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Are you new to cryptocurrency? If so, then you likely have questions about the best place to purchase Ethereum and Bitcoin.
Fortunately, you've got plenty of options. Of course, options can feel overwhelming when you're relatively new to the game. For example, what do you need to know about Coinbase vs Gemini?
When it comes to two of the most recommended options, Gemini and Coinbase sit at the top. And with good reason. Here's what you need to know about both options to find the best pick for your current needs.
Coinbase vs Gemini
When it comes to Coinbase and Gemini, which one represents the best bet for your cryptocurrency needs? It depends on a variety of factors, including the coin you want to trade in, how easy it is to set up an account, and what transactions involve.
With that in mind, let's take a closer look at each exchange. That way, you'll have a thorough understanding of their pros and cons and can make the best decision based on your cryptocurrency goals.
The Coinbase exchange is the most popular and largest cryptocurrency exchange platform in the world. Available in 32 countries, it allows for the trade of coins such as:
Coinbase offers a friendly interface preferred by more than 20 million users. It comes in both desktop and mobile and provides some levels of protection. It also provides options such as creating a private or business account.
Suppose you'd like to create a business account. In that case, you'll get redirected to the subsidiary products Coinbase Commerce API (for accepting cryptocurrencies as payments for services and goods) and GDAX, a trading platform for investors.
How to Create a Coinbase Account
As you move through the registration forms. be prepared to add personal information, including:
A bank account
The information that you provide on your application, the higher your buying options. What's the maximum limit on cash transactions? Fifty thousand US dollars and €30,000 in Europe.
When you create your account, you'll need to set up protection as soon as possible. The system will prompt you to use two-factor authentication or a two-step verification code besides the password that you provide.
This code gets generated on your phone by Google Authenticator, TOTP (time-based one-time password), or another app such as text codes/SMS. The last option proves the least secure of the three.
An Easy-to-Use Interface
What's one of the reasons that Coinbase proves so popular? It boasts an easy-to-use interface, which makes learning how to buy and sell cryptocurrency a cinch.
What's more, Coinbase provides stats for each coin. You can get these figures on an hourly, daily, weekly, yearly, or all-time basis. That way, you can get as granular as you'd like with your cryptocurrency research.
This functionality allows you to make data-driven decisions easily. The mobile app even lets you set alerts. That way, you'll always be prepared when the right price fluctuations occur.
What's more, you can easily switch between buying and selling options. The system works the same, allowing for an intuitive experience.
To begin, choose the coin you'd like to transact in as well as a payment method and wallet. Input the amount of money you're ready to spend. Then the system will convert it into cryptocurrency.
Because of high rates, don't expect to buy or sell whole bitcoins. Instead, you'll transact infractions.
How does selling work? A consumer must choose what place to take the coins and where to send funds. Otherwise, the procedure is similar to buying with you selecting the coins to sell and your rate.
A private, licensed digital asset exchange, Gemini offers custodian services for digital holdings. It was launched by the American twins Cameron and Tyler Winkelvoss in 2015 and has since expanded operations to Asia and Europe.
The Gemini Exchange trades:
The word "Gemini" means "twins," and it symbolizes not only the Winkelvoss brothers but also the duality of the platform. They conceptualized bringing two forms of currency together: existing fiat currencies and new-age cryptocurrencies.
Gemini assumes both types of currency will be used interchangeably in the near future. The Gemini marketplace offers trading between BTC/USD, ETC/USD, and ETF/BTC, to name a few. It operates on a 24/7 basis.
What are some of the advantages of the Gemini exchange? For starters, traditional currencies such as the US dollar create stablecoins when converted into a token. This type of coin can move freely on the blockchain, yet boast the stability of traditional currencies.
How to Create a Gemini Account
Creating a Gemini account means volunteering lots of personal information. So, be prepared for all of the questions.
Start by heading to Gemini's website where you'll be prompted to click the "Get Started" button. Select your state and country and then hit "continue."
Next, you'll need to enter personal information and choose a strong password by selecting "create my account." The site will then provide you with a two-minute security quiz.
After completing the quiz, you can enable two-factor authentication. Then, you'll enter your social security number and date of birth to complete registration.
Remember that initial account creation represents a two-part process. You must verify and then fund. After your first go at verification, however, you can skip to the "funding" section.
To verify your account, you must link it to a bank account via your Gemini wallet. Once the network confirms that the information you've provided is correct, you'll be ready to either "enter the exchange" or "continue to full identity verification."
Like Coinbase, the more information you provide, the higher the limits and withdrawals you can unlock. We suggest completing the full identity verification process. Whether you opt to do this right away or choose to "enter the exchange," you're now ready for transactions.
The Gemini Cryptocurrency Exchange makes researching the crypto market easy. It's an excellent exchange for those who are most concerned about security. As a result, it's well-suited for those exchanging Bitcoins and Ether for large amounts of fiat currency.
As one of the most secure exchanges in the crypto-verse, Gemini's also ideal for those involved in lots of daily trading. Gemini's many security protocols should instil a sense of confidence when it comes to keeping significant sums of money online.
Yet, the sliding scale of fees makes Gemini suitable for every style of trader. Yes, it favours the highest investors. At the same time, however, the charges prove so affordable that even one-time buyers at the lowest tier will be delighted.
Which Exchange Is Right for You?
Now that you know more about Coinbase and Gemini, let's drill down into which exchange is right for you. Overall, both exchanges represent excellent places to start when it comes to cryptocurrency. Coinbase comes out on top when it comes to ease of use, however.
Consumers may get off-put by the detailed amount of personal information required to open a Gemini Exchange account. If you're new to the game and simply want to get a feel for transacting in cryptocurrency, Gemini likely represents too much time investment.
For this reason, we recommend most beginners start with Coinbase. However, if you're looking to invest a vast amount of fiat currency in Bitcoin or Ethereum, then you'll want to highest level of security possible. Rest assured that's what Gemini provides.
What about crypto and taxes? Here are six tactics for lowering your crypto tax liability.
Caveats of Each Exchange
You'll also want to bear in mind some technical caveats of each exchange. In times of high volume, Gemini has a reputation for going offline. This problem also happens with Coinbase and has led consumers to accuse each platform of denying them service at crucial times.
The outages appear linked to overloaded servers rather than market manipulation, however.
As for Coinbase? It still comes with plenty of security despite being less rigorous than Gemini. Customers also love its intuitive user interface and ease of use.
That said, not all coins are available for purchase on Coinbase. We'd also like to see them improve their ease of use documents as well as how they deliver tax information. Despite these caveats, Coinbase remains a great springboard for those dabbling in cryptocurrency.
Of course, when you get serious and have more at stake investment-wise, consider transitioning to Gemini. Learn more about crypto savings accounts now.
What about Coinbase vs Gemini fees? Both sites provide trustworthy and secure transactions. If you'd like to buy crypto using a credit card, however, Coinbase remains the best option. If you're looking for the lowest fees, go with Gemini.
Gemini Exchange vs Coinbase
As you can see from our Coinbase vs Gemini review above, both exchanges come with their pluses and minuses. As a result, you'll need to take a hard look at how much money and time you really want to invest in the cryptocurrency market before getting started.
Fortunately, with the information above, you'll be in a solid position to decide on the best crypto exchange for your needs. Ready to learn more about cryptocurrency and how to ear it for free? Check out our complete guide.