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Gemini Exchange

Gemini

100+

Coins 

0.2%/0.4%

Trading Fee 

USA

HQ

Last Updated May 6, 2024  |  Affiliate Disclosure

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Highlights

  • Canadians can sign up for Gemini and buy and sell 100+ popular cryptocurrencies.
  • Gemini is regulated in Canada and 70+ countries however, it's an expensive platform when I tested it and there are no Interac e-Transfers or CAD trading pairs supported.
  • I tested 20+ crypto exchanges and NDAX is my top pick for the majority of Canadians. You can learn why in my NDAX review or sign up to get $15 free when you deposit $100. Keep reading if you want to learn more about Gemini.

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

  • Canadians can buy and sell 100+ cryptocurrencies starting with just $1.00
  • Gemini serves 70+ countries and is licensed and regulated in all of them
  • Canadians can make deposits with Bank Transfer and Debit (no e-Transfers or credit cards yet)
  • Derivatives, staking, and the Gemini Credit Card are not available in Canada
  • No Canadian trading pairs are supported on Gemini ActiveTrade, it's mostly USD
  • The Instant Exchange fees are quite high, ranging from $1.49-$4.99 CAD per transaction + 0.50%
  • The ActiveTrader has better rates, with a 0.20% maker fee and 0.40% taker fee.

Key Benefits & Features

Gemini Crypto Exchange 1
  • Beginner & Advanced Trading: Beginners can use the Exchange for instant purchases while advanced users can use the ActiveTrader page. I recommend using the ActiveTrader, as the fees are considerably lower. Just keep in mind there are no CAD trading pairs.
  • Highly Secure: The Gemini exchange has been operating since 2015 without any hacks and is one of the most licensed and regulated crypto exchanges in the world. See the security section below for more info.
  • Good User Interface: Gemini has a simple and elegant user interface, better than most platforms.

Other Gemini Features

  • NFT Marketplace: Gemini acquired Nifty Gateway, an OpenSea alternative to buy, sell and mint NFTs.
  • Recurring Purchases: Periodically buy Bitcoin or crypto at regular intervals.
  • Gemini Custody: Crypto storage for institutions. 
  • Gemini Dollar: GUSD is Gemini's fully regulated stablecoin built on the Ethereum blockchain.
  • Referral and Affiliate Program: Earn Bitcoin or cash when you invite your friends.
  • And More: Gemini has a few services unavailable in Canada, like derivatives, staking, and the Gemini Credit Card.

Is Gemini Safe?

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

  • Founded in 2014 and never had any hacks
  • Digital assets held in multisig cold storage wallets
  • They are required to hold capital in excess of customer deposits as part of being licensed in New York
  • They published a Proof of Reserves system
  • $200 million of insurance coverage on their cold storageInsurance coverage against theft of hot wallets
  • They work with regulators in 60+ countries and regions including New York and Ontario
  • Regulated in New York by NYDFS (one of the most strict crypto regions)
  • Gemini Custody is trusted by many companies in the crypto space
  • Publicl facing team and CEO, Tyler and Cameron Winklevoss (not anonymous)
  • They have systems in place to block wallets associated with scams
  • Completed SOC 1 Type 2 exam, SOC 2 Type 2 exam, and earned an ISO 27001 certification
  • Bug vulnerability program (get paid to find bugs)
  • Rigorous background checks on employees
  • They hire third parties to perform penetration tests at least once a year
  • See their security page and trust and safety page for more

Gemini's User Security Features

  • Two-factor Authentication for login and withdrawals (Email, SMS, Authy, Hardware)
  • Approved addresses list 
  • Biometric login with fingerprint / Face ID
  • Activity notifications via email
  • Login history information (see IP addresses, date/login times etc)
  • View website live-status page

Platform Fees

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. Plus, 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:

  • Highly Secure: Gemini is seen as one of the safest and most regulated exchanges in the world.
  • Elegant User Interface: Gemini has both beginner and advanced trading tools with a good UX.
  • 100+ Coins: Gemini has a decent variety of cryptocurrencies.
  • High Fees: While ActiveTrader has slightly better rates, Gemini is very expensive overall. Plus, there are no CAD trading pairs and low trading volume on some altcoins.
  • Limited Features for Canadians: While Gemini is available in Canada, there are no Canadian trading pairs or Interac e-Transfers and lots of features like derivatives and staking aren't supported either.

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: 

NDAX.io

Out of 20+ platforms we tried, NDAX had the #1 lowest fee to buy Bitcoin in Canada. It's our top pick for 2024.

  • Lowest fees to buy Bitcoin
  • Free e-transfer deposits
  • Based in Canada
  • Low volume on some coins
  • Only 37 coins
Kraken

Kraken is fully regulated in Canada and offers 200+ cryptos, professional trading, and high liquidity. 

  • e-Transfers supported
  • Industry-leading security
  • Zero-fee staking
  • 0.16%/0.26% trading fees
  • Fiat withdrawal fees
BYDFi

If you want to trade altcoins, crypto futures and more without KYC, BYDFi is one of the top apps we found.

  • 450+ coins
  • No KYC, No VPN
  • Up to 200x Leverage
  • No $CAD supported
  • Beginner-friendly

Author

At RankFi.com, our goal is to be your trusted source for crypto reviews, guides and research. We seek out researchers with extensive crypto knowledge and firsthand experience using dozens of CeFi and DeFi platforms.


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