Gemini’s fees come in at a whopping 2%, or 200 basis points. Gemini fees are ridiculous. Probably someone who doesn't want to lose $50,000. Customer support is an issue plaguing many cryptocurrency companies. Easy to use and understand. However, the amount differs on each platform. Moons reward posters, commenters, and moderators for their contributions to the subreddit. I've never seen such a poorly designed UI before. Until recently bitcoin wouldn't even move either direction 2%. Also, I feel those fees will be the end of Gemini, you can't even hardly trade with that. New comments cannot be posted and votes cannot be cast, More posts from the CryptoCurrency community. Yea it’s absolute trash, and it was my main on-ramp. Research the crypto market, buy bitcoin, ether & other cryptos and build a portfolio for the future of money with Gemini's regulated crypto exchange. What the fuck are they thinking, Dang this is the first I’ve heard of this. Press J to jump to the feed. $1,000 Wire Transfer from bank to Kraken. Can anyone confirm this difficulty with Bitstamp for US residents? Gemini does not charge fees for deposits or withdrawals. As soon as I find a suitable alternative I’m gone. What order types are supported? What Do I Need To Know About Cryptocurrency Tax Reporting? What is a recurring buy? Coinbase pro has fees of .25% and you can get much lower if you have high trading volume. The platform evaluates your trading volume in the last 30 days and checks whether you’re a maker or a taker. GUSD is a liquid stablecoin that trades on 25 exchanges. It's more expensive than gdax but coinbase itself has very high fees too. I'm guessing Gemini is trying to transition to institutional investors only, because I can't see many retail investors sticking around for this shit. Some fees may be incurred depending on the method and the bank you’re sending money from, though. I would never pay that... way out of line with the industry. And non-market trades. If you’re an active trader you’ll know why. If you are doing crypto to crypto, then Kraken might be better. We need more exchanges to come in this year. The fees Gemini charges for making exchanges depends on how many trades the user has made recently. Thus, if you have a bank that doesn't charge for incoming wire transfers, like many online banks such as ally and capital one 360, then when you finally decide to sell in the future, Gemini won't charge you a wire transfer to your bank, and your bank won't charge you a wire transfer fee to receive it. The fees are too DAMN High! Oh come on. Also, Kraken charges $5 for transfers from their end. So people who want a market to trade on are better off on gdax. Both Coinbase Pro and Gemini use the volume-based maker and taker fee schedule to determine your trading fees. Gemini was my go to way to buy Bitcoin, but this has left a very bad taste in my mouth. What is Gemini Clearing? Gemini has instant buys. To learn more about our cypto exchange fee schedules, browse our fee structures. Cost $30 (bank wire transfer fee) + $5 Kraken wire transfer fee. Press J to jump to the feed. Last thing I'll mention is that when you do an ACH transfer on Gemini, you can immediately trade the money. Gemini was one of my last on ramps available, I’m banned from Coinbase/GDAX. If you just do the regular exchange (market order only) you'll get charged the 1.49% + 0.50% fees at a minimum. The Gemini dollar is issued by Gemini Trust Company, a New York trust company. GDAX, even Binance’s interface is 100x better. Moons reward posters, commenters, and moderators for their contributions to the subreddit. So, from my perspective, if you are in the USA and looking for fiat to crypto onramps, Gemini is actually my top choice for reasons listed above. 4 - 5 years account age. This is ridiculous. Have to guesstimate BTC amount and need a calculator to place a full order buy and no stop loss option. I hope the Ameritrade launch is legit and won’t cost a fortune to pull coins off. You just can't withdraw until it all clears. It charges a base fee of 0.25% to buy and sell but your fee rate depends on the trading pair you select and the volume you trade on both the continuous and auction order books over a 30 day calendar trailing window. The official source for CryptoCurrency News, Discussion & Analysis. You have to deposit money, and wait a few days before you can buy. Wtf. Coinbase mostly charges higher fees for convenience and the ability to lock the price. The fees charged