Bitfinex vs Gemini | Best Spot Trading & Lowest Fees?
Jack Moreau
Apr 2024
9 min read
Fact checked
Bitfinex vs Gemini: Wondering which cryptocurrency exchange to use? We've analyzed both platforms based on KYC requirements, country availability, product offerings, trading fees, and deposit methods. Keep reading to find out which exchange is the right fit for you!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Bitfinex and Gemini are two popular cryptocurrency exchanges that cater to and target different types of users.
Bitfinex was founded by Raphael Nicolle and Giancarlo Devasini in 2012, is a cryptocurrency exchange known for offering an extensive range of trading options and features to cater to experienced traders.
Bitfinex exchange
The exchange supports numerous trading pairs, including margin trading and derivatives trading, and offers customizable user interfaces, advanced charting tools, and an API for algorithmic trading.
Bitfinex is closely affiliated with Tether Ltd., the company behind the widely used stablecoin Tether (USDT). Despite facing occasional controversies and regulatory scrutiny, the platform has maintained its reputation as a secure and reliable exchange.
Bitfinex is estimated to have over 1 million registered users across over 50 countries, and it supports over 180 cryptocurrencies such as BTC, ETH, USD, and ATOM. The Bitfinex app has been downloaded over 1 million times and has a 4-star rating based on over 20,000 reviews.
Gemini was founded by the famous Winklevoss twins (Cameron & Tyler) in 2014, is a US-based cryptocurrency exchange and custodian known for its emphasis on security, regulatory compliance, and user experience.
Gemini exchange
The platform provides a limited set of products and services, including spot trading, recurring buys, staking, and Gemini Earn, a program that allows users to earn interest on their crypto holdings.
The exchange also provides institutional-grade custody services for institutional investors and is estimated to have between 5 and 10 million registered users.
Gemini supports a limited range of 110 mostly large-cap cryptocurrencies and is only available in 70 countries across North America, Europe, and a few other countries. The Gemini app has over 1 million downloads and a 3.8-star rating based on 50,000 reviews.
Gemini App
So while Bitfinex is more suited for experienced traders looking for a wide range of trading options and features, Gemini is more suitable for beginners and retail investors looking for a secure, regulated exchange to but and sell well known cryptocurrencies such as BTC, ETH, SOL, ATOM, ARB and others.
Bitfinex vs Gemini Signup & KYC
And if we move on to signup and KYC, Bitfinex and Gemini both require KYC verification from all of their users and no trading can occur without it.
Signing up for Bitfinex is a breeze and can be completed in just 30 seconds. However, in order to start trading, you'll need to complete the KYC verification process. This involves submitting your personal information and a government ID, and typically takes 2-3 working days to process.
On the other hand, signing up for Gemini is also quick and easy, taking just a minute to complete. Once you've signed up, you'll need to upload an ID and wait for the verification process to complete. This can take a few days to process but once it's done, you'll have full access to trading and transfer capabilities.
Gemini signup & KYC
Overall, both Bitfinex and Gemini offer a straightforward signup process, but Bitfinex may be a better option if you're in a hurry to start trading as the KYC verification process is typically faster.
Bitfinex vs Gemini Products & Services
Bitfinex offers a variety of trading services, including spot, futures, and margin trading. Additionally, they offer lending and borrowing, staking, and an OTC desk.
However, the user experience on Bitfinex is not great, and the daily spot trading volume is relatively low compared to other exchanges. The max leverage for futures is 100X, and for margin, it's 10X.
On the other hand, Gemini provides a more focused selection of products and services, including spot trading for large cap coins like Bitcoin and Ethereum, a secure wallet, custody services, and an OTC desk.
While the user experience is beginner-friendly, it's not ideal for professional traders. The daily spot trading volume is also quite low, and there are no futures products or leverage available on the exchange.
In terms of fee structures. Bitfinex charges a spot maker fee of 0.1% and a spot taker fee of 0.20%. They also charge a futures maker fee of 0.02% and a futures taker fee of 0.065%. These are overall competitive trading fees for both spot and futures trading.
