Gemini Interest Rates

Gemini is one of the largest crypto platforms in the world offering a range of interest accounts and staking products to earn yield on your digital assets. Whether you’re looking to securely store your crypto assets, trade or earn yield on them, Gemini offers industry leading solutions to all digital asset investors.
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Overview of Gemini

Gemini is a simple and secure platform that helps investors build their crypto portfolios. It features a range of different tools for active traders, along with an accessible way to buy, sell, and store your digital assets.

The site boasts a variety of other products revolving around cryptocurrencies, such as Gemini Earn and the Gemini Credit Card. With hundreds of positive reviews and a whole host of awards, Gemini is one of the safest and most reliable places to trade crypto online.

Gemini Trust Company LLC was given authorization from the New York State Department of Financial Services to begin operations on October 5, 2015. The company was founded by Cameron and Tyler Winklevoss, otherwise known as the Winklevoss Twins a year earlier in 2014.

What are the main services offered by Gemini?

Gemini offers a variety of different services, all of which can be seen below:

Gemini Exchange

This product is a web exchange that makes it easy for users to research the crypto market, invest in Bitcoin/other cryptos, and establish an online portfolio. It provides you with all the tools required to dip your toe into the crypto market. Using the exchange is incredibly simple as the streamlined minimalist interface lays everything out for you to see. It’s easy to buy and sell in just a few clicks, then view your entire portfolio and see how it’s performing.

Gemini Earn

Gemini Earn is a revolutionary product that lets your crypto investments do more. Here, you are able to earn interest on your crypto investments. Individuals with Gemini Accounts can transfer assets to the Gemini Earn system to generate interest. There’s a tool that allows investors to calculate how much interest they earn - and all assets can be redeemed and moved back to the trading account at any given time.

Gemini Credit Card

All Gemini users have the opportunity to apply for the Gemini Credit Card. It’s a Mastercard issued by WeBank that allows you to earn crypto rewards on every purchase you make using the card.

The Gemini Credit Card offers:

  • 3% cash back on dining
  • 2% cash back on groceries
  • 1% cash back on all other purchases
  • No annual fees, foreign transaction fees, or exchange fees
  • Instant crypto rewards that are deposited in your Gemini account

Gemini Staking

With Gemini Staking, users can stake any cryptocurrency on the Gemini platform and earn rewards. It’s an opportunity to participate in the blockchain ecosystem and generate positive returns at the same time. There is no fee for staking or unstaking at any time, and there’s no minimum amount of crypto you need to stake.

ActiveTrader

ActiveTrader is a product by Gemini that’s targeted at active users. Essentially, it is a trading platform with additional features and better performance. This allows for much faster trades in microseconds, along with better analytics. While an impressive system, it is probably only suitable for serious active traders, rather than beginners looking to invest in crypto.

Gemini Dollar

Gemini dollar - GUSD - is the 1:1 USD-backed stablecoin offered by Gemini.com. It can be used like any other cryptocurrency and can be bought directly from the website.

Gemini Custody

This provides users with a way to safely and securely store digital assets. You’re able to store almost any type of cryptocurrency here, with same-day withdrawals and instant liquidity available as well. It offers investors a more secure alternative to a standard crypto wallet.

Gemini Clearing

Sometimes, trades need to be settled off the order book. When this happens, a third party is required to confirm that everything is settled and legitimate. This is what Gemini Clearing essentially does. It acts as a solution for electronic clearing and settlement of off-exchange cryptocurrency trades. This product is mainly targeted to institutional clients.

Gemini Wallet

The Gemini Wallet is a crypto wallet for users to store and transact their cryptocurrency. The hot wallet is insured in case funds are hacked through a breach of Gemini’s security systems. Likewise, for added protection, you can store your digital assets in Gemini’s cold storage vaults, which is accessible through the Gemini wallet.

Gemini Wallet features industry leading security. From here, you’re able to access your wallet whenever you like and make trades as you please. It’s easy to use and is accessible on mobile devices.

What is GUSD?

GUSD is Gemini’s stablecoin that’s available to purchase and use on the cryptocurrency exchange. It is a USD-backed stablecoin with a 1:1 value, basically meaning that 1 GUSD is worth $1 USD. There are no fees for anyone that buys or sells GUSD with US dollars on the Gemini Exchange.

Moreover, the coin itself is an Ethereum ERC-20 token. This means it is completely programmable and ready to use in smart contract development and can be sent to other ERC-20 compatible wallets.

How does Gemini make money?

Although the site does waiver certain fees, it makes a lot of its money through other fees during the crypto trading process.

Transaction fees are charged whenever trades are placed on the Gemini Exchange. This is similar to how all crypto exchanges make money. When an order is put through for a trade, there is a fee attached to it. The fees can vary depending on how much is being traded, and there are also different fees between Gemini Exchange and ActiveTrader.

There are also transfer fees that kick in whenever money is entering or leaving Gemini accounts - these are basically withdrawal or deposit fees. The Gemini Credit Card makes money through interchange fees like any other credit card in existence. Fees are also charged for other products, such as the Gemini Custody service.

Another way that Gemini makes money is through the Earn product. Interest that users generate through the platform will actually be paid by borrowers. You see, the system works by essentially loaning out crypto on the Earn platform, upon which borrowers pay interest on these loans. Gemini charges more interest to the borrowers than it gives the users, and the difference is basically their ‘fee’ for the service.

