Platforms like Gemini and Coinbase can make cryptocurrency trading easy and safe for new and seasoned investors, as crypto trading draws both new and seasoned investors. Both are well-known centralized exchanges that follow tight US rules and are backed by major banking institutions like J.P. Morgan. Furthermore, you can use Coinbase Pro or Gemini’s ActiveTrader program to have access to sophisticated trading options on both platforms.
Although the exchanges are similar, there are some variances. While Gemini caters to institutional investors, Coinbase allows you to earn cryptocurrency while learning how to trade. Beginners will be able to use any platform with ease. Coinbase, on the other hand, has a little advantage because it is available in more countries and supports more currency types.
We looked at Gemini and Coinbase to see how much it costs to trade different quantities and volumes, as well as what payment options are available. We also looked at things like simplicity of use, unique features, and security options, also looked at their customer service and the operation of their mobile apps.
Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.
Gemini vs. Coinbase: Features
Both platforms are appropriate for novice users, with easy-to-use user interfaces (UIs), mobile apps, and simple trading options. You’ll also get a digital hot wallet from Gemini and Coinbase, as well as a wealth of educational materials. However, each exchange has its own distinct characteristics.
Gemini features consist of:
- The Gemini Earn program: Customers in all 50 states can earn interest on their net balance of certain crypto coins. Different coins earn different rates. Currently, Gemini Dollar earns the highest annual percentage yield (APY) at 8.05%. Dai earns 7.99% and Bitcoin earns 1.49%.2
- Third-party integrations: Gemini provides public API keys so you can connect other software tools, making Gemini an excellent option for fund managers or other institutional traders.
- Gemini Pay: Gemini has teamed up with more than 30,000 retailers allowing you to pay for purchases using your Gemini account and stored cryptocurrency.
On Coinbase, beginner investors appreciate features, such as:
- The ability to earn crypto while learning about investing via short videos
- A watchlist feature to see price histories or receive alerts when prices go up or down
- The built-in newsfeed with regular updates about the cryptocurrency market
- Users can contribute to the Proof of Stake (PoS) network to earn an income on assets
- The ability to deposit funds from altcoin sales to PayPal
Gemini vs. Coinbase: Supported Currencies
Fiat currencies are acceptable for Gemini and Coinbase. Coinbase supports three types: USD, GBP, and EUR, while Gemini supports seven: USD, AUD, CAD, EUR, GBP, SGD, and HKD. Coinbase, on the other hand, has a far larger selection of altcoins than Gemini. On Gemini, for example, you can’t buy Dash, EOS, Cardano (ADA), or Ethereum Classic (ETC).
Both platforms support popular currencies, including:
- Ethereum (ETH)
- Aave (AAVE)
- Litecoin (LTC)
- Dai (DAI)
- Bitcoin Cash (BCH)
- Chainlink (LINK)
- Uniswap (UNI)
The number of currencies offered by Gemini and Coinbase can fluctuate because they are always adding new cryptocurrency options. Gemini only admits traders from over 60 countries, whereas Coinbase accepts users from over 100 countries. In terms of fiat currency options and international locations, both platforms are comparable to the leading crypto exchanges.
Gemini vs. Coinbase: Security
These well-known exchanges abide by the strictest security measures and U.S. legislation, making them a popular choice among investors. Both systems are backed by J.P. Morgan, and Coinbase’s stock was listed directly on the NASDAQ in 2021. Furthermore, all USD accounts on Gemini and Coinbase are insured up to $250,000 per individual by the Federal Deposit Insurance Corporation (FDIC).
You can also use the Authy app on Gemini or the Google Authenticator app on Coinbase for two-factor authentication (2FA) with Gemini and Coinbase. Furthermore, Coinbase claims to store 98 percent of user assets in cold storage, which means it’s housed in safe deposit boxes or vaults offsite. The majority of the cryptocurrency is held by Gemini in an offline, air-gapped cold storage system.
Institutional traders can also benefit from Gemini’s security features, such as specific user access role permissions for trading cryptocurrencies or accessing their account. You can also look at devices that use or log into your account. You can also set up address whitelisting, which involves a seven-day wait period after which you can only withdraw from particular addresses.
Gemini also protects the Gemini Wallet from security breaches and fraud. Coinbase also protects its users’ cash. However, the insurance only covers Coinbase and its technology, not unauthorized access to your personal account.
Gemini vs. Coinbase: Ease of Use
User-friendly web browsers and mobile application interfaces, a simple signup and trading process, and useful instructional resources distinguish Coinbase and Gemini. The mobile apps offer a similar experience to web browsers and have received positive third-party customer feedback.
Gemini offers a comprehensive knowledge library with frequently asked questions (FAQs) as well as various webinars. However, it recently launched Cryptopedia, a cryptocurrency trading education platform that covers information on currencies, security, trading, investment, and decentralized finance (DeFi).
Customer help is available via email or web request, and the Gemini exchange claims to monitor social media sites such as Twitter, Facebook, Reddit, LinkedIn, and Instagram. Users can also chat online or call Gemini 24 hours a day, 7 days a week.
Coinbase, like Gemini, has an extensive knowledge base that includes articles for novices, tips and lessons, and market updates. By watching informative videos, users can earn cryptocurrency. Coinbase, unlike Gemini, does not provide phone-based customer care or social media monitoring. There is a contact form as well as a chat button.
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