What is Gemini?
Gemini is a centralized cryptocurrency exchange formally known as Gemini Trust Company, LLC. It was founded in 2014 by twin brothers Cameron and Tyler Winklevoss. The company has over 13.6 million users.
Gemini supports about 60+ different cryptocurrencies and several fiat currencies like USD, EUR, CAD, GBP, etc. The major coins supported on the exchange include Bitcoin (BTC), Ethereum (ETH), Litecoin, AAVE, Dai, Zcash, Bitcoin Cash, LINK, Gemini Dollar (GUSD) and UNISWAP(UNI), amongst others.
Gemini allows trading, futures contracts, buying, selling, depositing and withdrawals. It also comes with unique features like Gemini Pay (a payment platform for purchases), Gemini Earn (for saving, lending and deposits) and Third-party Integrations (which allows traders within institutions and those managing funds to integrate easily with other software tools.
How are Gemini transactions taxed?
How crypto transactions are taxed will depend on factors such as how and when the assets were received and spent. Read our Crypto tax guide for more.
What does Gemini provide?
Gemini provides a Form 1099-MISC to users. Users can either check their transaction history or download a tax report from the exchange itself to get a financial statement or a breakdown of all their transactions.
In addition to the above, Gemini reports to the IRS (Internal Revenue Service) and the NYDFS (New York State Department of Financial Services) as a centralized exchange.
How does CoinTracker work with Gemini?
CoinTracker automatically syncs with Gemini's API. Connect your account to see your historical purchases and balances.
Connecting your Gemini account to CoinTracker
- Open the Gemini API Settings page.
- Select Primary as scope.
- Select Create a New API Key.
- If applicable, enter your two-factor authentication code
- Copy the API Key and API Secret
- Under API Key Settings, disable Trading and enable Auditor
- Select the checkbox indicating that you've copied the API secret and select Confirm
- Visit Gemini balances page
- Select the Download icon > Earn history (XLSX)
- Set the dates to cover your full earn transaction history, Click Download .xlsx
- Import the XLSX here
Frequently Asked Questions
What is Gemini Earn?
Gemini Earn allows users to lend their cryptocurrencies. Interest is paid daily and starts to get processed once funds have been moved to Gemini Earn.
Who are the founders of the exchange?
The founders of Gemini Exchange are Tyler and Cameron Winklevoss.
What fees does Gemini charge?
There is a fixed fee that traders on the platform pay depending on transaction size. A fixed fee applies to trades under $200 or under 1.49%, and a different fixed fee for trades over $200 and 3.49% of credit or debit on card purchases. See Gemini Fees for full details.
Is Gemini FDIC insured?
Yes, Gemini is FDIC insured up to the $250,000 limit. Note that this only applies to actual USD in the account, and not to cryptocurrencies or stablecoins linked to USD.
What other security features does Gemini offer?
Gemini has other security features like two-step verification, cold storage, Gemini wallet digital insurance and U2F security with a hardware key.
In what countries does Gemini currently operate?
Currently, Gemini operates in over 60 countries (including all 50 states in the U.S.).
How does syncing work?
How transactions and balances get synchronized from cryptocurrency exchanges.
Do I need to pay tax on my cryptocurrency? How do I get started?
See our Crypto & Bitcoin tax guide
Which tax forms do I need to complete? Do I need to file FBAR or FATCA for international exchanges?
Have more questions about crypto taxes?
See our FAQ about taxes
Have more questions about CoinTracker?
See our FAQ about using CoinTracker