Gemini vs Binance | Most Cryptos & Lowest Trading Fees?
Jack Moreau
Feb 2024
10 min read
Fact checked
Are you torn between Gemini vsBinance? We know how overwhelming it can be to choose the right exchange. That's why we've analyzed both platforms based on KYC requirements, product offerings, trading fees, security measures, and more. Keep reading to find out which exchange aligns with your goals and preferences!
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.
When it comes to cryptocurrency exchanges, Gemini and Binance are two of the most recognized names in the industry.
Gemini was founded in 2014 in the United States by Cameron and Tyler Winklevoss, while Binance was established in 2017 by Changpeng Zhao in the Cayman Islands.
Gemini is known for its strong emphasis on security, regulatory compliance and simple user experience. The exchange provides its users with 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.
Gemini exchange
They also offer institutional-grade custody services for institutional investors. Despite this limited range of services, Gemini remains popular due to its reputation as a safe and reliable platform.
For that that wonder if Gemini is available on Android and IOS, it it and has over 1 million app downloads with a average 3.8 rating.
Gemini app
While Gemini is a popular exchange, Binance is the largest trading platforms in the industry, offering a comprehensive suite of trading and financial services including spot trading, futures trading, staking, earn products, launchpad and more.
Binance exchange
Binance is rapidly expanding and has grown to over 150 million users across 186 countries. The exchange supports over 350 cryptocurrencies, numerous trading pairs, and is the most liquid exchange in the world.
Binance is of course also available on mobile where it has over 50 million downloads and a stellar rating of 4.4 based on over 1 million reviews.
Binance app
Gemini vs Binance Signup & KYC
When it comes to creating an account and getting started with trading on Gemini and Binance, there are a few key differences in their signup processes and KYC requirements.
Gemini for example requires KYC verification for all users who want to trade on their platform. To get started, users simply need to enter their full name, email, password and country of residence.
Once they have completed their basic account setup, they can begin the verification process by uploading a government-issued ID. While this process can take a 1-2 business days to get processed, once it is completed, users have full trading and transfer capabilities.
Gemini signup process
Similar to Gemini, Binance also requires all of it's users to verify their identity through a KYC process before they can begin trading. While creating a Binance account takes less than a minute, users can't trade before having completed their KYC verification.
KYC on Binance
To complete the KYC on Binance, users will have to provide personal information, a government ID, conduct a facial recognition, fill out a questionnaire and provide proof of address. This process typically takes a few minutes to complete and will then normally be verified by Binance on the same day.
Gemini vs Binance Products & Services
When it comes to the respective product offering of each exchange, Gemini provides a limited selection of products and services that is mainly tailored to beginners. Gemini offers spot trading for the most well known 50 cryptocurrencies like Bitcoin, Ethereum, Cosmos, Solana and Avalanche.
Gemini cryptocurencies
Gemini also provides a secure wallet for storing and managing digital assets safely and custody services which offer enhanced protection for institutional clients.
Gemini also has it's own stablecoin called Gemini Dollar which is pegged to the US dollar and an over-the-counter (OTC) desk, allowing users to trade large volumes of cryptocurrencies directly with other parties.
Buy and sell crypto on Gemini
The user experience on Gemini is designed with beginners in mind. The goal is to make buying and selling of cryptocurrencies simple for your everyday users. And in our opinion, Gemini has done a great job creating a clean and easy to use exchange.
Binance is a very different exchange compared to Gemini. To begin with, they provide a much larger variety of trading product which includes spot trading, futures trading, margin trading, perpetual swaps (perps), and options trading.
Spot trading on Binance
Binance offers contracts that can be settled either perpetually or on a quarterly basis, using USDT, BUSD, or other cryptocurrencies. Binance also offers trading bots and copy trading, which allows users to follow and copy the trades of successful traders automatically.
Binance future contracts
Additionally, Binance provides leveraged tokens and for users who want to earn on their assets, staking, lending, and different types of vaults. Binance also has its own NFT marketplace and its own Web 3 wallet in Trust Wallet.
Binance earn
The user experience on Binance is quite good considering that the exchange offers every product and service known to man. But in our opinion, It manages to offer this wide range without overwhelming the user.
In terms of liquidity, Binance is one of the most liquid exchanges in the world with daily spot trading volumes frequently exceeding $10 billion.
Binance offers a max leverage of up to 125X on futures and margin trading is available on Binance with up to 5X leverage with USDT, BUSD, BNB, BT, alts, and fiat as underlying collateral.
