Gemini Canada Review (May 2022): Why We Don’t Like It

March 14, 2022

The Gemini Trust Company is a cryptocurrency exchange and crypto custodian headquartered in New York that enables customers to buy, trade, sell, and store a variety of digital assets, such as Bitcoin (BTC), Dogecoin (DOGE), and Cardano (ADA). However, despite its many advantages, the Gemini exchange’s high trading fees and hefty deposit costs for fiat payments with debit cards cannot be overlooked, so I cannot fully recommend using this platform if you’re a Canadian crypto investor.

Taking this into account, I suggest you try out Bitbuy, our top-rated cryptocurrency exchange in Canada. It has the lowest trading costs of any crypto exchange in Canada, and it’s well worth considering because of its security and ease of use.

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What Is Gemini?

The Gemini Trust Company is a cryptocurrency exchange and cryptocurrency custodian that will enable you to buy, sell, and store a wide array of different digital assets.

Because Gemini is a trust company based in New York, its regulation is taken care of by the New York State Department of Financial Services (NYDFS). It was founded in 2014 by the Winklevoss brothers.

Gemini Features

1. Great User Interface

Gemini’s user interface is intended to be accessible to anybody. Gemini will be easy to navigate for investors who are new to the cryptocurrency sector, and purchases between cryptocurrencies in a few clicks are perfectly doable.

Gemini’s ActiveTrader platforms, which will allow investors to utilize the cryptocurrency exchange to its full potential, will be more useful to seasoned crypto investors as well.

2. Gemini “My Portfolio” Feature

You’ll also have access to the My Portfolio feature when using Gemini, and it’s a feature that’s definitely here to make your life easier.

It allows you to keep track of your account, view your balance, grant you access to 24-hour change and percent changes in the same place with only one look.

3. Gemini Mobile App

Gemini also offers a free mobile app with support for both the iOS and Android operating systems.

Both versions are highly regarded by mobile app users, who may use them to access many of the same features and functions as the desktop site.

Cryptocurrencies on Gemini

Gemini supports 48 cryptocurrencies in Canada. These are as follows:

Bitcoin (BTC)Basic Attention Token (BAT) Decentraland (MANA) Yearn Finance (YFI)Injective (INJ)Dogecoin (DOGE)
Ethereum (ETH)Amp (AMP)Kyber Network (KNC)Aave (AAVE)The Graph (GRT)Alchemix (ALCX)
Litecoin (LTC)Compound (COMP)MakerDAO (MKR)Filecoin (FIL)Polygon (MATIC)Ankr (ANKR)
Bitcoin Cash (BCH)PAX Gold (PAXG)Ren (REN)1inch (1INCH)Livepeer (LPT)Fantom (FTM)
Zcash (ZEC)Gemini Dollar (GUSD)Storj (STORJ)Bancor Network Token (BNT)Loopring (LRC)Mirror (MIR)
Chainlink (LINK)0x (ZRX)Synthetix (SNX)BarnBridge (BOND)The Sandbox (SAND)Cryptex (CTX)
Orchid (OXT)Balancer (BAL)UMA (UMA)Somnium Space Cubes (CUBE)SKALE (SKL)Tezos (XTZ)
MakerDAO (DAI)Curve (CRV)Uniswap (UNI)Enjin (ENJ)Sushiswap (SUSHI)Ethereum Wrapped Filecoin (EFIL)

Gemini Fees

Gemini’s fees depend on the platform you’re using for the most part, but they tend to max out at around 1.49%. However, if you’re using a debit card for purchases, you’ll have to pay a 3.49% fee. Gemini also charges a flat 0.5% above the current trading prices for mobile and web app users.

As for its transaction fees, it has a fee structure similar to Coinbase in the sense that your fees are based on the amount of crypto traded, as shown below:

Amount tradedFee
$10 to $25$1.49
$26 to $50$1.99
$51 to $200$2.99

It’s worth noting that you can make up to 10 free crypto withdrawals per month for every different cryptocurrency, but extra withdrawals beyond these free withdrawals come with high fees. For example, your 11th Bitcoin withdrawal in a single month would cost 0.001 BTC, which is roughly 60.29 CAD.

Our Recommendation: Bitbuy

Despite Gemini’s neat features and its top-notch security measures, there’s a big drawback to using it that doesn’t allow me to recommend it completely, and that would be its high fees.

Although having access to 10 free crypto withdrawals per month and per crypto coin is nice, having to pay 1.49% in trading fees and 3.49% for fiat deposits with debit cards is simply too much: this would amount to thousands of CAD in the blink of an eye on larger crypto trades. Besides, those withdrawal fees will be pretty mean to your funds once your free withdrawals run out.

