Gemini has launched 0% commission stock trading for users in most U.S. states, expanding its platform beyond cryptocurrency. The exchange made the service available to eligible U.S. users, excluding customers in Alabama, Arkansas, Illinois, Massachusetts, Texas, Puerto Rico, Washington, D.C., and Guam. Nasdaq will serve as Gemini's official provider for real-time market data. The move positions Gemini in direct competition with brokerage apps that already offer zero-commission trading as a standard feature for retail investors. Gemini is applying the fee-free model to its crypto-first customer base as it attempts to build an all-in-one financial platform inside its app, following a strategy adopted by other crypto exchanges expanding into traditional financial products.
Gemini Excludes Nine U.S. Jurisdictions From Stock Trading Service
Gemini's stock trading service is available to eligible U.S. users in most states. Customers in Alabama, Arkansas, Illinois, Massachusetts, Texas, Puerto Rico, Washington, D.C., and Guam are currently excluded from accessing the service. Nasdaq will provide real-time market data for the platform. The zero-commission model places Gemini in direct competition with brokerage apps that made fee-free trading a standard feature for retail investors. The model became widely adopted after the rise of platforms such as Robinhood, which changed user expectations around the cost of trading stocks and exchange-traded products.
Gemini Competes With Zero-Commission Brokerages Through Super App Strategy
Gemini stated it wants to become an "all-in-one financial super app," a strategy that reflects a wider shift among crypto exchanges. Coinbase, Kraken, and other platforms have been expanding into traditional financial products, including commodities, equities, futures, and prediction markets. The company is trying to keep users inside its ecosystem as they move between crypto, equities, derivatives, custody, staking, cards, and other financial services. "We have over a decade of experience in building financial platforms," Gemini co-founder and President Cameron Winklevoss said. "We started with crypto and are expanding to stocks so that customers can manage their entire financial lives right from the Gemini app." Adding stocks gives Gemini a product that users already understand and may trade even when crypto markets are quiet.
Gemini Partners With Apex Clearing as Introducing Broker
Gemini has updated its FINRA broker-dealer registration to act as an "Introducing Broker." The platform can bring in customers and route orders, but it does not execute trades, custody the assets, or settle transactions itself. Gemini's stock trades will clear through Apex Clearing Corporation, which will also act as custodian. That structure allows Gemini to add equities without building the full clearing and custody stack internally. The setup shows Gemini is entering equities through a brokerage partnership model rather than trying to own every part of the stock trading process. User experience, order handling, and account servicing will depend partly on third-party infrastructure. Gemini has not made clear which revenue model it will rely on for stock trading. Zero-commission brokers usually rely on revenue sources other than explicit trade fees, including payment for order flow, interest on uninvested cash, margin lending, premium subscriptions, securities lending, or data-related revenue.
Gemini Reports 42% Revenue Growth and $109M Loss in Q1 2026
The stock trading launch comes as Gemini is trying to show investors a wider growth story after going public as Gemini Space Station in September 2025. The company reported 42% year-over-year revenue growth in the first quarter of 2026, with traction in services such as credit cards, staking, and custody. It posted a $109 million net loss for the quarter. Gemini has been expanding its regulated derivatives footprint. The company won Commodity Futures Trading Commission approval for Designated Contract Market and Derivatives Clearing Organization licenses, allowing its Olympus subsidiary to serve as a clearinghouse for derivatives as it grows its futures and prediction markets operations. In May, the CFTC apologized to Gemini for previously suing the exchange over its bitcoin futures offering. "Crypto was just the beginning. Our goal is to bring many financial products, from crypto to equities to derivatives, under one regulated platform," Tyler Winklevoss, Gemini's co-founder and CEO, said.
FAQ
What did Gemini launch for U.S. users?
Gemini launched 0% commission stock trading for users in most U.S. states, expanding its platform beyond cryptocurrency. The service is available to eligible U.S. users, excluding customers in Alabama, Arkansas, Illinois, Massachusetts, Texas, Puerto Rico, Washington, D.C., and Guam. Nasdaq will serve as Gemini's official provider for real-time market data.
How does Gemini handle stock trading operations?
Gemini updated its FINRA broker-dealer registration to act as an Introducing Broker. The platform brings in customers and routes orders but does not execute trades, custody assets, or settle transactions itself. Gemini's stock trades clear through Apex Clearing Corporation, which also acts as custodian.
What financial results did Gemini report in Q1 2026?
Gemini reported 42% year-over-year revenue growth in the first quarter of 2026, with traction in services such as credit cards, staking, and custody. The company posted a $109 million net loss for the quarter. Gemini went public as Gemini Space Station in September 2025.