What are the fees on Gemini?

Gemini has a number of fees for using their platform. What they are and how much can be found below:

A set amount for trades under $200

  • $0.99 for trades under $10
  • $1.49 for trades between $10 - $25
  • $1.99 for trades between $25 - $50
  • $2.99 for trades between $50 - $200

1.49% on all trades above $200

Transfer fees:

  • 3.49% of the total purchase for debit card transfer deposits
  • Free withdrawals - provided you make fewer than 10 per month

Custody & Wallet fees

  • 0.4% annual fee for using these services to store your crypto

Is Gemini safe to use?

Yes, Gemini is a very safe platform to use because it was founded with the idea of making it as trustworthy as possible. In fact, the Winklevoss twins stated that they struggled to find secure platforms when they started trading in cryptocurrency. So, they wanted to make something that people could rely on, and that was extremely secure and safe.

Consequently, the platform has gone through many third-party security assessments, including SOC2 Type 2, ISO 27001, and annual penetration testing. There is also a system within the platform that allows users to report fraud or abuse with ease. This helps to keep the exchange civil and prevents other users from trying to take advantage of people trading crypto.

One feature that’s simple, but worth noting is that the company informs you of the ways in which it will communicate with you. For instance, it will never communicate via phone - only email. Additionally, it outlines what official Gemini emails look like, educating you on how to spot fraudulent communications.

Alongside this, Gemini boasts many other security controls that it believes will help make the platform as safe as possible for users:

  • Two-factor authentication is needed to access accounts and make withdrawals
  • Multiple signatories are needed to make transfers out of the Gemini Cold Storage System
  • All employees undergo extensive background checks and are screened during their time at the company
  • PCI DSS compliance, which protects debit & credit card data
  • Third-party penetration testing is done annually at the very least to identify and fix any vulnerabilities

Moreover, Gemini’s track record is extremely impressive. The platform has never been hacked since its founding, which is important for customer confidence.

Gemini also complies with anti-money laundering and terror-financing regulations, so it always reports any suspicious behavior to the necessary agencies. This is yet another example of the security measures taken to keep the platform safe for users.

Is Gemini regulated?

Yes, Gemini is a New York trust company that is regulated by the New York State Department of Financial Services (NYDFS).

This means that Gemini is regulated in the state of New York, and the company also complies with other specific state licensing requirements such as:

  • Cybersecurity
  • Capital reserve
  • Anti-money laundering
  • Consumer protection
  • Banking compliance standards

Is Gemini insured?

Gemini offers lots of different products, which means it can be difficult to understand how things stand from an insurance perspective.

The platform does provide Digital Asset Insurance for any crypto you have in the Gemini Wallet or Gemini Custody. This insurance policy basically protects your funds from theft, meaning that if your wallet is hacked, the assets in there will be covered by the company’s insurance. However, the insurance does not cover any losses that stem from unauthorized access to your User Account. Unfortunately, if you accidentally give away your password via a phishing scam to someone, your funds aren’t technically covered because the Gemini system itself has not been hacked.

Furthermore, Gemini states that any funds held in Gemini Earn will not be covered by insurance.

In what countries is Gemini available?

Gemini is currently available in over 60 countries, and there is not yet any news on if it plans to expand even further.

The countries include:

  • The United States
  • Canada
  • Argentina
  • Brazil
  • Italy
  • United Kingdom
  • India
  • Turkey
  • Australia
  • New Zealand
  • South Africa

For the full list of countries and territories, click here.

How do I open a Gemini account?

Opening a Gemini account begins by heading to the website and clicking the big button that says “Get Started”. From here, you’ll be taken to a registration page that presents you with some simple information to fill in. This includes your legal name, email address, a password for your account, and the location you’re accessing the site from. It states on the registration page that you will need a valid identity document. The ones listed are a passport, national ID, or driver’s license. Of course, the details you put down while registering need to match with what’s on your ID.

After filling in this section, you will need to provide evidence of your documentation. This normally means taking a photo of your ID and uploading it to Gemini. From here, the team will verify the document and send a code out to you that you can use to access your account and complete verification.

Once this has been completed, your account will be registered and you can start depositing funds, trading crypto, and using the other features available on the platform.

Withdraw from Gemini

Withdraw to your bank account

If your bank is located in the United States, you can withdraw US dollars to your bank account via an ACH bank transfer. For international withdrawals, you can request a wire transfer. The bank account you withdraw to must be in your name and linked to your Gemini account.

Withdraw crypto from Gemini

You can withdraw your crypto from Gemini by going to the “Withdrawal” screen and selecting the asset you want to withdraw. From here you’ll be asked to input the amount to withdraw and the wallet address to withdraw to. To finalize the withdrawal, Gemini will ask you to confirm your two-factor authentication code.

What sort of customer support does Gemini offer?

Gemini only offers support via emails of the live chat function on the website. There is also a support section within the site that lists some of the most frequently asked questions from users. As such, this is a useful place to get information on common problems - such as account management, trading, security, and so on. You simply click on the sections, select the questions, and the answers are revealed.

It was touched upon earlier, but Gemini will never offer support or communications through phones. If you receive texts or calls from people claiming to be Gemini, it is likely a phishing scam.

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