Exchange Review

Gemini Exchange Australia Review

Summary: This is a comprehensive guide to the cryptocurrency investing platform, Gemini. Below we will touch on Gemini’s fees, security, features, assets, customer support and more.

By 
Timothy Wilson
 on  
August 13, 2022

Gemini is a digital currency exchange founded in 2014 by brothers Cameron and Tyler Winklevoss. The Winklevoss twins are known for co-founding Facebook. Gemini allows users to buy, sell, and store digital assets such as Bitcoin, Ethereum, and more. In addition to buying and selling cryptocurrencies, users can stake over 45 tokens on Gemini.

Gemini Home Page

Table of Contents

Is Gemini a safe exchange to use?

Gemini is registered with the Australian regulatory body AUSTRAC (Australian Transaction Reports and Analysis Centre). Although they are registered, Gemini was regrettably a subject of cyber attack in early 2022. The exchange was attacked by hackers and $32M was stolen from the IRA customers’ money. The IRA (IRA Financial Trust) is now in the process of suing Gemini for the funds.

If security is of concern to you, we recommend using a regulated and licensed cryptocurrency exchange based in Australia like CoinSpot.

Gemini Crypto Staking “Earn”

In addition to buying and selling cryptocurrencies, Gemini also offers users the option to earn yields on their tokens. You can currently stake over 45 cryptocurrencies on Gemini with APY (returns) varying from 0.4% - 8%. Refer to the table below for the available staking tokens and their APY (Annual Percentage Yields).

Asset APY Asset APY Asset APY Asset APY Asset APY
1INCH 8.05% AAVE 1.01% ALCX 1.25% AMP 0.45% ANKR 1.24%
APE 6.88% AXS 6.83% BAL 6.12% BAT 1.01% BCH 5.33%
BNT 7.15% BTC 1.01% COMP 2.28% CRV 8.05% DAI 5.31%
DOGE 1.01% ETH 1.26% FIL 7.25% FTM 1.27% GRT 2.5%
GUSD 6.9% INJ 1.25% KNC 1.25% LINK 0.45% LPT 0.74%
LTC 1.51% MANA 0.75% MATIC 5.43% MIR 0.50% MKR 1.26%
OXT 0.45% PAXG 0.45% RBN 1.94% REN 0.45% RLY 4.54%
SNX 2.75% SOL 4.55% Storj 3.05% SUSHI 2.5% TOKE 2.24%
UNI 1.01% USDC 5.31% XTZ 3% YFI 1.73% ZRX 1.25%

Does Gemini have high trading and deposit fees?

If you deposit funds onto Gemini via Wire Transfer there will be no fee but if you deposit dollars via debit card it will be a 3.49% fee. Gemini users need to pay a flat withdrawal fees for non Ethereum-based cryptocurrencies. These are to cover the network transaction (gas) fees. You can refer to Geminis Fee Schedule for the cost of each token withdrawal.

The trading fees are considered pretty high compared to local cryptocurrency exchanges like CoinSpot who charge 0.1%. Gemini charges 1.49% in spot trading and the futures trading fees are 0.2% for the Maker fee and 0.4% for the Taker fee. This is significantly higher than the industry average, so yes, Gemini does have high trading, deposit and withdrawal fees.

Gemini Spot Trading Fee Australia
Gemini Spot Trading Fee Australia

Mobile App

The Gemini mobile app is available on both iOS and Android, for apple users, you can download the application on iPhone and iPad. It is rated an impressive 4.8 stars out of 90K reviews on the App store. On the Google Play store it is rated 4.5 stars out of 45K reviews.

Gemini App iPhone Screenshot
Gemini App iPhone Screenshot

Gemini Supported Assets (Cryptocurrencies)

There are currently 99 cryptocurrencies you can invest in on the Gemini platform. This is considered a pretty small selection of tokens when you compare it to Binance or Crypto.com. Gemini does not support any other digital assets on its platform besides cryptocurrencies.

Customer Support & Online Communities

Unfortunately, Gemini does not offer a live support option and the only way to contact them is via an online ticketing system. If you would like immediate support we recommend trying to DM the support team via Twitter.

Gemini Support Page
Gemini Support Page

Is Gemini a good crypto exchange?

No, Gemini is not considered a suitable exchange for Australian investors. It is more tailored for American users and is not deemed a safe cryptocurrency investing platform. It has high fees, hardly any features, low staking rewards and small selection of cryptocurrencies.

If you would like a more diverse selection of assets and features, significantly lower fees and better security, you should sign up to CoinSpot. The CoinSpot exchange has over 370 cryptocurrencies, free AUD deposits, 0.1% trading fees and many more features like an NFT marketplace.

Gemini Crypto token live price in AUD

Below is the Live Price of Gemini Dollar (GUSD) in Australian Dollars.

Visit Gemini

Author Bio

Timothy Wilson was a former Prop Trader for a notable crypto trading fund based in Hong-Kong. He built BCA after deciding he wanted to focus his career on educating new users about Crypto and DeFi.

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