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Or maybe you are already a Coinbase or Gemini user? And now you are thinking about moving to the other exchange?
Either way I wanted to give my thoughts on the matter and provide you with an in-depth comparison of both of these two popular cryptocurrency exchanges. So that you can get some more insight into which one to pick!
I think either one would be an excellent choice to use, but lets see how they compare to each other.
Comparing Gemini vs Coinbase
Gemini was founded by the Winklevoss twins, famous for their previous Facebook involvement. After settling with Mark Zuckerberg the twins received a settlement sum that they invested straight into Bitcoin.
Fast forward a few years they are now a lot richer, and founders of the popular cryptocurrency exchange Gemini.
Crypto is not just a technology, it’s a movement
And from here on the brothers interest in Bitcoin and cryptocurrencies are clear to see. And they have since the launch of Gemini focused on usability and creating a user-friendly place where people can easily buy Bitcoin and cryptocurrencies.
Much similar to the approach setup of Coinbase.
Gemini was voted 2019 Markets Choice Awards as the “Best Crypto Exchange” by Markets Media.
Gemini similar to Coinbase focuses not only on retail investors but also the institutions that wants to invest in Bitcoin and cryptos.
Coinbase was founded by Brian Armstrong and Fred Ehrsam back in 2012 and has since grown to become one of the true powerhouses of the crypto world, together with Binance.
Coinbase like Gemini delivers a nice-looking experience for any type of user that wants to buy, sell and store cryptocurrencies.
Both for retail investors and institutions alike.
So here Gemini and Coinbase share many similar traits and approach to the crypto market.
Buying and selling cryptocurrencies at Coinbase is probably one of the easiest experiences of all exchanges and brokers. Hence the big interest and starting point for crypto-beginners.
Coinbase have two separate exchanges for retail investors, Coinbase and Coinbase Pro. Learn about the differences here.
Registration – Gemini vs Coinbase
Ok, how does it work for new users to register at both Coinbase and Gemini, we have tried both out and detailed the process for you here below.
Registering at Gemini
First head over to www.gemini.com and click on Get Started. Then type in your email and password and the next step is to add your phone number and type in the code you get.
After that you will need to complete some KYC checks and verify your identity.
Overall the registration process at Gemini is straightforward but a few too many steps if you need to complete both ID card + passport verification. Combined with phone and email.
Registering at Coinbase
Go to www.coinbase.com and click on Get Started. Next you can choose if you are creating a personal account or a business account.
Proceed through the registration steps, add name, email and password.
Proceed through the next steps and verify your email and identity. And then you’re in.
Overall a similar registration process like at Gemini, but it feels a bit easier with the verification parts.
- We strongly encourage you to use 2FA with any cryptocurrency exchange account
Payment methods – What is available?
Here we will explore what current payment methods are available at each exchange/broker.
Payment methods available at Gemini
At Gemini you can buy cryptocurrencies using either a Bank Transfer deposit (U.S only) or can be made or a wire transfer for non-US users.
To fund your Gemini account via a bank/wire transfer you will first need to add your bank account to initiate the transfer.
To buy cryptocurrencies from Gemini
Simply add your bank account and then proceed to buy Bitcoin, Ether or the other cryptos from their site
Payment methods available at Coinbase
Coinbase has different payment methods available depending on where you live.
For U.S customers you can use your bank account (ACH) to fund your account, or via a Wire Transfer. And then you can buy cryptocurrencies directly with your debit card.
For European users, you have similar methods available, with SEPA transfer, Ideal/Sofort but also a credit card + a debit card purchase option.
You need to link/add your bank account or credit/debit card to Coinbase before you can start buying or depositing funds to your account.
For withdrawals you can sell BTC, ETH, XRP, etc to your EUR/USD/GBP wallet and then withdraw the funds to your bank account.
To buy cryptocurrencies from Coinbase
Add your bank account and make a deposit, when it has arrived (1-2 days usually) you can buy cryptos from your USD/EUR/GBP wallet.
But you can also buy cryptos isntantly at Coinbase using a credit or debit card, add your card and then proceed to buy cryptos from your account at Coinbase
Deposit & Withdrawals – how does it work?
For both Gemini and Coinbase you have bank transfers to deposit fiat currencies. Then you can of course also deposit cryptocurrencies to your accounts.
For Gemini you can deposit and withdraw cryptocurrencies like at any other wallet. Simply copy the wallet address and use it to send cryptos to.
And withdrawals works the same way but you paste in the address that you want to send to.
Sending cryptocurrencies to and from your Coinbase account includes the need to add a tag/memo for certain cryptocurrencies that use this technology.
This is basically a note that helps to direct the transaction to the correct wallet account. As Coinbase uses the same account for several cryptocurrencies this is necessary.
Fees – Gemini and Coinbase
At Gemini you have these fees:
- Convenience fee – Gemini has something called a convenience fee, which is a flat fee calculated at 0.50% above the current market price for the trading pair
- Trading fee – Adding to this they also take a flat fee of $0.99 to 1.49% of the web/mobile order value for transactions ranging from less than $10 up to more than $200k.
- Withdrawal fee – Ranging from free to a few cents
- API fees (order book) – Taker fee from 0.35% to 0.030% and Maker fee from 0.10% to 0% depending on per 30-day trading volume
At Coinbase you have these fees:
- Coinbase Fee – a Flat fee from $0.99 to $2.99 depending on the transaction amount
- Spread – This is a margin added on top of the market exchange rate
- Standard Buy/Sell fee – 1.49%
- Credit/Debit card fee – From 3.99%
- Deposits in – From free to $10
- Withdrawals out – From free to $25
Looking at the fee structures of both Coinbase and Gemini, I would say Coinbase fees are higher.
What you can do with Coinbase is to make a bank transfer deposit to Coinbase and then market buy the cryptocurrencies with your EUR/USD/GBP wallet with Coinbase Pro to save on fees.
Cryptos available – which is better?
Neither of them has the widest selection of cryptocurrencies available, compared to Binance. But Coinbase definitely have more cryptos available compared to Gemini.
Gemini has both USD trading pairs and cryptocurrency trading pairs (see pictures below). And about 9 cryptocurrencies available at the moment.
- Learn more about the selection of cryptocurrencies available on Gemini here
And Coinbase has about 25+ cryptocurrencies available across both Coinbase and Coinbase Pro.
- Learn more about the selection of cryptocurrencies available on Coinbase here
Conclusion – Who is the winner?
But to me, Coinbase takes it home. Only as a slight winner when comparing them.
To me, Coinbase has a greater option of cryptocurrencies, payment options + the option to use Coinbase Pro makes them the better choice.
Both Gemini and Coinbase are very similar. They are user-friendly, reliable, secure and well-trusted by millions of users. But overall Coinbase is a bit more popular amongst crypto investors today.
I would say that Gemini is close to Coinbase on most things and perhaps even better when it comes to fees. So if you valued that and you didn’t mind waiting 1-2 days for a bank transfer then go for Gemini.
They are a good choice for any investor looking for ease of use and security.
Other guides we recommend
- The best way to investing in cryptocurrency
- How to buy XRP with a credit/debit card
- How to buy IOTA
- Best Ethereum wallets
- Bittrex vs Binance
Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that wants to see better and smarter products and services that makes our lives better and easier