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In this Gemini exchange app Australia review, I will discuss what features the Crypto exchange offers its users. As well as looking into how it enables users to buy, sell and earn interest from Cryptocurrencies. I will also review the Gemini fees and their educational content. I hope you enjoy this Gemini review and find it informative. 

Crypto Exchange to Buy Bitcoin and Ether | Gemini
4.0

A crypto platform that offers users crypto interest, trading, loans, utility token and a credit card!

$10BTC Sign Up Bonus! Our Review
We earn a commission if you sign up to Gemini, at no cost to you.

What is Gemini Exchange?

Gemini is a cryptocurrency exchange that allows its users to buy, sell, swap and earn interest on their cryptocurrency. It was founded by the Winklevoss twins in 2015 and has a strong focus on security and custody.

Gemini is a legitimate cryptocurrency exchange with over 13 million users globally and strict security processes and controls. It offers retail and institutional investors the opportunity to create a Gemini account.

Gemini also provides its users a regulated custody solution through Gemini custody. Gemini is insured for up to $200 million and provides its users a safe, secure and regulated custody solution. Alongside this, Gemini is actually a fiduciary and qualified custodian under New York banking law. Therefore adding greater peace of mind for storing crypto and coming under the same rules as your bank account. 

Having a Gemini account also gives users access to many other features like the Gemini dollar, Gemini pay, Gemini clearing, Gemini earn and the active trader platform. It has a lot of functionality to offer users.

Who owns Gemini Exchange?

The story behind the founders of Gemini exchange has been well documented in the movie “The Social Network”. The Winklevoss twins, Cameron and Tyler used the money they made from their Facebook settlement to invest in bitcoin very early on.

From here they also invested in ethereum early and these crypto investments made them Billionaires. They used funds from this to found the Gemini exchange. Gemini of course means Twins in latin, hence a very fitting name for the cryptocurrency exchange. It is registered as Gemini trust company llc and completed a growth equity raise of $400million in late 2021.

Gemini Promo Code Terms

💰 Bonus $10 in BTC
⌚ Payout term Single
🤝 Condition Buy or Sell $100+ in crypto
⌛ Expiration Permanent offer
Gemini Exchange referral code

How Does Gemini Exchange Work?

Gemini is a cryptocurrency exchange that enables users to trade crypto, as well as earn interest on their assets. Users can set up an individual account or a business/institutional account.

The Gemini app provides a world class cold storage solution through the Gemini custody feature. Its users can also access the Gemini dollar which is a USD pegged stablecoin. You are unable to stake crypto with Gemini, but you will earn interest from lending assets. 

Gemini users have Gemini pay and competitive trading fees within the Gemini platform. Additionally, Gemini’s activetrader platform gives users the ability to access high frequency trading and block trading for greater efficiency. All of this in an easy to use and visually appealing mobile app.

Gemini Exchange App Review

 

In Australia

Gemini Exchange Review – Features

The Gemini app has many features available to its users. Whether they are institutional investors or just retail investors, there is something for everyone. I hope you are enjoying the Gemini review, please keep reading to see what features Gemini offers.

Buy & Sell

One of the interesting things with crypto exchanges is how they try to differentiate themselves from each other. In Gemini’s case, they have done so with their custody, earn and active trader solution. 

As such, Gemini doesn’t offer as many cryptocurrencies as platforms like Digital Surge or Swyftx. However, it has a more concentrated 70 cryptocurrencies and offers yield for lending assets. The decision regarding which crypto to invest in will be solely your own, and you should do lots of research.

You are able to buy and sell crypto with ease on the Gemini mobile app. You will however, be limited to what assets you can trade. However, for some, this may be a deal breaker, whereas for others it is a great way to not get distracted by the crypto market hype.

Gemini Exchange App Review

 

Earn

Gemini Earn

One of the cool features from Gemini is the Gemini earn functionality. Gemini Earn offers users the ability to earn interest on their crypto assets. Users deposit assets into their Gemini wallet, from there Gemini uses them for advanced trading strategies or to lend out to others. By doing so, they earn interest and pay a large chunk of that back to the user. 

