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Gemini vs Robinhood: The Battle for Cryptocurrency Supremacy

Both Gemini and Robinhood allow users to buy and sell cryptocurrencies, but why choose one over the other? Read our Gemini vs Robinhood comparison to find out!


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When Robinhood launched in February 2018, it amassed a waitlist of one million users in under a week! The crypto platform co-founded by Vlad Tenet has since become the digital currency marketplace's dark horse.

It proves well-positioned to dominate the crypto universe. What's more, it's exciting to see a FinTech company that has delved into the blockchain tech space the way Robinhood has. But how does the company compare to other competitors such as Gemini? 

Here's what you need to know about Gemini vs. Robinhood so that you can make a confident decision about which platform's right for you. 

What Is Gemini?

An American-based company, Gemini, is an FDIC-protected crypto company that's never been hacked. Besides impressive and comprehensive security features, Gemini is a simple-to-use, straightforward platform. Founded by the Winkelvoss twins (Cameron and Tyler), the company's name references the "twin" zodiac sign.

Before dabbling in cryptos, the Winkelvoss twins stole the scene with ConnectU, the predecessor to Facebook. They founded Gemini in 2014, headquartering it in New York, New York.

It remains one of only a few exchanges regulated in the United States. After all, most crypto companies don't even operate in the US, let alone New York, which boasts some of the most rigorous regulations.

Promoted

Risk-free and high-yield tool to store your coins

  • Earn up to 12% APR on EURS, USDT, ETH, XRP, and 20+ more coins
  • Weekly compound interest payouts
  • Universal conversion between all crypto, fiat, and stablecoins

Which Services Does Gemini Offer?

Gemini falls within the purview of the New York State Department of Financial Services' (NYSDFS) guidelines. The company supports more than 20 cryptocurrencies. These include:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Bitcoin cash (BCH)
  • Litecoin (LTC)
  • ZCash (ZEC)
  • Gemini dollars (GUSD)

You may use the stablecoin Gemini dollar in a wide variety of different transactions, including lending, investing, and spending. The American dollar backs this stablecoin held by the State Street Bank and Trust Company. 

When transacting in GUSD, you'll enjoy 1:1 transferability to USDs at any time. What's more, Gemini and BlockFi have partnered to offer savings accounts for your Gemini dollars. You'll enjoy interest rates of up to 8.6 percent APY when using this cryptocurrency marketplace. 

Pros and Cons of Gemini

Now that you have a better concept of the cryptos supported by Gemini as well as some of the services it provides, let's take a closer look at the platform's pros and cons. 

The Pros

Whether you want to buy cryptocurrency, sell, or store it, Gemini makes it a cinch. The platform comes with tools for both new and more advanced traders, and it maintains a security-first platform philosophy.

If you know anything about the tumultuous history of other crypto platforms, you'll appreciate this focus. How comprehensive is the platform's security? It was the first exchange to become compliant in terms of SOC 1 Type, SOC 2 Type 1, and Type 2.

What else distinguishes Gemini from other crypto brokers? It offers a streamlined app for iOS and Android that renders trading on the platform a breeze. What's more, you'll love the access to professional-level trading features offered through its ActiveTrader feature. 

The Cons

Of course, no platform is perfect, and this holds true for Gemini, too. What are some of the drawbacks of using this company for your crypto transactions? The platform offers limited payment methods, which means no credit card or debit card payments.

You'll also find limited international availability when using Gemini. For this reason, you may wish to explore other companies, particularly if you live outside of the United States or do a lot of traveling. 

What Is Robinhood?

Gemini exchange represents an innovative new take on crypto financial services. How does Robinhood compare? Robinhood shook up the investment when it debuted. 

The company's decision to permit stock trading without commissions shocked other crypto exchanges. Robinhood also launched an exchange and outlet known as Robinhood Crypto, enabling users to transact in digital currencies 24/7 without paying any fees.

If you're new to the crypto world, Robinhood represents a wonderful way to get your feet wet.

That said, the company's road hasn't always proven bump-free. In December 2020, Robinhood had to pay $65 million to the SEC for misleading customers about inferior trade prices. Officials charged the brand with encouraging inexperienced users to make risky trades, resulting in losses of $34 million. So, if you plan on exploring the trading side, we recommend a measured, low-risk approach. 

Which Services Does Robinhood Offer?

You'll find Robinhood Crypto on a state-by-state basis at the moment. You can go here to see if you're state's covered.

Which digital currencies are available on Robinhood? They include:

What's more, the app also supports real-time market data for the following cryptos:

Moving forward, Robinhood has plans to expand the variety of cryptos it supports. There's a caveat to this, though.

Robinhood may support market data for individual digital currencies. But that doesn't always translate into the ability to sell and buy on the platform. You should also note that Robinhood doesn't currently support ICOs.

Pros and Cons of Robinhood

You've been introduced to Robinhood and have a better understanding of which cryptos the platform supports. What are the benefits and disadvantages of choosing Robinhood for your crypto platform? Let's take a closer look. 

The Pros

When it comes to advantages, they include commission-free purchases, a refreshing departure from other platforms. 

You'll also enjoy Robinhood's support of fractional coins and availability in 46 states. The app supports the seven most common cryptos, and you can trade 24 hours a day, seven days a week. 

The Cons

What are some of the cons of using Robinhood? For starters, you'll find ten cryptocurrencies on the platform that are viewable but not transferable. This fact can prove highly frustrating if you wish to trade in one of these currencies.

You'll also find the platform doesn't permit you to transfer coins into or out of the platform. In other words, you must liquidate before moving assets.

