Although Gemini and Coinbase have many similarities, they equally differ in a number of key ways. In this column we will be comparing Gemini and Coinbase to enable you distinguish between the two and determine which the best is.
Step 1: Coinbase vs Gemini: Main Difference
Coinbase and Gemini are both cryptocurrency exchange platforms though designed to cater for two completely different groups. In fact, they are used very differently though offering similar services.
The major difference arises from their mode of operation. Coinbase is best for new crypto enthusiasts while Gemini is meant to serve senior traders who are only open to active trading. Moreover, buying cryptocurrencies via flat money on Gemini is too inefficient due to their non-flexible payment method.
Coinbase is ranked as the best cryptocurrency exchange platform while Gemini come a distant 14th. Even better, you can earn $10 for free just by trading on Coinbase through this link.
Step 2: Gemini VS Coinbase Trading
Which of the two is the best platform to trade with? Judge for yourself by considering the following:
- Gemini supports only two cryptocurrencies Bitcoin and Ethereum while Coinbase supports the two and Litecoin
- Coinbase accepts payment via the US dollar, British pound, Euros and also through credit cards or bank transfer. In contrast, Gemini only allows Bank transfer.
- Worldwide, Gemini operates in Hong Kong, the US, Singapore, Canada, United Kingdom and South Korea.
Coinbase on the other hand covers a much wider region with its presence featured in 32 countries throughout the world.
- Gemini offers a far much lower transaction fee compared to Coinbase. On Gemini you will only be charged a fee of 0 to 0.25% a big contrast to Coinbase fee of 1.49% to 3.99%.
- Gemini feature a transaction limit of $500/ day while Coinbase allows a buying limit of up to $50,000/ week.
Step 3: Gemini Vs Coinbase: Which is more reliable?
Here are the facts:
- They are both based in the US and are hence compliant to the Federal Laws of the United States.
- Coinbase was established in 2012 while Gemini was founded in 2015. On these grounds, Coinbase has a bigger reputation compared to Gemini.
- Coinbase has over the years been much more popular than Gemini. However, between March and November 2017 Gemini had consistently gained more popularity only to be overtaken by a big margin toward the end of the same year.
- When it comes to the security of your funds, you can be assured of top notch services. User’s funds are stored in offline cold wallets and always separated from the company’s funds. This way their safety is guaranteed.
- In terms of customer support, both companies respond promptly and to finality.
Step 4: Gemini VS Coinbase final thoughts.
Indeed, Coinbase and Gemini are very similar platforms with various key differences. Even so, Gemini proves to be no match for Coinbase on the following grounds:
- Coinbase accepts more payment methods than Gemini
- Coinbase covers a larger geographical area ü Coinbase offers 3 cryptocurrencies while Gemini offers only two
- Additionally, you can also get 10 USD of BTC by using this Coinbase Promo Code.
On the other hand, Gemini offers a lower transaction fee compared to Coinbase. All in all, if I were to choose between the two I would go for Coinbase, I don’t know your Choice.
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