Gemini vs Binance: Crypto, Fees, KYC Exchanges Difference

There are so many exchanges available to crypto traders. Each one has its own pros and cons, and it can be difficult to decide which is the best exchange for you. In this blog post we'll compare Gemini vs Binance two of the most popular ones out there. We'll take a look at the fees, KYC procedures, and other important factors. Let's get started!


Binance

GEMINI

Type of exchange

Сentralized

Сentralized

Year founded

2017

 2014

Registration country

Cayman Islands

USA

Trust Score (Coingecko)

10

10

Cryptocurrencies / trading pairs

1458

128

Trading types

Spot, Futures, Margin trading, P2P

Spot

Fees

0.1%

(0.075%  option for BNB holder)

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

2FA

Yes

Yes

Mobile application

IOS, Android

IOS, Android

Daily trading volume on Spot market

$13 265 105 972

$74 474 523 

Advantages and disadvantages of Gemini

Pros:

  • User-friendly
  • Great customer service
  • Cryptocurrency, bank and direct payments are free 
  • Professional and quality services
  • The first 30 withdrawals in a month are free

Cons:

  • Limited choice of deposit methods
  • A lot of personal information is required to register

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

Advantages and disadvantages of Binance

Pros:

  • Good reputation and high reliability
  • Bot for grid trading
  • Higher leverage (up to 100x)
  • Own BNB token
  • Mining pool and cloud mining
  • Own blockchain ecosystem

Cons:

  • KYC is required

Binance Review Summary 

92% Overall

We have analyzed key features of Binance 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.
92%
Trustworthy
95%
Usability
90%
Fees

About Gemini exchange

gemini

The Winklevoss twins founded their Bitcoin and Ether exchange platform, Gemini, back in 2015. It's a reference to their zodiac sign - Gemini - which means 'twin' or two people.

Gemini exchange is a good option for those who are looking to make a lot of transactions throughout the day, especially with professionals traders. They don't charge their customers a commission when they are actively trading cryptocurrency.

About Binance Exchange

Binance is the world's largest exchange by trading volume. It was founded in 2017 by Chinese businessman Changpeng Zhao. He is its largest shareholder. It is a global blockchain ecosystem and infrastructure provider for the crypto industry with a suite of financial products and instruments.

Comparative analysis of Gemini and Binance exchanges

Available features

Both crypto-exchanges focus on cryptocurrency trading. 

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)

Binance offers:

  • Mining pool
  • IEO Launchpad
  • NFT market
  • Binance Academy

Available countries

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

Payment methods

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

Card Support

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

Available Cryptos and Tokens

Gemini currently supports 132 trading pairs and 106 coins. 

While Binance supports 1466 trading pairs.

Verification (KYC)

On Gemini after adding your bank account, you will need to verify your identity. This will include providing various forms of documentation. This is the standard for the "know your customer" procedure and compliance with various regulations, but it often discourages many customers.

As for Binance, the exchange went through a difficult time in 2021, when a large number of regulators from different countries brought charges against it, initiated investigations or issued warnings. These countries include: United Kingdom, Singapore, China, Poland, Italy, Malta, South Africa and Thailand. As a result, the platform has also had to take many different measures, including the introduction of mandatory verification. CZ (CEO Binance) has repeatedly stated his willingness to cooperate with regulators as much as necessary. In the verification process, the user provides the following data: Passport or other identification, Citizenship and country of residence, Address, Date of birth, name, Confirmation of face in photo or video, depending on exchange requirements.
After sending the information it takes an average of 24 hours for employees to verify.

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

Gemini:

  • Taker: 0.10% - 0.25%
  • Maker: 0% - 0.25%

Binance:

  • Spot: 0.1% / 0.1% (maker/staker)
  • By default, the following option is set (can be disabled): if the balance has the required number of BNB tokens, they are automatically withdrawn and reduce the commission on a transaction by 25%
  • Also, the level of commissions depends on the user's level, which in turn is determined by his trading volume over the past 30 days and the amount of BNB in his account
  • All VIP statuses obtained in a regular account are retained for futures trading and continue to provide benefits

Account security

Gemini is one of the top exchanges when it comes to security and its services are used by many large investors from the U.S. Gemini is a New York City trust company which meets the necessary standards set by Deloitte and the New York Department of Financial Services. Gemini has passed their SOC 1 Type 2 certification and their SOC 2 Type 2 certification and are also certificated for ISO 27001 guidelines.

Binance offers users Two Factor Authentication (2FA), hardware key, email and phone confirmations, whitelisting for withdrawals, anti-phishing code, monitoring of devices used and account activity.

Passive earn on exchanges

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.

Binance exchange is a place where you can invest in many different ways. For example, with dual (bicurrency) investments, standard cryptocurrency deposits, Liquid Swap liquidity supply, subscription to new tokens via Launchpad, Proof-of-Stake cryptocurrency stacking.

Which to choose - Gemini or Binance

Surely, based on all of the above, you have already made up your mind.
If you are looking for the most liquid platform, with large trading volumes, a wide range of cryptocurrencies and functions, an excellent set of protection measures - choose Binance. Binance is better than Gemini by all parameters.

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 a trusted crypto exchange?

Gemini is a regulated and licensed crypto exchange in the United States. They are one of the most trusted exchanges in the world and have been featured in many news publications.

Gemini is an excellent choice for anyone looking to buy or sell cryptocurrencies. They offer a user-friendly platform, great customer service, and low fees. You can also feel confident that your funds are safe at Gemini as they use state-of-the-art security measures.

Is Gemini a good way to buy crypto?

If you're looking for a reliable, easy-to-use platform for buying and selling cryptocurrencies, Gemini is a good option. Gemini is a digital asset exchange founded by the Winklevoss twins, creators of Facebook. It's one of the most regulated exchanges in operation today, which gives users peace of mind when it comes to security and compliance.


Is Gemini better than Coinbase?

Gemini and Coinbase are two of the most popular cryptocurrency exchanges, and both have their pros and cons. Here's a quick rundown of each:

Gemini is a US-based exchange founded by the Winklevoss twins. It is one of the most regulated exchanges in operation, which makes it attractive to those who value security. Gemini also offers unique features like block trading and advanced order types, which can be appealing to more experienced traders. However, its fees are relatively high compared to other exchanges, and it doesn't offer as many coins as some others.

Coinbase is another US-based exchange with a slightly different focus. Coinbase allows you to buy directly with fiat currencies.


Who are Binance competitors?

There are a few different exchanges that compete with Binance, each with their own advantages and disadvantages. Some of the most popular exchanges are Coinbase, Kraken, and Gemini.

Is Binance the best crypto exchange?

At the moment, Binance ranks first in all ratings of cryptocurrency exchanges.

Conclusion

So, which is the best exchange for you? Gemini or Binance? It really depends on what you are looking for in an exchange. If you want a platform with high liquidity and large trading volumes, Binance is your best bet. However, if you are looking for more protections measures and a wider selection of cryptocurrencies, Gemini may be a better choice. Whichever one you choose, make sure to do your research first so that you can make informed decisions about where to invest your hard-earned money. Leave us a comment below and let us know which exchange YOU chose and why!

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.

Other Exchanges comparison

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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