Gemini Review

Overview

Gemini was founded in 2014 by Cameron and Tyler Winklevoss and has long positioned itself as a compliance-first crypto exchange operating under New York trust company rules. Its parent, Gemini Space Station, Inc., listed on the Nasdaq Global Select Market under the ticker GEMI on 12 September 2025, pricing its IPO at $28 per share and raising $425 million.

Since then the company has narrowed its focus considerably: in February 2026 it announced it would leave the UK, the European Union and Australia, cut roughly a quarter of its staff and concentrate on the United States, including a CFTC-approved prediction market. As of late August 2026, a third-party review citing Gemini's Trust Center put its footprint at all US states plus 41 countries.

Regulation and safety

Gemini's core US business is run by Gemini Trust Company, LLC, a New York-regulated trust company supervised by the New York State Department of Financial Services, and its US entities are registered with the NMLS. In 2025 it added a MiFID II investment firm licence and a MiCA licence from the Malta Financial Services Authority, but those European permissions lost practical relevance after the 2026 exit: UK, EEA and Australian accounts went into withdrawal-only mode on 5 March 2026 and were closed on 6 April 2026, with eToro offered as a migration partner.

Security credentials include SOC 1 Type 2 and SOC 2 Type 2 examinations, audited financial statements, ISO 27001 coverage, mandatory two-factor authentication and support for hardware security keys and withdrawal allowlists. Customer assets are described as held one-for-one and segregated from company assets. However, Gemini does not offer a user-verifiable Merkle-tree proof of reserves, and no current exchange-wide insurance figure for customer losses is published.

Gemini's record includes significant regulatory episodes. In February 2024 it settled with NYDFS over the Gemini Earn programme, which had lent customer crypto to Genesis Global Capital; Gemini agreed to a $37 million fine and to ensure at least $1.1 billion was returned to Earn customers, plus a $40 million contribution to the Genesis bankruptcy.

The SEC later moved to dismiss its Earn-related lawsuit after customers were fully recovered. Separately, Gemini agreed in January 2025 to pay a $5 million CFTC penalty over statements tied to a bitcoin futures product; in May 2026 the CFTC and Gemini jointly asked the court to undo that judgment, with the agency saying the case should not have been brought.

Fees and costs

Cost is Gemini's weak point. On the ActiveTrader fee schedule, the entry tier (up to $500,000 in 30-day volume) charges 0.60% for makers and 1.20% for takers, among the highest base rates at a major exchange. Fees fall steeply with volume, reaching 0% maker and 0.02% taker at the top published tier, and selected stablecoin pairs trade free. Derivatives start at 0.02% maker and 0.07% taker, charged in GUSD. Buying through the simple app with a debit card, Apple Pay or Google Pay costs 3.49% plus trading fees, and PayPal purchases in the US cost 2.50% plus trading fees.

Products and coin selection

Gemini lists around 99 cryptocurrencies, according to a Trust Center snapshot from August 2026, with a focus on established assets rather than speculative new tokens. Beyond spot trading, it offers staking for ETH, SOL and MON with monthly payouts (Gemini keeps a commission on rewards), derivatives (availability depends on region), and, in the US, a regulated prediction market approved by the CFTC. There is no copy trading. Unstaking can take time: ETH unbonding may run from several days to around two months depending on network conditions.

Platforms and tools

Gemini has two main interfaces: a simple mobile and web app for buying and selling, and ActiveTrader for charting, advanced order types and lower volume-based fees. Both are polished and reliable, and the API is used by institutions. New users should switch to ActiveTrader early, because the simple app's convenience fees add up quickly on regular purchases.

Deposits and withdrawals

US customers can fund accounts by ACH (free, typically settling in four to five business days) or USD wire with no Gemini deposit fee. Debit cards, Apple Pay, Google Pay and PayPal are available for instant purchases with daily limits around $1,000. ACH withdrawals are free up to $100,000 per day, wires cost $25, and crypto withdrawal fees vary dynamically by asset and network.

Availability

Gemini is available in all US states, Puerto Rico and Washington, D.C., which is unusual among crypto exchanges and reflects its New York charter. Customers in the UK, EEA and Australia can no longer use the platform after the April 2026 closure, and a further list of restricted countries applies elsewhere.

Who it suits and verdict

• US residents, including New Yorkers, who want a heavily supervised exchange.
• Buy-and-hold investors focused on major coins.
• Higher-volume traders who can reach the cheaper ActiveTrader tiers.

Gemini offers strong US regulatory standing, a public parent and solid security practices, but its entry-level fees are steep, its coin list is modest and it has retreated from Europe, the UK and Australia. The Earn episode remains an important reminder that yield products carry third-party risk even at regulated firms. It is best suited to US investors who value oversight over low costs. See the official Gemini website for current fees and availability.