Cryptocurrency

Gemini vs Coinbase: Which Crypto Exchange is best?

Gemini and Coinbase are the most famous cryptocurrency exchanges in the US. Both platforms provide comparable cryptocurrency options. They are available in more than 50 countries, and trade with a “security-first” attitude.

Gemini

The famous Winklevoss twins established Gemini. They invested substantially in bitcoin (BTC) after their $65 million settlement. Meta founder Mark Zuckerberg eventually created their cryptocurrency exchange, Gemini, in 2014. It is a US-based exchange that adheres to the US government’s strict Know Your Customer (KYC) and anti-money laundering regulations. Gemini provides consumers with 24/7 phone and chats assistance. Ensuring that they can speak with someone immediately if they have any concerns with their account.

Gemini​
Gemini​

Pros:

  • crypto exchange that is extremely safe and compliant.
  • You get 10 free fiat withdrawals and ten free crypto withdrawals every month.
  • Apps for iOS and Android are available.
  • Fees are lower than on Coinbase.
  • Cryptocurrency theft is covered by insurance.

Cons:

  • There are only 52 cryptocurrencies that are supported.
  • High transaction costs
  • It’s available in 61 different countries.
  • There is no live chat support, and customer service is bad.

Coinbase

Coinbase​
Coinbase​

Brian Armstrong and Fred Ehrsam created Coinbase in 2012.They’ve grown to be the most popular centralised exchange in the United States, serving the most popular cryptocurrencies. The user-friendly software and the option to purchase bitcoin with a credit card. They have made it easier than ever for new investors to get started with cryptocurrencies. The key distinction between the networks is the level of customer support. While Coinbase provides email and chat (via social media), as of November 2021, it does not provide live phone support. 

Pros:

  • Coinbase ensures its platform privately, ensuring that your assets remain protected in the case of a hack.
  • The interface is simple and easy to use.
  • It takes only a few minutes to sign up and begin trading.
  • A platform that is extremely safe and reliable.

Cons:

  • The fee structure is more complicated than Gemini’s.
  • No live chat help for customer support; only email assistance is available.

Ease of Use: Gemini vs Coinbase

Gemini is designed to be simple to use, as seen by its simplistic interface. Gemini offers one of the best user interfaces for cryptocurrency trading. With a detailed pricing list and the opportunity to buy, sell, or trade bitcoin front-and-center.

To join Gemini, create a free account with your address and a password. After you’ve verified your email address, add two-factor authentication to your account and link your bank account or debit card. You may immediately begin purchasing cryptocurrencies after that.

Therefore, Coinbase makes it simple for customers to sign up, link their financial accounts, and buy cryptocurrencies directly from their app. You may register for Coinbase with your email address and password, and then confirm your identification by uploading a photo of a government-issued photo ID to the app or website. After you’ve been confirmed, you may link a bank account or credit card to start buying cryptocurrencies right away.

Security: Gemini vs. Coinbase

Both Gemini and Coinbase have a reputation for security, making them two of the safest locations to purchase, sell, and store bitcoin.The following are some of the security features available on each platform:

Security Features of Gemini

Gemini Security Features
Gemini Security Features

“Hot Wallet” insurance:

 Gemini offers “Hot Wallet” insurance on any digital assets in their Gemini Wallet. It will pay consumers for any security breach or hack, a fraudulent transfer, or employee theft as a result. Customers can be certain that their digital assets, especially regularly traded ones, are safe with Gemini.

Approved Authorized addresses to an allowlist:

Approved address allow listing is a feature that allows you to limit access to addresses that can withdraw your money. Before being cleared for transfers, these addresses are subjected to a seven-day confirmation hold to ensure that new addresses are thoroughly examined and approved.

Authentication with two factors:

Gemini provides two-factor authentication via SMS or the Authy app.

Management of user roles:

You may create multiple user roles to your Gemini account to limit access and trading capabilities for specific individuals. This is an excellent alternative for institutional investors with staff in charge of their bitcoin holdings.

Device administration:

You may inspect all of the devices that have accessed your account with Gemini and block any that you don’t recognize. You may even log out of your Gemini account from any device that is presently logged in.

Coinbase Security Features

Coinbase Security Features
Coinbase Security Features

Built-in wallet:

Coinbase stores your bitcoin in a digital wallet. Security and privacy, biometric access controls, and an encrypted 12-word recovery phrase are all features that are common in similar digital wallets.

Two-factor authentication:

Coinbase employs industry-standard two-factor authentication through SMS or the Google verification app. This security feature is also utilized to log in to your account on a per-trade basis.

Cold storage and cryptocurrency vaults:

Coinbase keeps % of bitcoin balances in offline cold storage, protecting your funds safe from hackers and the internet. Coinbase also uses a bitcoin vault to protect your digital assets, requiring several users’ authorization to remove payments. These vaults are also time-locked, which means that if all approvals are not completed within 48 hours, any withdrawal request will be invalidated.

