Gemini vs Coinbase | Crypto Exchange Comparison
Gemini and Coinbase are two of the major cryptocurrency exchanges. They both have a strong presence in the cryptocurrency industry and are also among the most trusted in terms of security and quality of services. In this Gemini vs Coinbase comparison, we intend to analyze the two exchanges in terms of key features and general quality of service.
Gemini is a cryptocurrency exchange and custody provider for digital assets. Registered with the New York State Department of Financial Services (NYSDFS), it also has its headquarters in New York City. The exchange was founded in 2014 by the Winklevoss twins Cameron and Tyler.
Gemini can be considered the best cryptocurrency exchange that manages to stay on the same level as giants, such as Binance, Bitstamp, and Kraken. The exchange recently announced that it now provides Bitcoin custodial services for clients, both individual and corporate. It is also reputed as one of the most secure exchanges, having adopted a military-grade security system, as we will discuss more later.
Coinbase is a leading cryptocurrency trading platform headquartered in San Francisco, California. Founded in 2012 by its current CEO Brian Armstrong and Fred Ehrsam, Coinbase is the largest crypto exchange by trading volume in the United States. The platform serves as a brokerage for buying and selling digital assets even with fiat currencies. It can also be used as a wallet for storing digital assets.
Coinbase Pro is an arm of Coinbase that allows users of the platform to buy and sell digital assets from each other. Moreover, Coinbase has a strength that sets it apart; it has opened its doors to every eligible asset to list on its platform. It recently launched the Coinbase Asset Hub that allows token issuers to issue their assets directly with very little involvement of the exchange itself. Coinbase is also one of the most secure exchanges out there, according to several security audit reports.
Gemini vs Coinbase: Available Currencies
Coinbase provides support for a wide variety of cryptocurrencies. It currently provides market information on 50 assets. These include Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, 0x, USD Coin, Basic Attention Token, Ripple, EOS, Stellar, Augur, DAI, Link, Atom, Kyber Network, and Zcash. These assets enjoy varying levels of usage on Coinbase, with some listed on Coinbase but not Coinbase Pro and vice versa.
Gemini currently supports 20 cryptocurrencies. These include BTC, ETH, LTC, LINK, DOGE, EOS, XLM, and more.
Gemini vs Coinbase: Available Countries
Gemini is available in 50 countries spread across different continents. These countries include, but are not limited to, the United States, Canada, Brazil, UK, and Ireland. It also operates in all states in the United States.
Coinbase, on the contrary, operates in 32 countries, also spread across many different continents. The platform offers crypto transaction and storage services in 190 countries. In the US, the Coinbase USD wallet is simply operational in states where the company has been licensed as a money transmitter. Supported traders are from Austria, Belgium, Bulgaria, Croatia, Cyprus, The Czech Republic, Denmark, and Finland.
From this point of view, the winner of our Gemini vs Coinbase battle is Coinbase because it has coverage in many more countries, giving access to a larger number of users.
Gemini vs Coinbase: Interface and User Experience
Gemini isn’t just known for security, it also has a simple user interface that even a beginner can easily navigate. The website has very scanty text without any unnecessary details that will confuse new users. This is why it can be ideal for both beginners and advanced users.
It is worth mentioning that Coinbase is just like Gemini in terms of its use. Its simplicity of design makes it an ideal destination for beginner traders, and it has maintained that reputation for years. Even if both have clean interfaces, Coinbase is a better option for a newbie, as the interface is easier to navigate than that of Gemini.
Gemini vs Coinbase: Mobile Apps
Gemini has a mobile app for both Android and iOS users. However, users have some complaints, such as slow loading and lack of response. Another complaint is that it keeps showing pop-ups even after a response has been given. There are also difficulties in transferring your wallet balance to an external wallet, but the app has an amazing collection of assets.
Coinbase’s mobile app has a simple and clean design, but users have complained of the inability to accept more altcoins, such as Dogecoin, and also poor customer support. Fees are also a concern for users of the app who think it should be reviewed downward.
