Whether you are just getting into using crypto exchanges, and even when you are a more seasoned cryptocurrency investor, you will always be the target of other people’s advice.
In all honesty, it can be tough to sift through what information is helpful and what is misguided, and you do not want to be misinformed when it comes to your crypto exchanges.
My intention with this article is to provide you with detailed facts about two different cryptocurrency exchanges: Gemini vs Coinbase.
With this information, I hope that you can make a more informed decision about which cryptocurrency exchange platform will best suit your needs.
Gemini and Coinbase are the same in that they both allow you to buy, sell, trade, and withdraw cryptocurrency using safe and secure platforms.They are well-known exchanges that similarly comply with US regulations (they both have headquarters in the United States).
However, many factors between these two platforms do differ, so pay close attention to what exchange will serve you best as you move you forward with your decision.
How can you know what to pick? For starters, make sure that you have evaluated your own knowledge level: how competent are you in the world of crypto exchanging? Naturally, beginners will benefit from different tools and features than more advanced users will.
Next, narrow down your selection. With so many different crypto exchange platforms available at your fingertips it can be hard to decide where to begin.
That is where comparison guides like this one, comparing, Gemini vs Coinbase, come in handy to give you a detailed overview of each platform.
Finally, you want to consider what you prioritize when it comes to a crypto exchange platform. Do you want high ranking security? Low fees? Accessible customer service? Tutorials to increase your knowledge?
Now that you have considered more about your own needs in the world of cryptocurrency exchanging, let us get to the details of Gemini vs Coinbase.
Gemini vs Coinbase: The Features
First, I want to give you an “at a glance” overview of these two exchange platforms to increase your familiarity with both.
The benefits of the Gemini platform begins with its easy-to-use interface that will appease both beginner and advanced users.
The interface is secure and it provides users with numerous buying and selling options. Another excellent feature about Gemini is that you can earn interest on the crypto that you store.
On the other hand, Coinbase also offers an intuitive interface that welcomes and in fact is designed for new users. Coinbase allows you to withdraw through Paypal, and it provides useful support with new ways to earn crypto.
Gemini vs Coinbase: The Fees
As we know in this life, nothing good comes for free. Consequently, both of these crypto exchanges require fees, and you might notice that these fees are higher than the average exchange platforms.
Do not be turned off by these fees because they trade off for safe and secure exchanging methods.
Consider it a convenience fee for how easy these platforms allow you to trade.
Read more to know exactly what you will be committing to in terms of exchange fees.
With Gemini, you are looking at a 0.50% fee per trade, as well as a fixed fee for trades under $200. For trades over $200, you can anticipate a fee of 1.49%. A fee of 3.49% exists for debit or credit card purchases.
Moreover, Gemini does not charge for wire-transfers, which is useful information for traders who plan to use wire-transfers often. Gemini also offers free crypto-conversion.
Similarly, Coinbase requires a 0.50% fee per trade. If you use a Coinbase wallet or make a bank account purchase, that fee becomes %1.49. The highest fee that Coinbase will take is for credit card purchases, at 3.99%.
If you are going to use these platforms often, you might consider enrolling in their “Pro” accounts- Coinbase Pro for Coinbase and the Gemini ActiveTrader Plan for Gemini- to have access to lower fees.
When considering the fees on trades, it is also important to note that Gemini and Coinbase differ in the amount of maximum trading it allows daily: Gemini has a more modest cap of $500 whereas Coinbase gives users more leverage with a $25 000 maximum.
Gemini vs Coinbase: Cryptocurrencies Supported
In terms of the different cryptocurrencies offered on Gemini vs Coinbase, Coinbase far outweighs its competitor.
Coinbase boasts its ability to support 51 different cyprocurrecnies, and prides itself on accepting only the most trustworthy ones. In comparison, Gemini supports 33 cyprocurrecnies.
However, before you sway towards one platform or the other, it is worth mentioning that both platforms support popular cyprocurrecnies such as: Ave (AAVE), Bitcoin Cash (BCH), Dai (DAI), Ethereum (ETH), Litecoin (LTC), Chainlink (LINK), and Uniswap (UNI).
Readers who exchange Dash, EOS, Cardano (ADA), or Ethereum Classic (ETC) should note that these cryptocurrencies cannot be purchased on Gemini.
As the world of cryptocurrencies expands, so does the reach of these platforms, so do not be surprised if the list of cryptocurrencies both of these exchanges currently support continues to increase.
As well, both Coinbase and Gemini allow for fiat currencies. Gemini accepts USD, AUD, CAD, EUR, GBP, SGD, and HKD. On the other hand, Coinbase accepts USD, GBP, and EUR.
Gemini vs Coinbase: Location
Of the two platforms, Coinbase triumphs for more international users; Coinbase supports people living in more than 100 countries. In comparison, Gemini limits its user to just over 50 countries.
Gemini vs Coinbase: Security
As security is one of the number one features when it comes to finding an appropriate crypto exchange, you will be pleased to know that both Gemini and Coinbase have high security measures in place.
They both have Federal Deposit Insurance Corporation insurance on USD balances for up to $250,000. Gemini and Coinbase are also both backed by a large American Bank, J.P Morgan.
Because these American platforms both comply with US regulations, they follow anti-money laundering and KYC (know your customer) initiatives to keep all user experiences safe and sure.
Gemini and Coinbase offer two-step verification on your accounts. This can be achieved by short messenger service (SMS) or downloading a secondary authentication app to verify the user.
Gemini takes this a step further by allowing you to track which devices have logged in to your account, and by giving you the ability to only allow specific addresses to make withdrawals from your account.
Gemini offers a Gemini digital wallet that can be insured and it has U2F security with a hardware key. Similarly, Coinbase also supports digital wallet encryption. Finally, both services store the majority of their user’s data in cold storage, offline in secure storage systems.
Gemini vs Coinbase: Putting the Platforms to Use
When you start to use a new exchange platform, the last thing you want is to be confused by how to use them.
Thankfully, both Gemini and Coinbase boast easy to use applications that can be accessed on a web browser or on the go with your mobile phone.
Check the high ratings their apps have both received on the Google and Apple App Store to see for yourself.
For when you find yourself needing more information while trading, Gemini has your back with a frequently asked questions page and accessible webinars.
They have also recently launched “Cryptopedia” that provides informative articles to supplement your experience as a crypto trader. If you prefer the human side of customer service, Gemini adds an “old-school” touch with 24/7 phone, chat, or email helpline.
Coinbase users also benefit from features that make their exchange experience more user-friendly, such as informative articles and tutorials. Beginners will be inclined to learn that Coinbase even offers crypto to users who watch their tutorial videos.
Gemini vs Coinbase: The Bottom Line
To summarize, Gemini and Coinbase are both comprehensive and easy to use crypto exchanges that provide unique advantages to new or casual crypto investors.
To review, you might be drawn to Gemini for strong security and dedicated user support. USD currency trading is supported and insured. You can earn interest on crypto stored in your Gemini Wallet.
Gemini is also already trusted by a large active user base of 13.6 million. On the other hand, it is good to remember that Gemini is only available in 50 countries and keep in mind the higher fees this platform charges.
Alternatively, Coinbase has a higher value for money score. It allows for users in over 100 countries and its interface is specifically designed to support even the most beginner traders, so you will be in good hands. You might be turned off, however, by their complex fee structure and fewer customer lines than Gemini.
All in all, both crypto exchange platforms are popular and winning services to support your need to buy, sell, trade, or withdraw a wide variety of cryptocurrencies. Again, be sure to consider your location, experience, exchanges, and level of security you desire while on a platform.