You can lend assets like bitcoin, ethereum, polygon and dogecoin to name a few, and earn interest for doing so. Interestingly, the Gemini interest rates are significantly lower than their competitors like Celisus or BlockFi.

The positive of the Gemini platform is around the security of the assets and the fact they have insurance for custody of assets up to $200million. Not many other cryptocurrency exchanges offer this.

Active Trader Platform

The Gemini platform has institutional investors in mind, perhaps a lot more than most other cryptocurrency exchanges do. Gemini’s activetrader platform provides some cool functionality for those looking at seriously investing.

It provides advanced charting, multiple different order types, auctions and the ability to utilise block trades. Additionally it provides high speed and reliable trading, plus the rest of the mobile app features.   

Gemini Exchange App Review

 

User Interface

Gemini Custody

Their custody solution is regulated, audited and required to adhere to strict compliance standards and capital reserve requirements that traditional finance businesses do. Additionally Gemini has attained $200million insurance for their cold wallet assets. 

They use air gapped, geographically dispersed hardware security modules that are never connected to the internet. Therefore showcasing how seriously they take their cold storage security. This could be a good option for users if they want to outsource the custody of their assets.

Gemini Dollar

The Gemini Stablecoin (GUSD) is pegged to the US dollar and there are no fees to transact with the GUSD on Gemini. The reserves of GUSD get audited monthly by an external firm to ensure transparency.

Additionally, GUSD is used to transact with DeFi, provide liquidity, earn interest/yield or even spend using the Gemini Pay feature. Therefore it has a lot of versatility and is used frequently in DeFi protocols as a stablecoin. 

Gemini Exchange App Fees Review

 

Credit Card

Gemini Credit Card

This is currently only available to the US at the moment, but will hopefully launch soon in Australia. This card will compete with the BlockFi crypto rewards credit card, and soon to be launched Celsius card. All of which will be very well received in Australia, as we are yet to have a crypto rewards credit card.

I love the idea of crypto “cashback”, as I would definitely select crypto as an option if it was possible. They are currently offering their users up to 3% rewards in any one of the 50 available cryptocurrencies. Additionally, there are no annual fees, or exchange fees when receiving the rewards. However, there may be a small fee when selling the crypto to fiat. Eitherway, it sounds like a pretty sweet card if you are able to get it.

Gemini Pay

This functionality is also only available in the US currently. But it allows users to spend their cryptocurrency in brick and mortar stores. Personally, I would prefer to accumulate my crypto. However, if you ran a store, this would be a great way to stack your crypto bag!

It is extremely simple and there are a few cryptocurrencies you can use to spend, like bitcoin, bitcoin cash, GUSD, Ether and Dogecoin to name a few. They have made this process almost as simple as using apple pay at the checkout. I am sure it will take off in Australia when we have the infrastructure to accept it. 

Gemini Fees App Review

 

Education Platform

Gemini Exchange Review – Education

Investing in cryptocurrency can often seem quite daunting for people that are new to the asset class. Therefore I really appreciate it when a crypto company provides great educational content to their users. Obviously it is important to remember that this review and the educational content is not financial advice. You should always do your own research or seek professional advice. 

Gemini does a great job with their educational content, and I love the name “Cryptopedia” for their educational content platform. Currently they have over 420 articles published in their “Cryptopedia” from 53 authors covering over 200 topics. This is a vast array of content for users to get through and it is extremely valuable information.

I would have to say that Gemini and their “Cryptopedia” is better than my other favourite educational platform from Swyftx. Both of these platforms have awesome educational content for their users, which are worth checking out.

The one thing I would love to see more in their educational section is some educational videos. I understand not everyone learns best via reading, so some video content could go a long way to make it more accessible. Otherwise, Gemini has great educational content.

Gemini Exchange Fees App Review

 

Assets

Gemini Exchange Review -Fees

I really appreciate cryptocurrency exchanges that make their fees very transparent and easy to understand. Fees are often the deciding factor between what exchange to choose. As trading fees can really eat into your profits.

