Bittrex vs Gemini | Best Exchange For Beginners & Professionals?
Jack Moreau
Apr 2024
10 min read
Fact checked
Are you trying to decide between Bittrex and Gemini for your crypto trading needs? Our detailed comparison takes a deep dive into each platform, assessing factors such as sign-up processes, verification requirements, supported countries, trading fees, product offerings, and user experience. Read on to make an informed decision on which exchange to choose!
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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.
When it comes to choosing a cryptocurrency exchange, Bittrex and Gemini are two well-established platforms that are worth considering. Bittrex was founded in 2014 by cybersecurity experts and offers a wide selection of digital assets including Bitcoin, Ethereum, and numerous altcoins.
Bittrex
The platform has over 1 million users across the world and boasts support for over 400 cryptocurrencies. Bittrex is recognized for its commitment to regulatory compliance and robust security measures making it a popular choice for traders looking for a secure and reliable trading platform.
Bittrex app
On the other hand, Gemini was founded in 2014 by the Winklevoss twins and is also a US-based cryptocurrency exchange known for its strong emphasis on security, regulatory compliance and user experience.
Gemini offers a range of services like spot trading, recurring buys for up to 45 cryptocurrencies, staking, and Gemini Earn, a program that allows users to earn interest on their crypto holdings.
Gemini exchange
The exchange also provides institutional-grade custody services appealing to both retail and institutional investors. Gemini is estimated to have between 5 and 10 million registered users, and its app has been downloaded over 1 million times.
Gemini app
While Gemini offers a few more features, Bittrex's support for a wider range of cryptocurrencies makes it a more attractive option for investors looking to diversify their portfolio. Gemini however offers advanced trading features and institutional-grade custody services.
Bittrex vs Gemini Signup & KYC
When it comes to signing up for a cryptocurrency exchange, one of the most important things to know is whether KYC is required or not.
Bittrex requires KYC for all of its users with a full verification process required to access any features. The signup process itself is quick but completing the full KYC procesc takes a few minutes as users will also have to verify their ID. In terms of how long users can expect to get verified, this process can be completed in as little as 10 minutes although in some cases it may take several days.
Bittrex signup process
In contrast, Gemini being a US-based exchange also requires KYC for all its users. Signing up for Gemini is simple and only takes about a minute, but the verification process requires uploading an ID and can take a few days to get processed. Once verification is complete, users enjoy full trading and transfer capabilities.
Gemini signup process
For those that wish to buy and sell cryptocurrencies without going through a KYC process, we recommend alternative exchanges such as Phemex and OKX.
Bittrex vs Gemini Products & Services
Bittrex offers a very limited range of products and services such as spot trading and staking of cryptocurrencies such as Cardano. The user experience on Bittrex is pretty uninspiring and basic. It's annoying that the signup process requires immediate KYC without having a chance to browse the features.
Staking on Bittrex
Bittrex also has a small daily spot trading volume of roughly $10 million. This is quite a small trading volume for an exchange that offers so many trading pairs.
Bittrex crypto markets
In contrast, Gemini provides a a few more products and services than Bittrex but is overall also quite limited. The platform offers spot trading, where you can buy and sell cryptocurrencies like Bitcoin and Ethereum instantly. Gemini also features a secure wallet for storing and managing your digital assets safely.
Gemini interface
For institutional investors requiring additional security, Gemini provides custody services which offer enhanced protection for your cryptocurrencies by holding them in secure offline storage. Additionally, the platform has its own stablecoin called Gemini Dollar, which is pegged to the US dollar providing a stable option for trading and investing.
Buy and sell crypto on gemini
Lastly, Gemini operates an over-the-counter (OTC) desk, allowing whales to trade large volumes of cryptocurrencies directly with other parties, without affecting market prices.
Gemini offers a very basic but slick user experience that is suitable for beginners. The exchange makes it easy to deposit fiat currencies and conduct basic buying and selling of large cap cryptocurrencies. This is however not exchange for professional traders as those services are not present. Gemini does not provide any futures products or leverage of any kind.
When it comes to trading fees, Bittrex and Gemini have some noticeable differences. Bittrex charges spot maker and taker fees of 0.75%, which is on the higher side compared to most other exchanges. Bittrex offers trading fee rebates if users trades exceed $5,000 during a 30-day period. Having said that, users will however have to trade for hundreds of thousands for the fees to come down to levels where Binance, OKX and Phemex are at (0.1%).
Bittrex spot fees
On the other hand, Gemini charges spot maker and taker fees of 0.20% and 0.40% respectively. While these fees are lower than Bittrex, Gemini also offer rebates for higher volume traders. The threshold to begin lower the spot fees begins at $10.000 where the spot maker fee comes down to a competitive 0.1% which is in line with Binance, Kucoin and OKX.
If you're looking to deposit fiat currency into a cryptocurrency exchange, Bittrex and Gemini are two exchanges that can accomodate those needs. Bittrex supports three fiat currencies: USD, EUR, and GBP. Useres can deposit funds via wire transfer, bank transfer (ACH), SEPA or credit/debit card. Bank deposits are free of charge but using a credit/debit card will incur a 3% fee.
Buy and sell crypto on Bittrex
On the other hand, Gemini also supports eight fiat currencies including USD, EUR, and GBP. Users can deposit funds via bank transfer (ACH/Wire), debit card transfers, PayPal or cryptocurrency deposits. Fiat deposits via bank transfer are free of charge, while debit card transfers incur a fee of 3.49% and PayPal deposits incur a 2.5% fee.
When it comes to withdrawing fiat currencies from Bittrex, there are a few options available. User can withdraw via wire transfer, ACH, SEPA, or even debit card. Wire withdrawals do come with a high $25 fee but ACH and SEPA withdrawals are completely free of charge. For cryptocurrency withdrawals, there are fees of 0.00005 BTC for Bitcoin, 0.01 ETH for Ethereum as well as a $2.6 USDT when withdrawing Tether USD.
Gemini offers fiat withdrawals via bank transfer (ACH/wire transfer) for USD, EUR, and GBP. These withdrawals are completely free of charge, making it a great option for those looking to withdraw their funds. Gemini also has small withdrawal fees for cryptocurrency withdrawals such as 0.0001 BTC for Bitcoin and 0.005 SOL for Solana. However, ETH withdrawals are completely free of charge.
Bittrex and Gemini are two well-known American cryptocurrency exchanges with limited offerings both in terms of number of cryptocurrencies and product offerings. The main benefit of Bittrex is that it's a regulated exchange that supports a wide range of over 400 cryptocurrencies. The user experience is however not great and the trading fees they charge are average.
Gemini has a bigger userbase than Bittrex with 5-10 million users and offers a few additional products such as advanced trading features and institutional-grade custody services. The user experience on Gemini is great with a modern and beginner friendly interface that is easy and pleasant to navigate. Both exchange require their users to complete KYC in order to access services on their platforms.
In terms of fiat deposit and withdrawal options, Bittrex supports three fiat currencies and charges a 3% fee for credit/debit card deposits, while Gemini supports eight fiat currencies and charges a 3.49% fee for debit card transfers and a 2.5% fee for PayPal deposits.
When it comes to withdrawing fiat currencies, Gemini seems to have the edge with completely free withdrawals for USD, EUR, and GBP via bank transfer, while Bittrex charges a $25 fee for wire transfer withdrawals.
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.
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