Customer service with Gemini is extremely limited. You can contact the company only by in-app email. There is no capacity to reach it by phone.
Is Gemini Regulated and Safe?
Gemini is a New York trust company, regulated by the New York State Department of Financial Services (NYDFS). As such, the company is subject to capital reserve requirements, cybersecurity requirements and banking compliance standards established by both the NYDFS and New York Banking Law.
The company is both a fiduciary and a qualified custodian. As a fiduciary, it’s required to put the interests of clients ahead of its own, with a duty to preserve good faith and trust. As a qualified custodian, it’s approved by one or more government agencies to hold assets on behalf of clients, similar to banks and investment brokers.Please note: There’s no indication the platform participates in programs like the FDIC or SIPC to protect investors against broker failure. But Gemini has launched a captive insurance company — Nakamoto, Ltd — to provide $200 million (approximately 0.8% of total assets) in insurance coverage for cryptocurrency held through Gemini Custody.
To provide personal security, Gemini supports security keys. These are available on both desktop and mobile platforms and represent a stronger form of two-factor authentication (2FA).
While 2FA requires an additional verification method over and above a password, security keys provide an even stronger level of protection in authenticating your account. It does this by delivering hardware-backed cryptographic proof of your identity.
First, you need to buy a security key, such as a YubiKey or Feitian key. Or use your fingerprint ID sensor on your computer or mobile device. Register your key on the Gemini website or app. You need to use two security keys if you want to avoid using 2FA. You then use your security keys to sign into your account, make withdrawals or perform other protected activities.
Gemini Pros & Cons
- Fully Regulated — Gemini is a fully regulated cryptocurrency exchange in New York and other states.
- Various Coins Supported — You can trade 33 different cryptocurrencies.
- Earn Interest — Earn up to 8.05% interest on your Gemini Earn crypto balance.
- Insurance Protection — The platform offers the first captive insurance coverage for crypto storage in the industry.
- Access worldwide — Gemini is available in dozens of countries, in addition to all 50 states in the U.S.
- Confusing Fee Structure — The fee structure is somewhat confusing and depends on whether you’re trading using ActiveTrader or via web or mobile device.
- Limited Customer Service — Customer service is limited to email contact only.
- No Margin or Short Selling — Gemini does not support margin investing or short selling.
- No FDIC or SIPC Protection — Except for Gemini dollars, accounts are not protected by FDIC or SIPC.