BlockFi vs Gemini: Cryptos, Fees, Trading Features Comparison 2022

So far we've looked at some of the most popular crypto exchanges out there in this series. We now want to compare BlockFi vs Gemini. You'll find pros and cons with each platform, but they're both great exchanges that we recommend looking into.


Gemini

Blockfi

Type of exchange

Сentralized

Сentralized

Year founded

2014

No information

Registration country

USA

USA

Trust Score (Coingecko)

10

No score

Cryptocurrencies / trading pairs

128

40

Trading types

Spot

Spot

Fees

Taker: 0.10% - 0.25% Maker: 0.0% - 0.25%

0%

2FA

Yes

Yes

Mobile application

IOS, Android

IOS, Android

Daily trading volume on Spot market

$74 474 523 

No information

Advantages and disadvantages of BlockFi

Pros:

  • Exchange without commissions
  • Ability to take cryptocurrency loans
  • Automated transactions
  • Regulated and located in USA
  • Easy to use platform

Cons:

  • Few cryptocurrencies to trade
  • No demo accounts

BlockFi Review Summary 

87% Overall

We have analyzed key features of BlockFi based on 3 important criteria for choosing crypto exchange:

  • Trustworthy
  • Usability
  • Fees
    Based on researches and our own tests, we have made an independent rating.
86%
Trustworthy
82%
Usability
92%
Fees

Advantages and disadvantages of Gemini

Pros:

  • Good reputation and high reliability
  • Professional and quality services
  • Cryptocurrency, bank and direct payments are free 
  • The first 30 withdrawals in a month are free
  • Mining pool and cloud mining
  • Own blockchain ecosystem

Cons:

  • Limited choice of deposit methods
  • A lot of personal information is required to register. The project team wanted to make the exchange as legally compliant as possible. Unfortunately, this means providing the platform with a lot of personal information

Gemini Review Summary 

86% Overall

We have analyzed key features of Gemini based on 3 important criteria for choosing crypto exchange:

  • Trustworthy
  • Usability
  • Fees
    Based on researches and our own tests, we have made an independent rating.
88%
Trustworthy
85%
Usability
84%
Fees

About BlockFi exchange

BlockFI exchange is a service for trading cryptocurrencies and tokens. Trading is done through the TradingView browser terminal or a mobile app. Available assets are not many, but there are all the most popular ones, including Bitcoin, Ethereum, Litecoin, LINK, BAT. Funds can be deposited to the site in U.S. dollars, but you can't trade in fiat. There is no minimum deposit. The crypto exchange offers several investment solutions, including staking. There is an OTC trading service and a lending service that allows you to borrow in U.S. dollars, secured by cryptocurrency. The exchange has a profitable referral program with high payouts and an affiliate program for active traders. BlockFI does not charge any commissions for trades, there are fees only for withdrawals.

About Gemini Exchange

gemini

Gemini cryptocurrency exchange is a household name. This exchange is known for its functionality and useful services.

Comparative analysis of BlockFi and Gemini exchanges

Available features

Both crypto-exchanges focus on cryptocurrency trading. 

BlockFi offers: 

  • Interest Account
  • Crypto loans
  • Wallet

Gemini offers:

  • Investment program with a high annual interest rate
  • Gemini Pay allows you to pay with cryptocurrency in stores
  • A lot of training materials (including video lectures)

Available countries

BlockFi and Gemini exchanges are available in more than 100 countries. These exchanges do not provide trading services in sanctioned countries. 

Payment methods

You can fund your BlockFi and Gemini account with a bank card, PayPal or cryptocurrency.

Card Support

All types of bank cards from supported countries are available on BlockFi and Gemini.

Available Cryptos and Tokens

BlockFi currently supports 40 trading pairs and coins. 

While Gemini supports 128 trading pairs.

Verification (KYC)


Each new Gemini user has to verify his data, by verifying his identity and residential address, together with the zip code to which the mail will be sent. This can be done with scanned copies of documents (photos are required), a personal phone number and a bank account number.

Account deposit

Exchanges offer the following options for funding the account:

  • Crediting a fiat account with a card or payment system
  • Purchase from a card
  • Direct transfer of cryptocurrency to the exchange address

Comparison of Trading Fees

BLockFi:

  • There are fees only for withdrawals
  • No commission on BlockFi

Gemini:

  • Taker: 0.10% - 0.25%
  • Maker: 0.0% - 0.25%

Account security

BlockFi meets all safety requirements. The exchange securely stores the data of its users. No information about hacking has been found.

Gemini is one of the top exchanges when it comes to security, which is why its services are used by many large investors (whales) from the United States. Gemini passes the security benchmark. It is a New York City trust company subordinate to the New York City Department of Financial Services (NYDFS). Gemini has passed Deloitte's SOC 1 Type 2 and SOC 2 Type 2 exams and has received ISO 27001 certification.

Passive earn on exchanges

Your crypto can earn up to 15% APY in crypto with a BlockFi Interest Account (BIA). Interest accrues daily and is paid monthly. There are no hidden fees, no minimum balances, and no reason to wait. 

Gemini Earn is a percentage cryptocurrency account feature on the Gemini Cryptocurrency Exchange. Gemini Earn allows users to transfer funds to an "Earn" account and earn up to 7.40% APY on BTC, ETH, Stablecoin and other altcoins.
Gemini Earn allows users to earn up to 7.40% APY on 50+ cryptocurrencies including BTC at 1.65%, ETH at 2.05%, 7.40% on DAI, GUSD and more.

Which to choose - BlockFi or Gemini

For most traders and investors, Gemini is the platform of choice due to its higher trading volume, excellent liquidity, long-term reputation and actively developing ecosystem. One of its main disadvantages is that you cannot trade anonymously.

Disclaimer:

Crypto trading entails a high level of risk and is not suited for all investors. You should carefully evaluate your investment objectives, degree of experience, and risk appetite before deciding to trade cryptocurrencies. You should not invest money that you cannot afford to lose because there is a chance that you will lose some or all of your initial investment.

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

FAQs

Is Gemini and BlockFi the same?

BlockFi and Gemini are quite similar to each other. Both exchanges focus on cryptocurrency products. All the differences we discussed in the article.

Which is better BlockFi or Coinbase?

Coinbase is better because it offers more cryptocurrencies than BlockFi.

Is Gemini earn safe to use?

Yes, passive earn on Gemini is absolutely safe.

Conclusion

To sum it up, BlockFi vs Gemini are both noteworthy - but they have their own nuances. We recommend registering on both platforms (for free) and trying them yourself - only in this way you'll get accurate impressions of each platform and be able to pick out which one is a better fit for you. We also advise you to consider other crypto exchanges, many of which we reviewed on our website.

Disclaimer:

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

Jack Evans


I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.

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