Cryptocurrencies like any other type of financial market activity require fees from traders. Those commissions are charged on various stages of your cooperation with a particular exchange. You may have additional costs when depositing funds, placing various types of orders, withdrawing money, etc. Traders Union experts have done deep research of fees that you need to pay when dealing with the Gemini cryptocurrency exchange. If you are interested in this data about Gemini, this article is a must-read for you.
Gemini Commissions: General Information
Gemini is not another broker offering trading services. This is a full-scale cryptocurrency exchange allowing you to benefit from market liquidity. Here you can buy and sell various cryptocurrencies including BTC, ETH, LTC, BCH, DOGE, etc. The exchange’s administration launched their own USD-baked stablecoin called GUSD.
When it comes to the trading platform, Gemini uses Tradingview with some major upgrades. Thus, you can benefit from one of the most sophisticated products in this niche as Tradingview gives access to hundreds of technical indicators as well as a variety of important data that will help you to make key decisions.
Aside from providing trading services, Gemini is famous for its investment platform, allowing you to earn interest while storing various cryptocurrencies. All those who are new to cryptocurrencies themselves and financial markets can benefit from Cryptopedia, an educational service, provided by the platform.
Gemini Fees: What Should You Pay for?
Now it is time to dive deeper into commissions that you are to pay when cooperating with this cryptocurrency exchange. Gemini fees are not numerous, meaning you have to pay for transactions solely. However, keep in mind that by depositing and withdrawing funds via credit/debit cards, you will have to pay about 3–4% per transaction, depending on the issuer of the card.
Generally speaking, transaction fees are 1.49%. This commission refers to anyone who wants simply to buy or sell crypto. There is also a convenience fee that is equal to 0.5% of the asset’s current market price. Thus, if BTC current price is $43,000, you will have to pay about $43,217 for this particular asset if you want to buy one Bitcoin on the Gemini Platform.
It is to mention, that the 1.49% fee is relevant to those whose trading volumes are above $200. For those traders whose trading volumes are lower, there are flat fees, starting from $0.99.
Active traders using Gemini’s API are subject to a separate fee schedule. Those whose monthly trading volumes are below $500,000 will pay a 0.35% taker fee, 0.25$ maker fee and 0.25% auction fee. Institutional grade traders and investors whose trading volumes are $500,000,000+ can benefit from the lowest fees possible. The only commission they have to pay is a taker fee which is equal to 0.03% of the whole transaction volume.
Earning Money with Gemini
Fees are deducted from your balance, while Gemini Earn allows you, on the other hand, to profit from lending your funds to others. The participants of this investment platform can lend crypto coins to institutional-grade investors and traders for up to 7.5% yearly interest, which is a good deal helping you to both earn additional money or cover your trading commissions.
Lenders have no restrictions when it comes to taking their money back. You don’t need to pay any additional fee when providing such services to others. There is also a lucrative staking program, allowing you to earn up to 5% of yearly interest.
Gemini Fees: Experts’ Verdict
Gemini offers competitive fees as compared to many of its rivals. Moreover, if you have some cryptocurrency that is free of any obligations, you can invest via their platform to offset commissions.
