Coinbase vs Gemini (UPDATED 2018): Are they Safe Marketplaces?| VKOOL

557 Review(s)
AVG Rating: 7.5/10

Comparing Coinbase vs Gemini

Coinbase and Gemini are cryptocurrency exchange marketplaces where people can set up trades. They are very popular due to their ease of use and simple to understand terms and conditions. We’ll fully explain what each of these marketplaces offer, and what you can expect as a consumer.

Fundamentals of Coinbase vs Gemini

The key differences are that with Coinbase you’re allowed to buy cryptocurrency with a debit and credit card. With Gemini they only allow you to run a bank transfer. For selling on Coinbase you can link a PayPal account as well as a bank transfer, while Gemini only allows people to secure a bank transfer.

They are both operated by US based companies, and Coinbase has been around or 3 years longer, beginning in 2012. Their offered cryptocurrency includes:

Coinbase: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

Gemini: Bitcoin and Ethereum.

How to Purchase Cryptocurrencies

Coinbase makes the process of buying cryptocurrency easy, and all you have to do is make an account by providing your full name, email, and a unique password of your choice. They offer the ability to make a purchase with a verified bank account, debit card, or credit card.

Once you make a purchase of your cryptocurrency of choice, there is a fully locked in rate. So whatever the price is of the cryptocurrency you’re interested in, you’re guaranteed it will remain this prove no matter what the changes are in the market.

After you create an account you can then buy the type of cryptocurrency you’re interested in with your preferred payment method. Keep in mind your bank may charge an additional amount or outright deny the charge if it’s paid with a credit card. The screen will appear similar to this when you make a credit or debit card purchase:

If you prefer to make a bank transfer than it will be a somewhat slower transaction, but the total fees will also be lower:

Unlike other marketplaces on Coinbase you don’t have to wait on an order purchase to be fulfilled, and there isn’t the extra step needed to verify as long as the amount you’re looking to get is under a certain price range.

The different with Gemini is that you can actually stat making trades as long as you are in the process of certifying a transaction with your linked bank account. The process is slightly different when after you make an account, you can deposit your fiat currency and place an order. After this is complete you can then withdraw as soon as the order has been processed to your bank, a screen will then appear like this:

In order to make a deposit with fiat currency you have to provide some sort of identification. This is mainly as a safety precaution to prevent fraud, and to dissuade consumers from making illegal purchases.

Set Limits

A full outline of the Coinbase limits explanation is offered. Essentially the amount you’re allowed to trade depends on how long you’ve had an account, your purchase history, and what payment method was selected. So this depends a lot more on the user itself, to verify they offer a page of verifications to learn more. The page will appear like this:

If you want to access more funds, you can start a wire transfer.

The overall limits can vary but on average it’s about 5,000% for bank transfers and $500 daily. For credit cards it’s roughly $60 for those who have less account history.

Company Reputation

Both of these marketplaces are popular and have had millions of users.  Gemini has a total of $159,784,170 USD circulated at the time of this review, and Coinbase has also circulated over $50 million in currency.

Safety

You can read about how the company retains consumer safety on their website. Gemini for example has customer service for any added support and they have performed security updates. Coinbase has been given certification by the New York Department of Financial Services to continue trading certain forms of crypto.

Cryptocurrency Options

With Gemini you have the option to get Bitcoin and Ethereum. Coinbase offers more with Bitcoin Cash, Bitcoin, Ethereum, and Litecoin.

Different Fees

Gemini only has fees for trading which is .25%, Coinbase charges 3.99% for purchases made on a debit or credit card, and 1.49% for bank transfers.

Coinbase vs BitPay

BitPay is a global company that allows the transfer of Bitcoin to businesses. They offer a free wallet to store BTC and they offer a card for immediate transactions. This allows people to make safe transactions all over, as long as the business uses BitPay. This is usable for ecommerce as well or any and all donations.