FDIC insurance:

FDIC insurance is available on USD (US currency) deposits at Coinbase. This insurance covers your deposited USD money up to $250,000, but not your bitcoin funds.

Gemini vs Coinbase Fee

Let’s start by comparing the fees offered by Gemini and Coinbase to discover which offers the best value.

Deposits Fees

You can utilize bank transfer (ACH), wire transfer, or debit card deposit to deposit fiat cash into Gemini. Fees for each payment option are as follows:

  • ACH (Automated Clearing House) transfers are free.
  • Wire transfer is completely free (your bank may charge a fee)
  • 3.49 % using a debit card

When you buy cryptocurrency on Coinbase, you have the option of paying immediately or pre-funding your account with fiat cash. The following are the two ways and costs for residents of the US:

  • ACH (Automated Clearing House)  free
  • $10 for a wire transfer

Trading Fees

You may purchase and sell crypto directly from the exchange or trade on the market using Gemini. The simplest option for newcomers is to buy directly from Gemini, which charges a 0.5 percent ‘convenience fee’ as well as a ‘transaction fee’ that fluctuates depending on the quantity of your order and the fiat currency you use. These are the USD transaction costs. The cost is 1.99 % (0.5 % convenience fee + 1.49 % transaction fee) if you buy bitcoin worth more than $200.

You may benefit from cheaper costs by trading on Gemini’s market when buying and selling cryptocurrency. You pay 0.25 % maker charge and 0.35 % taker fee instead of 1.99 %.

Withdrawals Fees

For fiat withdrawals from the exchange, Gemini does not impose any fees.In addition, Gemini provides 10 free bitcoin withdrawals every month! When it comes to cryptocurrency withdrawals, there is always a transaction fee, but Gemini covers it for the first ten transactions each month on behalf of its consumers. After your first 10 withdrawals, you’ll be charged a fixed cost that varies depending on the coin. 

The costs for withdrawing fiat money from Coinbase vary depending on your payment method and geographic area. These are the most common payment options and the costs associated with each.

  • SEPA Bank Transfers: €0.15
  • Wire Transfer to the United States: $25

Gemini vs Coinbase Deposit Method

Gemini’s deposit possibilities are extremely restricted. Bank transfers (ACH), debit cards, wire transfers, and cryptocurrency are accepted.

However, Coinbase accepts a wide range of deposit options, including ACH, credit card, debit card, SEPA, PayPal, Apple Pay, Fedwire, SWIFT, SOFORT/iDEAL, and cryptocurrency.

ACCOUNT

GEMINI FEES 

COINBASE FEES 

U.S. Bank Account

1.49%

1.49%

Wallet

1.49% 

1.49% 

Credit/Debit Card Buy

3.49%

3.99% 

Instant Card Withdrawal

N/A 

There is a minimum cost of $0.55 and a maximum fee of 1.5 % of each transaction.

ACH Transfer

Free

Free

Wire Transfer

Free 

$10 ($25 outgoing)

Gemini vs Coinbase Currencies

Both Gemini and Coinbase have equal access to the most popular cryptocurrencies on the market, while Gemini has a slight advantage in listings. Gemini has 63 coins on its exchange, whereas Coinbase has 76. Each exchange adds to its cryptocurrency offerings regularly.

You can buy cryptocurrencies in dollar sums on both sites, allowing you to acquire fractions of coins. The minimum order amount on Coinbase is $2. On the other hand, Gemini uses the native token to determine its minimum buy quantity.

The minimal bitcoin purchase amount, for example, is 0.00001 bitcoin (BTC). So, if bitcoin is worth $60,000, you may buy it for as low as $0.60.

While the list of supported currencies is too long to detail here, significant currencies including bitcoin, ether, uniswap, chainlink, and compound are supported on both platforms.

Coinbase vs Gemini: Access

Both Gemini and Coinbase are available in over 100 countries, while Gemini is presently available in fewer than Coinbase.Except for Hawaii, Coinbase is available in all nations, whereas Gemini is available in all 50 states. However, both companies comply with all bitcoin trading regulations in the United States.

Conclusion

Gemini and Coinbase have several characteristics. Both, for example, are user-friendly, provide a diverse range of high-quality cryptocurrencies, and prioritize security. Gemini is a popular choice among investors seeking the safest platform for purchasing and storing digital assets. 

It’s also a fairly open firm. However, it is one of the safest locations to buy cryptocurrencies. Especially for institutional buyers, due to its tight adherence to US legislation. Due to its clean and pleasant design and simple-to-use mobile app, Coinbase is one of the easiest bitcoin platforms it’s also a fairly open firm.

However, it is one of the safest locations to buy cryptocurrencies. Especially for institutional buyers, due to its tight adherence to US legislation. Due to its clean and pleasant design and simple-to-use mobile app, Coinbase is one of the easiest bitcoin platforms for the beginner.

Gemini is the safest exchange for safe investors who desire to purchase and store cryptocurrencies. Gemini caters to the beginning and institutional investors that demand security above all else, with rigorous audits and over-the-top cold storage of digital assets.

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