Gemini Canada Review (Jan 2023) + $50 Bonus

December 1, 2022
Reviews

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.

VirgoCX is the favourite among knowledgeable Canadian crypto investors, both for its high level of security and for its ease of use. It also has extremely low trading fees, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada with a $20 signup bonus (available until January 30, 2023), I can't recommend VirgoCX highly enough.

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.

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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)
Ethereum (ETH)Amp (AMP)Kyber Network (KNC)Aave (AAVE)
Litecoin (LTC)Compound (COMP)MakerDAO (MKR)Filecoin (FIL)
Bitcoin Cash (BCH)PAX Gold (PAXG)Ren (REN)1inch (1INCH)
Zcash (ZEC)Gemini Dollar (GUSD)Storj (STORJ)Bancor Network Token (BNT)
Chainlink (LINK)0x (ZRX)Synthetix (SNX)BarnBridge (BOND)
Dogecoin (DOGE)Balancer (BAL)UMA (UMA)Somnium Space Cubes (CUBE)
MakerDAO (DAI)Curve (CRV)Uniswap (UNI)Enjin (ENJ)
Injective (INJ)Loopring (LRC)Orchid (OXT)Mirror (MIR)
The Graph (GRT)The Sandbox (SAND)Alchemix (ALCX)Cryptex (CTX)
Polygon (MATIC)SKALE (SKL)Ankr (ANKR)Tezos (XTZ)
Livepeer (LPT)Sushiswap (SUSHI)Fantom (FTM)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$0.99
$10 to $25$1.49
$26 to $50$1.99
$51 to $200$2.99
>$2001.49%

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

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 VirgoCX, our top-rated crypto exchange in Canada. Here are a few reasons I recommend it over Gemini.

Introducing VirgoCX: Our #1-Rated Crypto Exchange In Canada

#2 In Canada

Trading Fees: 0% up to $200
Security: Best in class
Customer Support: Excellent

Top-notch security + low fees.

★★★★★

Rated 4.5/5

ZenGo is free to use, which means you get the industry's best security for no cost. Sending and receiving crypto to and from ZenGo is also free, and their 24/7 support team answers most queries in 5 minutes or less.

ZenGo’s proprietary keyless technology means that your crypto is protected by two independently created mathematical secret shares: one that lives on your phone, and another that lives in the cloud. This unique setup means that your coins are always 100% secure, and that you’ll never have any trouble accessing them, even if your phone is lost, stolen, or broken, or if ZenGo (the company) were to go bankrupt, commit fraud, or cease operations for any other reason.

As a new ZenGo user, you won't pay any trading fees on trades up to $200. ZenGo supports more than 75 crypto assets, and it takes less than 30 seconds to open your free account.

Overall, ZenGo represents the next generation of crypto: with top-level security inside an easy to use app, ZenGo offers the best of both worlds.

Features

  • Supports 75+ crypto assets
  • 24/7 customer support
  • Extremely well-rated mobile app (4.7/5 on the App Store) 
  • Face scanning technology for even greater security
  • Up to 8% APY in crypto savings 
  • Cancel or speed up your sent transactions with one tap
  • Choose from the 3 network fees modes: economy, regular, and fast (applicable for BTC, ETH, and ERC20)

Cost

  • Account Opening: Free
  • Trading Fees: 0% on trades up to $200

Best For

Crypto investors looking for the most secure trading experience + low fees.

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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.

VirgoCX is the favourite among knowledgeable Canadian crypto investors, both for its high level of security and for its ease of use. It also has extremely low trading fees, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada with a $20 signup bonus (available until January 30, 2023), I can't recommend VirgoCX highly enough.

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).

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