Binance vs Gemini – Which Crypto Exchange Is Best In 2022?
In this article, we will be comparing the two best crypto exchanges in Australia, Binance vs Gemini to see which exchange is best for crypto trading in 2022
With the increase in the popularity of cryptocurrencies the investors are getting curious about the investment decisions and methods.
When it comes to the investment in cryptocurrencies one of the major hassles starts with the decision of choosing the best cryptocurrency exchange.
A cryptocurrency exchange is a platform where customers can buy, sell or store different types of digital currencies.
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Binance vs Gemini Reviewed
When it comes to choosing there are only a few exchanges that come to our mind, among them Binance and Gemini are the most popular and best exchanges for the trading of cryptocurrencies.
Now comes the decision of choosing between these two exchanges. To choose among them we will need to know all the aspects of these two.
Before choosing an exchange the investors need to check the features, security, services, etc. provided by the particular platforms.
Therefore in this Binance vs Gemini comparison, we will compare and review these crypto exchanges so that you can make a decision. So, let’s do the evaluation.
Binance vs Gemini Compared
| Binance | Gemini | |
| Coins Supported | 500+ | 50+ |
| Currencies Accepted | USD, EUR, CNY, AUD | USD |
| Trading Fees | 0.10% | Varies |
| Minimum Deposit | $10 | No minimum deposit limit |
| Daily Deposit Limit | $5,000 | $5,000 |
| Year Founded | 2017 | 2015 |
| Beginner Friendly | Yes | Yes |
| Deposit Method | Debit card, credit card, PayPal, Bank transfer | Debit card, credit card, US bank transfer, wire transfer |
| Built-in Crypto Wallet | Yes | Yes |
| Supported Devices | Web, iOS, and Android | Web, iOS, and Android |
| Security | Two-factor authentication | Two-factor authentication |
| Verification Speed | Up to 15 minutes | 2-5 business days |
Binance Exchange
Crypto exchange platforms play an important role in the crypto world and today’s one such popular exchange platform is Binance.
Binance is the world’s fastest-rising platform. It was founded in 2017 and allows trading in various cryptocurrencies.
It offers altcoin trading and also has its own Binance coin (BNB) token. The platform provides crypto wallets and helps its users in the decision-making for investment.
It’s the best exchange for Australians. The name Binance is created from two words “bitcoin” and “finance”.
It provides full security for its users, gives various types of discount offers, and provides services to earn interest.
Binance Pros and Cons
In this segment of our comparative review of Binance, we are going to look out for some of the pros and cons of this trading exchange and discuss the details in upcoming segments.
Pros
- The transaction fee is less
- A wide variety of cryptocurrencies are available
- Provide several options for deposits
- Better liquidity
- Gives various discount offers
Cons
- Unavailability in a few US states
- There are some regulatory concerns
Does ATO Have Access To Binance?
Due to the pressure from the tax authorities on the crypto exchange platforms, Binance exchange has partnered with Koinly – an ATO compliant platform for the improvement in the declaration of the tax-related transactions of the users.
How Do I Withdraw AUD From Binance?
Verified Australian residents are allowed to withdraw AUD from Binance. On the homepage of Binance, the user needs to go to the “wallet” section and select the type of wallet.
On the balance page of AUD select the “withdraw” option then enter the total amount to be withdrawn. Then click continue, confirm, and complete the security verification.
The amount will be withdrawn and transferred to the user’s account within 1-2 days.
Gemini Exchange
Gemini is a cryptocurrency exchange platform where you can buy, sell or hold currencies. It was founded in 2015 and allows trading on more than 50 cryptocurrencies.
The exchange platform has a payment app, mobile app, and its own Gemini dollar. Its full name is Gemini Trust Company LLC, a privately owned company.
It is the world’s first licensed ether and Zcash exchange crypto company. It provides the users to trade in fiat currency, and cryptocurrency and transfer USD to their respective bank accounts.
It’s the best exchange for Australians. It provides good safety and security to the user’s data.
