Gemini Exchange Profile vs Coinbase:
The purpose of this piece is to compare Gemeni to rival Coinbase and uncover the advantages and disadvantages of both exchanges. You all know the two characters from the social network don’t you? Well, you should know that they started an exchange platform called Gemini. It and Coinbase are the top two most recommended platforms for CryptoCurrency.
Both Coinbase and Gemeni deal with the exchange of cryptocurrencies. Bitcoin, Ethereum and Litecoin are cornerstones in their lineup of coin investments.
The two platforms have their advantages and disadvantages. As with many exchanges, the functionality of the two is primarily sourced in buying and trading. The two do still have differentiating factors. We look at the following facets below:
- Exchange Functionality
- Exchange Buying Limits
- Cryptocurrencies Available
- User Base
- Personal Information
- Brand Popularity
- Supported Countries
- Customer Service
Gemeni is an exchange that was founded in 2015 by Tyler and Cameron Winklevoss (Co-Creators of Facebook) in New York, USA. Gemini has built a great reputation in a very short period of time. It is regulated by the New York State Department of Financial Services (NYSDFS). It also is the first U.S. exchange company licensed for Bitcoin and Ether trading.
One of the major advantages of Gemini is the fast speed at which it allows Bitcoin to be exchanged for cash and cash to Bitcoin. Unlike other cryptocurrency exchange platforms, Gemeni is fast. You don’t have to wait for days before your cryptocurrency funds reflect in your account. Gemeni allows its users to sell, buy, or store Bitcoin and Ethereum. The exchange is very safe and secure.
Coinbase was founded in 2012 by Fred Ehsram and Brian Armstrong in San Francisco, California. Coinbase is the largest and safest cryptocurrency exchange in the world. With over 10 million customers spread across 32 countries, Coinbase has achieved a flawless reputation amongst other cryptocurrency investor which has lead to its standing as the #1 downloaded application in the world on Apple and Google Play.
Coinbase allows it users to buy, sell and store Bitcoin in its wallet facility. It provides a variety of payment methods such as credit card, bank transfer, and debit card.
Comparison of Gemini vs. Coinbase
Gemini is a pure and proper cryptocurrency exchange platform, and it operates in a one to one, peer to peer capacity. The general concept is that you trade directly with other Gemeni users for a transaction that is closed between two independent parties with Gemeni as the intermediary.
Coinbase operates much differently. You don't buy or sell to other users on Coinbase. Instead Coinbase aggregates transactions. It acts more as a retail store which is why you typically see higher exchange prices on Coinbase than any other exchange. Buffer is built in so that Coinbase doesn’t lose money on market fluctuations. This leads to higher fees which is one of its primary complaints.
Gemini has fairly rigid buying restrictions. A specific buying limit of $500 is imposed if you are using bank transfer.
Coinbase does not categorically state any limit for new users. Their deposit numbers are known to fluctuate on factors like account age, previous buying history and account verification status. Initial deposit limits are seen in the $10,000 range. Coinbase has much more flexibility here than Gemeni.
Gemini deals with only two cryptocurrencies. They carry Bitcoin and Ethereum. Coinbase deals with four. They feature Bitcoin Cash, Bitcoin, Ethereum and Litecoin.
Gemini charges are very low compared to Coinbase. Gemini only charge on trading fee. This charge is just 0.25%.
Coinbase charges around 3.99% if your purchase is done with credit/debit card and 1.49% if your purchase is carried out via bank transfer. These fees have been notably increasing over time.
Gemini is not as rich in users as Coinbase and only has a fraction of the coverage. This doesn’t come with any notable complaints though.
Coinbase has over 10 million users with digital currencies of over $20 billion already exchanged.
Coinbase and Gemeni are both considered to be best in class in both security and encryption. These are two of the safer exchange options out there.
Both Gemini and Coinbase requires your personal information and verification. For USA users this is so they can accurately gauge who you are for tax purposes. Coinbase faced legal issues for that earlier in 2017.
Gemini is doing well in terms of popularity. They are one of the top ten exchanges on the market and easily one of the most popular American Cryptocurrency exchanges.
Despite Gemeni’s growth, Coinbase dwarfs the brand. It is top-notch and very popular with reputable newspapers and magazines such as New York times, Time, and many other acclaimed entities.
Gemini is trusted among cryptocurrency investors, but Coinbase enjoys a higher level of trust among cryptocurrency investors.
Countries where Gemini is available do not cover as much as Coinbase. Countries where Gemini services are present are U.K, U.S, Canada, Puerto Rico, South Korea, Hong Kong and Singapore.
Countries where Coinbase service customers are in the U.K, U.S, Finland, Denmark, San Marino, Poland, Latvia, Liechtenstein, Ireland, Switzerland, Netherlands, Norway, Italy, Greece, Hungary, Canada, Croatia, Belgium, and Bulgaria, Spain, Malta, Monaco, Cyprus, Czech Republic, Singapore, Slovakia and Portugal.
Customer support system:
Customer service is one of the problems facing most cryptocurrency companies, but Gemini and Coinbase have done a good job in this department overall. Coinbase does have some speed issues in response due to their scale.
Gemini uses Email as a mean to communicate and with its users and they typically responds quickly. A normal response rate is within 24-72 hours. This fact has quickly padded their reputation as a consumer focuser unit that cares about its investors.
Coinbase is similar to Gemeni in functionality here. They prefer that most customer service come through their email unit. Much like Gemeni, they also have a typical response time of 24-72 hours.
The main complaint of customers for both exchanges is that phone support is limited. You likely wont be able to reach a human on a handset if you try. Email is your best bet.
* Moderate fees
* Great customer service
* Licensed U.S exchange
* Gemini is insured by FDIC
* Options to make deposit are limited
* It only deals in Bitcoin and Ethereum
* Not mobile friendly
* Its fast speed in purchasing cryptocurrency cannot be rivaled
* Its user friendly and easy to use
* It is safe, secure, regulated and trust worthy
* It has various options to make payment for your purchase of cryptocurrency. This includes bank transfer, credit card, debit card, etc
* Funds stored by customers are safe and secure
* Its fees are slightly higher than that of other exchange companies.
* Your activities and spendings are been monitored by Coinbase
With the above details, you should be able to choose which platform you like best. If you need more options for exchanges, we have a comprehensive list of companies we like here.
Thanks for reading. Best of luck and happy investing!