Gemini vs Coinbase: Deposits and Withdrawals
Gemini allows deposits using BTC, ETH, and USD. Dollar deposits can be made using credit or debit cards, including Visa, Mastercard, and American Express. U.S residents can also use direct bank transfers.
Coinbase, in contrast, has a larger number of options for deposits and withdrawals. These include both cryptocurrencies and fiat currencies as follows.
- Bank transfer (as well as ACH in the US and SEPA in the EU) for all supported currencies, namely CAD, EUR, GBP, SGD, and USD;
- Credit cards and Debit cards;
- Listed cryptocurrencies.
- Listed cryptocurrencies.
In terms of ease of deposit and withdrawal, Coinbase is a better choice, as it has more available options to choose from.
Gemini vs Coinbase: Fees
Another critical feature we will use in our Gemini vs Coinbase comparison is fees. Gemini has two categories of fees: trading and transfer fees. The first is charged for trades on the platform in the form of Dynamic Maker-taker fees. Transfer fees are charged for moving funds in and out of the trading accounts on the exchange.
Deposits are free for all cryptocurrencies and Wire Transfer. It is worth noting that withdrawals are free for all cryptos until it reaches a threshold of up to 10 for individual customers and 50 for institutional investors after which fees are charged depending on the asset. Withdrawals through ACH, Gemini Dollar, and Wire Transfer are free.
For Coinbase, fees are charged based on the user’s country of residence, the payment method, currency, and volume. The higher the volume, the more the fees. Those buying with a debit or credit card must pay 3.99 percent of the amount.
The summary is as follows:
|Standard Buy/Sell||Instant Buys (debit card only)||Bank Transfers (SEPA) – in/out*||Faster Payments|
|Payment Method for Purchase/Payout Method for Sale||Effective Rate of Conversion Fee (after waiver)|
|US Bank Account||1.49%|
|Coinbase USD Wallet||1.49%|
|USD Deposit Method||Fee|
|Wire Transfer||$10 ($25 outgoing)|
Coinbase is notorious for charging high fees, so clearly, Gemini is ahead on this one.
Gemini vs Coinbase: Security
Gemini is an extra fortified exchange when it comes to security. It is said to have a military-grade security system. This is understandable because of the custody services they provide to ensure customers’ funds are safe. The exchange is also one of the first to submit to regulation and is one of the most compliant in the industry, which gives a level of security in itself.
Perhaps because of this, Gemini has never been hacked or otherwise compromised. There is no record of users losing funds or personal information.
Coinbase also employs excellent security measures to ensure the safety of users’ funds and information. Although it has never been hacked as well, users have lost funds through a few phishing scams.
Gemini vs Coinbase: Customer Support
Gemini boasts of providing quality round-the-clock customer support. However, users’ reviews suggest that there have been some issues. Customers claim they have requested support (mostly because of failed withdrawals), and it takes weeks to get a response.
Those who used Coinbase have also complained about the quality of customer service. This includes untimely response and unresolved issues which linger for weeks, just like Gemini. Most complaints border on the inability to withdraw or upload KYC information which the customer support keeps promising to resolve but never does.
Gemini vs Coinbase: Public Opinion
Both Gemini and Coinbase are top cryptocurrency exchanges that have built a reputation over time. Despite this, a little research into public perception will show that the public is not feeling the love. The issues are mostly because of poor customer service response, not the problems that customers face. Many of the reviews refer to these top exchanges as scams that they will not recommend to anyone.
Gemini vs Coinbase: Verdict
Looking at this Gemini vs Coinbase exchange comparison, it is clear that both need to upgrade their customer service. This is the one area where they both seem to have fallen short. Also, choosing between the two, it will depend on your motivation and priority. For example, fees may be one of the decisive factors for some. However, they both have their strengths and weaknesses, so you should go for the one that meets your priority needs.