The fees from Gemini aren’t the easiest to understand although they are very transparent on the fee section of their website. They have a different section for a mobile app transaction fee or web based transaction fee. Although the transaction fee for both of these are the same.  

Gemini charges $0.99 on trading less than $10. $1.49 for trades between $10 and $25. They charge $1.99 on trades greater than $25 and up to $50. Additionally, they charge $2.99 for trades greater than $50 and up to $200. After $200, they charge a flat fee of 1.49%.

For the custody solution, there is a 0.4% fee and administrative withdrawal fee of $125. So this only makes sense if you have some large assets to custody with Gemini. The Earn fees will vary depending on the asset you are looking to earn interest with.

Finally the fees included with their active trader account is a tiered structure approach, with higher volume decreasing your fee. It starts around 0.61% and can decrease to 0.04% with over $500k of trading volume. 

Gemini Exchange App Fees Review

 

How it works

Gemini Exchange Review – SMSF

Gemini exchange has the ability for users to sign up to the platform through a business account. This is part of their institutional offering, however if you have a corporate trustee for your SMSF you should be able to set up an account with the Gemini exchange.

This process isn’t as simple as signing up your SMSF with Swyftx, Digital Surge or Bamboo. But you will have an account representative help you through the process if required. It is important that you have done your own research prior to using the Gemini platform with your SMSF. Nothing in this post is financial advice, and if you are unsure you should speak with a professional.

There are a lot of rules and regulations around Self Managed Super Funds, especially if you want to trade crypto. So make sure you have considered this if you are thinking about creating an SMSF to invest in cryptocurrency.

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Tax Reporting

Anytime you sell or dispose of crypto in your Gemini account you will be creating a taxable event. If you have made a profit from your crypto trades then you will have some tax to pay. Similarly, the Gemini wallet enables you to earn interest, which is classed as income.

All of this gets very confusing and difficult to track. Yet it is extremely important to get it correct for tax purposes. As you don’t want to upset the ATO and have them chasing you.

Fortunately, Nexo integrates with the best crypto tax reporting platform Koinly via API. For a small price you can get your crypto tax automatically under control. 

With this API integration, Koinly takes the wheel and tracks all your crypto actions automatically. All while providing tax compliant reports. You can learn more about Koinly in this Koinly Review.

Koinly could be a great option to consider if you want to save yourself time and money getting ready for tax time!

Gemini Exchange Review

 

DeFi protocols

Gemini Exchange Review – FAQ’s

Hopefully you are enjoying this Gemini app review so far. In case you had further questions regarding Gemini app Australia and what the platform is about I have compiled a list of FAQs below.

The Sign-up Process

It is pretty simple to sign up to Gemini if you are using an individual account. It will take a bit longer to sign up with a business account as there will be specific hoops you will need to jump through. Their KYC process was pretty efficient.

Once the verification process has been completed you will be able to deposit Australian dollars from your bank account via bank transfer or PayID and get started investing almost instantly. It is strongly suggested you set up two factor authentication with the app.

Can I trust Gemini?

The Gemini app prides themselves on their security and data protection systems. They utilise customer verification criteria like two factor authentication. As well as customised wallet fraud detection to block any accounts linked with scams. 

Who is Gemini for?

Gemini is a great option for both retail investors and institutional investors. It offers both groups great functionality. I feel like it is slightly more targeted towards institutional investors, but would appeal to anyone who wants interest on their assets. Or a secure custody solution.

Is Gemini a wallet?

Gemini provides users their own wallet within the app. The provided wallet is a hot wallet, although with their custody solution, users are given the option to use a cold wallet solution.

Gemini Exchange App Fees Review

 

Crypto Cashback

Is Gemini legitimate?

Gemini is subject to security requirements from global regulators. This includes, but is not limited to, the New York Department of Financial Services (NYDFS), Monetary Authority of Singapore (MAS), and UK Financial Conduct Authority (FCA).

How do I trade on Gemini?

You would need to sign up for an account, complete KYC checks and deposit funds from your bank account.  From there you are able to invest in over 70+ cryptocurrencies.

Is Gemini good?

