If you're a UK trader searching for a reliable crypto trading platform, this Gemini exchange review will walk you through everything you need to know. Gemini has built a global reputation as a secure and regulated platform, but how does it fare for UK users?
This article delves into what crypto exchange Gemini offers UK traders, from its features and fees to usability and cryptocurrency options. Let’s explore whether it’s the right fit for your crypto journey.
Table of Contents
What is Gemini?
Gemini is a world-leading crypto exchange founded in 2014 by Cameron and Tyler Winklevoss. The platform was made available to UK users in 2020 and is available to users in over 60 countries worldwide.
Known for emphasizing security and regulatory compliance, Gemini has obtained an Electronic Money Institution (EMI) license from the UK's Financial Conduct Authority (FCA). This makes it a trustworthy exchange and allows it to operate with the highest security, transparency, and accountability standards.
Gemini boasts a user-friendly interface and advanced trading tools, making it suitable for both new and experienced crypto traders.
Gemini key products and features available for UK users
Below are Gemini's key features accessible to UK users:
- GBP Support
Gemini supports GBP, allowing users in the UK to make deposits, trade, and withdraw funds in GBP. This eliminates the need for currency conversion and unnecessary fees.
- Mobile App
Gemini provides users the option of a mobile app, allowing UK users to execute trades, manage their portfolio, and monitor the market on the go.
- Multiple funding options
The exchange supports multiple funding options and allows users to make payments with GBP using bank transfers via Faster Payments, CHAPS, or SWIFT wire. Users can also make payments using their debit cards.
- Advanced security measures
Gemini, as a platform, prioritizes security and, therefore, provides its users with several security features that ensure the safety of funds. This includes two-factor authentication, cold storage, device and IP address approval, and insurance coverage for assets stored in hot wallets. These measures protect assets from unauthorized access, thefts, and other potential security threats.
- Credit Cards
It offers a credit card that allows users to spend their assets in over 30,000 retail locations worldwide.
- Gemini Custody
Cold storage options for institutional-grade security, ideal for users holding large amounts of crypto.
- Staking
UK users can stake specific cryptocurrencies like ETH to earn rewards, though options may be limited compared to other regions.
- Advanced trading
Gemini offers an advanced trading platform dubbed “ActiveTrader.” This feature caters to the trading needs of experienced traders. With advanced charting tools, multiple order types, and lower fees, ActiveTrader offers a customized trading experience for professionals to execute complex trading strategies.
- Referral Program
Users earn rewards by inviting others to join and trade on Gemini.
How does the Gemini referral program work?
The Gemini referral program allows users to earn rewards when they invite new users to join the platform. This system is designed to enable the referrer and the referred to receive a bonus. The bonus received depends on how much the new user trades within the first 30 days. A new user must make a crypto trade of $100 (£75) or more to receive the bonuses.
However, as of January 8, 2024, the Gemini referral program no longer became available to UK users. This change complied with updated Financial Promotions regulations implemented by the Financial Conduct Authority (FCA).
Is Gemini crypto app easy to use for trading in the UK?
Yes, the Gemini app's intuitive interface makes it suitable for both professional and beginner traders.
The app allows users to easily navigate different sections to monitor their portfolio effectively and access the market in real-time. Beginners can execute trades in a few taps, while the ActiveTrader mode offers advanced tools like candlestick charts and limit orders.
Furthermore, the app’s GPB support makes it easy for users in the UK to deposit, withdraw, and execute transactions seamlessly.
How does Gemini crypto exchange work in the UK?
Gemini operates in the UK by providing a platform where users can safely buy, sell, and store cryptocurrencies. To start, you must sign up with an email, verify your identity (a standard KYC process involving ID and proof of address), and link a payment method. UK users can deposit funds via bank transfer or debit card. Once set up, you can buy, sell, or trade assets directly through the web platform or mobile app.
Gemini ensures compliance with FCA regulations, adding a layer of trust for UK users. However, certain restrictions apply to UK users. These include the inability to earn from the Gemini referral program and ineligibility for competitions such as ROI Rumble or Volume Victor. These restrictions align with FCA regulations prioritizing the protection of UK citizens from financial losses.
What cryptocurrencies are available on Gemini?
Gemini supports over 150 crypto assets, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Solana (SOL)
- Polygon (POL)
- Avalanche (AVAX)
- Chainlink (LINK)
- Uniswap (UNI)
This Gemini crypto review highlights the platform’s diverse asset selection, making it a strong choice for UK traders looking to invest in a wide range of cryptocurrencies.
Fees and charges applied for using Gemini in the UK
Deposit fees:
Gemini offers various ways for users to deposit funds into their accounts easily.