Coinbase vs GDAX

GDAX began in 2012 and they offer bank transfer and cryptocurrency deposit for trades. You can access BIT, LTC, and ETH there. There are no fees for makers, and their fees for takers can range from about 0.25% depending on the amount asked for. You can only access GDAX if you are based out of Europe, Canada, Australia, Singapore, and the US.

Coinbase vs Kraken

Kraken is described as the “best Bitcoin exchange” for people serious about trading. They offer their own wallet and have an app that updates the current trading price for BTC. This app also allows for fast trading, and the company currently charges both taker and maker fees depending on the volume of trades.

Gemini vs itBit

itBit only offers the trading of fiat currency for Bitcoin. They also require some sort of ID to help verify an account. There are no fees for the maker, but the price of a taker is 0.20%. The company is based out of the US, and they began their operations in 2013. Their safety extends to two-factor authentication, and all their Bitcoin is held in cold storage.

Gemini vs Bittrex

Bittrex is a major cryptocurrency marketplace that allows for several kinds of popular coins, and lesser known alt coins to be traded. They also are in the works to allow for USD based deposits for all crypto. They are also based out of the US, and the have a live market update page to verify what the current prices are.

Coinbase vs Gemini FAQ

  1. Is Coinbase safe?
    They do seem like a reliable company as they have updated news and offer additional security measures for users.
  2. What are the total Coinbase fees?
    They charge 1.49% for bank transfers and 3.99% for credit or debit card purchases.
  3. Is there a Coinbase Reddit page?
    They do have a page at: https://www.reddit.com/r/CoinBase/
  4. Is Coinbase legit?
    It does have a total of over $50 billion of traded currency, and they are a popular exchange. They seem to have a streamlined process as well for trading.
  5. Is Coinbase safe to link to a bank account?
    As with anything online it’s important to take safety measures but people repeatedly said it was a trustworthy process.
  6. Can I use Coinbase in the UK?
    Yes, UK based residents can use it.
  7. Is Coinbase offered in Canada?
    They do offer exchanges in Canada.
  8. Why does Coinbase need my ID?
    This is often to help protect against potential fraud and to keep people’s sensitive financial information is secure.
  9. Is Coinbase anonymous?
    It is not completely anonymous since they require an ID to begin trading.
  10. Was there a Coinbase security breach?
    We couldn’t find any information related to a security breach online.
  11. Is Gemini a good coin exchange site?
    They are very popular online and for Bitcoin and Ethereum, they do have competitive pricing.
  12. What are the total Gemini fees?
    Takers can expect a fee of around 0.25% depending on their volume.
  13. Where is the official Gemini login page?
    You can find the sign in page on the front page on the top right hand corner.
  14. What’s a common Gemini review?
    People generally enjoyed its ease of use and simple to work with interface. Many favored its much lower than average fees.
  15. What are the current Gemini coin price options?
    We recommend looking at their official website to see what the prices are because the market can change drastically in even a few seconds.

Summary

Both Coinbase and Gemini have the same kind of market, which is to allow trading of the most popular forms of cryptocurrency. With Coinbase you do get the additional option for Bitcoin Cash and Litecoin, and with Gemini you can only get Ethereum and Bitcoin. The fees are lower for Gemini, and there are also more tools there for people to use to enhance their accounts.

Coinbase does cost more in terms of fees, but they also have a simple registration and use, you also have the ability to get a locked in rate at the time of purchase. Realistically, deciding on what option is best for your needs depends on what the specifics are of what you’re looking for.  You can take advantage of a free wallet, or make a direct deposit to your preferred wallet of choice for either. They also have been favorably reviewed by many.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

No comments yet.

Your email address will not be published. Required fields are marked *

Advertising Disclosure

Displayed content is offered by businesses which have been compensated. There is a potential effect on how, what, and where products may appear. All effort is made into providing full transparency, not all available products or companies are highlighted. Published material is offered without any slant or bias no matter what affiliation there is with sponsorship or association.