by this exchange are a bit more complex than other exchanges, as they consist of two parts. Gemini’s interface fucking SUCKS. Should this be the one to go for? What's your take as users? Gemini Fees. Gemini offers a variety of fee schedules depending on product & usage level. That is awful, I didn't read close enough to see in their examples about the daily recalc. This is an acceptable fee level, but it is still a bit higher than the global industry average BTC-withdrawal fee. These fees are too damn high though. They are distributed monthly and used to weight your vote on polls. hate this man. How does Gemini price digital assets? Any other suggestions? https://gemini.com/trading-fee-schedule. As is, there aren't that many options for us. There are six tiers representing different amounts of Bitcoin or Ether bought or sold. Also their fees are higher than most, but Gemini has some higher fees too. EDIT: I got Active Trader interface enabled with a simple email request and it looks pretty good actually and 1% fee is in effect there! That amount of fees is just so pathetic, who would want to pay $10k just for fees? VS COINBASE If you are trying to enter from a fiat position to trade your USD for a big name crypto, Gemini is a cheaper option despite the 1% trade fee. Gemini charges a flat 0.5% (or 50 basis points) trading fee above the prevailing Gemini market price for all buy and sell transactions using the web or mobile trading applications. crazy 149bps + 50 bps, nearly 200bps - for comparison in stock markets, dtm/dma trading in wholesale markets charges 1.5bps for vanilla markets in worked order trading via salestrader this goes up to 15-20bps max depending on markets. Gemini doesn’t charge any fees to deposit. They'll lose my business for this, thats for sure. If you are trying to enter from a fiat position to trade your USD for a big name crypto, Gemini is a cheaper option despite the 1% trade fee. The difference between the global industry average fee and Gemini’s withdrawal fee might be insignificant to many people. I live in Minnesota, no GDAX. Gemini Withdrawal fees. The 1:1 peg is verified monthly by an auditor. Total, $35. Gemini is perfect for those whose goal is to save as much as possible on fees. Yeah, that's nuts. You can't buy instantly though, can you? so no wonder why investment banks want to enter crypto assets. I really love their interface and switched to them from GDAX after the BCASH debacle in Dec. However, at that point, you may want to consider Binance. Then Gemini hiked their fees to 1% and now it's up to 2%. Gemini vs Bybit The below Gemini vs Bybit table shows how Gemini and Bybit differ with respect to trading fees, withdrawal fees, deposit methods, supported cryptos, trading types, user scores and more. I don't think Gemini cares about small bitcoin investors/traders. Then, when you actually trade, you'll still get either a 0.16% (limit order) or a 0.25% (market order) fee. One Reddit user claims he lost 43 bitcoin this way. How do I Buy and Sell on the Web interface and App? I'm done with Gemini after their new fee increase. Essentially, Gemini is more expensive than Coinbase for the average joe now is what you are saying? Gemini charges 0.001 BTC when you withdraw BTC. Use free conversion to USDC on Coinbase pro to then use free transfer to Binance, where you can buy and sell for 0.075 % with your BNB bag, as it should be. REQ fiat pairings can’t come soon enough. But if your not in NY your still good! this is to weed out small traders and only have large volume traders use their exchange. What is TradingView? TRADING. Damn. Edit May 19, 2019: So, a lot of you in the future reading this. Really clunky switch between buy and sell books. Coinbase provides an easy way to buy and sell bitcoin (or etherium) at specified exchange rates without needing to understand bid and ask prices or limit and market orders; however, you will pay more for this service. I'm already verified on Bitstamp, but I've read horror stories about US residents using Bitstamp to deposit/withdraw to/from their US bank accounts. GEMINI FEES Gemini caters to both new cryptocurrency investors and professional digital currency traders. I really liked bittrix before NY revoked their license. I like their security and compliance in the marketplace, it really seems top notch. Gemini just increased their fees by 400%. Press question mark to learn the rest of the keyboard shortcuts. What is Gemini ActiveTrader™? Let's go through an example. This is not possible at Gemini, which has a more complicated fee structure that favors high volume users. Gdax has it issues, but it's interface is a million times better than the Gemini interface. Coinbase Pro used to have 0% maker fees for the longest of time until they got rid of those. You can join Gemini's ActiveTrader to get back to the 1% fee. Cookies help us deliver our Services. Seems like the fiat on/off-ramp exchanges are getting more stingy with their fees. Wtf.. New comments cannot be posted and votes cannot be cast, More posts from the CryptoCurrency community. Kraken does not have ACH transfers. So, $1.60 to $2.50. as a minnesotan I now can't buy anywhere for under 1% :( , No Gdax here. WTF Gemini? It's better to buy 5 BTC, 5 BTC, 90 BTC, 900 BTC, etc. Coinbase won't verify me, for whatever reason. 2% fee? ... help Reddit App Reddit coins Reddit premium Reddit gifts. How do I enable Gemini ActiveTrader™? 125 - 250 comment karma. But they changed their fee structure in 2019 and now Gemini has the least favorable combined fees for retail customers. Instead they pull some slimy unprofessional shit and retract core features as if people wouldnt notice and then raise fees too. The official source for CryptoCurrency News, Discussion & Analysis. I’m also definitely done suggesting Gemini … Also, it should be noted that Gemini does not charge for incoming or outgoing Wire Transfers. 300 - 1000 comment karma. What exchanges do you recommend for US residents? Press question mark to learn the rest of the keyboard shortcuts, Silver | QC: NANO 17, CC 16, ExchangeSubs 5, Platinum | QC: CC 79, ETH 64, BTC 21 | TraderSubs 29. So, $1.60 to $2.50. A notification would have been great. Yes yes, I know regulation costs more but it can't be that much... Binance is 0.1%, so Gemini is 15x higher fee. ... Gemini is the best option for those who want to save how much are the fees coinsoure is a bitcoin atm do you pay taxes for buying house with bitcoin most on fees. Let’s start with Coinbase Pro! From looking at the example on the website, the fees aren't pro-rated, meaning if you buy $1,000,000 worth of BTC, you'll end up paying $10,000 for that trade. So, if you transfer $1,000 that $1,000 is available to trade immediately! This is assuming you email customer support to get added to the ActiveTrader platform. 13. 2 - 3 years account age. Thus, whatever your bank charges you for wire transfers needs to be taken into account. The only downside is that you cannot withdraw from the exchange until it fully clears the ACH process in 4-5 business days. It's better to buy 5 BTC, 5 BTC, 90 BTC, 900 BTC, etc. Then, when you actually trade, you'll still get either a 0.16% (limit order) or a 0.25% (market order) fee. Gemini Fees vs Coinbase. This really hurts as a new york resident. From looking at the example on the website, the fees aren't pro-rated, meaning if you buy $1,000,000 worth of BTC, you'll end up paying $10,000 for that trade. They also seem to only be allowing market orders, not limit orders, unless you upgrade your account. After writing this post and then getting the recommendations to join Kraken, here is what I discovered. Anybody not using GDAX as their FIAT gateway is doing it wrong. Two days ago after trying to connect my bank account to gemini - it doesn't work with PNC for some reason - I said the heck with it I want to take advantage of their staking interest, so I bought some dai on coinbase to transfer to gemini since it had the lowest transfer fee at the time. Reach out to your Bitlicense regulator and let them know how stupid they are? Take $35/$1,000 and that is a 3.5% fee! 2% fees per transaction over $200 is absolutely ridiculous! No option for limit orders? Fees and Payment Methods. Be careful and stagger your trades. Essentially you will pay 1% no matter what on your first trade of the month. By using our Services or clicking I agree, you agree to our use of cookies. They are distributed monthly and used to weight your vote on polls. The information is updated on a monthly basis. Back when I was first trying to get verified, they didn't like that I recently moved and I've never been able to get verified. It will be interesting to see what Kraken does. 0 fees. Analysing this metric in this Coinbase vs Gemini comparison, it’s clear that Gemini has the lowest trading fee percentage of 1.00%, while the second place goes to Coinbase with a fee of 3.99%. The global industry average BTC-withdrawal fee is 0.000812 BTC.