If you’re a regular investor who wants to buy crypto for the long term, finding the best exchange for you can save you time and money.
Gemini and Binance are two big exchanges that you might want to think about. The Gemini crypto exchange has a full set of options for crypto coins and digital assets, such as a credit card, the ability to pay with a mobile device, and a market for non-fungible tokens (NFTs).
Binance.US has lower fees than many other exchanges, but it isn’t available in Hawaii, Idaho, New York, Texas, or Vermont. It is also a separate sister company to Binance, the biggest cryptocurrency exchange in the world. This gives it some extra baggage that we think most investors should avoid.
Read Covemarkets.com comprehensive Gemini vs Binance comparison to learn how two prominent platforms compare.
What is Binance?
Binance is the biggest name in the world of cryptocurrencies.
Other exchanges may have a bigger impact in some places, but Binance’s focus on being available in as many places as possible and supporting as many crypto assets as possible has led to the platform’s huge growth, even though it just started in 2017.
What is Gemini?
Gemini is one of the most well-known names in the cryptocurrency business. The company was founded in 2014, which makes it one of the oldest names in the field.
Cameron and Tyler Winklevoss made it. Before they got involved with bitcoin, they were best known for talking to Mark Zuckerberg around the time he started Facebook.
Pros and Cons
|Pros||• Low fees
• Trading fee discount
• Tax statement portal
• Identity verification process
|• More than 100 cryptocurrencies
• Suite of financial products
• Strong security measures
• Available in all states
|Cons||• Not available in all states
• Limited customer services
• History of regulatory issues
• Security information not readily available
|• Relatively high fees
• Can difficult for true beginners to use
Gemini Vs Binance: Which is Better?
Gemini’s best features are ones that are very important for wealthy people and institutions.
Gemini works closely with regulators to make sure there are no problems with illegal financial activity. This is because the Winklevoss twins want to build a trusted brand that will last for a long time.
Security is another important part of the platform. Gemini knows that it would be hard to get wealthy people who usually work in the traditional financial world to use their platform if there was ever a serious security incident.
For people in the U.S., making an instant deposit from a bank account and starting trading right away is also a big plus.
Lastly, Gemini is expected to release the first credit card with a rewards program that is paid out in bitcoin. This will bring many new users to the platform.
Binance’s best features have more to do with cryptocurrency than with anything else. The exchange lists a huge number of different crypto assets that can be traded, and the platform has hundreds of trading pairs to choose from.
Binance has also started to move into the more decentralized side of cryptocurrency, as the Binance Smart Chain has become a serious competitor to other smart contracts platforms like Ethereum.
The BNB token can also be used to reduce the cost of trading. Compared to Gemini, margin trading is one of the best things Binance offers.
Lastly, it’s important to remember that this is the largest exchange in the world. This means that traders will usually find that their favorite trading pairs have more liquidity on Binance than anywhere else.
When it comes to the number of different crypto assets on the platform, it’s very hard for any other crypto exchange to compete with Binance. You can be sure that Binance will let you trade any crypto token that has any kind of name recognition.
Gemini is a bit more cautious about what crypto assets they list for trade, and they started out as a bitcoin-only exchange.
Exchanges that are much nicer to regulators tend to list fewer tokens because they don’t want to ruffle any feathers with crypto assets that turn out to be simple “pump and dump” schemes.
Gemini only has about 100 coins to choose from, while Binance has about 400. On Binance US, there isn’t as much to choose from as there is on Gemini. Here are some of the most-traded digital assets on both platforms:
- Bitcoin, Ether, Litecoin, Bitcoin Cash, Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Zcash, Chainlink, Basic Attention Token, Compound, Curve Finance, Maker DAO, Storj, Yearn Finance, Filecoin, Dogecoin, Sushiswap
Staking, Credit Cards, Other Options
When it comes to staking, Gemini and Binance are different in a few important ways. For one thing, Gemini pays much more interest on funds staked than Binance.
