Comparative analysis: Gemini vs. Coinbase
Out of the two locations, Coinbase offers more options for their cryptocurrency services.
Crypto trading is becoming increasingly popular with both new and experienced investors. Centralized exchanges like Gemini and Coinbase make it easy to trade cryptocurrency, while complying with strict U.S. regulations. Both platforms are backed by large banking systems, such as J.P. Morgan, making them safe and reliable choices for investors. traders can access advanced options on both platforms via Coinbase Pro or Gemini’s ActiveTrader program.
Although both platforms may seem alike at first, Gemini and Coinbase have distinct features. For example, Gemini offers tools to help attract big investors, while Coinbase makes it easy for beginners to get free crypto by teaching them about trading. Overall, beginners should be able to use either platform with ease; however, Coinbase is accessible in more countries and has a greater variety of currency types.
We reviewed Gemini and Coinbase to determine overall costs, payment methods available, and cryptocurrencies supported. We also considered ease of use, standout features, security solutions, customer support, and the functionality of their mobile applications.
GEMINI FEATURES
The main features of our platform are as follows: a beginner-friendly and secure interface, multiple buying and selling options, and the ability to earn interest on stored crypto.
Fees: 1.49% for trades over $200, or a fixed fee for trades under $200 3.49% debit or credit card purchase
The 63 different cryptocurrencies this supports.
Some of our great security features include two-step verification, FDIC-insured USD balances up to $250,000,1 Gemini Wallet digital insurance, U2F security with a hardware key, and cold storage.
The types of transactions we support are: buying, selling, trading, depositing and withdrawing.
You can deposit a maximum of $5,000 per day and $30,000 per month via ACH. For withdrawals, the limit is $100,000 daily via ACH. You’re also able to spend up to $1,000 with your debit card on purchases each day.
Pros
- Intuitive application interface
- Stored cryptocurrency can earn interest
- Insurance available for the Gemini Wallet
Cons
- Only available to users in 61 countries
- High fees
- Fewer trading pairs supported
COINBASE FEATURES
The main features of this platform are as follows: a user-friendly interface catering to beginners, the ability to withdraw funds to PayPal, and different methods of earning cryptocurrency.
Fees: 0.50% per trade, 3.99% on credit card purchases, 1.49% for Coinbase wallet or bank account purchases
120+ cryptocurrencies supported.
Our security features protect you and your money. Two-step verification, FDIC insurance for USD balances up to $250,0002 cold storage, AES-256 digital wallet encryption all work together to keep you and your family safe.
The types of transactions we support are: buying, selling, exchanging, sending, withdrawing and receiving.
You can ACH bank transfers for up to $25,000 per day.
Pros
- Supports investors located in over 100 countries
- Cash balances are FDIC-insured up to $250,000
- User-friendly interface designed for beginners
Cons
- Complex fee structure
- Limited charting features in the regular version
- Fewer customer service options than Gemini
IMPORTANT!
On November 16, 2022 crypto investment bank Genesis Global Trading’s lending unit suspended redemptions and new loans due to the collapse of FTX. In response, Gemini announced delays in withdrawals from its Earn product–in which Genesis is a lending partner.
Any investing decisions, whether in cryptocurrencies or not, should be made after consulting with a financial advisor as markets can shift rapidly and without warning. The same goes for Initial Coin Offerings (ICOs) which are highly speculative. This article cannot provide investment advice nor guarantee the accuracy of the information contained within it.
Tags: Coinbase, Gemini
