Gemini Vs Coinbase: What to Choose and Where to Invest in 2024?

Gemini vs Coinbase, how do you choose the best cryptocurrency exchange platform for you?

Cryptocurrency trading is attracting new investors on a daily basis. In the drive to get higher and better returns, several platforms like Gemini and Coinbase are offering safer and more advanced trading options for cryptocurrency exchange. Although both platforms offer similar features, there are a few unique features that distinguish the platforms from one another.

In this blog, we will clarify the major differences between best bitcoin wallets Gemini and Coinbase on the basis of their features, accessibility, ease of use, and other attributes. We have also addressed some frequently asked questions on Gemini vs Coinbase and other questions related to the cryptocurrency exchange.

What is Gemini?

Launched in 2015, Gemini Trust Co., LLC is a cryptocurrency exchange that allows users to buy, sell, trade, and securely store a variety of cryptocurrencies. As of 2023, Gemini has expanded its offerings to include over 120 different cryptocurrencies. It also provides unique features like Gemini Earn, where users can earn interest on their stored crypto, and Gemini Staking. Gemini has faced challenges, such as the ongoing conversations with Genesis Global Capital, LLC regarding the redemption of assets for Earn users, with a resolution expected to be reached by February 2024. Additionally, Gemini has invested significantly in expanding its global presence, including a $24 million investment in an engineering hub in India.

What is Coinbase?

Coinbase Global Inc., commonly known as Coinbase, is an American cryptocurrency exchange founded in 2012. It offers a platform for trading and investing in over 240 tradable cryptocurrencies. Coinbase has continued to grow and adapt to the evolving cryptocurrency market. In 2023, Coinbase is expected to focus on high-quality digital assets like Bitcoin and Ethereum, with an emphasis on sustainable tokenomics and ecosystem maturity¹. The platform also anticipates new listings and developments in response to regulatory changes and market dynamics.

Gemini Vs Coinbase: How to Choose?

Although both platforms are somewhat similar, certain differences distinguish Gemini and Coinbase from each other. On one hand, Gemini provides features that support institutional investors, while, on the other hand, Coinbase lets users earn crypto while learning about trading. Both platforms are beginner-friendly, however, Coinbase has a slight edge since it is available in more countries and offers numerous currency types.

Basic Features:

Ease of Use:

Both platforms are great for people who have recently started with cryptocurrency investments and trading. Gemini and Coinbase also offer informational resources to their users that can be used in further investments and trading. However, the respective platforms are great for people who are at the following stage of their investment phase:

Supported Cryptocurrencies and Accessibility:

Both Gemini and Coinbase accept fiat currencies. While Gemini supports 7 types of coins (USD, AUD, CAD, EUR, GBP, SGD, and HKD), Coinbase supports 5 types (USD, GBP, EUR, AUD, and NZD). Nevertheless, Coinbase offers a competitive advantage by offering more altcoins than Gemini does. For instance, an individual cannot purchase Dash, EOS, Cardano (ADA), and Ethereum Clasic (ETC) on Gemini.

However, both platforms support the following popular cryptocurrencies:

Ethereum (ETH)

Aave (AAVE)

Litecoin (LTC)

Dai (DAI)

Bitcoin Cash (BCH)

Chainlink (LINK)

Uniswap (UNI)

Gemini and Coinbase are constantly adding new cryptocurrency options. In addition, Gemini traders are limited to 60+ countries, whereas Coinbase supports people residing in 100+ countries. The range of options for fiat currencies and international locations still puts both platforms in line with the best crypto exchanges.

Gemini Vs Coinbase security

Gemini:

• Gemini has maintained a strong reputation for security and has never been hacked.

• It offers two-factor authentication, wallet address whitelisting, and the ability to review and approve devices used to log in.

• The majority of crypto is held in an offline, air-gapped cold storage system.

• Gemini provides security options for institutional traders, including defined user access role permissions.

• Users can set up address whitelisting with a seven-day hold process, after which they can only use specific addresses for withdrawal.

• All USD balances are covered by FDIC insurance on balances up to $250,000 per individual.

Coinbase:

• Coinbase keeps a significant portion of customer funds in cold storage, offline in safe deposit boxes or vaults.

• It offers two-factor authentication, biometric authentication, SSL encryption, offline storage, insurance protection, account activity monitoring, and whitelisting.

• Coinbase Vault is a feature that allows users to store their cryptocurrency offline in a secure location.

• All USD balances are covered by FDIC insurance on balances up to $250,000 per individual.

• Coinbase has implemented enhanced account protections, monitoring third-party data breaches and darknet markets for threat indicators.

Both platforms adhere to US regulations and offer robust security measures to protect investors’ assets. It’s important to note that while both Gemini and Coinbase insure users’ funds, the insurance typically does not cover unauthorized access to users’ accounts, only breaches of the exchanges and their systems. For the most current information on security features, it’s recommended to check directly with the official resources of each exchange.

Here’s the updated fee structure for Gemini and Coinbase as of 2023:

Fee Structure:

Gemini Vs Coinbase: What are the pros and cons?

Gemini and Coinbase offer several competitive advantages over one another that are best suited to the various preferences of users. To sum up the choice of Gemini vs Coinbase, you can refer to the list of pros and cons offered by the cryptocurrency exchange platforms:

Gemini

Coinbase

Frequently Asked Questions (FAQS) on Gemini Vs Coinbase

1. What are the various types of exchanges for cryptocurrency?

Basically, there are three main types of exchanges for cryptocurrency.

1. Centralized exchanges.

2. Decentralized exchanges.

3. Hybrid cryptocurrency exchanges.

2. What important cryptocurrency exchange features should I look for before opting?

Opt for the one that offers higher security, charges comparatively minimal, and offers learning resources and advanced trading tools like technical analysis indicators.

3. What is safer: Gemini or Coinbase?

Both platforms are backed by strict safety guidelines and US regulations. Hence, both platforms are safer for use.

4. How can I transfer Bitcoin from Coinbase to Gemini?

Let’s see how to transfer currency from Coinbase to Gemini.

1. Verify yourself on both platforms using your Driver’s License or Passport.

2. Go to your Gemini Dashboard

3. Select Transfer → Deposit into Gemini

4. Select your Currency and continue

5. Copy the Deposit Address (the string of letters and numbers)

6. Go to your Coinbase Dashboard

7. Select Send/Receive → Send

8. Paste the Deposit Address from Gemini into the To field

Also Read: Here are 5 Forecasts for Cryptocurrency in 2030