When we talk about cryptocurrency exchange, Gemini and Coinbase are the top two most recommended platforms. Both platforms deals with the exchange of cryptocurrencies such as Bitcoin, Ethereum and Litecoin. In this article, we are going to be reviewing the two platforms, their advantages and disadvantages , characteristics and similarities will all be reviewed in this article, thereafter you can now make a decision on which is best for you.
Gemini
(Image Source : https://gemini.com/)
Is an exchange founded in 2015 by Tyler and Cameron Winklevoss (Co-Creators of Facebook) in New York, USA. Gemini has built a great reputation in a very short while, it is regulated by the New York State Department of Financial Services (NYSDFS), and it also the first U.S. exchange company licensed for Bitcoin and Ether trading. One of the major stand out qualities of Gemini is the fast speed at which it allows Bitcoin to be exchanged for cash and cash to Bitcoin, unlike other cryptocurrency exchange platforms where you have to wait for days before your funds reflect in your account. It allows it users to sell, buy or store Bitcoin and Ethereum and it is very safe and secure.
Coinbase
(Image Source : https://gemini.com/)
Coinbase was founded in 2012 by Fred Ehsram and Brian Armstrong in San Francisco, California. Coinbase is the largest and safest cryptocurrency and Bitcoin exchange we have in the world. With over 10 million customers spread across 32 countries, It has gained a very high reputation amongst other cryptocurrency investors.
Coinbase allows it users to buy, sell and store Bitcoin in its wallet facility, and it provides a variety of payment methods such as credit card, bank transfer, debit card etc.
Comparison of Gemini vs. Coinbase
Gemini and Coinbase are both very similar in their activities as they are both cryptocurrency and Bitcoin exchange platform, but they also have their differences too. We are going to be comparing both of them below.
Cryptocurrency Exchange:
Gemini is a pure and proper cryptocurrency exchange platform, and it operates just like Forex, on Gemini, you trade directly with other users. But on Coinbase, you don't buy or sell to other users, your transactions is done with directly, so coin base is more like a cryptocurrency retail store.
Buying Limits:
Gemini has a specific buying limit of $500 if you are using bank transfer, but Coinbase does not categorically state any limit for new users but some factors like account age, previous buying history and account verification status determines your buying limit, and individual personal limit is displayed at the account verification page.
Cryptocurrencies available:
Gemini deals with only two cryptocurrencies that is Bitcoin and Ethereum, but Coinbase deals with 3, that is Bitcoin, Ethereum and Litecoin.
Fees:
Gemini charges are very low compared to Coinbase, Gemini only charge on trading fee, and the charges is just 0.25%, but Coinbase charges around 3.99% if your purchase is done with credit/debit card and 1.49% if your purchase is carried out via bank transfer.
User base:
Gemini is not as rich in users as coinbase, Coinbase has over 10 million users with digital currencies of over $20 billion already exchanged.
Security:
Gemini is better equipped in terms of security than Coinbase.
Personal Information:
Both Gemini and Coinbase requires your personal information and verification
Brand popularity:
Gemini is doing greatly in terms of popularity, but Coinbase is brand is top-notch and very popular with reputable newspapers and magazines such as New York times, Time, etc.
Trust:
Gemini is trusted among cryptocurrency investors, but Coinbase enjoys a higher level of trust among cryptocurrency investors.
Supported Countries:
Countries where Gemini is present is not as much as that of Coinbase. Countries where Gemini services are present are U.K, U.S, Canada, Puerto Rico, South Korea, Hong Kong and Singapore.
Countries where Coinbase service customers are in the U.K, U.S, Finland, Denmark, San Marino, Poland, Latvia, Liechtenstein, Ireland, Switzerland, Netherlands, Norway, Italy, Greece, Hungary, Canada, Croatia, Belgium, and Bulgaria, Spain, Malta, Monaco, Cyprus, Czech Republic, Singapore, Slovakia and Portugal.
Customer support system:
Customer service is one of the problems facing most cryptocurrency companies, but Gemini and Coinbase has done a good job in this department.
Gemini uses Email as a mean to communicate and with it's users and they typically respond quickly within 24-72 hours, and that is why they have quickly gained their reputation, while Coinbase also have a similar to Gemini as they also relate with their Email and responds within 24-72 hours and a FAQ section for new users.
Pros and Cons of Gemini vs. Coinbase:
- Gemini pro's*
- Moderate fees
- Great customer service
- The only licensed U.S exchange.
- insured by FDIC
Gemini Con's
- Options to make deposit is limited
- It only deals in Bitcoin and Ethereum
- Not mobile friendly
Coinbase pro's
- Its fast speed in purchasing cryptocurrency can not be rivaled my most exchange companies.
- Its user friendly and easy to use
- It is safe, secure, regulated and trust worthy.
- It has various options to make payment for your purchase of cryptocurrency, such options includes bank transfer, credit card, debit card etc.
- Funds stored by customers are safe and secured.
Coinbase Con's
- Its fees are slightly higher than that of other exchange companies.
- Your activities and spendings are been monitored by Coinbase
Conclusion
With the above details, you should be able to choose which of the platform that suits you, they are both top cryptocurrency and Bitcoin exchange that helps cryptocurrency investors to trade their local currency with cryptocurrency such as Bitcoin, Ethereum and Litecoin. They are both based out of the U.S. and are both regulated by U.S. regulatory bodies. On this note, they are both safe and secure and choosing one is solely depending now on what you need and what you prefer. So if you wish to safe on fees and enjoy more legal compliance, the go with Gemini, but if you want fast speed, a global market, and also invest in Litecoin, then you can go with Coinbase.