Comparing Two Popular Crypto Exchanges: Gemini and Coinbase

Gemini is a New York, USA-based totally privately owned crypto trade. Cameron Winklevoss and Tyler Winklevoss are the founders of Gemini. It lets users purchase, sell, and alternate crypto assets.

Gemini presently lists more than 100 cryptocurrencies, such as Bitcoin, Ethereum, Dogecoin, Chainlink, and many others.

Coinbase is likewise a cryptocurrency exchange alternative created to make crypto transactions more fair, accessible, efficient, and transparent. It was founded in 2012. The goal of Coinbase is that anybody, everywhere, can, without problems and securely send and acquire cryptocurrencies. It offers a trusted and user-friendly platform for having access to cryptos.

Coinbase has operations in over 100 countries. It also has a subscription service and more advanced service tools on its advanced model, called Coinbase Pro.

Comparison of Gemini and Coinbase

Fees

Gemini has lower transaction fees in comparison to Coinbase but the difference is not major. Both exchanges have comparable fee structures. Gemini and Coinbase have separate fee structures based on the interface used. Both of them have a more basic default option and an advanced one.

The advanced options of their interface include Gemini ActiveTrader and Coinbase’s advanced trade tool. If a person attempts to stick to the low priced trading alternatives, then they could be predicted to pay 0.40% or much less for Gemini and 0.60% or much less for Coinbase.

Both exchanges employ a tiered fee model wherein trading prices are decided based totally at the user’s 30-day buying and selling activity. Their price tables use the maker-taker version. 

A user is charged a taker charge if the order is filled right away with a current order on the order ebook, and if the order does not get executed right away, then the maker fee is charged.

The fee structure for Gemini Active Trader is:

Fees for advanced trades on Coinbase are as follows:

However, trading fees are quite similar on Gemini’s default interface and Coinbase’s simple trading tool. Small trades of up to $200 carry a flat fee ranging from $0.99 to $2.99, depending on the actual order size. 

Whereas, the larger trades carry a variable fee in the percentage terms of 1.49% on Gemini. Coinbase does not mention an exact percentage on its website, but it is similar to that of Gemini.

Availability of Cryptos

Coinbase has a larger number of listed cryptocurrencies than Gemini. There are more than 200 cryptocurrencies listed on Coinbase that can be traded, whereas there are more than 100 cryptocurrencies on Gemini. Despite the smaller number of cryptocurrencies, Gemini does not lack in any way.

Both exchanges list popular cryptos, such as BTC and ETH, and other smaller ones. Gemini has missed some major cryptos, which are there on Coinbase. For example, Cardano and Stellar.

However, Gemini also lists some currencies that are not on Coinbase, like Fantom. 

Wallets

Both Gemini and Coinbase offer hot wallets. These are the digital wallets that are connected to the internet. Both wallets have a few key differences. Gemini Wallet is a custodial wallet, which means that a 3rd party controls this wallet. It is available on the Gemini Exchange for its clients.

Coinbase Wallet is a non-custodial wallet. In this manner, users have complete control over their investments. This wallet is available at no cost, and anyone can use it.

Security

Both exchanges offer advanced security features, safe storage methods, and excellent account protections. They carry insurance policies to cover digital assets stored in hot wallets.

Both exchanges claim that the majority of their clients’ funds are stored in cold storage. Coinbase claims that more than 98% of deposits are stored offline to provide greater security because cold wallets cannot be hacked easily. 

Conclusion: Other Protective Measures

Other than their storage methods, they offer a few other protection methods, such as two-factor authentication, approved withdrawal addresses, security audits, and penetration testing.

FAQs

Which exchange offers lower fees?

Gemini can save money on trading fees for active traders.

Which is more secure?

Both exchanges offer a similar level of security.

Which exchange is better for a larger amount of investment?

Coinbase is better for larger transactions, as there are more crypto tokens.

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.