Bitfinex spot fees
On the other hand, Gemini charges a spot maker fee of 0.20% and a spot taker fee of 0.40% but does not offer any type of futures trading. Similar to Bitfinex, Gemini also offers volume based discounts for high volume traders with the first discounts starting at over $10,000 worth of trading.
Gemini spot fees
As such, Bitfinex offers lower fees for both spot and futures trading than Gemini while both exchanges offer discounts to their respective high volume traders.
When it comes to depositing funds onto Bitfinex and Gemini, there are a few differences in the available methods.
Bitfinex supports five fiat currencies including USD, EUR, GBP, JPY, and CNH. To deposit funds onto the platform, users can choose from deposits via cryptocurrencies, bank wire, or OpenPayd. Wire deposits come with a fee of 0.1% (minimum $60 USD), while deposits made through OpenPayd incur a fee of 0.5 EUR per transaction.
On the other hand, Gemini supports eight fiat currencies including USD, EUR, and GBP. Deposits can be made through crypto deposits, bank transfer (ACH/wire), debit card transfers, or PayPal (for USD, EUR, and GBP).
While bank transfers are free of charge, using a debit card incurs a fee of 3.49%, and PayPal deposits come with a 2.5% deposit fee.Overall, Bitfinex and Gemini offer different options for depositing funds onto their platforms.
Bitfinex allows for wire transfers and OpenPayd transactions, while Gemini offers the added convenience of PayPal and debit card transfers. Depending on one's preference and circumstances, each exchange may offer a more suitable option for depositing funds.
Bitfinex offers fiat currency withdrawals via Bank Wire and OpenPayd for five supported currencies. The withdrawal fee for fiat currency is 0.1% with a minimum fee of $20. For cryptocurrency withdrawals, Bitfinex charges 0.0004 BTC, 0.0017 ETH, and no fee for ETH withdrawals. Solana withdrawals are free of charge, whereas the USDT withdrawal fee is 2.5.
As for Gemini, they allow fiat withdrawals via Bank Transfer for USD, EUR, and GBP. The good news is that fiat withdrawals via bank transfer are free of charge.
For Bitcoin withdrawals, Gemini charges a 0.0001 BTC withdrawal fee while ETH withdrawals are free of charge. Solana withdrawals come with a 0.005 SOL fee, and withdrawing USDT incurs a $3 fee.
Both Bitfinex and Gemini offer efficient withdrawal methods for their users. Bitfinex charges a higher fee than Gemini for fiat withdrawals, but they support more currencies. Meanwhile, Gemini charges a lower fee for cryptocurrency withdrawals but only supports a limited number of coins.
In conclusion, Bitfinex offers an extensive range of trading options and features which makes it more suitable for experienced traders, while Gemini is more suitable for beginners and retail investors looking for a secure, regulated exchange with a limited range of products and services.
Both exchanges require KYC verification, but Bitfinex's verification process is typically faster. Bitfinex offers a variety of trading services, including spot, futures, and margin trading, lending and borrowing, staking, and an OTC desk.
However, the user experience on Bitfinex is not great, and the daily spot trading volume is relatively low compared to other exchanges. The max leverage for futures is 100X and for margin, it's 10X.
Gemini provides a more narrow selection of products and services, including spot trading for large-cap coins like Bitcoin and Ethereum, a secure wallet, custody services, and an OTC desk. While the user experience is beginner-friendly, it's not ideal for professional traders. The daily spot trading volume is also quite low, and there are no futures products or leverage available on the exchange.
In terms of fees, Bitfinex offers lower fees for both spot and futures trading, especially for spot makers, but they do not offer any rebates for higher trading volumes. Gemini, on the other hand, does not offer any rebates or discounts for higher trading volumes. Bitfinex is clearly the better option for frequent traders who want to save on fees, while Gemini is be a better option for those who prioritize ease of use over lower fees.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
