Find out which crypto exchange comes out on top.
It seems like everyone has a crypto portfolio these days. Do you want to trade crypto but don’t know where to start? Well, first you will need to find the right exchange to trade on. There are a multitude of crypto exchanges on the internet. And probably many more being conceptualised and created as we write this. So, how do you know which one to use? Coinbase vs Gemini, let’s see how they compare.
Well, it’s based on a number of things that are important to you as a crypto investor. For example, do you need liquidity? (i.e the ability to buy and sell your positions fast). Then you’ll be looking for an exchange will a high daily trade volume. Or, do you want access to a large number of coins? Then look for an exchange that is known to bring out new coins frequently and supports undiscovered gems.
In this article, we give you an introduction to two of the largest and most popular crypto exchanges: Coinbase and Gemini
Intro into Coinbase.
Coinbase is one of the world’s most popular crypto exchanges. Coinbase has 89 million verified users. They trade approximately $547B quarterly. And are supported in over 100 countries.
Coinbase allows you to buy and sell popular digital currencies and manage your portfolio in one place. A clever attribute is scheduling recurring buys daily, monthly or weekly. This way, you can for instance, set aside $50 or $150 each month, and Coinbase will automatically invest in your chosen crypto. You can set it and forget it, and watch your portfolio grow. It could be the best $150 you ever spend!
Security and Storage on Coinbase.
Coinbase take your security very seriously and also of the crypto portfolio that you are holding. With so much volatility in the crypto market, it’s a relief having to worrying about one less thing. Knowing that keeping your crypto portfolio secure is a high priority for Coinbase, makes you feel safer trading higher volumes.
Storage on Coinbase is easy. You can store your crypto in your own wallet, a Coinbase wallet or in you Coinbase account.
Coin Variety on Coinbase.
Coinbase has around 150 coins that are tradable, which makes it a market leader in coin offerings. Here are some of the traceable coins on their exchange:
Fees on Coinbase.
Of all the pros listed above there are bound to be some cons. One of which is the higher fees than other exchanges. Fees for transacting, will incur a flat fee plus the margin. However, considering the priority on security that Coinbase offers, it does justify the higher costs.
Any cool features on Coinbase?
Earn while you learn. Coinbase has a cool learning section where you can watch videos about different crypto currencies and earn a small amount of crypto by doing so. For example, if you complete the course on Stellar Lumens you can earn $10 worth of XLM. (XLM = the ticker for Stellar Lumens)
Intro into Gemini.
Gemini was created by Tyler and Cameron Winklevoss. (Yes, of Facebook fame.) They had an early interest in crypto and built a platform with industry leading security controls. Gemini is available in 60+ countries and is one of the largest crypto exchanges. Gemini ActiveTrader® is a professional-level, robust platform that allows charting, block trading, auctions and multiple order types. While the Gemini app is intuitive and simple for a beginner to understand.
Security and Storage on Gemini.
Security and storage is paramount when investing in crypto. Countless stories appear of losses from disreputable storage wallets or exchanges, with the owners of those stealing clients’ crypto portfolios. Gemini is serious when it comes to securing your crypto portfolio. They can provide an institutional grade cold storage wallet (a physical device that keeps your cryptocurrency completely offline), if you want to store your crypto on Gemini. Similarly to Coinbase, you can also store your crypto in a secure Gemini account (or hot wallet) or your own hard wallet.
As Gemini is setup as a New York Trust Company it is required to hold capital reserves. Therefore, your portfolio is partially secured by the reserve requirements.
Additionally, the majority of your crypto is held off-line in cold wallets. Only a small portion is held in hot wallets, which are insured against certain types of losses.
Coin Variety on Gemini.
Gemini supports a variety of coins, some of which are listed below:
Fees on Gemini.
Gemini offers more flexibility than other high-yield cryptocurrency investments, with no minimums and no transfer or withdrawal fees. However, it’s fee structure can be complicated as there are different rates for mobile or platform use. The trading fees include a spread and a fixed cost.
Any cool features about Gemini?
Gemini Earn is a great bonus where users earn interest on their crypto holdings. No other cryptocurrency exchange or financial institution offers the opportunity for users to earn interest on crypto. This is available in every U.S. state, and also in Singapore and Hong Kong.
Coinbase vs Gemini: Which is the winner?
So, which exchange is right for you? Ultimately it depends on what you want to invest in, the frequency of investment, storage security and your ability to absorb fees. If you’re trading frequently, you may want to look into Gemini which has the lower transaction costs. If you’re a sophisticated trader Gemini offers a larger suite of products. However, if you are a beginner and like have a variety of coins at your fingertips, Coinbase might be for you. Coinbase is supported in many countries, so it might well be the best choice for you.
Setting up an account on any trading platform will require AML (Anti-Money Laundering) checks. Therefore, you will need to verify your identity by providing an identification document, i.e. a passport or driver’s license as well as a recent bank statement/utility bill with your name and address.
Both exchanges are excellent platforms to trade crypto. Both provide ample educational, trading and secure tools. Choose one and get investing today.
