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|Year of foundation||2014||2012|
|Languages||English||Portuguese, German, French, Spanish, Italian, Dutch|
|Mobile app||–||iOS, Android|
Depositing and Withdrawing Funds
Coinbase and Gemini offer users different ways to fund their accounts. However, Coinbase has a more extensive list.
At Gemini, you can only buy your digital assets with a bank transfer. You can also make a deposit using any cryptocurrency supported on the exchange. Withdrawals are possible using all the same methods.
You can deposit your Coinbase wallet in dollars or euros via card, bank transfer, and PayPal. However, euros can only be deposited through the web interface (not through the mobile app). Of course, you can also transfer cryptocurrency directly to Coinbase wallet.
Trading Volumes and Traded Pairs
The coins available on Coinbase and Gemini are slightly different. Neither platform offers a large selection of altcoins, but Coinbase wins in the category of coin availability.
Coin users can buy in Gemini: Bitcoin and Ethereum. Gemini has a volume of 1.54 million BTC during the last six months. That gives it a market share of 4.57%.
Coin users can buy on Coinbase: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The Coinbase exchange trades at a much higher volume than Gemini. Over the past six months, Coinbase has sold 5.15 million BTC. This gives it a market share that is second only to Bitfinex. Coinbase’s overall market share is currently 15.3%.
The fees the exchange charges for exchanges depend on how many transactions the user has made recently. There are six levels, representing different amounts of bitcoin or ether bought or sold. They range from comfortable traders to those who exchange vast quantities of cryptocurrencies. Every day at midnight UTC, the commissions are calculated again for each trading pair. Since Gemini offers users low fees, this makes the exchange a much better alternative to Coinbase for those users who trade vast amounts of cryptocurrencies.
There is no transfer fee to Coinbase via SEPA, but the withdrawal costs €0.15 and takes 1 to 3 business days. From the United States, you can fund your account in dollars through the ACH system for free (up to 5 business days) or by regular transfer for $10. Withdrawals will cost $25. It is not possible to withdraw money from Coinbase to the card – only to the account. When buying cryptocurrency with a bank card, the commission at Coinbase will be 3.99%, and in the case of buying from a bank account – 1.49%. At the same time, third-party cryptocurrency buying services using Coinbase API may charge an additional fee.
Both Coinbase and Gemini use two-factor authentication, and both separate their customers’ money from the money that the respective companies must use to operate. This dramatically reduces the likelihood of phishing or account hacking. A two-factor authentication case requires users to use something they know (a password) and something they have (a cell phone) to log into their account. A message with a code is sent to your cell phone when you try to log in. This code is required to continue.
- Several digital assets that are stored online on a hot wallet are protected using Amazon Web Services.
- Multi-factor authentication is required to access the hot wallet.
- To prevent supply chain issues, security-related equipment comes from different manufacturers.
- All confidential account information is encrypted.
- Website data is transmitted over encrypted transport layer security connections such as HTTPS.
- Important data is stored on equipment that is completely disconnected from the Internet.
- Data is distributed among encrypted USB drives and paper backups located in different geographic areas around the world.
- All site information travels over encrypted SSL – HTTPS.
- Wallets and private keys use AES-256 encryption to protect them.
Many cryptocurrency exchanges struggle to support customers. However, Coinbase and Gemini are doing a good job. Both services have an extensive list of articles that answer many customer questions. If users get stuck or have complaints, they can contact both companies through the email form on the sites themselves. So it’s impossible to say for sure who the winner of this item is.
Pros and Cons
Many of the features of Coinbase are similar to those found in Gemini. However, there are several differences between the platforms:
I have been studying cryptocurrency for over 5 years. I have accounts in every exchange and I test everything on myself.
I want this market to be more understandable for everyone.