FTX vs Gemini - Which is the Best

Continuing the series of comparisons of popular crypto exchanges, we cannot help but consider the pair FTX vs Gemini - two worthy platforms, each of which has its pros and cons.

Advantages and disadvantages of FTX

About FTX exchange

FTX is a crypto exchange with deep liquidity, tight spreads and up to 110x leverage. You can also trade tokenized stocks and other assets. A liquidation system is a great way to keep your money safe if you're worried about losing it on transactions, or want protection against market volatility. You can do this with 3x leverage, instantly. Exchanging tokens with the help of that service means easy access to incentives, like a lower commission fee or a deeper market on over-the-counter trading.

About Gemini Exchange

Gemini, a crypto exchange started in the US in 2015, has become regulated by the New York State Department of Financial Services and is now considered as a trust company. Gemini Exchange offers many different services for its clients. It is one of the largest cryptocurrency exchanges.

Comparative analysis of FTX and Gemini exchanges

Available features

Both crypto-exchanges focus on cryptocurrency trading. 

FTX offers: 

Gemini offers:

Available countries

FTX 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 FTX and Gemini account with a bank card, PayPal or cryptocurrency.

Card Support

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

Available Cryptos and Tokens

FTX currently supports 523 trading pairs and 340 coins. 

While Gemini supports 128 trading pairs.

Verification (KYC)

There are four levels of verification (KYC checks) on the FTX exchange. Features of each of them:

Level 0: E-mail is required. Limit on withdrawal of funds - a total of $1000.
Level 1: E-mail, last name, first name, region of residence. Money withdrawal limit - $2000 per day. But if the trading volume exceeds the withdrawal limit - $9000.
Level 2: Surname, name, address of residence, place of birth, documents to confirm these data, photo with passport and a sheet with the current date, information about the source of funds. No limits for withdrawal of cryptocurrency.
Level 3: Document to confirm residence (rent agreement, utility bill, etc.), recent bank account statement, which will be used for fiat deposit or withdrawal. No withdrawal limits for cryptocurrencies and fiat money.

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

FTX:

Gemini:

Account security

To register on FTX, you will need to enter your email address, a referral code and come up with a complex password. Immediately after registration, you will be prompted to activate two-factor authentication. It is recommended to do it immediately or a little later to protect your account more securely. 

What you can do to increase the security of your FTX account: activate two-factor authentication, activate payment password, which will be requested every time you make a financial transaction.
Include in white list addresses of purses, to which funds should be directed at withdrawal, create additional credentials for the same login, so trusted users can log in to your account.

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

On FTX, you can use blocked and unblocked SRM and MSRM tokens for steaking, thus participating in the Serum ecosystem. Yield: 4% p.a. Distributed every hour. With 2% given out in locked SRMs and the other 2% in unlocked ones.

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 - FTX or Gemini

For most traders and investors, FTX 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 FTX a good exchange?

There is no one-size-fits-all answer to this question, as the best exchange for you will depend on your individual needs and preferences. However, FTX is a well-respected and trusted exchange that has built a strong reputation within the crypto community.

FTX offers a wide range of features and benefits that make it an attractive choice for traders of all levels of experience, including a user-friendly interface, high liquidity, low fees, and extensive support for a variety of cryptocurrencies. Additionally, FTX also offers unique features like Futures contracts and Tokenized Assets that are not available on other exchanges.

Overall, FTX is an excellent choice for traders who want access to a wide range of trading assets.

Is FTX safe to hold crypto?

There is no easy answer when it comes to whether or not an exchange like FTX is safe to use. However, there are a few key factors that you can look at in order to gauge the safety of an exchange. First and foremost, you want to make sure that the exchange is properly regulated. In the case of FTX, they are registered with legal entities in the United States, Singapore, and Hong Kong. This provides them with some level of protection should something happen to the exchange. Additionally, you want to make sure that the exchange has implemented proper security measures. For example, FTX uses 2-factor authentication and encrypted wallets in order to keep user funds safe.

Is Gemini better than FTX?

Gemini and FTX are very similar exchanges. We compared them by the main indicators and now you can choose the best one!

Is FTX cheaper than Gemini?

One of the most important parts about choosing a crypto exchange is the fee that you'll be charged. It can really eat into your profits no matter what it is, and Gemini's 0.25% maker fee was super appealing to me because of that when I started trading with them. But on FTX the commissions are much lower.

Conclusion

To sum it up, FTX vs Gemini are both noteworthy, but they have their own nuances. We recommend to register on both platforms and try them yourself - only in this way you can get real impressions and determine which crypto exchange is more convenient and preferable for you personally. We also advise you to consider other crypto exchanges, many of which we reviewed on our website.