Cryptocurrency exchanges are global marketplaces where people buy, sell, and trade various cryptocurrencies. These online platforms serve as online brokerages where users can deposit fiat currencies and use them to buy cryptocurrency. Moreover, users can trade and even earn interest on these exchanges, provided those services are offered.
In comes Gemini - a global, well-funded crypto exchange with features that suit Australian crypto traders. Let’s take an in-depth look at this platform and what it can offer to Australians.
What is Gemini?
Gemini is a US based crypto exchange platform founded by the Winklevoss brothers in 2014. The NYSDFS regulates this platform by prioritising security and employing FDIC protection for the USD currency.
Gemini prides itself on its outstanding security protocols and standards in place, earning an ISO 27001 certificate and completing examinations such as the SOC 1 Type 1 and Type 2 and the SOC 2 Type 1 and Type 2.
Its reputation is that of an easy-to-use platform with features customised primarily for beginners. It has never been subject to successful hacking attacks, prompting experts to dub it the most secure crypto exchange platform on the market. Here are some of the key points to know about Gemini.
- Over 90+ cryptocurrencies available
- Low trading fees of 0.25% / 0.35% (Maker/Taker)
- Free AUD withdrawals and 10 free crypto withdrawals per month
- Theft insurance to cover you in case your crypto is stolen
- Extremely secure platform with ISO 27001 certification
Australian Alternatives to Gemini
Gemini offers lots of products and services on its platform as well as educational resources. The platform supports trading of 90+ cryptos, an ActiveTrader pro-level platform, cold storage system, interest earning options (Gemini Earn), Gemini Pay and Gemini Credit Card. Unfortunately for Australians, Gemini Earn, Gemini Pay and Gemini Credit Card are not currently available, but hopefully this changes in the future.
Continue reading to find out more about these products and services on offer.
Instant Buy & Sell
Gemini eases the process for beginners and new users who are looking to invest in crypto by offering the option to conduct direct purchases using AUD. Selling is just as easy as buying, as the button is right next to the buy button, which upon clicking, instantly gives you an option to determine how much to sell.
The platform also allows you to set up an automatic buy schedule on a daily, weekly, fortnightly, or monthly basis.
Support for 90+ Cryptocurrencies
You can buy, sell, and trade over 90 different cryptocurrencies on Gemini. These include the most popular ones like Bitcoin, Ethereum, and Dogecoin, as well as DeFi coins such as DAI, UNI, and COMP, among others.
10 Free Crypto Withdrawals Per Month & Free AUD Withdrawals
Each month, Gemini users receive 10 free crypto withdrawals, with the platform covering this cost. This is quite generous, and not found on most other crypto exchanges. Additionally, Gemini offers free fiat withdrawals too, so you can send your AUD to your bank account without losing any money in the process.
Mobile Application for Android & iOS
Gemini also has an application that is available for both Android and iOS devices, enabling users to buy, sell or trade from anywhere at any time. The app has over 1 million downloads, and a rating of 3.9 on Google Play Store from 42,000 reviews. It is incredibly simple to use and navigate, and the option to trade any time means you will never miss out on any urgent trades.
ActiveTrader Option & Various Advanced Charts Available
Gemini is not only a beginner-only platform, as advanced traders will also find it suitable. The ActiveTrader option is a real asset for experienced traders providing them with various order types and charts.
In your Gemini account, simply click the ActiveTrader setting to switch to this interface. This allows you to instantly buy and sell crypto directly on the market, where you’ll also be able to access lower fees compared to purchasing on the exchange itself.
Interesting Earning Options
Unfortunately for Australians, Gemini Earn is not currently available in Australia. If this feature becomes available in the future, you can use it to earn interest on crypto. The interest rates vary for different cryptocurrencies and go as high as 8.05% APY. Interest is paid to users on a daily basis, and you can immediately withdraw your funds if you wish. Gemini requests no minimum amounts and has no withdrawal or transfer fees.
