Which Is the Best Crypto Exchange?
Gemini and Coinbase are two of the top cryptocurrency exchanges in the world. They are also both based in the United States, making them two of the best in the US. However, while both offer similar and reliable services, they differ in how they offer them.
If you need help deciding which of them to use, this article compares the services the two exchanges offer.
Gemini is a global cryptocurrency exchange based in the US. Founded in 2014 by the twins Tyler and Cameron Winklevoss, it is one of the best crypto exchanges for US residents. The exchange is registered in the US as Gemini Trust Company and serves as an advanced crypto trading platform as well as a custodial services provider for digital assets.
Gemini has insurance of $200 million covering digital assets in its custody, making it one of the industry’s best crypto custodial service providers.
Like any other crypto exchange, you can buy, sell and trade many cryptocurrencies on Gemini. In addition, the platform features advanced charting, multiple order types, auctions, and block trading for advanced traders. Gemini also has a cryptocurrency wallet with the same name as the exchange.
Coinbase is the largest cryptocurrency exchange by trading volume in the US. Founded in 2012, Coinbase is even older than Gemini and has been in operation for the past decade. Like Gemini, Coinbase is registered and regulated in the US and has a substantial crypto insurance policy to protect user funds.
It focuses on simplicity, which makes it a beginner-friendly platform where new crypto traders and investors can begin their journey. There is also the more advanced Coinbase Pro, which has more advanced features than Coinbase (but is also free for use).
Also, like Gemini, Coinbase has its own wallet named after the exchange, so users of the platform can conveniently move assets between the exchange and the wallet.
Gemini vs. Coinbase: Supported Assets
Both Gemini and Coinbase support a good number of cryptocurrencies. You can buy, sell or trade over 100 cryptocurrencies on Gemini, including top cryptocurrencies like Bitcoin and Ethereum, while Coinbase has slightly more supported assets, with around 120 cryptos. Whichever you choose, you are likely to get the digital asset you wish to buy or trade.
A common weakness the two exchanges have is that they both have a limited number of altcoins to trade and so are not great for altcoin traders. Overall, Coinbase has a higher number of supported assets, so it wins in this regard.
Gemini vs. Coinbase: Supported Countries
Both Gemini and Coinbase are global cryptocurrency exchanges, meaning both have users worldwide, even though they are two of the few exchanges Americans can use. Users come from the US, UK, Canada, and other countries across many continents.
Gemini supports users from over 60 countries globally, making its services widely accessible. Coinbase supports even more, with its services available in over 100 countries.
Gemini vs. Coinbase: Fees
Gemini has different fee schedules depending on product & usage level. For example, if you’re using a mobile device, you will pay a Convenience Fee (which is 0.5% above the current trading price) and Transaction Fees, both of which are displayed up front before you finalize your order.
Generally, the transaction fees increase with the order amount in any currency. For example, an order of $10 or less will cost $0.99, while an order of $50 costs $2.99. For orders of $200 or more, a fee of 1.49% is charged. The same fee schedule applies to web orders. Fees are generally lower for USD orders.
Gemini Fee Breakdown
|30-DAY TRADING VOLUME IN (USD NOTIONAL)||TAKES A FEE||MAKER FAIRY|
There are no deposit or withdrawal fees on Gemini (apart from network fees) unless you are using a debit card to deposit, in which case you will be charged a fee of 3.49% of the deposit amount.
Gemini uses a maker-taker fee model to determine trading fees, as shown in the table below. For custody fees, a fee of 0.4% is charged for the amount in custody, while $125 is charged as administrative fees during any withdrawal.
Coinbase also uses a maker-taker fee model for determining its trading fees. However, the fees are higher than that of Gemini, except that Gemini charges 0.01% on stablecoin pairs, which is ten times that of Coinbase’s 0.001%.
Coinbase Fee Breakdown
|Pricing Tier||Taker Fee||Maker Fee|
|$0 – 10K||0.60%||0.40%|
|$10K – 50K||0.40%||0.25%|
|$50K – 100K||0.25%||0.15%|
|$100K – 1M||0.20%||0.10%|
|$1M – 20M||0.18%||0.08%|
|$20M – 100M||0.15%||0.05%|
|$100M – 300M||0.10%||0.02%|
|$300M – 500M||0.08%||0.00%|
In addition to this, Coinbase charges fees for fiat deposits and withdrawals depending on the methods used and the currency, as shown in the table below.
|Deposit Fee||Withdrawal Fee|
|wire (USD)||$10 USD||$25 USD|
|SEPA (EUR)||€0.15 EUR||€0.15 EUR|
|Swift (GBP||Free||£1 GBP|
Although the two exchanges have a similar fee structure, Coinbase charges more fees than Gemini, so Gemini wins in terms of fees.
Gemini vs. Coinbase: Security
Gemini and Coinbase are both among the safest crypto exchanges in the world.
Gemini has a reputation as a highly secure crypto exchange, and it continues to improve on this to ensure that its customers’ assets are secure. Regular third-party security assessments are performed, including SOC2 Type 2, ISO 27001, and annual penetration testing.
However, Gemini lost a significant chunk of IRA investor funds in 2022. The exchange lost a master key that allowed attackers to access users’ retirement funds, and Gemini is still in court over the case.
Coinbase is a registered and regulated exchange just like Gemini. It is also big on security as it keeps some 98% of its customers’ funds in cold storage. Nevertheless, it has experienced several security issues leading to the loss of funds from exchange wallets.
Although both have experienced significant security breaches, Coinbase has recorded more incidents. However, overall, both Coinbase and Gemini are secure, and this department has no outright winner.
Gemini vs. Coinbase: Verdict
Both Gemini and Coinbase are world-leading cryptocurrency exchanges. They both offer customers a reasonable number of digital assets from many countries. Best of all, both Gemini and Coinbase are easy to use and