Binance and Gemini are two of the most popular cryptocurrency exchanges. They both offer a wide range of trading pairs, but their fees can be significantly different. In this article, we will compare which exchange is better for you based on the fees they charge.
The binance vs gemini is a question that has been asked many times. Binance offers lower fees than Gemini, but Gemini offers more security. Read more in detail here: binance vs gemini 2021.
Is it true that costs are everything? Should they be the decisive factor when it comes to selecting which bitcoin exchange to use?
Yes, in a sense… However, it’s a little more involved than just selecting the exchange with the lowest costs and registering for an account. Consider the case of Binance vs. Gemini.
At first sight, you’d assume Binance would come out on top because to Gemini’s higher trading costs for most traders. Given the amount of adoration for Binance on every crypto website, it would seem to be a no-brainer. This isn’t meant to cast aspersions on these individuals… You’ve most likely seen something similar on this site before.
Low fees aren’t the be-all and end-all when it comes to choosing an exchange, particularly if you have a lot of coins or trade in large quantities, but they aren’t the be-all and end-all anymore. The most important thing to think about is how those fees are applied. Let’s compare Binance and Gemini (with a bit Coinbase thrown in for good measure) to show how a platform with higher fees may still save you money in the long run.
Binance vs. Gemini Fees: What You Should Know
If you’ve read any of my previous posts, you’ll know that one of the main reasons I like Binance is their simple and cheap fees. They offer one of the finest fee systems in the crypto industry, if not the best.
You may deposit for free on Binance if you utilize an ACH or wire transfer. You may pay with a credit card, but it will cost you 4.5 percent more. If you wish to avoid this, you can always locate a lower-cost exchange and then transfer your coins for free to Binance.
The platform’s cryptocurrency exchange rates are.1% for both maker and taker fees. When trading futures, the cost decreases to.02 percent for makers and.04 percent for takers. When you use BNB, Binance’s crypto currency, you’ll also receive a 25% discount.
You won’t have to pay for an ACH or wire transfer if you move bitcoin to Gemini for free. They, too, charge a fee for using your card, but it’s just 3.49 percent, which is less than Binance.
Gemini exchange costs are a little more complex, since you’ll have to pay both a convenience and a transaction charge. The transaction charge is determined by the amount of money you spend and the trading platform you utilize (phone, website, or ActiveTrader).
The convenience charge is.50 percent more than the current Gemini market price for a certain coin. Aside from that, you’ll be charged a fixed transaction fee:
|Amount of the Order||Fee for Transaction|
|a sum of money that is less than or equal to ten dollars||0.99|
|From $10.01 to $25.00||$1.49|
|$50.00 – $25.01||$1.99|
|From $50.01 to $200.00||2.99|
|In excess of $200.00||1.49 percent of the order’s total value|
The ActiveTrader Option in Gemini
If you choose ActiveTrader, you’ll see that their fee structure is quite similar to Binance’s. There are maker and taker costs, both of which drop as you trade more. Binance, on the other hand, charges a lower fee and has distinct 30-day trading average criteria to fulfill.
Targets in Gemini do not begin until you reach $500,000, while levels in Binance begin at $10,000. This creates an odd scenario in which you’ll pay less when you initially start with Gemini, but Binance becomes cheaper after you’ve traded $50,000.
|Avg. 30-Day Trading||(Gemini/Binance) Taker Fee||(Gemini/Binance) Maker Fee|
|Up to 10k||.50% / 0.35 percent||.50 percent / 0.25 percent|
|10-50k||0.35 percent of 0.35 percent of 0.35 percent of 0.35 percent of 0.35 percent of 0.35 percent||0.25 to 0.35 percent|
|50-100k||0.35 percentage point / 0.25 percentage point||0.25 percent / 0.25 percent / 0.25 percent / 0.25 percent / 0.25 percent|
Gemini trading costs are somewhat more as your account balance grows, but this adds up fast. For example, if you trade $2,500,000 in cryptocurrency each month, Gemini would charge you 0.25 percent for taker costs and 0.15 percent for maker fees. Binance, on the other hand, levies a 0.18 percent fee on both transactions.
You’ll pay less in fees on Gemini than on Binance after you hit the 15 million mark, whether you’re a maker or a taker! The greatest thing is that you may give me a coin or two with some of your money. It will remain a closely guarded secret.
As a result, there is an issue with costs: each site has various levels and prices, which means that what works for you may not work for someone else. This isn’t to say that looking at fees isn’t important; it just means that you’ll need additional information when deciding where to take your company.
What’s the Difference Between Coinbase and Coinbase Pro?
If you’re curious in Coinbase and Coinbase Pro, they have higher costs than these services, but they also have some benefits. They offer a highly user-friendly UI if you’re new to the crypto game. They make it simple to view how many coins you own, how much money you have in your account, and how you can earn coins by watching short films on new currencies.
Personally, I prefer Gemini or Binance over Coinbase, however if you want a simple experience or a quick introduction to crypto investment, Coinbase would suffice.
