Are you getting all frenzy about Bitcoin and other cryptocurrencies? Although many were skeptical about this, it seems that digital currencies are here to stay.
If you’re looking to find the best trading platform, you’ve probably stumbled upon reviews of these two, which is why today we bring you a comprehensive comparison, Gemini vs. Coinbase, the battle of the two most popular and trustworthy exchanges in the industry.
Coinbase vs. Gemini: Essential Things You Should Know About The Best Crypto Exchanges on the Market
First things first, if you’re a newbie in the world of cryptocurrency exchanges, you should do proper research since there are probably a lot of unfamiliar terms and confusing wording. Just like with everything else, you invest your time and money in. Here we will briefly summarize some essential information about Coinbase and Gemini.
What Is Coinbase?
Coinbase has been in the industry for a while since it was founded in 2012, and its headquarters is in San Francisco, California. This secure trading platform is a fully licensed cryptocurrency exchange with one mission, to enable everyone to buy, sell, and exchange crypto easily. Today it has more than 43 million verified users and is present in more than 100 countries.
Coinbase is extremely straightforward to use and beginner-friendly, so it is preferred among new users of cryptocurrencies. Although it was initially founded as a platform for buying Bitcoin, today it also supports many other cryptocurrencies such as:
- Bitcoin Cash,
- Stellar Lumens,
- All ERC-20 tokens.
Coinbase Cryptocurrency Exchange Platform Pros and Cons
To introduce you to Coinbase a bit more, here is a summary of its pros and cons for all of you looking to buy and sell any cryptocurrency via this online platform for crypto exchange
- Top-notch security,
- Friendly towards users who are new to this,
- Safe cold storage,
- Wallets are covered by insurance.
- It is not available in all countries,
- Coinbase fees are high.
What Is Gemini?
If you’re looking for a reliable crypto exchange, don’t be surprised when everyone starts recommending Gemini. Its reputation comes firstly from the fact that it was founded in 2015 by Cameron and Tyler, also known as the Winklevoss twins (hence, the name). The duo is known as one of the earliest investors in Bitcoin.
Situated in New York, this trust company is regulated by the New York State Department of Financial Services, and it’s usually preferred by high-volume traders. To buy, sell, and trade digital assets, you’ll have to use fiat currency, just like with Coinbase. However, Gemini only offers buying and selling of a few digital assets:
Gemini Cryptocurrency Exchange Platform Pros and Cons
Here is a brief summary of some of the most important features you should pay attention to when deciding between Coinbase vs. Gemini and leaning towards the Winklevoss twins’ platform to buy crypto.
- High level of security,
- Two-factor authentication,
- No withdrawal fees,
- Easy to use.
- Not such a broad range of cryptocurrencies,
- Insists on a lot of personal data.
Gemini vs. Coinbase: The Ultimate Comparison
Wondering which one of these two cryptocurrency exchanges is better? We decided to go in-depth with our Coinbase vs. Gemini battle and compare their features in several categories to help future crypto users make an informed decision.
Coinbase vs. Gemini: Which One Is More User-Friendly?
Although both Coinbase and Gemini are friendly towards users to a certain extent, there can only be one winner, so let’s see who takes the win in this category. The registration process is quite similar and straightforward with both exchanges. You need to upload some personal documents and a photograph to verify your identity.
But with Coinbase, you just have to sign up, upload some money, and you can easily buy and sell cryptocurrency from there, so your first crypto trading experience is just a few clicks away. Gemini is not much more complicated, but for users who are new to this, Coinbase is easier to use and navigate.
Gemini vs. Coinbase: Which One Provides Better Security?
This is another important category to take into consideration because when it comes to money and your personal data, you can never be too cautious. Both take certain security measures to ensure their users’ cryptocurrencies and sensitive data are protected, and they also separate the customers’ money from the money used by companies for operating.
Another important factor is that both Gemini and Coinbase use two-factor authentication, which reduces the chances of hacking and phishing to a minimum. Besides that, they also take numerous other security measurements, and that is where the difference is made.
Is Gemini safer than Coinbase? Well, Gemini even has a multi-level authentication, two levels of cold storage, encryption of sensitive data, and many more security features, which make Gemini the winner in this category. So if you’re wondering is Gemini safe to store Bitcoin, it sure is.
