Gemini Review: Is It A Scam Or A Legit Crypto Exchange For Canadians?

Gemini is an award-winning US-based cryptocurrency exchange offering over 80 cryptocurrencies, including its own stablecoin, which is available to Canadians. As someone who has been trading crypto since 2016 and tested over 50 exchanges, I signed up for an account to evaluate its features. (Spoiler: it’s just so-so.) Here’s my detailed Gemini review for Canadian users.

Gemini Crypto Exchange Summary

Gemini offers over 80 of the world’s most popular cryptocurrencies, including Bitcoin, Ethereum, Polygon, and its own US dollar-backed stablecoin. Founded by Tyler and Cameron Winklevoss, Gemini positions itself as a beginner-friendly exchange that emphasizes security and ease of use while also catering to experienced traders with its advanced trading platform.

For Canadians, crypto purchases can be made using debit or credit cards, although Interac e-Transfer is not supported. On the plus side, Gemini is fully regulated in both the US and Canada, and its strong focus on security makes it a trustworthy option for Canadian users.

Features

Gemini offers some appealing features like derivatives trading and a crypto cashback card. Unfortunately, these products are not yet available in Canada.

However, Canadians can still benefit from Gemini’s other offerings. I found their NFT marketplace and staking services accessible for Canadian users. Additionally, Gemini provides both an advanced exchange for experienced traders and a “basic” platform for beginners, which I appreciate because it gives you the flexibility to choose how you want to trade.

Does Gemini Offer Crypto Staking or Other Services?

Yes, staking is available for ETH and MATIC, offering up to 3.84% APR. For those with a minimum of 32 ETH, Gemini also provides Staking Pro, allowing you to receive all staking rewards—a great option for serious investors looking to maximize returns.

Does Gemini Have an OTC Desk?

Gemini offers OTC services for Canadians making large trades, with a surprisingly accessible minimum of just $1,000. Additionally, the platform supports institutional clients, including banks and financial institutions, making it a versatile option for both individual and institutional investors.

Gemini Liquidity

Gemini has deep liquidity with $2.8bn in assets mostly held in bitcoin and Ethereum, meaning you can trade knowing that the exchange has deep enough pockets to cover large trades and protect against price volatility. 

Registration/verification For Canadians with Gemini

Gemini is big on compliance so the KYC process requires a lot of information. To use Gemini you will first need to sign up for an account by entering your name, email, and phone number.

Once you’ve verified your phone you’ll be prompted to enter your Social Security Number which they say is used only to confirm your identity. Of course it’s not something that typically you would give out to companies. Next you’ll need to enter your address, then upload photos of your government-issued ID, and finally take a selfie. 

What you need to open an account:

• Must be 18+
• A government-issued ID
• Your SSN

Fees

• 1.49% transaction fee 
• 0.30%/0.10% maker/taker fees (up to $10k in 30 days)
• 3.49% debit card buy fee
• Mobile fees up to 1.49%

Gemini’s fees are expensive for Canadians since Interac is not available. It means you must pay a hefty card fee when buying with debit or credit. On top of that you have the trading fees and a transaction fee. 

All of this adds up to roughly 5%, which is a lot when you compare it to other large exchanges. Even without the debit card fee, 1.49% is still a high fee compared to other exchanges. 

Moreover, when trading with Gemini’s mobile app you must pay additional fees as shown below. 

Spreads

A spread represents the difference between the highest price a buyer is willing to pay (bid price) and the lowest price a seller is willing to accept (ask price), with the exchange profiting from this difference.

Many exchanges obscure their spreads, leading users to believe they’re paying low fees while incurring hidden costs. With Gemini, however, you can see the fees upfront when purchasing with a debit or credit card, offering a level of transparency that many users will appreciate.

Currencies & deposit methods

When trading cryptocurrency with Gemini, Canadians face limited payment options. Unfortunately, Interac e-Transfer isn’t supported, leaving you with the choice of using a debit card or opting for a more expensive wire transfer.

To purchase your desired cryptocurrency, simply select it and click the “Purchase” button. From there, you’ll be prompted to enter the amount you wish to buy and provide your card details. You’ll also need to enter your billing address and verify your card, either through a photo scan or by confirming microtransactions in your bank account. While the process is straightforward, the lack of Interac e-Transfer may be a drawback for many Canadian users.

Design and Usability

Gemini is one of the few exchanges that caters equally well to both beginners and experienced users. Its clean, modern interface extends to a well-designed mobile app, making it easy to trade on the go. For those new to crypto, the “basic” platform provides a beginner-friendly experience where you can view your portfolio and buy or sell crypto with just a few clicks. This simplicity, combined with a sleek design, makes Gemini an appealing option for users at any level.

Alternatively, experienced traders can opt for Gemini’s advanced platform, which is packed with features to meet their needs. Here, you’ll have access to advanced order types, detailed charts, an order book, and all the tools you’d expect from a robust trading platform. This option ensures Gemini can cater to users who require more sophisticated trading capabilities.

Gemini Mobile App Experience

The Gemini app is user-friendly, featuring intuitive navigation that makes trading straightforward. You can easily view your portfolio, monitor market trends, and place quick buy or sell orders using your debit card.

The app’s high ratings reflect its usability, boasting a 4.6-star rating on the App Store and a 4.3-star rating on Google Play, further solidifying its reputation as a reliable mobile trading platform.

Security and safety

Wealthsimple Crypto, one of Canada’s popular trading platforms, trusts Gemini’s crypto storage solution, which is backed by an industry-leading $200 million insurance policy. This substantial coverage underscores Gemini’s reputation as one of the most secure and reliable exchanges—a reputation I’ve come to appreciate through my own experience in crypto trading.

Gemini goes above and beyond with its security measures, utilizing cold storage, multi-signature wallets, and strict access controls to protect user assets. These practices give me confidence in recommending Gemini to anyone prioritizing asset safety.

What I find particularly impressive is Gemini’s transparency through its Trust Centre. Here, you can see the exchange’s current holdings and other critical information, which reflects their commitment to building trust within the crypto community.

Compliance with Canadian Laws or Legislation

Gemini operates under strict regulations and maintains full compliance in the United States, holding the status of a qualified custodian in New York—a state known for its rigorous regulatory standards that many crypto exchanges avoid. This makes Gemini stand out as a highly trusted and secure platform.

Gemini is fully audited and adheres to stringent capital reserve requirements. For Canadian users, the platform ensures compliance by implementing a thorough KYC process, which aligns with Canada’s regulatory standards. Additionally, Gemini is registered with FINTRAC, further supporting its legitimacy in Canada. However, it’s worth noting that Canada does not appear in the list of licenses on Gemini’s website, which includes the United States, United Kingdom, Italy, Ireland, and Greece.

Customer support

Gemini’s website features a comprehensive knowledge center, making it a valuable resource for users seeking information about cryptocurrencies and platform features. For customer support, you can submit an online ticket or contact them via email, with responses typically arriving within 24 hours.

However, despite these efforts, Gemini’s Trustpilot rating is surprisingly low, sitting at just 1.2 stars. This highlights potential dissatisfaction among users, particularly in areas like customer service, which may not meet the expectations of all clients.

Many people are having issues withdrawing their funds or experience poor customer service.

Does Gemini Restrict or Freeze Accounts?

Gemini will freeze or restrict your account if they suspect unlawful behaviour such as money laundering or involvement with a scam. Restrictions can be put in place by any crypto exchange if your trading behavior changes such as trading larger amounts than usual or making more transactions than usual. 

It’s important to note that this is usually done to protect your funds in case a fraudster has got ahold of your account. This is why KYC is important. It ensures the safety of users’ funds. In the event of a scam, Gemini can potentially freeze the account of the scammer and they will have the scammer’s identity to pass along to authorities if requested. 

Can Gemini Track Where You Receive and Send Crypto?

Gemini, like any blockchain-based platform, can track where you send and receive crypto, as all transactions are publicly recorded on the blockchain. The available information includes the time and date of the transaction, the amount transferred, and the “to” and “from” wallet addresses.

Because users must provide identity documents during the verification process, Gemini can easily link blockchain wallets and transactions to individual customer accounts. While this ensures compliance with regulatory requirements, it’s something to consider if you prioritize complete anonymity in your crypto transactions.

Latest Updates on Gemini for Canadians

Gemini has broadened its staking options to include additional cryptocurrencies, offering Canadians more ways to earn rewards on their crypto holdings. Although advanced features like ActiveTrader and the NFT marketplace are still U.S.-centric, Canadians can take advantage of Gemini’s robust security measures, regulatory compliance, and beginner-friendly interface. These features make it a reliable option for those looking to stake their crypto while enjoying a seamless trading experience.

Gemini Alternatives

It’s important to note that Gemini is a US-based crypto exchange, which may not always be the most cost-effective or convenient option for Canadians. In contrast, there are several excellent Canadian alternatives. For example, Bitbuy, Canada’s first regulated exchange, offers free deposits and supports many of the most popular cryptocurrencies.

Another great option is Crypto.com, a large exchange that includes Interac e-Transfer as a payment method, simplifying crypto trading for Canadians. Below is a comparison of Gemini against these two exchanges to help you decide which platform suits your needs best.

 

	Gemini	Bitbuy	Crypto.com
Trading fees	Up to 5%	0% to 1.5%	0.4%
Cryptocurrencies	120+	40+	350+
Additional features	OTC Desk, NFT marketplace, staking, Gemini dollar	OTC Desk	NFT marketplace, staking, cashback cards, CRO
Customer Support	Good	Good	Good
Security	Great	Excellent	Great

Common Crypto Exchange Scams

Protecting your cryptocurrency assets should always be a top priority. I strongly recommend investing in a hardware wallet to secure your holdings. If you’re unsure which type of wallet suits your needs, check out our previous articles for a detailed breakdown of wallet types, including hardware wallets.

With the growing number of fraudulent emails circulating online, staying vigilant is crucial. Avoid clicking on suspicious links, as they can redirect you to scam websites or download malware designed to steal your private keys and passwords. Always double-check that you’re accessing the official website URL of any exchange before depositing funds.

Scammers also frequently create fake social media accounts pretending to represent crypto exchanges. To stay safe, only engage with verified social media profiles associated with the exchange you’re using. By following these security practices, you can significantly reduce risks and trade crypto with greater confidence.

Conclusion

Gemini is a security-focused crypto exchange that prioritizes transparency and user trust. Its ability to operate seamlessly within the highly regulated US market demonstrates its compliance and reliability, which is a strong selling point for many users.

However, for Canadians, Gemini is one of the more expensive exchanges, and many of its standout features, like the cashback card, are only available to US customers. For this reason, it’s hard to justify choosing Gemini when there are cheaper Canadian exchanges, like Bitbuy or Newton, that offer competitive fees, excellent features, and robust security tailored to Canadian users.