Also, Gemini lets users bet on more than a few cryptocurrencies, while Binance only lets them bet on a few. Lastly, Gemini users have to lock up their funds for at least 30 days, but Binance doesn’t have a minimum lock-up period.
When it comes to credit cards, Gemini and Binance are not the same in a few important ways. For one thing, Gemini has a smaller number of cards than Binance.
Also, Binance has lower fees for using a credit card than Gemini does. Gemini does not have a rewards program for people who use credit cards, but Binance does.
There are a few significant variations between Gemini and Binance in terms of alternative possibilities.
First, Gemini offers a significantly smaller selection of tradable coins than Binance.
Second, Gemini has higher transaction and withdrawal fees than Binance. Binance has a significantly more intuitive UI than Gemini.
Gemini’s slogan, “Trust is our product,” talks about how serious it is about security, while Binance’s main selling point is its low fees. Gemini and Binance both take security seriously and protect your money in a lot of the ways we look for. These things are:
At the user level, both Gemini and Binance have two-factor authentication and other safety features, like whitelisting for withdrawals. By putting addresses on a “whitelist,” you can limit withdrawals to only those addresses.
Insurance: On top of the crypto wallet insurance we talked about above, Gemini has insurance from a third party against security breaches or hacks.
Binance has been putting a portion of the fees it charges for trading into its fund for a few years now. This fund is meant to protect the money of its users. But it’s not clear under what conditions a payout would happen.
Cold storage means that funds are kept offline, which makes them harder to hack. Both platforms keep most of their funds in cold storage and protect their assets with digital signatures that require more than one person to sign.
Overall, Gemini is better than Binance when it comes to security. That doesn’t mean that Binance’s assets aren’t safe; it just means that Gemini really goes above and beyond to protect customer funds.
Also, platform security is only one part of regulatory compliance. Gemini also does well in this area.
The main difference between Gemini and Binance is that Gemini is only available in select countries, while Binance is available in many countries around the world.
Gemini is only available in the United States, Canada, the United Kingdom, Hong Kong, and Singapore. Binance, on the other hand, is available in over 180 countries.
Fees are one area where Binance has been able to stand out from other crypto exchanges, and the low cost of trading on Binance has been a big reason for the platform’s huge growth over the past few years.
Both buyers and sellers in the different Binance markets pay 0.1% on their trades. These fees can also be less for BNB users, who get a discount on their Binance trading experience. As a user’s monthly trading volume goes up, Binance’s trading fees also go down.
On Gemini’s advanced trading platform, fees start at a higher rate of 0.35%. These are pretty high by industry standards, so it makes sense that it will cost you more to trade on Gemini than on Binance.
Still, many Gemini traders are willing to pay these extra costs because the platform has high standards for safety and compliance with rules.
It’s important to remember that fees go up on both Binance and Gemini when it’s easier to buy something.
For example, Binance charges 0.5% instead of the usual 0.1% for its feature that automatically spreads out the cost of crypto purchases over time so that they cost the same amount each time.
|Fees||Gemini (ActiveTrader plan)||Binance||Binance US|
|Debit/credit card purchase fee||3.49%||1%||Debit card purchase isn’t allowed, debit card transfer is 4.5%|
Futures trading fees
debit card transfer — 3.49%
|Bank transfer withdrawal fee||
|1.5 USD||15 USD per transaction|
|Debit/credit card withdrawal fee||
Ease of Use
Gemini is a bigger platform than Binance.US because it has more features for traders of all skill levels.
Binance.US is a streamlined version of Binance. It only has the most important features, like trading and making money. From a UI/UX point of view, both platforms are well made, but Binance.US has a slight edge because it is more simple.
There are a few key differences between Gemini and Binance when it comes to interest rates. For one, Gemini offers a much higher interest rate than Binance – currently, Gemini’s interest rate is 4.5%, while Binance’s is only 2%.
This difference can make a big impact on your earnings, especially if you’re planning on holding your crypto for a long period of time.
Additionally, Gemini offers a staking program that allows you to earn even more interest on your holdings.