Gemini Pros and Cons
In this Binance vs Gemini comparative review, let’s start with some of the pros and cons of Gemini exchange to get an idea of the platform:
Pros
- Provides more than 50 cryptocurrencies for trading
- The exchange is available in all the US states
- It is a fully regulated exchange platform
- The exchange platform is available in many countries
- Provides better security
Cons
- The fee structure of Gemini is complex
- The exchange charges high fees
Is Gemini A Reliable Exchange?
This exchange platform is very secure and safe. The higher portion of cryptocurrencies of every user is stored and protected in offline storage.
The other is stored in online storage for the regular use of the customers. The online stored currency is insured and protected.
Currently, it is used by many traders without any major complaints. So, the Gemini platform is a reliable and safe exchange to use.
How Long Do Gemini Withdrawals Take?
Withdrawals are allowed in the Gemini platform for both cryptocurrencies and fiat currency.
Normally, in this exchange platform, withdrawal takes around two-three hours which may sometimes exceed up to 48 hours in some cases.
Does Gemini Sell Dogecoin?
Despite Dogecoin being meme money, DogeCoin is accepted by many exchange platforms. Among those platforms, Gemini is also there in the list. The platform allows trading with Dogecoin, money that is not only a meme coin anymore.
Binance Features
In this segment of the article, we are going to discuss some of the key features included in the overall package of Binance. Some of the key features of Binance include:
- At the Binance exchange, customers can deposit cryptocurrencies and fiat currencies with credit cards or wallets
- It allows trading from any place and at any time. The platform is available in the App Store, Google Play, IOS, and Windows
- In the marketplace, Binance is the one that supports the largest number of cryptocurrencies. Allows the trading of around more than 500 cryptos
- The Binance exchange provides security and safety for the crypto holdings through two-factor authentication and some other measures
- Binance has its own token called the “Binance coin”. Users can get discounts for trading with this token
Gemini Features
Now the time has come to discuss some of the core features of the Gemini trading exchange and compare them with that of Binance. Some of the key features of Gemini include:
- The Gemini exchange provides a mobile app, payment app and a currency called the Gemini dollar. It was the first platform that introduced Bitcoin futures
- The platform allows trading in more than 50 currencies
- It is suitable for both types of users. A beginner can use it very easily with the simple interface. But it also has advanced functions for the high-level traders
- It provides security sad safety to the user’s data. Most of the holdings are kept in cold storage and the remaining holdings are kept online for the safety and ease of the transactions
Gemini vs Binance Features – Winner
In a comparison of features, it can be said that both the platforms have a few features that are kind of similar and a few different features.
Even with the similarities and differences of the platforms, both have simple and advanced features for the convenience of the users. Thus the overall performance is at par in both of these trading exchanges.
Binance Fees
Binance charges low fees from their customers for the trading of currencies. For depositing currency on the platform, Binance doesn’t charge any fees.
For the trading of currencies, it charges a fee but the charged amount is one of the lowest in the industry and if traded with BNB then the users also get some discounts. Other than that, withdrawal fees are also charged as per the market status.
Gemini Fees
Gemini charges high fees from its customers for the trading of digital currencies. The platform charges both a convenience fee and a transaction fee for the buying and selling of currencies.
The amount structure remains the same on all the platforms of Gemini. The amount of fee charged depends upon the type of currency that is traded and the convenience fee depends upon the fluctuations of the market. There are no deposit and withdrawal fees charged.
Gemini vs Binance Fee – Winner
In a comparison of Binance vs Gemini fees, it can be said that Gemini charges a higher fee than Binance.
Gemini exchange’s charging amount includes transactions as well as convenience fees. However, Binance doesn’t charge any deposit fee, its trading fee is very less and it also gives some additional discounts.
Binance Spreads
The Binance platform spread fees vary according to the change in the status of the market.
The platform’s spread amount has been reduced to 0.5 percent. And that makes Binance one of the most beneficial trading exchanges for traders especially when it comes to the new traders.
Gemini Spreads
Gemini charges 1.49 percent on trades amounting to more than $200. The charge is different if using a credit card for payments.
It also changes as per the fluctuations of the market which could lead to a variable price in a matter of seconds.
Gemini vs Binance Spreads – Winner
The spread amount of both platforms is not fixed. Sometimes the amount gets reduced and sometimes it increases as per the changes in the market.