Pros and cons of Gemini

Pros

  • 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

Cons

  • 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

Pros & Cons of Robinhood

Pros

  • No fees or commissions on trading activities on Robinhood.
  • Robinhood offers an easy-to-use trading app, both for Android & Apple users.
  • Your investments are secure for up to $500K by Securities Investor Protection Corporation, in case Robinhood fails.
  • Both traditional investment & emerging investment like cryptocurrencies options are available on Robinhood.
  • Supports weekly, bi-weekly, monthly, and quarterly automatic transfers.

Cons

  • No crypto deposits & withdrawal options are available on Robinhood.
  • Robinhood does not support retirement accounts & mutual funds, or bonds.
  • Quite limited in terms of research capabilities.
  • Extremely limited customer support. No phone or live chat service is available for brokerage account holders.
  • Compared to some of the leading crypto exchanges, Robinhood offers fewer cryptocurrencies for trading.
  • Robinhood app is highly prone to failure. It had failed three times in March 2020 alone. It can be a pressing issue for advanced & professional traders.
  • There are geographical restrictions for using Robinhood as only US-baser users are allowed to use Robinhood.
  • Robinhood can place restrictions on your account in some circumstances like being flagged for pattern day trading, which in turn, will prevent you from trading on Robinhood.

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?
Which countries is Gemini available in?

Gemini is available in the following countries:

  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Puerto Rico
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • Washington D.C.
  • West Virginia
  • Wisconsin
  • Wyoming
  • The British Virgin Islands
  • Canada
  • Cayman Islands
  • Argentina
  • Brazil
  • Chile
  • Peru
  • Austria
  • Belgium
  • Bulgaria
  • Croatia
  • Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • Greece
  • Guernsey
  • Hungary
  • Iceland
  • Ireland
  • Italy
  • Jersey
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Malta
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Romania
  • Slovakia
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • United Kingdom
  • Hong Kong
  • India
  • Israel
  • Myanmar
  • Philippines
  • Singapore
  • South Korea
  • Taiwan
  • Turkey
  • Vietnam
  • Australia
  • New Zealand
  • Egypt
  • Nigeria
  • 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: support@gemini.com (for press related inquiries)
  • Facebook Group: www.facebook.com/GeminiDotCom
  • Twitter: www.twitter.com/GeminiDotCom
  • An online helpdesk
  • Live Chat
Does Gemini have a iOS or Android app?

Yes, the Gemini app is available on both iOS and Android.

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)

Frequently Asked Questions About Robinhood

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.

Is Investing With Robinhood Safe?

Being a member of the Financial Industry Regulatory Authority and an SEC-registered broker-dealer, they are legally bound to take every step possible to safeguard the investments made by their users. The user funds are insured by the Securities Investor Protection Corporation, popularly known as SIPC. Hence, if Robinhood fails, you can rest assured that your stocks and options investments through Robinhood are insured for a sum of $500,000. It also includes a $250,000 cover for cash.

What Cryptocurrencies Does Robinhood Support?

When it comes to trading cryptocurrencies on Robinhood, it supports Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. They also offer real-time pricing data for Bitcoin Gold, Dash, Lisk, Monero, NEO, OmiseGO, Qtum, Ripple, Stellar & Zcash.

Is Robinhood Crypto Available Outside the United States?

No, as of now, Robinhood crypto along with other services & products are only available in the United States.

In which U.S. states is Robinhood Crypto Available?

Robinhood Crypto is currently available in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Jersey, New Mexico, New York, North Carolina North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, and Wyoming.

Do Robinhood Support Crypto Deposits & Withdrawals?

As of now, Robinhood does not allow crypto deposits & withdrawals. They do not even provide crypto users with access to their Robinhood wallet or wallet address.

Are There any Fees on Robinhood?

Investing is free on Robinhood, but there are some charges that Robinhood users have to pay while trading. It includes regulatory transaction Fees, trading activity fees, and American depositary receipt fees. These fees are charged under the direction of the Financial Industry Regulatory Authority (FINRA). 

The regulatory transaction fees of $22.10 per $1,000,000 of principal are charged by Robinhood on behalf of FINRA. Robinhood pays it to FINRA, and they pay it to the Securities and Exchange Commission (SEC). You won't be charged regulatory transaction fees for sales with a notional value of $500 or less. The trading activity fees for equity sells is $0.000119 per share, whereas, for options sells, the fee is $0.002 per share. When it comes to American Depositary Receipts, the users will have to pay $0.01-$0.03 per share as custodial fees to the banks that issue these certificates.

For Stocks, Options & ETFs on Robinhood, debit balances, returned checks, ACH, wire & recall/stop payments, domestic wire transfers, and international wire transfers are free. But for outgoing ACATS, users will have to pay a $75 fee, and for domestic overnight check delivery, the users will have to shell out a $20 fee. 

A Robinhood Financial Gold Planning user will have to pay a $5 fee as the cost for 30 days, and it includes $1000 of margin. For a margin over $1000, a user will have to pay 2.5% of it as a fee.

Gemini vs. Robinhood

What's the takeaway when it comes to Gemini vs. Robinhood? If you're relatively new to the crypto world, Robinhood is a fantastic way to get started.

When it comes to Gemini vs. Robinhood fees, there's one clear winner. With Robinhood, you won't have to worry about transaction or trading fees. What's more, you can focus on seven popular currencies without getting distracted.

And once you're ready to graduate to the next level? We recommend giving Gemini a try. Not only does Gemini prove easy to use, but its security features remain unbeatable.

What's more, you'll gain access to additional features and digital currencies, making it an excellent step-up in the crypto finance world. Are you interested in exploring more crypto platforms? Find out about the top sites in one handy location.

  • Features
  • Ease of use
  • Security
  • Support
  • Reputation
  • Fees
  • Overall
  • 4
  • 5
  • 5
  • 3
  • 5
  • 3
  • 4.17
Go to site
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Go to site