Gemini vs Uphold | Cheaper & Better For Beginners?
Jack Moreau
Feb 2024
8 min read
Fact checked
In the world of cryptocurrency, finding the right exchange can make a big difference in your trading success. That's why we're taking a closer look at two popular platforms, Gemini vs Uphold. From their security measures to their trading fees and user experience, we have compared every aspect so you can make an informed decision!
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, two names that often come up in discussions are Gemini and Uphold.
Both exchanges offer a wide range of cryptocurrencies for trading and have built a reputation for being trustworthy and reliable. But how do they compare? Let's take a closer look.
Founded in 2014 by the Winklevoss twins, Gemini is a US-based exchange with headquarters in New York.
With over 800 employees, the exchange offers trading in 110 cryptocurrencies and is licensed by the NYDFS in New York and VASP in Ireland.
Gemini exchange
Gemini is available in 70 countries and has over 1 million downloads on Android with a 3.8-star rating based on 50,000 reviews.
Gemini app
On the other hand, Uphold was founded in 2013 by Halsey Minor and is headquartered in London. The exchange has over 300 employees and offers trading in 300 cryptocurrencies. Uphold is available in 184 countries and is licensed by FinCEN and FCA.
Uphold exchange
The exchange has 10 million users and it's Android app has over 5 million downloads with a 4.7-star rating based on 40,000 reviews.
Uphold has done a great job both with their website interface and it's app to create a great user experience that makes it easy for beginners to get started with cryptocurrency investing.
Uphold app
While both exchanges offer a similar range of cryptocurrencies, Gemini is more focused on the US market, with its licenses and headquarters based in the country. Uphold on the other hand is more global company with a presence in almost twice as many countries.
Gemini vs Uphold Signup & KYC
When it comes to signup and KYC procedures, both Gemini and Uphold require KYC verification for all it's users.
Let's take a closer look at what each exchange offers. Gemini requires users to provide their full name, password and country of residence to sign up.
Gemini signup
The verification process involves uploading an ID, and it can take up to a few days to get processed. However, once completed, full trading and transfer capabilities are enabled. This verification process is longer then what we would have liked.
On the other hand, Uphold's signup process requires users to enter their email, password, country of residence, and citizenship. The verification process can be done as quickly as a few hours, but it can take up to 24 hours to process.
Uphold singup
Uphold is a great option for users who want a fast and easy verification process. In conclusion, both Gemini and Uphold are great exchanges that offer KYC verification for all users. For users who would like to trade without KYC, we recommend two exchanges in particular in MEXC and OKX.
Gemini vs Uphold: Products & Services
While Gemini and Uphold are both regulated and secure exchanges tailored for beginners, the products and services they offer are a bit limited.
If we begin with Gemini, they offers services such as spot trading, wallet services, custody services, and OTC trading.
Gemini cryptocurrencies
When it comes to user experience, Gemini offers a very basic but slick interface that is suitable for beginners. It is easy to navigate and offers all the necessary features for trading and investing.
Gemini interface
In terms of trading volumes, Gemini has an average 24h spot volume that tends to be in the $25-50 million range.
Gemini Licenses
Continuing with Uphold, this beginner friendly platform has tons of great options for mainly new cryptocurrency investors.
Uphold attracts users by offering a wide range of over 300 cryptocurrencies with easy to use buy and sell options for additional financial products such as precious metals and different fiat currencies.
Uphold Cryptocurrencies
Uphold also offer users the ability to stake up to 32 different digital currencies.
Uphold staking
One of the best things about Uphold is its well-designed interface. With a stylish and modern look, it works for users at all levels, from beginners just getting into digital assets to experienced traders who want an easy-to-use platform.
Uphold's user-friendly design sets it apart from competitors like Gemini, while still offering similar features.
Uphold interface
Finally, Uphold also offers proof of reserves which means that users can be confident that their assets are full accounted for on the platform.
Uphold Proof Of Reserves
This openness is super important for any exchange because it shows that they're committed to keeping their users' trust.
As the world of cryptocurrency continues to evolve, traders are constantly on the lookout for an exchange that offers competitive fees. Let's continue this comparison by taking a closer look at the trading fees offered by Gemini and Uphold.
When it comes to Gemini, they charge a 0.20% fee for makers and a 0.40% fee for takers. This fee structure is on par with other leading exchanges such as Gate.io and Huobi.
They are however more expensive than the likes of OKX, Phemex and Binance. Gemini spot fees can also be lowered for users who trade for at least $10,000 during a 30-day period.
When it comes to buying crypto and deposit methods, both exchanges offer a range of options, but there are some key differences to consider.
Gemini supports 8 fiat currencies, including USD, EUR, and GBP, while Uphold supports only 3 again in USD, EUR and GBP.
Gemini Fiat Deposit Fees
Gemini charges a higher commission fee of 3.49% for buying crypto with a debit card transfer or PayPal, compared to Uphold's 2.49% deposit fee with debit cards and 3.99% fee with credit cards.
However, both Gemini and Uphold offer free fiat deposits via bank transfer.
While Gemini offers a few more fiat currencies and deposit methods, both exchange have done a good job in terms of offering the major fiat currencies with low fee to free deposit options.
In terms of fiat withdrawal options, with Gemini, users can withdraw fiat currencies like USD, EUR, and GBP through bank transfers, including ACH and wire transfers without incurring any fees.
For those who wish to withdraw their cryptocurrencies, the fees for those vary depending on the blockchain.
Bitcoin withdrawals come with a fee of 0.0001 BTC, Ethereum withdrawals are free of charge, Solana withdrawals carry a 0.005 SOL fee and a $3 fee applies to USDT withdrawals.
Gemini Fiat Withdrawal Fees
In short, Gemini does a good job offering both a wide range of fiat withdrawal options while also keeping the crypto withdrawal fees low.
Uphold also enables fiat withdrawals for USD, EUR and GBP through various methods. These include bank transfers (ACH/Wire), SEPA, and Faster Payments (FSP).
Uphold users who want to withdraw funds must pay a $2.99 fee for cryptocurrency withdrawals (not counting blockchain fees) and a $3.99 fee for bank withdrawals.
In conclusion, both Gemini and Uphold have focused on creating two regulated, secure and trusted exchanges with beginners in mind.
In terms of differences, Uphold is available in more countries than Gemini and offers a much wider support of over 300 cryptocurrencies.
While both exchanges are friendly for beginners to use, we think Uphold has done an even greater job here.
This might be one of the easiest crypto exchanges we have come across in terms of usability. Both exchanges requires their users to KYC in order to use their services.
In terms of trading fees, Gemini offers lower fees than Uphold and they offer discounts for traders who trade over $10,000 per month.
As mentioned previously, the downside is that Gemini offers a limited range of cryptocurrencies and does not offer services such as staking which Uphold does.
In terms of fiat deposits and withdrawals, both teams have delivered a great user experience with plenty of fiat currencies and cheap deposit and withdrawal options to satisfy the needs of users in North America and Europe.
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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