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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?
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.
|Exchange location||Cayman Islands||United States|
|Offers a debit card|
|Earn returns on crypto|
|Go to site|
Round 2: Supported coins
Binance is the clear winner here as the number of coins on its platform far surpasses Gemini.
Round 3: Supported fiat currencies
Biance is also the clear winner in this category as it offers more fiat currencies than Gemini.
|Number of supported fiat currencies||34||8|
|Supported fiat currencies||GBP, 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, VND||GBP, AUD, EUR, CAD, COP, USD, HKD, SGD|
|Go to site|
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.
|Deposit Fees||None||Cryptocurrency : None|
Wire Transfer: None
ACH: None. Bank may charge transfer fee
Debit Card Transfer: 3.49% of total amount
|Trading Fee||0-0.1%||Order amount below CAD 250: CAD 1.49 - CAD 4.99|
Order amount over CAD 250: 1.49%
Convenience fee: 0.50%
|Withdrawal Fees||Fees vary||Cryptocurrency: None (for 10 withdrawals and below per month)|
Others: None (for 10 withdrawals and below per month)
|Deposit methods||Bank transfer (ACH)||Bank transfer (ACH), Debit card, Wire transfer|
|Go to site|
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.
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.
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.
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.
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