For this reason, I instead recommend that you consider using Bitbuy, our top-rated crypto exchange in Canada. Here are a few of the reasons why I recommend using it over Gemini:

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I recently broke down 10+ of Canada’s most popular crypto platforms, and CoinSmart came out on top. It scored so well because it excels on what I believe are the three most important factors when choosing a crypto platform: fees, security, and customer support.

Here’s how CoinSmart performs in each of those areas, and why I believe it’s the best crypto trading platform in Canada. And to get your $50 signup bonus with CoinSmart, use this signup link and the special promo code YOREOYSTER.

#1 Lowest Fees In The Industry

CoinSmart’s trading fees are just 0.20%, the lowest of any crypto platform in Canada. And those savings add up quickly: if you trade $100,000 worth of Bitcoin in a given year (buying and selling $25,000 worth twice), you’ll save $800 in trading fees compared to a platform that charges 1% ($200 vs. $1,000).

Perhaps more important than trading fees, though, are spreads: the difference between the Buy price and the Sell price. CoinSmart has razor-thin spreads, which makes day trading possible and keeps more money in your pocket.

#2 Bank-Level Security

CoinSmart maintains a 95% cold storage policy, which means at least 95% of its users’ crypto is always held offline. This is a security measure that only the most advanced trading platforms employ, and CoinSmart is leading the charge.

CoinSmart is also the only publicly traded crypto platform in Canada, which means it’s subject to far more financial scrutiny than any other platform. It’s regulated by FINTRAC (the Financial Transactions and Report Analysis Centre of Canada) and the OSC (Ontario Securities Commission), and its financials are audited by external professionals at least once per year.

#3 Excellent Customer Support

CoinSmart offers 24/7 customer support via phone, live chat, and email, and their customer service reps are actually helpful rather than just following a script. I’ve never had to wait more than about 60 seconds on hold, and they’re very responsive via live chat and email, too. 

The only time I ran into an issue with CoinSmart, I called them and had it sorted out within 5 minutes. Keep in mind that telephone and live chat support is only available for registered users, so if you have a question for CoinSmart, the best way to get it answered is to open an account

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In Summary

The Gemini Trust Company is a New York-based cryptocurrency exchange and crypto custodian that enables buying, selling, trading and storing a wide range of digital assets. However, Gemini’s appealing features and top-notch security cannot compensate for having to pay a 1.49% trading fee rate and a 3.49% deposit fee rate for fiat deposits with debit cards, even if you have 10 free crypto withdrawals each month to mitigate this problem.

Because of this, I instead recommend you try out Bitbuy, our top-rated crypto exchange in Canada. It has the lowest trading fees of all crypto exchanges in Canada and is well worth considering due to its security and simplicity of use.

Gemini FAQs

How To Withdraw From Gemini

To withdraw crypto funds from your Gemini account, you only have to follow these steps:

  1. Log in to your Gemini account.
  2. Navigate to the “Withdrawal” option.
  3. Select the currency you want to withdraw from the dropdown menu.
  4. Select the destination address, whether it’s your personal crypto wallet or another cryptocurrency exchange.
  5. Input the amount you want to withdraw.
  6. Carefully double-check the withdrawal details.
  7. Click on the “Request Withdrawal” option.

If you use 2-factor authentication, the payment will only be completed if you approve the transaction within four minutes of requesting it using the Authy app for 2-factor authentication.

However, if you get 2-factor authentication codes via SMS, you will receive a text message with your authentication code to confirm the transaction. 

Is Gemini Safe?

Yes, Gemini is a safe and secure crypto exchange, as it has yet to have a successful hacking attempt on its site. The cryptocurrencies on its site are protected against security breaches and hacks, and nearly the entirety of their crypto assets are kept in cold storage, far away from the hands of hackers.

Gemini does not provide compensation for funds lost as a result of unauthorized account access, though, so make sure you safeguard access to your account as much as possible.

Is Gemini Legal In Canada?

Yes, Gemini is legal to use in Canada and its support spans all of the country’s territory.

Gemini Referral Code

Unfortunately, there are no Gemini referral codes available at the moment. We’ll update this post once these referral codes become available.

Does Gemini Report To The CRA?

No. Since Gemini is based in the U.S. (specifically in New York), it reports large transactions to the Internal Revenue Service (IRS) and the New York State Department of Financial Services (NYDFS).

The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

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Supports: 17 cryptocurrencies
Security: 95% cold storage
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Trading fees: 0.4%
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