Finally, Binance has recently launched a new feature called “Binance Savings” which allows users to earn interest on their crypto holdings, but the interest rate is still significantly lower than what Gemini offers.
At a Glance
|Headquarters||New York City||George Town, Cayman Islands|
|Company Type:||Exchange with custodial services for digital holdings||Complete crypto exchange with NFTs, earn products, derivitives and more|
|Fees:||.50% plus flat $1.99-$2.99 transaction fee||0.10% maker and taker fee with a 25% discount on fees paid with Binance Coin|
|Verification Required:||Yes||Yes (Region dependent)|
|Available Cryptocurrencies:||Bitcoin, Ethereum, Litecoin (30+)||Binance has the widest range of cryptocurrencies that it supports. Binance hosts over 300 assets|
|Proprietary Token:||Yes (GUSD)||Yes (CRO)|
|Buy/Deposit Methods:||Debit Card, Bank Transfer, Cryptocurrency||Credit card, debit card, wire transfer, bank transfer (SWIFT)|
|Sell/Withdraw Methods:||Debit Card, Bank Transfer, Cryptocurrency||Crypto|
|Fiat Trading:||No||Yes (stablecoins only)|
|Gold Or Precious Metals:||No||No|
How Do Binance and Gemini Work?
Both Binance and Gemini are digital asset exchanges that allow users to buy and sell cryptocurrencies. Binance is a centralized exchange, while Gemini is a decentralized exchange.
With a centralized exchange, users deposit their funds into the exchange’s wallet. The exchange then holds onto the funds and facilitates trades between buyers and sellers. A decentralized exchange does not hold user funds in its own wallet. Instead, users trade directly with each other.
Both Binance and Gemini offer a variety of trading pairs, including major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), as well as less popular altcoins. Binance also offers margin trading, which allows users to trade with leverage. Gemini does not offer margin trading.
Is It Safe to Hold Cryptocurrency in the Binance or Gemini Exchanges?
There is no one definitive answer to this question. Some people believe that it is safe to hold cryptocurrency in the Binance or Gemini exchanges, while others believe that it is not safe. These exchanges are both highly reputable and have strong security measures in place to protect user funds.
In addition, both exchanges offer insurance protection for user funds in the event of a hack or other security breach. Ultimately, it is up to the individual to decide whether or not they feel comfortable holding their cryptocurrency in these exchanges.
Who Should Use Binance or Gemini?
Binance and Gemini are two of the most popular cryptocurrency exchanges on the market. Both exchanges offer a variety of features and benefits that make them attractive to users. So, who should use Binance or Gemini?
There is no one-size-fits-all answer to this question, as the exchange that is right for you will depend on your individual needs and preferences.
However, in general, Binance is a good choice for users who are looking for a large selection of coins to trade, while Gemini is a good option for those who want a more streamlined experience and are willing to trade only a few select coins.
Which One Should You Choose?
There are a few key differences between Gemini and Binance that may make one or the other a more attractive option for you.
Binance is a pure cryptocurrency exchange, meaning that it only deals in digital assets and does not offer any fiat-to-crypto pairs. Gemini, on the other hand, is a digital asset exchange that offers both crypto-to-fiat and crypto-to-crypto pairs.
Another difference is that Binance offers a much wider range of trading pairs than Gemini. Binance also has a mobile app, while Gemini does not.
So, which one should you choose? If you want to trade exclusively in cryptocurrencies, then Binance is the better option. However, if you want to be able to trade both fiat and digital currencies, then Gemini is the exchange for you.
It would be wrong to say that there is a clear winner between Binance and Gemini that every crypto trader in the world should choose. Different problems need different answers, and whether Binance or Gemini is the best exchange for you depends on a number of things.
In the end, if you live in the United States, Gemini is probably going to be a better choice for you because it has features that are made for Americans. For people outside of the United States, Binance’s features will be too good to pass up.
Binance is the largest cryptocurrency exchange in the world because it has low fees, a large number of crypto trading pairs, its own tokens, a high level of liquidity, and few KYC requirements.