Comparison of Binance vs Gemini [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Binance vs Gemini comparison!

Your expert: Alejandro Borja

Binance

Your expert: Xavier Tarrasó

Gemini

Main points

Fees

≤0,10%

Earns

Yes

Customer service

4/5

0,20%/0,40%

Fees

Earns

4/5

Customer service

Recommended for

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Yes

Beginners

Yes

Trading

Passive income

Yes

Buy and hold

Comparison of fees

Rating

5.0 – The industry standard for low trading fees and discounts.

3.5 – Higher fees but strong security and ease of use.

Level

≤0,10%

0,20%/0,40%

Brief explanation

Binance, one of the world’s leading cryptocurrency exchanges, is renowned for its competitive and highly favorable commission structure. The standard trading fee on Binance is notably low, starting at just 0.1% for both makers and takers. This fee can be further reduced for users who pay using Binance’s native token, Binance Coin (BNB), which offers a discount, enhancing the utility and attractiveness of holding and using BNB within the ecosystem. Additionally, Binance rewards high-volume traders with a tiered fee structure, which lowers fees significantly as a user’s trading volume increases, dropping the fees to as low as 0.015% for makers and 0.03% for takers at the highest tiers.

Gemini’s commission structure is multifaceted, tailored to accommodate both high-volume traders and those just starting out. For smaller transactions, particularly those made via the mobile app or web interface, the fees can be relatively high, which might deter low-volume or novice traders. However, as trading volume increases, the fees become more competitive, aligning with industry standards to favor more active traders. The exchange employs a tiered fee schedule, which decreases per transaction fees for users who have a higher 30-day trading volume. This tiered system is designed to incentivize and reward frequent trading with lower transaction costs. Overall, while Gemini’s fees are competitive at higher volumes, they can be considered steep for users making smaller or infrequent trades.

Binance

Security Methods: Binance employs a comprehensive range of security measures, including two-factor authentication (2FA), SSL encryption, and cold storage of the majority of user funds. These methods ensure a high level of security that protects users against potential cyber threats and unauthorized access.
Trading Volume and Liquidity: Binance boasts one of the highest trading volumes among cryptocurrency exchanges worldwide. This high volume ensures excellent liquidity, making it easier for users to execute trades quickly and at desired prices, even for large orders.
Reputation and Reviews: Over the years, Binance has built a solid reputation in the cryptocurrency community. It is highly regarded for its robust platform, innovative features, and responsive customer service. User reviews often highlight the platform's reliability and the breadth of resources available to traders.
Transparency: Binance is known for its transparency in operations, particularly in how it handles updates and communicates with its user base during both regular operations and in crisis situations. This transparency builds trust and ensures users are well-informed about their investments and the platform's practices.
Withdrawal and Deposit Policies: Binance offers clear and user-friendly withdrawal and deposit policies, with a variety of payment methods available. These policies are structured to facilitate easy access to funds while maintaining tight security to prevent any fraudulent activity.

Gemini

Security Methods: Gemini employs state-of-the-art security measures, including the use of cold storage for the majority of the assets, two-factor authentication, and strict operational protocols. This rigorous approach to security minimizes the risk of hacking and unauthorized access, ensuring the safety of user funds.
Possible Regulation: As a New York trust company, Gemini operates under the regulatory oversight of the New York State Department of Financial Services (NYSDFS). This compliance with one of the strictest regulatory frameworks in the cryptocurrency world underscores Gemini's commitment to legal and ethical operations.
Reputation and Reviews: Gemini has built a strong reputation within the cryptocurrency community for its transparency and reliability. User reviews often highlight the platform's user-friendly interface and the peace of mind that comes with trading on a regulated exchange.
Transparency: Gemini is known for its clear and straightforward communication regarding its operations, fees, and security measures. This level of transparency is critical in building trust with users and is indicative of the exchange's commitment to fair and open practices.
Withdrawal and Deposit Policies: Gemini offers structured and secure withdrawal and deposit policies, including FDIC insurance on USD deposits. These policies are clearly outlined, easy to understand, and designed to protect users' interests, making it easier for traders to manage their funds efficiently and with confidence.