In total Binance offers over 350 cryptocurrencies that can be bought and sold with a variety of trading pairs such as BTC, USDT, BNB, BUSD and others.
Binance cryptocurrencies
In summary, Gemini and Binance offer different approaches to cryptocurrency trading. Gemini provides a more limited selection of products and services with a focus on security and simplicity for beginners.
On the other hand, Binance offers a wide range of trading services and financial products for retail, advanced traders and institutional clients.
When it comes to trading fees, Gemini and Binance have quite different fee structure. Let's start with the trading fees of Binance which charges a spot maker fee of 0.1% and a spot taker fee of 0.10%.
For futures trading, Binance charges an equally competitive maker fee of 0.02% and a taker fee of 0.04%.
It's worth noting that Binance offers ways to further lower these fees for those who trade volumes above $1 million during a 30-day period or who hold at least 25 BNB tokens. These are very competitive trading fees.
Binance spot fees
Gemini charges a higher spot maker fee of 0.20% and a spot taker fee of 0.40%. While Gemini does not offer futures trading, the do however also offer the options for their high volume traders to lower their trading fees. The minimum threshold to begin paying lower fees on Gemini begins at $10,000.
Gemini spot fees
Needless to say, Binance provides the much cheaper trading environment. However, if you are a beginner who cares more about simplicity rather than trading fees, the exchanges such as Gemini, Uphold and eToro are the better options for you.
When it comes to fiat currency support, Gemini and Binance both offer a variety of deposit methods for their users. Let's take a closer look at what each exchange has to offer.
Gemini supports 8 fiat currencies including USD, EUR, and GBP. Users can make fiat deposits via bank transfer, debit card transfers, and PayPal for USD, EUR, and GBP. Bank transfers are free of charge while debit card transfers incur a fee of 3.49% and PayPal deposits incur a 2.5% deposit fee.
On the other hand, Binance supports an even greater range of 26 fiat currencies including USD, EUR, AUD, GBP and many others. Users can make fiat deposits via bank transfers, Visa and Mastercard, PayID, and Advacash.
Binance fiat deposit
Deposits made with Visa and Mastercard incur a 1.8% fee while bank transfers via SEPA come with a 1 EUR fee. For those with an Advacash account, deposits come with a 1.5% fee. In short, it's great that both exchanges offer support for multiple fiat currencies and plenty of deposit options that are either free or very cheap.
Gemini and Binance also offer various withdrawal methods for their users. Gemini allows users to withdraw fiat currencies via bank transfer, including USD, EUR, and GBP.
The good news is that these withdrawals are free of charge. When it comes to withdrawal fees for cryptocurrencies, Gemini charges a low fee of 0.0001 BTC for Bitcoin withdrawals, and a fee of 0.005 SOL for Solana withdrawals. When withdrawing USDT, there is a $3 fee.
Binance also offers multiple methods for people to withdraw their fiat currencies. USD can be withdrawn via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP).
However, Binance charges a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard. There is also a 1 EUR withdrawal fee with SEPA plus free bank withdrawals are available with many other fiat currencies.
Fiat withdrawals on Binance
When it comes to cryptocurrency withdrawals, Binance charges a withdrawal fee of 0.0002 BTC for Bitcoin withdrawals, 0.000768 ETH for Ethereum, 0.008 SOL Solana and 2.5 USDT (ERC-20) for Tether USD. In summary, both Gemini and Binance offer convenient and reliable withdrawal methods for their users.
Gemini and Binance are two of the most recognized names in the cryptocurrency exchange industry. Gemini is known for its focus on security and regulatory compliance while Binance offers a comprehensive suite of trading and financial services.
When it comes to user experience, Gemini is clearly the more beginner friendly exchange with a simple and intuitive interface that is easy for newbies to navigate.
While we personally really like the user experience on Binance, it's clear that it takes some getting used to as total beginners can get overwhelmed by all the options.
Binance offers a wider range of cryptocurrencies to trade than Gemini, supporting over 350 cryptocurrencies compared to Gemini's 110. In terms of trading fees, Binance charges a spot maker fee of 0.1% and a spot taker fee of 0.10%, while Gemini charges a spot maker fee of 0.20% and a spot taker fee of 0.40%.
When it comes to deposit methods, Gemini supports 8 fiat currencies including USD, EUR, and GBP, while Binance supports 26 fiat currencies including USD, EUR, AUD, GBP, and many others.
Both exchanges offer a variety of deposit options, and similarly, both exchanges offer convenient and reliable withdrawal methods for their users.
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.
