By the end of June 2020, Bitcoin sat at a value of $9,165. Just eight months later, at the time of this article's writing, the coin's value sits at $47,968.50. What's more, the share price of Tesla is now directly tied to Bitcoin's value.
That's an impressive evolution considering the crypto-coin debuted at a worth of little more than $0.0008 to $0.08 in 2009! If you're like many other consumers, Bitcoin (BTC) has likely caught your eye in recent months.
Whether you wish to buy Bitcoin as a hedge against inflation or to take advantage of its continued growth, now's the best time to get in on the investment potential. With that in mind, let's take a closer look at Crypto.com vs Gemini, two excellent platforms for purchasing BTC.
Why Buy Bitcoin
It's hard to quantify the vast leaps and jumps that Bitcoin has experienced over the past few months. Even as economies worldwide continue to struggle due to the pandemic, Bitcoin continues to grow in dramatic surges. You've no doubt seen the crazy headlines.
For example, Bitcoin has surpassed and reached incredible heights of more than $50,000. Many experts have forecast continued growth, which some agree will hit upward limits of $100,000 or more. So, it only makes sense that you want to get in on the action.
What's the best way to do this? Answering this question is far from simple. After all, hundreds of exchanges have cropped up in recent years. That said, few enjoy the reputation of Crypto.com or Gemini.
But which cryptocurrency exchange is more advantageous when it comes to purchasing Bitcoin? Let's take a closer look at these two dominant exchanges, exploring everything from trading fees to security features and much more.
Find out more about Bitcoin and why it could be the right investment for you.
What to Know About Crypto.com
Founded in 2016, Crypto.com operates on a basic belief: it's a fundamental human right to have control over your money, identity, and data. We couldn't agree more with this basic principle!
Today, Crypto.com serves more than five million customers worldwide, and the platform has come a long way in meeting its vision of providing financial access to all. It represents a powerful alternative, especially when compared to traditional financial services.
The company was started by four founders: Bobby Bao, Kris Marszalek, Rafael Melo, and Gary Or. These founders remain at the helm of the company today, providing a reputable exchange to crypto users. Learn more about Crypto.com.
Features of Crypto.com You Need to Know About
Which features accompany Crypto.com? They include a variety of services and products, such as the ability to spend cryptos using the exchange's well-known MCO Visa card. The card rewards users with eight percent cashback on every purchase.
You'll also gain access to the Crypto.com app, where you can purchase and sell more than 80 cryptocurrencies with fiat at real cost. You can even pay for your daily expenses in crypto by relying on the Crypto.com app and dedicated Visa card.
The platform also permits consumers to deposit crypto while earning up to 12 percent via Crypto Earn. You gain access to crypto loans with a 50 percent loan-to-value (LTV) ratio via Crypto Credit.
Through the exchange, you can trade popular cryptos while enjoying some of the industry's lowest fees. But the perks don't stop there. With Crypto.com, you also get the Syndicate, where users participate in buying cryptos with 50 percent off when staking CRO.
Through the company's referral program, you can get up to a $2,000 referral bonus in CRO and 50 percent in trading fees for every successful referral. Talk about a lucrative program!
More Features and Products Associated With Crypto.com
During your first 30 days on the Crypto.com exchange, you can also take advantage of the so-called Supercharger option. How does it work? Just deposit and withdraw CRO from the Supercharger pool any time during your first month.
Your average share percentage will get calculated daily, and you'll receive a reward token every day during the reward distribution period. What's token distribution based on? The liquidity provided during this period.
You'll also have the opportunity to swap and farm DeFi Coins in their decentralized exchange, Defi Swap. What is DeFi Swap? It's the fork of Uniswap V2. There, you can store crypto safely via a non-custodial Defi wallet.
Users will also receive the best returns when depositing tokens to the protocol with the highest APY at the time of the deposit. What's more, Crypto.com has integrated with the Compound lending pool, providing users with access to the following DeFi tokens:
Keep an eye on DeFi Earn as Crypto.com has promised the addition of more tokens in the near future.
Crypto.com Price also comes with a tracking feature that lets you keep dibs on the latest token prices, market capitalization ranking, market movement, and token information.
Remember that some of the key features of Crypto.com may not be accessible to you depending on where you live. For example, residents of Hong Kong, Singapore, Switzerland, Malta, and the United States don't currently have access to the lending system.
The exchange offers some of the lowest fees in the business. These fees are based on the maker-taker model as well as the volume of trading you participate in.
For example, when your trading volume falls within the $0 to $250,000 category, you'll enjoy maker fees of 0.10 percent and taker fees of 0.16 percent. On trading volumes of $250,001 to $1,000,000, maker fees come in at 0.09 percent and taker fees at 0.15 percent.
And from $1,000,001 to $10,000,000, maker fees start at 0.08 percent and taker fees at 0.14 percent. As you can see, these fees incrementally continue to decrease from there.
What to Know About Gemini
A New York trust company, Gemini is regulated by the New York State Department of Financial Services (NYSDFS). As a result, it's subject to some of the most stringent regulations in the industry. These include capital reserve requirements, NYSDFS banking compliance standards, and cybersecurity requirements.
In a nutshell, Gemini represents an elegant, simple, and secure platform for building out your cryptocurrency portfolio. Whether you want to buy, sell, store, or all of the above, you'll enjoy a seamless customer experience with Gemini.
The Gemini exchange only supports two cryptos, Ethereum (ETH) and Bitcoin (BTC). Why such limited options? Because Gemini has placed its focus on building a trustworthy and institutionally-friendly platform. Besides these cryptos, the company also accepts a fiat currency, the US dollar.
The exchange accepts wire transfers internationally and deposits made by automated clearing house (ACH) nationally. You can also fund your wallet with Bitcoin or Ethereum, which some consumers find particularly handy.
What should you expect when it comes to Gemini fees? The lowest fees come in at 0.35 percent for takers and 0.25 percent for makers for transactions up to $499,999. Above $500,000, you'll pay 0.25 percent in taker fees and 0.15 percent in maker fees.
Like Crypto.com, fees will continue to drop as the trading volume increases in pre-determined groups of value. And maker fees will always come in below taker fees.
Why is this the case? Because takers refer to individuals who place orders at the market price, which get fills immediately because of a match with a pre-existing order. A customer is considered a taker when they pay a fee for books.
As for a maker? This refers to a user that places an order which doesn't get filled right away. Instead, the order gets placed in an order book. If another customer comes along and matches your order, you're considered the maker, and you get to enjoy much lower fees or even rates of zero percent.
Pros and cons of Crypto.com
- Is a complete crypto platform
- Offers frequent promotions
- Permits you to earn returns on your deposits
- Includes a high-speed exchange with competitive fees
- Offers a crypto-backed rewards card
- High-speed exchange with competitive fees
- Having to stake CRO or MCO to get the most out of your MCO rewards
- A general lack of transparency regarding where funds come from
- A confusing two token system (e.g., CRO and MCO)
Pros and cons of Gemini
- Incredibly fast and easy onboarding and verification. Probably the best in the industry at the moment.
- No other company in the crypto industry is as regulated and certified as Gemini.
- Never been hacked and has arguably the best-in-class security standards
- Competitive transaction fees
- Apps are available for both iOS and Android
- Customer support is available via web, app, phone, or Twitter
- On Gemini ActiveTrader, many fiat currency trading pairs are not available yet
- Higher fees for transactions less than $200
- Access to Gemini’s ActiveTrader (which has lower fees) needs the support team’s manual approval
Crypto.com: Frequently Asked Questions (FAQs)
Now that you've got a much better concept of what you'll get with Crypto.com, let's take a look at some of the platform's most frequently asked questions (FAQs). These common customer inquiries will provide you with insights into everyday aspects of using the app, card, and more.
Which Cryptocurrencies Are Accepted by Crypto Pay?
At the moment, you only have one option when it comes to Crypto Pay. The platform currently only accepts Crypto.co Coin (CRO).
What Should You Know About Crypto.com DeFi Swap Fees?
Crypto.com's DeFi swap permits users to connect their personal Ethereum wallet for effortless and streamlined ERC-20 token swaps, unlike the app or exchange.
Generally, you'll get charged 0.3 percent fees to liquidity providers for token swapping fees. These fees support the run of smart contracts.
To get started, connect your Defi Swap with your Crypto.com Defi Wallet. When transferring crypto in the Ethereum network, you must pay gas fees.
Choose between average, fast, and super transaction confirmation speeds. Remember that average and super-fast speeds respectively represent low and very high transaction fees.
Which Wallets Are Compatible With Crypto Pay?
You've got incredible flexibility when it comes to Crypto.com. You may use any wallet that both holds and sends Crypto.com Coin (CRO) with Crypto Pay.
Frequently asked questions about Gemini
We’ve compiled some answers to questions we often get. Should you have any other questions, feel free to reach out below in the comments.
How long does it take to be verified by Gemini?
It depends on the quality of your documentation and things like your country of residence, however, in our case it was extremely fast. In fact, it was probably the fastest out of all the exchanges we tested.
This was due to the technologies Gemini uses for verification as well as their deep focus on regulation and certification. You can really tell Gemini has invested heavily in this and we think it will pay off for them in the long run.
They state that verification usually occurs within 24 hours, however, in our case it was 10 minutes and it was a relatively painless experience
Where is Gemini based and are they regulated?
Gemini is based in New York City, New York. It is a New York trust company that is regulated by the New York State Department of Financial Services (NYDFS)
Which cryptocurrencies does Gemini support?
Gemini supports the following cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Chainlink (LINK)
- Basic Attention Token (BAT)
- Dai (DAI)
- Orchid (OXT)
- Maker (MKR)
- Decentraland Mana (MANA)
- 0x (ZRX)
- Kyber Network Crystal (KNC)
- StorJ (STORJ)
- Paxos Gold (PAXG)
- Compound Token (COMP)
- Amp Token (AMP)
- Balancer (BAL)
- Curve (CRV)
- Ren (REN)
- Synthetix (SNX)
- Universal Market Access (UMA)
- Uniswap (UNI)
- Yearn. finance (YFI)
- Aave (AAVE)
- Filecoin (FIL)
Which countries is Gemini available in?
Gemini is available in the following countries:
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Puerto Rico
- Rhode Island
- South Carolina
- South Dakota
- Washington D.C.
- West Virginia
- The British Virgin Islands
- Cayman Islands
- Czech Republic
- United Kingdom
- Hong Kong
- South Korea
- New Zealand
- South Africa
What products does Gemini offer?
Gemini offers the following products:
- Gemini Mobile
- Gemini ActiveTrader
- Gemini Wallet
- Gemini Clearing
- Gemini Custody
- Gemini Dollar
- Gemini Pay
What documents are required for verification?
For US applicants, you need your proof of identity for verification.
For international applicants, you need your proof of identity and proof of address, for verification
Is Gemini insured?
Yes, Gemini is insured. A portion of Gemini’s assets is stored in their online Hot wallet. The rest is stored in their offline, air-gapped Cold Storage facility. The portion stored online is insured against security breaches.
How do I contact Gemini support?
Gemini’s customer support is available through the following channels
- Email: email@example.com (for press related inquiries)
- Facebook Group: www.facebook.com/GeminiDotCom
- Twitter: www.twitter.com/GeminiDotCom
- An online helpdesk
- Live Chat
What payment method does Gemini support?
Gemini supports the following payment methods:
- U.K. bank transfers (via Faster Payments)
- U.K. bank transfers (CHAPS or SWIFT)
- Debit cards (excl. prepaid versions)
- ACH bank transfer (in the U.S. only)
Crypto.com vs Gemini: The Takeaway
Should you buy Bitcoin from Crypto.com or Gemini? The answer to this question depends on many variables, including how important transaction fees are to you and where you live. You'll also want to consider other issues such as security and how you'd like to access and use your Bitcoin.
Not only does Crypto.com feature some of the lowest fees in the industry, but it also comes with the hard-to-beat MCO Visa card that can be used at any location that accepts Visa. If you genuinely want to integrate crypto into your daily transactions, Crypto.com remains the best way to go.
That said, Gemini enjoys a stellar reputation and has jumped through all of the loopholes necessary to operate unfettered in the US, including New York. Known for its impeccable security and adherence to banking regulations, we recommend this exchange for American consumers who place a premium on online safety.
That said, you've got plenty of additional crypto options to consider. Check out our comprehensive digital currency exchange reviews.