What Is Gemini?
Gemini is a centralized cryptocurrency exchange where Canadians can buy and sell 100+ popular cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and more. They offer an elegant user interface with beginner and advanced trading tools for any experience level.
One of their key selling points is their security. The platform was created by Tyler and Cameron Winklevoss using a "safety-first" approach. Gemini is regulated and licensed in over 70 countries, including Canada and are considered one of the safest crypto exchanges in the world. They've been operating since 2015 out of New York City with no hacks.
While Gemini is available in Canada, it's important to know there are no CAD trading pairs supported or Interac e-Transfers to deposit and withdraw funds.
Is Gemini Available In Canada?
Yes, Gemini is available in Canada and they actively work with regulators like the Ontario Securities Commission (OSC) to get licensed. However, while Canadians can sign up for Gemini, some of the key features like derivatives and staking are unavailable. There are also no Interac e-Transfers or Canadian trading pairs supported on the platform.
Things To Know
Key Benefits & Features
Other Gemini Features
Gemini has a laundry list of security features and their site literally says, "Trust is our product" and "Safety by design" so I rounded up all of their security features. While Gemini had a big issue with Gemini Earn, the exchange is considered safe and trustworthy. They have been operating since 2015 and have never had a hack. They also have $200M in cold storage insurance, a Proof of Reserves, and standard security features like two-factor authentication. Plus, they work dozens of regulators around the world to stay compliant.
In addition, the Gemini Exchange is required to hold capital in excess of customer deposits as part of its licensing through the New York State Department of Financial Services.
However, Gemini had a big problem with Gemini Earn in 2022, which proved to be an unsafe and unregistered investment program. Users could lend funds to a company called Genesis, but they got caught up in the FTX collapse. In November 2022, all assets tied to Gemini Earn were frozen and customers still can't access it in summer of 2023. Gemini is working with legal experts to potentially recover the funds for affected customers.
Gemini's Company Security Features
Gemini's User Security Features
Overall, Gemini is not the place to find low fees, especially for Canadians. The Instant Buy fees, which most beginners would use, is very expensive. Each transaction will cost between CAD $1.49 to $4.99 for orders under $250 or 1.49% if your order is above $250. In addition to that, there is another 0.50% "convenience fee" slapped on to each transaction.
The ActiveTrader has much better rates with a 0.20% maker fee and a 0.40% taker fee. This fee can be reduced based on your 30-day trading volume however, it's still a lot higher than competing exchanges.
When it comes to depositing and withdrawing funds, it's a similar story. Debit cards have a 3.49% fee. Bank and wire transfers are free but will likely have a fee from your Canadian bank account.
Gemini Canada Review: Is It Worth It?
While Gemini is one of the most trusted crypto exchanges in the world, it offers limited features for Canadians and has very high fees. There are better choices for Canadians but here are the key points to consider if you're thinking about trying Gemini:
Best Gemini Alternatives
While Gemini is one of the most trusted crypto exchanges in the world, it offers limited features for Canadians and has very high fees. I've tested over 30 crypto exchanges on RankFi and these are my best crypto exchanges for Canadians: