Gemini Exchange Australia Review 2022

Is Gemini Safe 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.

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Gemini Earn Staking Rates

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%

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Gemini Trading 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.

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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.

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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.

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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.

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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.

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