Aside from the Binance and Gemini costs, there are a few additional things to consider, such as putting your money into a bank account and earning money on your coins while they are in storage.
Getting Paid for Your Coins
Crypto lending is one of the newest methods for individuals to earn money with their cryptocurrencies. It’s always enjoyable to own money and see their value rise, but think how much more fun it would be if you put those pennies to work?
All you have to do with Gemini is create an account and choose to participate in Gemini Earn. When you acquire or transfer coins, they instantly begin generating interest. The amount you make is determined on the currency you have, however the rates are quite remarkable. The greatest aspect is that you may return your coins and interest to your trading account at any moment, enabling you to adapt to changing rates!
Assume you create a Gemini account and purchase $5,000 worth of Litecoin. The current Litecoin interest rate is 4.50 percent APY, which means you’d earn an additional $460 after two years. Other coins, such as Dai, have a greater interest rate. Because these interest rates are considerably greater than the typical savings account, this is a fantastic method to build money.
Binance does not provide a method to earn interest, while Coinbase offers a restricted version on their wallet. However, the Coinbase version has fewer choices and does not allow you to redeem your coins and interest as fast as Gemini.
Obtaining Your Cash
It’s pointless to invest in cryptocurrency if you can’t access your money when you need it. You also don’t want to spend money on fees that aren’t necessary when moving funds from an exchange to your wallet or bank account.
You can get your money off of Binance for free via an ACH, but other ways will cost you money. A wire transfer costs $15, and there is a 4.5 percent charge if you want the money placed on your debit card.
Depending on the kind of money, you’ll additionally have to pay a percentage of each coin withdrawal. Some of these fees are very high; for example, if you want to withdraw Dogecoin, you’ll have to pay Binance 50 coins. With Dogecoin presently on its journey to the moon, it may quickly turn into a substantial sum of money.
Coinbase provides free ACH withdrawals as too, but wire transfers cost $25, which is $10 more than Binance. There is no withdrawal charge per per, but there is a ‘network fee,’ which varies according on how busy the network is for the currency you’re transferring.
Withdrawing money from Gemini is a breeze. You are allowed 10 free withdrawals each month, and you may always withdraw GUSD for free without calculating it against your total. You’ll almost certainly never have to pay a withdrawal charge if you play your cards properly and prepare ahead!
Personally, I prefer to utilize Gemini as a Celsius off-and-on ramp. I get a free GUSD, transfer it to Celsius, let it earn 10.51 percent APY (or whatever rate is currently in effect), and then return it to Gemini to withdraw it for free. It’s as near to printing money as you can get.
If you want to purchase random altcoins, you may also buy cryptocurrency on Gemini, send it to your ledger wallet or a DEFI exchange, and then use it to buy them.
Other Things to Think About
Gemini is a wonderful sign for security. They’re a New York Trust Company bound by the New York Department of Financial Services’ cyber security rules. They’re also the first to pass the SOC 1 Type 2 and SOC 2 Type 2 exams.
To protect against brute force assaults, they demand two-factor authentication, hash and salt your password, and restrict some activities. They’re one of the most secure networks available, if not the most secure.
They’ve also worked hard on their user interface. If Coinbase has the most user-friendly UI, Gemini is a close second. Their platform is user-friendly and straightforward. It took me approximately five minutes to locate everything I needed when I initially joined up for them.
The Fee Schedule for Gemini allows you to put your money to work for you.
In the end, you’ll spend a bit more in trading fees at initially, but considering the other features, Gemini may very well be the finest crypto exchange around. If you’re just considering Binance vs. Gemini from a technical standpoint, it all comes down to what you want to do with your currencies. Gemini is the sign to choose if you want to put them to work for you.
Make sure you’re keeping the rest of your money securely in a secure wallet. If you’re searching for a fantastic wallet, I’ve compiled a list of my favorites here. Personally, I like the Ledger Nano X since it’s simple to use and very secure.
If you have any experience with these two crypto trading sites, please leave a comment below and tell me what you think!
The gemini vs binance vs coinbase is a debate that has been going on for a while. The fees at each exchange should not determine where you trade crypto, but instead it should be based off of the individual’s preference.
Frequently Asked Questions
Is Binance cheaper than Gemini?
Binance is a cryptocurrency exchange, whereas Gemini is an asset exchange. This means that Binance would be cheaper for trading cryptocurrencies such as Bitcoin and Ethereum, but more expensive for trading stocks or other assets.
Are Gemini fees lower than Coinbase?
Gemini fees are a lot lower than Coinbase, but they are not the cheapest.
Should I use Gemini for crypto?
Gemini is a US based exchange that offers both crypto and fiat currency trading. It has high deposit and withdrawal fees, but it also has low fees for trades that are made on the platform.
- crypto com vs binance fees
- binance vs gemini reddit
- binance vs coinbase
- gemini fees
- kraken vs binance fees