However, Binance usually offers a lower price when it comes to the overall spread calculation. We advise the users to check the prices regularly before trading.
Binance Security
Binance is a very popular crypto exchange platform. It provides security and protection through the secure asset fund for users
A high portion of user holdings is stored in this fund for security and it ensures a complete covering of losses in case of misadventure.
Binance also uses various security measures like two-factor authentication, address whitelisting, etc that make it safer to use and difficult to hack.
It also provides a decentralized wallet with which you can control your holdings and keep them safe. Within the wallet, even the Binance platform can’t access the user’s information and data.
Gemini Security
The platform is used by many crypto traders. Gemini offers safety and security to their customer’s funds. The platform offers a wallet called the Gemini wallet for its users where they can secure their holdings and have control over them.
There is no hacking incident reported in the Gemini exchange due to its strict security protocols. The platform stores the majority of the funds in offline storage which are also insured and some funds in online storage with safety measures.
It uses two-factor authentication and device restrictions. If there is any kind of theft due to stealing passwords and identity, then the loss won’t be recovered.
Binance vs Gemini Security – Winner
In a comparison of security, it can be said that both the exchange platforms use their own methods and measures for the security and protection of the customer’s holdings.
As per the reports, Binance has faced an incident of hacking in the past whereas Gemini hasn’t faced any incidents till now.
Binance vs Gemini Number Of Coins Supported
Binance and Gemini both support cryptocurrencies for trading. If both are compared based on the number of coins they provide then Binance is better than Gemini.
Binance exchange provides more than 500 cryptocurrencies for trading to its users whereas Gemini exchanges provide trading in more than 50 currencies which is quite less when compared to Binance.
Binance vs Gemini Deposit Methods
In this part of the article, we are going to discuss the deposit methods of both exchanges.
Deposit Methods Of Gemini:
- ACH bank transfers, which are available only for the customers living in the United States
- Wire transfer: customers can deposit in the Gemini platform
- Debit cards trading and depositing can be done by the customers of the Gemini exchange
Deposit Methods Of Binance:
- Through debit cards or cards, customers can deposit in the Binance exchange
- The exchange supports the depositing of fiat money through bank accounts
- Through crypto wallets or any third party payment
There are several methods supported for depositing in both exchange platforms. Customers can use any of the methods available for depositing, trading, and withdrawal depending upon the platform they use.
Binance vs Gemini Mobile App
You can store, buy or sell crypto using the Gemini mobile app. It is fast and easy to use and gives all the details about the market.
Binance mobile supports trading, is easy and quick, has advanced settings, etc. Both the mobile apps have a variety of features enabled for the ease, security, and comfort of the users.
Binance Customer Support
The Binance crypto Exchange provides customer support services through various methods like complaints through chatbox, connecting via social media mainly Twitter, and ticket submission.
The Binance crypto trading platform customer support service is average as there are both positive and negative reviews about it. Many find it difficult to connect with the customer support of the platform.
Gemini Customer Support
Gemini platform provides customer support services through their help center, messages on the chatbox, or by submitting a ticket.
It does not provide live support via phone to the customers. The performance of customer service is mediocre. Many complaints related to accounts, verification, etc have been reported. But there are some positive reviews as well.
Binance vs Gemini Customer Support – Winner
In a comparison of customer support, it can be said that both the platform’s customer service is similar.
The performance of both the exchanges is average with mixed reviews by the customers. Many users give reports of poor customer service. However, they try to provide good services to the customers.
Binance vs Gemini: Final Verdict
From this Binance vs Gemini, comparison let’s conclude that there is no one-way choice between these two exchange platforms. Both exchanges have diversity in their features and are also user-friendly in their UI.
The choice of any customer to choose between Binance and Gemini will depend upon so many factors. Gemini is available in many areas which makes it preferable for many whereas Binance isn’t available in many states of the US.
Despite that Binance is the choice of many traders because of its features like fewer fees, a wide variety of options in coins, etc.
So, the choice of exchange platform varies from person to person according to the comfort, availability, and fees.
Gemini and Binance, both platforms are the best exchanges for Australians. Whatever platform you choose, the trading of cryptocurrencies must be done wisely.
