cover the transaction. Fees are determined based on the cryptocurrency you’re moving.
One of the risky things about crypto is that it’s not insured the same way the funds in your bank account are. However, Gemini provides protection for user assets by providing employing several security measures on its platform.
For starters, the exchange keeps most of your crypto in an offline storage system. Also known as a “cold” wallet, this is one of the best ways to protect your digital currencies from malicious hackers.
Gemini keeps a small amount in an online storage system, which is insured against employee theft, hackers, and fraudulent transfers.
Unfortunately, this policy does not protect against losses that result in someone accessing your account without your permission. This is why it’s important to use the safety features Gemini provides.
Create a strong password and be sure to set up 2FA (two-factor authentication). Take the necessary steps to protect your cryptocurrency or you could wind up losing your funds.
If you run into trouble while using the Gemini exchange, the first place you’ll want to turn is the site’s FAQ page or its email support.
The good news is that if you need to go the email route, the site is known for quickly replying to requests. Even though there’s no live chat support, you can always reach out to the Gemini support team through Twitter.
The few customer support options Gemini does offer don’t seem to be cutting it. Trustpilot reviews give the exchange a “poor” rating in regards to customer service.
There appear to be many disgruntled and unhappy users who complain about slow verification processes, frozen accounts, and general KYC (know your customer) problems.
Gemini isn’t the perfect exchange. Its fees are higher than many of the other crypto exchanges on the market and its customer support doesn’t get very good ratings. If you’re looking for a quality crypto exchange that operates in Canada, here are a few alternatives.
If you want a Canadian-based exchange with low fees, take a look at Bitbuy. Not only does the platform get good ratings, but it’s trading fees start at 0.2%. You won’t have as many cryptocurrencies to choose from, but for those that are available, you’ll save money on all your transactions.
The exchange is perfect for those new to the crypto world. Bitbuy offers a simple and clean interface that won’t confuse first-time users.
Plus, the platform is a Registered Marketplace and Investment Dealer with the OSC (Ontario Securities Commission). That means your crypto is in good hands on the Bitbuy exchange.
So, if you want to buy Bitcoin and other cryptos such as Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Bitcoin Cash (BCH), Cardano (ADA), check out Bitbuy. You can also download the Bitbuy mobile app so you can buy, sell, and trade while you’re away from your computer.
Another excellent alternative to Gemini is Wealthsimple, which is based in Toronto, Canada. There are more than 35 altcoins available on the platform which boasts more than one million traders.
With Wealthsimple, you’ll have access to trading fees that won’t cost you an arm and a leg. Most transactions will run you between 0.5% and 2.00%. Much less than what Gemini offers.
Additionally, Wealthsimple offers 24/7 customer support, which comes in the form of both live chat and email. It’s not too often that you’ll find both options in the world of crypto.
Wealthsimple also has an exchange that allows users to trade stocks. That means you can easily switch between your stock portfolio and your crypto portfolio. It’s all in one place!
When it comes to supporting cryptocurrencies, Wealthsimple has you covered. While it doesn’t offer as many as Gemini, there are still plenty of options.
You can buy, sell, and trade Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Cosmos (ATOM), Cardano (ADA), Chainlink (LINK), Polygon (MATIC), and others.
Overall, Gemini is a solid platform that is known for following regulations and guidelines while providing a safe and secure crypto trading experience.
While some users complain about the verification process, users know that Gemini is doing its part to ensure that all user funds are protected.
Are the higher fees and additional verification steps worth the hassle? That’s for you to decide.