Gemini vs. Coinbase: Which Deposit Methods Are Offered?
There are several ways to fund your account if you’re willing to start trading Bitcoin and Ethereum. Users who are looking to use Coinbase can get their cryptocurrency by paying with credit, debit cards, or via bank transfers.
Like Coinbase, Gemini also allows bank transfers, but there are certain limits since it doesn’t allow its users to use credit or debit cards. So if you don’t want to rely solely on bank transfer as your only payment method and you prefer using debit cards, Coinbase should be your logical choice.
Coinbase vs. Gemini: Which One Offers More Affordable Fees?
Trading fees also play a key role when trying to decide who wins in the Gemini vs. Coinbase clash of cryptocurrency trading platforms. When it comes to fees, Gemini vs. Coinbase, here is how the situation looks like.
- For every transaction under $200, users are charged a flat fee,
- For credit and debit card purchases, users are charged 3.99%,
- Bank transfers are free when placing a deposit,
- Withdrawals are charged 0.15$.
- Deposit is free of fees,
- There is a six-tier charging system, and the fees tend to vary, depending on whether you’re a top-tier trader with high trading volume or a “light” trader,
- For orders over $200, it’s 1.49% of the value.
Based on this, and due to the fact that Gemini offers lower fees to traders with a high trading volume of cryptocurrencies, most high traders usually turn to Gemini.
Coinbase vs. Gemini: What About the Variety of Available Coins
If you want to buy crypto coins, you should know which cryptocurrencies are available for buying. As we mentioned above and listed some examples, currently, Coinbase has a better offer. So if you are into trading and want to buy cryptocurrencies: Bitcoin, Ethereum, Litecoin, or Bitcoin Cash, you know what should be your choice.
Gemini vs. Coinbase: Which One of These Two Exchanges Has a Better Customer Support?
This is also something you should think about because if there’s a problem with your debit card, your bank transfer just failed, or you just have a question about the digital currency, fiat currencies you will most likely try to contact their customer support. Now, this is something pretty much all cryptocurrency trading platforms are notorious for.
However, Gemini and Coinbase both strive to improve their customer support service, so we can’t say anything negative about it. They both have a contact form on their webpages, and you’ll get your response within the next 24 hours. So if there’s an urgent problem with your debit card or wire transfer, you’ll have to wait a bit.
Gemini vs. Coinbase: Let’s Breakdown Their Features
Although these crypto exchange platforms can seem similar, they have some different features, which is why we decided to break it all down and show you what exactly they have in common.
Things They Have in Common:
- Exchange and buying of Ether and Bitcoin,
- Fiat currency and cryptocurrency deposits are available,
- Users can withdraw in fiat and cryptocurrencies,
- Bank and wire transfers available,
- Cryptocurrencies and money are stored offline,
- Good reputation.
Features Only Coinbase Has:
- Litecoin and Bitcoin Cash,
- Present in many European countries,
- Simple to use and trade digital assets,
- Credit card deposits.
Features Only Gemini Has:
- US customers can place a deposit using ACH,
- You can buy or sell crypto through different trading options,
- Available in the UK, Hong Kong, South Korea, Puerto Rico, Canada, and the USA.
Gemini vs. Coinbase: Bottom Line
At the end of the day, which one of these two exchange platforms is better? The truth is, each has its limits, and it all depends on your preferences and the digital currency you want to buy. Both exchanges allow users to buy or sell cryptocurrencies, so if you’re wondering is Gemini better than Coinbase, you should know that the differences are very small, but here is a brief summary that will help you determine which exchange is the right for you.
If you’re a beginner looking to experiment and see if the world of exchanges is for you, you should opt for Coinbase because:
- It offers all main coins on the market,
- It is very straightforward to use,
- There are several deposit options.
There really are no limits when using Coinbase for online trades and exchanges, Coinbase has a large network of customers waiting for you to join it.
On the other hand, more experienced players in the world of crypto usually prefer Gemini exchange because:
- It is a bit more advanced and offers more options,
- Low fees for high-volume traders,
- Improved security.
Those who are looking for a reliable partner that sets no limits to its customers and has an appreciation for high-volume traders should definitely turn to Gemini and see for themself why it is one of the best in the industry.