Gemini has never experienced hacking attacks, cyber breaches, or malware infections. It has always operated on three basic principles:
- Defence against external threats
- Protection against human errors
- Guarding against insider access abuse
Gemini ensures high standards of operational and security compliance, holds ISO 27001 certificate and has completed the following examinations: SOC 1 Type 1 and Type 2, and SOC 2 Type 1 and Type 2.
It is the first and only crypto exchange platform to demonstrate such high standards of security compliance and financial operations.
Gemini Pay Option
Gemini Pay allows users in the USA to pay using crypto at over 30,000 retail stores. All transactions are private, there are no fees, and it’s incredibly simple to use. Unfortunately, this is not yet available in Australia, but we look forward to its introduction.
Gemini Wallet & Custody
Gemini offers impeccable security and users can rest assured their crypto is safe from harm and is insured. Additionally, if you plan to keep your assets for longer periods, Gemini will work with you individually to custom-tailor to your needs, providing unique accounts and pricing plans.
The platform is regulated as a New York State Trust Company and is backed by $200 million insurance coverage.
Gemini has its own USD-backed stablecoin (GUSD) that is free to buy and sell and easily convertible to 1 USD. You can use GUSD to stake and trade in DeFi, spend it using the Gemini Pay app, or earn high rewards in DeFi via interest earning opportunities.
Fees and Payment Methods
All wire transfers and crypto deposits onto the Gemini platform are free of charge. However, if you purchase using a Debit Card you will need to pay a 3.49% fee per purchase.
The trading fee on Gemini includes a convenience fee of 0.5% on each transaction. On top of this, there is a transaction fee, which is 1.49% of your order, if it is above $200. If you are making smaller purchase amounts, instead of the 1.49% fee, there will be a fee of between $0.99 and $2.99.
If you trade using the ActiveTrader platform, the fees are much lower, at 0.25% for makers and 0.35% for takers.
One benefit of Gemini is they give 10 free crypto withdrawals per month. After your first 10 crypto withdrawals, you will be charged the standard network transfer fee which varies depending on the coin.
Withdrawing AUD from Gemini is free of charge.
Safety & Security Protocols
Safety and security are Gemini’s top selling points; it is the first ever crypto exchange to comply fully with the Service Organisation Controls’ SOC 1 and SOC 2 that involve an in-depth financial security audit.
The US Federal Deposit Insurance Corporation (FDIC) ensures the safety of Gemini’s assets, with most digital funds being held in cold storage, making it difficult for hackers to acquire.
Gemini's customers can be confident that they will not lose their assets as no hacking or cyberattack has been successful so far, and they are also covered by $200 million worth of crypto insurance coverage.
Pros and Cons of Gemini
Gemini is a well-established and long lasting crypto exchange that prides itself on having the best safety and security standards in place, fully compliant, and with hefty insurance coverage to back it up.
Free AUD withdrawals and ten free crypto withdrawals per month are this platform’s strongest points when it comes to fees. While Gemini does not have the lowest trading fees, they are still reasonable compared to competitors.
A huge drawback is that Gemini doesn’t support some of the biggest cryptocurrencies, such as Ethereum Classic, XRP, and ADA, even though it supports over 90+ cryptocurrencies.
If you are a beginner or an advanced crypto trader who is looking for security as the #1 priority, then Gemini is the perfect fit for you. However, if you want to explore some other options, read our article on the best crypto exchanges in Australia (see here). You can also look at our table below with the top options.
Australian Alternatives to Gemini
Frequently Asked Questions
Yes, Gemini is a legitimate platform that is backed by the US Federal Deposit Insurance Corporation (FDIC). They have also passed SOC 1 and SOC 2 audits.
Yes, you can access Gemini in Australia. However, there are some options that are not available, such as Gemini Earn and Gemini Pay. If you are looking for an Australian crypto exchange where you can earn interest on your crypto, try CoinSpot.
While Gemini is an extremely secure platform, there is always a small chance that it can be hacked. The good thing is, Gemini's track record is clean, and it also carries crypto insurance in case the exchange is hacked.