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Binance vs. Gemini: Which crypto exchange is better?

Both are popular and reputable cryptocurrency platforms, but which one is best for you?

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Gemini and Binance are both cryptocurrency exchanges focusing primarily on providing services from basic trading services to staking and earning. Find out which exchange wins in a competition between Binance and Gemini.

Round 1: Binance vs. Gemini vs. on vital statistics

Both Gemini and Binance have built easy-to-use, reliable and secure cryptocurrency exchanges. That said, from a vital statistics perspective, Gemini has a slight edge over Binance as Gemini allows users to earn cryptocurrency through lending directly on the platform.

Binance Cryptocurrency ExchangeGemini Cryptocurrency Exchange
Overall rating★★★★★★★★★★
Costs rating★★★★★★★★★★
Registered
Exchange locationCayman IslandsUnited States
Offers a debit card
Earn returns on crypto
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Winner: Gemini

Round 2: Supported coins

Binance is the clear winner here as the number of coins on its platform far surpasses Gemini.

Binance Cryptocurrency ExchangeGemini Cryptocurrency Exchange
Number of tradeable crypto assets374129
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Winner: Binance

Round 3: Supported fiat currencies

Biance is also the clear winner in this category as it offers more fiat currencies than Gemini.

Binance Cryptocurrency ExchangeGemini Cryptocurrency Exchange
Number of supported fiat currencies348
Supported fiat currenciesGBP, AUD, EUR, INR, COP, NZD, HRK, CZK, USD, HKD, IDR, ILS, KZT, KES, CHF, MXN, ZAR, NGN, NOK, PEN, PHP, PLN, RON, RUB, SAR, SGD, KRW, SEK, TWD, THB, TRY, UAH, AED, VNDGBP, AUD, EUR, CAD, COP, USD, HKD, SGD
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Winner: Binance

Round 4: Fees and costs

Gemini has a more complicated fee structure than Binance. It has flat rates for amounts below a USD threshold and charges a percentage of the trade amount for amounts above the threshold. On the other hand, Binance allows its users to pay fees with BNB and receive a 50% discount.

Binance Cryptocurrency ExchangeGemini Cryptocurrency Exchange
Deposit FeesNoneCryptocurrency : None
Wire Transfer: None
ACH: None. Bank may charge transfer fee
Debit Card Transfer: 3.49% of total amount
Trading Fee0-0.1%Order amount below CAD 250: CAD 1.49 - CAD 4.99
Order amount over CAD 250: 1.49%
Convenience fee: 0.50%
Withdrawal FeesFees varyCryptocurrency: None (for 10 withdrawals and below per month)
Others: None (for 10 withdrawals and below per month)
Deposit methodsBank transfer (ACH)Bank transfer (ACH), Debit card, Wire transfer
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Winner: Binance

Round 5: Wallets

Although Gemini has a mobile application to access its systems, it doesn’t have a proprietary non-custodial wallet. Compare this with Binance, which builds and maintains a popular non-custodial wallet that can be used to store cryptocurrencies and access dApps on the Binance blockchain.

Winner: Binance

Round 6: Ease of use

Binance has a lot to offer from a user perspective but it’s not necessarily the easiest exchange to use right away. Gemini, on the other hand, is intuitive for those not familiar with cryptocurrency exchanges and its Active Trader is available for those seeking a more advance platform.

Winner: Gemini

Round 7: Security

Binance has been hacked in the past but the hackers were only able to access 2% of the Bitcoin reserves as the rest was held in cold storage. All affected users had their funds returned. Gemini has never been hacked and touts one of the largest insurance funds in the world. In this sense, Gemini has a better track record and demonstrates that it’s prepared to respond to an untimely hack.

Winner: Gemini

Gemini vs. Binance winner: Binance

The comparison between Gemini and Binance is close, but Binance won 4 of the 7 rounds. Binance narrowly wins based on its competitive fees and extensive range of services. While there are question marks surrounding its operations—and it is not available to residents in Ontario—its size and scale mean that it can offer more to crypto investors over the long term.

Although it may not be as easy to use as Binance, the flexibility of its platform makes up for any shortcomings.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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