Since Bitcoin (BTC) is the biggest cryptocurrency by a wide margin, it’s also the easiest to buy. You can find Bitcoin on just about any crypto exchange or app, as well as several stock brokers. If you’re looking for the best place to buy it, Gemini is a popular option that’s well worth considering.
Created by the Winklevoss twins, the Gemini exchange ranks among the largest cryptocurrency exchanges in the United States. To decide whether it’s the right place to buy Bitcoin, let’s look at what it does well as an exchange and how it compares to other options.
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Benefits of buying Bitcoin on Gemini
Here are the biggest reasons Gemini is a smart choice for buying Bitcoin.
- It’s easy to use: Gemini is a beginner-friendly crypto exchange. Both its web platform and mobile app make crypto trading straightforward, so there’s much less of a learning curve compared to many other exchanges.
- It’s secure: Gemini’s security is second to none. It keeps most customer crypto funds in cold storage, meaning those funds are offline and much more difficult to steal. U.S. dollar balances have FDIC insurance of up to $250,000 per customer. It’s worth noting that Gemini has never been hacked.
- You’re in full control of your Bitcoin: Some sites let you buy crypto, but they don’t let you transfer it or do anything besides hold it in your account. This is common with stock brokers that offer crypto trading. With Gemini, you fully own your crypto and can transfer it off the exchange at any time.
- You can earn interest: Through Gemini Earn®, users can earn interest on their crypto holdings. Many exchanges don’t offer interest on Bitcoin and other cryptos, so this is a big plus of buying on Gemini.
- It has a large cryptocurrency selection: Gemini has one of the larger selections among U.S. exchanges, with over 50 cryptocurrencies. If you think you’ll be interested in more than just Bitcoin, it’s nice to have plenty of cryptos you can purchase.
As a crypto exchange, Gemini covers all the bases. It has a wide range of benefits with no glaring weaknesses. And though it’s well-suited for beginners, it also has an advanced platform (Gemini ActiveTrader), which offers additional trading features for more experienced investors.
How are Gemini’s trading fees?
Gemini’s trading fees depend on which version you use. Fees are about average on its regular platform, but Gemini ActiveTrader has some of the lowest trading fees.
The regular Gemini platform charges a flat fee on transactions of up to $200 and a percentage fee on larger purchases. Here’s its fee structure:
A 1.49% fee isn’t bad, but the flat fees on smaller purchases can be costly. However, if you’re going to buy Bitcoin on Gemini, it makes more sense to use Gemini ActiveTrader.
Gemini ActiveTrader uses a maker-taker fee model. If you place an order that’s filled immediately, you pay the taker fee. If you place an order that’s not filled immediately, you pay the maker fee.
Taker fees on Gemini ActiveTrader start at just 0.35%, and maker fees start at 0.25%. It’s also possible to get even lower fees, but those lower fees require at least $500,000 in 30-day trading volume.
Should you use Gemini to buy Bitcoin?
Gemini is an excellent place to buy Bitcoin, whether you’re a beginner, intermediate, or advanced crypto trader.
There are quite a few quality cryptocurrency apps and exchanges, and depending on your situation, you might find another option you like better. For example, a stock broker with crypto trading could work well if you also want to invest in stocks. Or, you may decide you want an exchange with more cryptocurrencies or different features.
It’s always good to compare your options before committing to an exchange. That said, the combination of security, features, affordable fees, and top-notch design make Gemini a winner.