Gemini is a US-based cryptocurrency exchange created by Winklevoss twins (this is where the name of the exchange comes from). The platform allows traders and cryptocurrency users to buy and sell various tokens as well as earn interest by lending crypto coins to institutional-grade market participants. When dealing with any exchange in this field, you need to pay various types of fees and Gemini is not the exception to this rule.
Fees by Gemini: What Commissions You Should Pay there
Normally there are several types of fees that you pay when dealing with cryptocurrency exchanges. There are:
- Deposit/withdrawal fees.
- Trading fees.
- Inactivity commissions, etc.
When it comes to depositing and withdrawing transactions, Gemini covers them on its own, meaning you don’t need to pay for financial operation processing. However, you will have to pay additional costs to your credit/debit card issuer. Normally, this commission shouldn’t exceed 3–4% of the total transaction amount. If you fund your account with cryptocurrencies, you have to pay blockchain-related fees (they may vary depending on the blockchain load and current fees levels).
Apart from those costs that you have to pay for card providers or blockchain nodes, Gemini fees also include trading commissions. There are a couple of fee schemes that apply. First, traders with low activity ($0–$200 monthly trading volumes) pay flat fees from $0.99 per transaction. Those whose volumes are above $200 are charged a 1.49% fee. There is also a convenience commission that is added to each transaction.
Institutional-grade traders and investors have a multi-level fee schedule. Those who use the exchange’s API will have to pay a 0.35% fee as a taker, 0.25% fee as a maker and 0.25% auction fee if their monthly amounts are below $500,000. The amount of fees gradually goes down when monthly amounts grow up.
Gemini Investment Facilities
Apart from trading or simply buying or selling a particular cryptocurrency, you are allowed to invest money in a cryptocurrency lending platform. By doing this, you can annually earn up to 7.5% simply on the interest without any additional steps from your side. Lenders can cash out their earnings without any fees. No other commissions are applied. By lending the money using this service, you can offset your trading commissions partially.
Gemini Fees Final Words
Gemini offers competitive trading conditions to its clients. The company’s fees policy is flexible, allowing you to choose comfortable volumes to trade.