Gemini vs Coinbase. Which one? Gemini is where the serious Bitcoin investor finds a home. You’ve dipped your toe into crypto, you’ve probably signed up for Coinbase. So, Gemini vs Coinbase? Have you’ve gotten the bug, you might have explored Coinbase Pro. If you follow Facebook news closely, you’ve probably heard of Gemini from the notoriety of its founders, the notorious Winklevoss twins, Cameron and Tyler.
Gemini vs Coinbase
Gemini took its name from the astrological sign that represents twins. If you’re serious and don’t mess around with a variety of alt-coins, you’re probably on the Gemini exchange.
Institutionally Gemini
Gemini is created for institutional investors from Wall Street. Gemini users want to include Bitcoin and Ethereum in their investment portfolios. They need to maintain extreme SEC, tax, and government compliance. So, which is it when it comes to Gemini vs Coinbase?
NYSDFS
The Winklevii are committed to making Gemini the go-to exchange for an institutional clientele. Gemini is regulated by the New York State Department of Financial Services (NYSDFS).
Gemini is the first U.S. exchange to be officially Bitcoin and Ether licensed. It is willing to comply with the sundry government regulations around the world.
Gemini Trumps Coinbase on Security
In order to maintain the level of security required for compliance with existing State and Federal financial regulations, Gemini has next-level security features that Coinbase, Coinbase.US, or Coinbase PRO, can match.
Cameron and Tyler Winklevoss designed an exchange exclusively to service Wall Street, Chicago, San Francisco, Hong Kong, London, and all the other financial centers and their needs.
Pure Cryptocurrency Exchange
Gemini isn’t a pure cryptocurrency exchange so it is possible to wire money from your bank into Gemini in order to start investing in crypto for the first time. This is very similar to Coinbase in this regard.
Coinbase and Gemini Get Extremely Personal
Like Coinbase, Gemini requires personal verification of who you are, where you live, and what your nationality is. Proof of identification is essential and requires the uploading of scans and photos of official government documents.
This is a legal requirement and may take time for the verification process. Some people consider this level of background check antithetical to the anonymous nature of crypto and would never use either Coinbase or Gemini for that reason.
Lowest Fees on Gemini
Gemini rewards the committed trader with much lower fees compared to Coinbase. This is primarily because Coinbase’s ease of use. The fee accounts for making it so easy to have a first crypto experience when the onboarding is complete.
High fees on very small trades when you’re experimenting is somewhat acceptable. That is, it becomes an important part of your investment portfolio. When you start making big trades with lots of value, then finding an exchange where the fees are lower is of much higher concern.
Coinbase is a 7-11 to Gemini’s Costco
Coinbase charges its trade and transaction fees every time there’s a buy or a sell. However, Gemini is more like Binance in that fees are both tiered. Binance has 10 tiers and Gemini has six. They’re charged based on a 30-day trade volume.
In Conclusion
Gemini might not be the starter cryptocurrency exchange that Coinbase is but it’s the destination for serious professionals. It’s aimed at those who want to stay on the right side of federal, state, and local regulations.
Gemini’s so compliant that even the FDIC (Federal Deposit Insurance Corporation) insures US Dollar accounts . Futhermore, funds are kept in an NYC chartered bank, a requirement for institutional clients. That said, both Coinbase and Gemini have banking services provided by JP Morgan.
Whether you choose Coinbase or Gemini depends on your taste and your needs. You really can’t go wrong with either of them.