The best platform will be one that meets your requirements and goals. Make sure you do your own research. That being said, the Gemini app is a good option for anyone wanting peace of mind for custody and still have the ability to access interest on their assets all in the one platform. Not to mention the crypto rewards credit card.

What is the best crypto exchange in Australia?

The answer to this question will depend solely on what you need out of a crypto exchange. However, my favourite Australian exchanges are Swyftx and Digital Surge.

Does Gemini have an app?

Gemini is available on both app stores and has functionality to be used via a desktop too.

Gemini Exchange Fees

 

Security

Is Gemini Safe?

When you don’t have your assets in your own wallet there will always be some level of risk. There is risk leaving money in the bank. Gemini has completed the SOC2 Type 2 and ISO 27001 assessments. Which tests the organisational process and security of the business and platform. This is a globally recognised test and is difficult to pass, so it adds a lot of weight to them being a safe business.

Additionally, they have a lot of regulations to adhere to in the State of New York and Globally. Outside of their compliance, they conduct regular security and penetration testing. As well as controls in place to remove any key dependencies, or key reliance on people.

Is Gemini Worth It?

If you are likely to have high volume trading, or a need for a custody solution the Gemini app could be a good crypto exchange option for you. If you want access to the crypto rewards card or the pay functionality, you will need some patience in Australia.

As I mentioned previously, a platform will be worth it to you, if it has the functionality you require. Gemini has interest in crypto functionality, so it could be with it if you want to earn interest on your Dogecoin.

If you require a platform that provides higher interest on bitcoin or Ethereum you could check out Celsius. Or if you want an alternative to trade and stake digital assets you could check out Swyftx.

Gemini Exchange Review

 

Earning calculator

Gemini Exchange Review – Pros & Cons

Pros:

  • Custody & earn solution
  • Good educational content
  • Have their own stablecoin (GUSD)
  • High level of security and transparency
  • Volume based fee reduction

Cons:

  • Their interest on crypto is quite low compared to competitors
  • No staking functionality
  • There is no demo account
  • No Crypto rewards credit card in Australia yet

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  3. BlockFi – Earn Crypto Interest & Spend Crypto
  4. BlockFi - Earn Crypto Interest & Spend Crypto
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    Use BlockFi to Trade, Earn & Borrow Crypto. It also has a Crypto rewards credit card for those looking to earn crypto while they spend.

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Gemini Exchange Alternatives

The Gemini exchange gives its users the ability to trade and earn interest on their cryptocurrency. The Gemini cryptocurrency exchange does, however, have a couple of competitors. Some of these platforms to check out are Celsius and BlockFi.

Celsius is my favourite crypto lending platform, that offers users interest, crypto backed loans and the ability to buy and sell cryptocurrency. Users earn weekly interest on their assets and it offers users a native token.

You can check out my Celsius Review here if you want to see why it is a great platform to earn interest from your crypto.

Another alternative to the Gemini Exchange, is a platform called BlockFiBlockFi is another cryptocurrency lending platform that offers crypto backed loans, interest accounts and trading functionality.  

BlockFi also has a large amount of digital assets available and offers a bitcoin rewards credit card. Check out my BlockFi review if you want to see why it could be a good alternative to Gemini Exchange.

Gemini Exchange Review – Conclusion

The Gemini app caters for both retail investors and institutional investors, with a simple to use platform. It has a great custody solution and I really love platforms with crypto interest functionality too. They have a complex fee structure which can be a bit confusing, however all in all I think it is a good platform. 

Hopefully this Gemini review has highlighted the pros and cons of the platform. I am really excited to test out their credit card and pay feature when it launches in Australia. Until then I will have to wait and watch this space.

Crypto Exchange to Buy Bitcoin and Ether | Gemini
4.0

A crypto platform that offers users crypto interest, trading, loans, utility token and a credit card!

$10BTC Sign Up Bonus! Our Review
We earn a commission if you sign up to Gemini, at no cost to you.

Sign Up Bonus

If you enjoyed this Gemini exchange Australia review. Then you can sign up here and receive $10 of BTC as a sign up bonus!

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