Cryptocurrencies free
Wire transfers free
ACH free
PayPal 2.50%
Debit card 3.49%
Withdrawal fees:
Gemini fees for withdrawing assets are not fixed but depend on the network activities at the withdrawal time. Withdrawing ERC-20 tokens will require the user to pay a gas fee determined by the withdrawn asset.
For fiat currencies, the following fee applies:
ACH free
Non-USD wire transfers free
USD bank transfer free
Note that your local bank may charge you a fee for transfers to your Gemini account.
Trading Fees:
- API fees: This includes all transaction fees for both mobile and web app users
Stablecoins: 0.00% (Maker fee) and 0.01% (Taker fee)
Other cryptocurrencies
- Maker fee: 0.00% - 0.20% depending on a user’s 30-day trading volume
- Taker fee: 0.03% - 0.40% depending on a user's 30-day trading volume
- Active Trader fee: This includes all orders and trades placed on the “ActiveTrader” platform
Stablecoins: 0.00% (Maker fee) and 0.01% (Taker fee)
Other cryptocurrencies
- Maker fee: 0.00% - 0.20% depending on a user's 30-day trading volume
- Taker fee: 0.03% - 0.40% depending on a user's 30-day trading volume
- Derivative fee: This trading feature is only available to those on the “ActiveTrader” platform
- Maker fee: -0.01% - 0.02% depending on a user's 30-day trading volume
- Taker fee: 0.03% - 0.07% depending on a user’s 30-day trading volume
Gemini Custody Fees:
Only users of Gemini Custody—a secure solution that allows high net-worth individuals and institutions to store assets in cold storage—are charged this fee
Custody fee: 0.4% per month per asset
Administrative withdrawal fee: $125 (£96.58)
Other fees:
Instant Order: 1.49% (Transaction Fee) and 1.00% ( Convenience Fee)
Limit Order: 1.49% (Transaction Fee) and 0.00% ( Convenience Fee)
How to deposit and withdraw currency from Gemini exchange in the United Kingdom?
Deposit
Web
- Log into your Gemini account at gemini.com.
- Click "Transfer" on the dashboard.
- Select "Deposit into Gemini."
- Choose GBP as your currency.
- Pick your deposit method (e.g., bank transfer) and link a bank account if needed.
- Enter the amount and confirm the deposit
Mobile App
- Download the Gemini app from PlayStore or AppStore.
- Log into your account.
- Tap "Transfer" on the main screen.
- Select "Deposit into Gemini."
- Choose GBP as your currency.
- Link a bank account if needed (automatic or manual).
- Enter the amount and confirm the deposit
Withdrawal
- Log into your Gemini account.
- Go to "Transfer" on the dashboard or app.
- Select "Withdraw from Gemini."
- Choose GBP as your currency.
- Select or add a verified bank account.
- Enter the withdrawal amount and confirm.
Pros & Cons of Gemini Exchange
Pros
Regulatory compliance: The FCA authorizes Gemini as an Electronic Money Institution (EMI) in the UK, which ensures adherence to UK financial regulations.
User-friendly interface: Boast of a user-friendly interface suitable for both advanced and beginner traders
Supports GBP: Supports GBP deposits and withdrawals, simplifying trading processes for UK users.
Advanced trading tools: Offers an “ActiveTrader" platform that solely caters to experienced traders, allowing them to access complex trading tools to refine their trading strategies.
Strong security measures: Top-notch security features, including two-factor authentication and insurance coverage function to keep user's funds safe.
Cons
High trading fees: Has Higher trading fees, which can be a significant drawback for frequent traders
Limited staking options: Has smaller staking options compared to competitors
FAQs
Is Gemini regulated in the UK?
Yes, Gemini is regulated by the FCA, which makes it a safe and reliable platform.
Gemini vs eToro: which exchange is right for me?
Choosing between Gemini and eToro depends on your trading experience, financial needs, and security awareness. eToro is ideal for beginners due to its copy trading option, while Gemini is better suited for advanced traders who handle large sums and prefer a regulatory-compliant platform.
Check our full guide on all best crypto exchanges.
Can I use British pounds to trade crypto on Gemini?
Yes, you can. Gemini supports both GBP deposits and withdrawals.
What is the minimum deposit on the Gemini crypto platform?
Gemini has a minimum deposit amount of 10 GBP
How to contact Gemini customer support in the United Kingdom?
Gemini offers 24/7 support through its support request form page. After you submit a request, the customer support team will contact you through your email address.
Conclusion
This honest review of Gemini exchange presents it as a reliable trading platform that caters to the trading needs of UK residents. Its user-friendly interface, wide range of cryptocurrencies, and regulatory compliance make it a good choice for beginners and experienced traders.
While features like the referral program are not available to UK users, Gemini still offers a secure platform that ensures the safety of users' funds.
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