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Product selection

Native token

Token BNB

Earns

Yes

NFT marketplace

Yes

Cripto/debit card

Yes

Full name

Binance Holdings Limited

Gemini Trust Company, LLC

Regulation

Not regulated, but faces regulatory scrutiny in several countries.

Regulated in the EE. UU.

Year founded

2017

2015

Founder

Changpeng Zhao (CZ)

Tyler y Cameron Winklevoss

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Binance	FEATURES	Gemini
Binance allows trading with small amounts, accommodating users who wish to start with minimal investments.	Minimum Trade	Gemini allows for relatively low minimum trades, making it accessible for beginners but has a minimum threshold.
Binance offers some of the lowest fees in the industry, with further reductions available when using Binance Coin (BNB).	Trading and Transaction Fees	Fees are competitive at higher trade volumes but can be relatively high for smaller transactions.
Supports a broad selection of over 500 cryptocurrencies, catering to a wide range of trader interests.	Number of Cryptocurrencies	Gemini offers a solid selection of major cryptocurrencies but lacks variety in lesser-known altcoins.
Extensive offering of crypto-to-crypto trading pairs, providing users with great flexibility and trading options.	Crypto-to-Crypto Trading Pairs	Offers a variety of crypto-to-crypto trading pairs, covering most popular combinations.
The website provides detailed information about fees and policies although some users might find it overwhelming due to the sheer amount of data.	Website Transparency	Gemini excels in providing clear and comprehensive details on its operations and policies.
Binance Card offers seamless crypto-to-fiat conversion with up to 8% cashback on purchases, making it a top choice for crypto users.	Credit/Debit Card	This card provides up to 3% back in Bitcoin or other cryptocurrencies on dining purchases, 2% on groceries, and 1% on all other purchases, making it a valuable addition for users looking to integrate their crypto investments with everyday spending.
Offers secure storage options with an integrated wallet that supports both cold and hot storage methods.	Storage Offering	Provides top-notch digital asset security with the majority of assets in cold storage.
Provides competitive staking options and rewards, enhancing user engagement and investment returns.	Staking and Rewards	Gemini offers staking and rewards but with limited options compared to other exchanges.
Both the mobile app and desktop platforms are highly intuitive and fully-featured, suitable for traders of all experience levels.	Mobile App and Desktop	Both mobile and desktop platforms are highly intuitive, stable, and feature-rich.
Offers multiple channels for support; however, response times can vary, sometimes leading to delays.	Customer Service	Customer support is knowledgeable and responsive, though not available 24/7.
Binance facilitates easy and fast deposits and withdrawals, though some users have reported delays with fiat withdrawals.	Deposit and Withdraw	Deposits and withdrawals are secure with clear policies, though some methods may have fees.

Key features

Analysis tools

Advanced charting tools, a wide range of technical indicators

Basic charting tools

Mobile APP

Yes

Security

High 4,9/5

Additional features

Futures trading, margin trading, staking, Binance Launchpad, Binance Earn, BNB token rewards

Gemini Earn, staking, Gemini Pay, Gemini dollar (GUSD)

Anonymity

Key points

Available cryptocurrencies

500+

40+

User-friendliness

Binance is a highly popular platform known for its comprehensive features and user-friendly interface. While it offers advanced tools for experienced traders, its basic version remains accessible and easy to use for beginners.

Gemini is known for its highly user-friendly interface, making it one of the best choices for beginners. The platform is simple to navigate, and buying and selling cryptocurrencies is straightforward and hassle-free.

Value for money

Offers excellent value for money with some of the lowest trading fees in the industry and a vast array of supported cryptocurrencies and features.

