BlockFi vs Gemini: Cryptos, Fees, Trading Features Comparison 2023

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.

Advantages and disadvantages of BlockFi

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 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: 

Gemini offers:

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:

Comparison of Trading Fees

BLockFi:

Gemini:

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.