In this article, I will discuss the Gemini vs. Coinbase comparison and elaborate on the main features, fees, and services provided by each of them.
They are both widely used crypto exchanges, however, they vary in features like the cost of trading, types of cryptocurrencies, and overall user experience.
Eventually, you will know what trading venue is preferable for you.
What Is Gemini?
Gemini is a New York-based cryptocurrency centralized exchange (CEX) regulated by the New York State Department of Financial Services, available in all 50 U.S. states and over 60 countries.
The platform was built with a focus on security and compliance, although it offers fewer crypto assets than its competitors, notably over 80 cryptocurrencies and over 21 crypto-to-crypto trading pairs.
The platform is aimed at both beginners and advanced traders. In addition to an intuitive user interface, the project has a library of educational content for crypto newcomers.
Customer accounts are well protected, the crypto exchange was one of the first to receive ‘SOC 1 Type 2’ and ‘SOC 2 Type 2’ certification. The exchange also offers insurance coverage against certain types of losses.
The core products are Gemini ActiveTrader (for skilled traders and investors), Gemini Exchange, Gemini Derivatives, Gemini Wallet, Gemini Mobile, Gemini Clearing, Gemini Dollar (GUSD) and Gemini Custody.
What Is Coinbase Exchange?
Coinbase Exchange is a US-based crypto trading and investment platform where users can easily buy, sell, exchange and store cryptocurrencies.
The platform is intuitive and beginner-friendly with support for basic transactions, digital wallet, and PayPal withdrawals.
For more advanced traders, Coinbase Pro offers more professional trade execution and lower fees.
However, in June 2022, the company announced that Coinbase Pro will be phased out and all users will have access to the “Advanced Trade” feature on the main app.
Gemini VS Coinbase: How Do They Compare In Terms Of Fees?
Coinbase Fees
Bear in mind that up until $200 in value, the fee for Coinbase transactions is constant regardless of the amount.
This in fact is displayed at the time of the transaction. Alternately, Coinbase may charge a percentage fee on the transaction and a flat fee where ever applicable.
3.99% is for credit or debit cards purchases whereby the rest of the buy and sell transactions is charged at 1.49%. Deposit via wire transfer does not charge a fee while withdrawal via wire transfer incurs a $0.15 charge.
Some countries have restricted ways of funding and purchasing. For example Australia, Canada and Singapore are allowed to use only credit or debit cards.
| Fee Type | Gemini | Coinbase |
|---|---|---|
| Bank account | 1.49% | 1.49% |
| Wallet | 1.49% | 1.49% |
| Debit/credit cards | 3.49% | 3.99% |
| ACH transfer | Free | Free |
| Wire transfer | Free | $10 deposit, $25 withdrawal |
| Crypto conversion | 1.49% | 0.50% |
| Trades | Fee of $0.99 to $2.99 based on amount or 1.49% for trades over $200 | Maker-taker fees, normally 0.50% |
Gemini Fees
Gemini has a liberal policy the destination is free of charge for deposits but other methods and the use of a bank may incur fees.
Trading fees on the Gemini exchange are determined depending on how many times the user has performed a trade in the last 30 days and also on how much either Bitcoin or Ether was traded in that time, they created six tiers. Trading pairs’ fees are recalculated on a daily basis at midnight UTC.
Gemini vs. Coinbase: Supported Currencies
Both Gemini and Coinbase accept fiat currencies. Gemini’s seven supported currencies are US Dollar, Australian Dollar, Canadian Dollar, Euro, British pound, Singapore Dollar and Hong Kong Dollar, while Coinbase has three – the US Dollar, Great British pound, the Euro.
However, Coinbase has many more altcoins than Gemini does. For instance, Dash, EOS, Cardano (ADA) and Ethereum Classic (ETC) cannot be purchased on Gemini.
Both platforms support other popular currencies such as:
Gemini and Coinbase also aim to provide more crypto assets, thus the supported currencies can change with time.
According to the available statistics, over one hundred countries are served by Coinbase, while Gemini traders have practice in more than sixty countries.
However, the variety of offers of fiat currencies and geographical locations still brings both platforms within the leading level of crypto exchanges.
Gemini VS Coinbase: Which Offers Better Security?
| Feature | Gemini | Coinbase |
|---|---|---|
| Security Certifications | SOC 1 Type 2, SOC 2 Type 2, ISO 27001 | SOC 2 Type 2, ISO 27001 |
| Cold Storage | Yes | Yes |
| Two-Factor Authentication | Passkeys, SMS, Email | SMS, Email, Authenticator App |
| Insurance | Up to $200 million in cold storage insurance | Up to $255 million in cold storage insurance |
| Regulation | Regulated in the U.S. | Regulated in the U.S. |
| User Control | Users have control over their private keys | Users have control over their private keys |
Gemini Vs Coinbase: What are the pros and cons?
Gemini Pros
Lower Fees: It has generally lower fees than Coinbase.
Regulatory Compliance: There is a high level of sauce regulatory compliance so this is a fairly safe option.
Insurance: Provides a high limit of cold storage insurance, up to 200 million dollars.
User-Friendly: Intuitive interface ideal for novices.
Gemini Cons
Limited Cryptocurrencies: In contrast to Coinbase, there are fewer coins that are supported.
Availability: Few countries.
Higher Fees for Some Transactions: High fees are possible depending on the way of transfer and the bank.
Coinbase
Coinbase Pros
Wide Range of Cryptocurrencies: There are more than 100 coins available for trading.
Wide number of coins will allow traders to choose currency pairs for arbitrage.
High Liquidity: There’s a higher liquidity making the treatment of high volumes easier.
Advanced Trading Options: Other advanced exceptional trading functionalities for efficient trading.
Global Availability: Supported in more than a hundred countries.
Coinbase Cons
Higher Fees: It charges higher fees as compared to Gemini1
Due to regulations Coinbase is able to withstand competition across its markets.
May Be More Complex: This may be confusing to those who are new to it as it operates advanced functionalities.
Gemini VS Coinbase: Customer Support
Gemini Support
Among the two exchanges, Gemini has more support options than Coinbase. Gemini offers phone, email, and live chat customer services, all of which are available 24/7 so that users can contact support whenever they have a need.
There are however extensive materials on their support page for more frequent issues.
Coinbase Support
Coinbase has live representatives available 24/7 as well and offer support through phone calls, emails, and live chats.
Additionally, they have a thorough help center composed of articles and tutorials oriented at helping users deal with various difficulties.
Although both platforms aim to deliver top-notch customer service, your choice will depend on the type of support that you desire.
Conclusion
To summarize, both Gemini and Coinbase are suitable cryptocurrency trading platforms but each focuses on different aspects.
For example, Gemini has the better regulatory framework, has lower fees, and is easier to use as a platform.
This makes Gemini more suitable for novice users or the security conscious ones.
On the other hand frequencies of use demand are also much higher with Coinbase that boasts a broad range of currencies and advanced trading functionalities.
On the whole, the decision on which one to use, Gemini or Coinbase, boils down to personal choice, trading objectives, and the needs of the user, hence both platforms offer good choices for different types of crypto users.