Provides reasonable value for money with higher fees but strong security features and a user-friendly interface, making it suitable for beginners.

Countries of operation

Global, including United States, Canada, United Kingdom, Australia, Germany

United States, Canada, United Kingdom, Europe, Australia

Best for

Perfect for all types of investors, from beginners to advanced traders, due to its low fees, vast array of cryptocurrencies, and extensive features.

Great for beginners and experienced traders who prioritize security and ease of use, despite higher fees.

Base currencies available

USD, BTC, ETH, BNB, USDT

USD, BTC, ETH

Account

Trading

Binance is one of the largest and most popular exchanges, offering a vast selection of cryptocurrencies, advanced trading features, and high liquidity. Its security measures are top-notch. However, the platform can be overwhelming for beginners.

Gemini is known for its high security and regulatory compliance. It offers a user-friendly platform and a good range of cryptocurrencies but has higher fees compared to some exchanges.

Deposit and withdrawal

Binance supports a wide range of deposit methods, including bank transfers, credit/debit cards, and a variety of cryptocurrencies. Withdrawals are processed quickly, usually within a few hours, with minimal fees .

Gemini offers secure deposit and withdrawal methods, including bank transfers, credit/debit cards, and cryptocurrencies. Withdrawals are processed efficiently, usually within a day, with competitive fees .

Account opening process

Binance offers a seamless account opening process. Users need to provide personal information, complete KYC verification with identity documents, and typically get their account approved within a few hours to a day. It’s secure and efficient.

Gemini provides a user-friendly and secure account opening process. Users need to submit personal information and verify their identity. The process is fully digital and usually completed within a day.

KYC required?

Yes

Customer Service

Binance provides extensive customer support through email, live chat, and a detailed help center. Support is available 24/7, and the response times are quick, making it reliable for users globally.

Gemini provides extensive customer support through email, live chat, and a help center. Support is available 24/7, and the response times are quick, making it reliable for users globally .

Security

Binance employs comprehensive security measures, including 2FA, SSL encryption, and cold storage. It is regulated by several financial authorities and has a strong track record, making it a secure choice for investors .

Gemini employs comprehensive security measures, including 2FA, encryption, and cold storage. It is regulated by multiple financial authorities, ensuring high security for investors.

Which of these exchanges is for you?

Alejandro Borja

As an expert in the crypto market, I highly recommend Binance for its comprehensive range of features and user-friendly interface. The Binance Card, in particular, stands out by allowing seamless crypto-to-fiat conversions and offering up to 8% cashback on purchases, making it an excellent choice for both new and experienced crypto enthusiasts. Its security measures and vast selection of cryptocurrencies further enhance its appeal.

Xavier Tarrasó

In conclusion, Gemini stands out as a robust and reliable cryptocurrency exchange, making it a solid choice for users ranging from beginners to experienced traders. At Threenvest, we recognize Gemini’s commitment to security and regulatory compliance as one of its strongest selling points. This adherence not only ensures the safety of user assets through measures like cold storage and insured hot wallets but also instills confidence due to its regulatory status under the New York State Department of Financial Services. However, it’s important to note that while Gemini excels in security, its fee structure, particularly for low-volume traders, can be a deterrent compared to other platforms that offer lower fees for small transactions. Additionally, Gemini’s user interface, both on the web and mobile app, is designed with clarity and ease of use in mind, which is a significant advantage for those new to cryptocurrency trading. The exchange also provides a range of educational resources that enhance user understanding and engagement with the market. However, the limited selection of altcoins might pose a restriction for users looking to diversify into less mainstream cryptocurrencies. At Threenvest, while we appreciate the security and user-friendly aspects of Gemini, we also advise potential users to consider their trading volume and investment goals when choosing an exchange. Overall, Gemini is recommended for those who prioritize security and a regulated environment, but it may be less suited for those seeking lower fees or a wider range of cryptocurrencies.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.