DigiFinex vs Gemini: Two Popular Exchanges Duke it Out
Welcome! Join us as we navigate this comparison of New York’s Gemini exchange and DigiFinex, hailing from Singapore. We will look at fees, design, security, and much more. Will one of these platforms become your new favorite exchange? Let’s find out.
Compare DigiFinex vs Gemini
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DigiFinex Exchange Fees
When you join this exchange, you will have a low trading volume by default, with starting percentages of:
- 0.15% for makers
- 0.20% for takers
After that, there is a tiered VIP structure which can be seen below. To unlock these fees, you’ll have to either trade more than $100,000 worth of cryptocurrency in a 30-day rolling period or lock in more than 100 DFT (which costs just a few dollars). In this way, users are incentivized to purchase and lock in DFT (DigiFinex Token), with the added benefit that you can also receive a discount of 25% when paying your trading fees with this utility token.
See the fee structure below for more information:
New Gemini account holders are offered trading fees of:
- 0.1% for makers
- 0.35% for takers
Once your trading volumes exceed $1m per 30 days, you will start to benefit from lower transaction fees, as is shown in the fee structure below:
Please note that while Gemini does have its own cryptocurrency, GUSD, this coin does not offer any discounts and is simply a reliable stablecoin.
Sign Up & KYC Experience
Want to join DigiFinex? Here’s how:
DigiFinex is quite welcoming because it is open to all nationalities, encouraging users to respect the laws of where they are based. The project gives Americans the option to sign up and open an account; however, many of the platform’s services will violate US laws, so we advise against it or recommend that you take great precautions.
- Head to DigiFinex.com and find the ‘Register’ button
- Provide an email address and password then click ‘Get Code’
- Find the verification code in your emails, then type it back into the registration tab
- Two Factor Authentication is mandatory and Google Authenticator is recommended
- You can trade KYC-free with a 1BTC daily withdrawal limit
- KYC verification can lift your limits and will require some personal info and identity document uploads
You are well within your rights to trade KYC-free, though few exchanges continue to offer this service.
Gemini, founded by the Winklevoss twins, wanted to create a reliable platform that institutions and regular traders would choose based on trust. By being transparent about their regulatory efforts and offering plenty of security information. It is now recognized as one of the world’s leading exchanges.
- Head over to Gemini.com
- Click ‘Get Started’ and give an email address, password, and your full name
- Check your email inbox in a new tab and copy the verification code
- Submit that code, then provide a location (where you are based) and phone number
- You’ll now receive a second code, but this time via SMS, so submit that code too
- Gemini then requests a connection through an online banking API, which allows you to make quicker deposits, and allows Gemini to confirm your personal information
- KYC checks will then begin, requiring you to upload a copy of an identity document (passport or ID) and an address-proving document (bank statement or utility bill)
- Set up Two Factor Authentication
- As soon as you are approved, you’re all good to make a transfer or purchase and start trading with your new Gemini account
Ease of Use & Feel of Website or App
The DigiFinex exchange is likable, with review after review complimenting the design and the customer support. On the downside, users feel that the app can be a bit slow, and in the past, they have been accused of inaccurate data. As always, do your own research before depositing funds into any wallet.
With over 150 crypto assets combined into over 210 trading pairs, there is a decent selection with impressive liquidity thanks to average daily trading volumes of more than $1bn.
The website is well designed, and each page is quite intuitive, but the same can’t always be said for the mobile app, which is not so highly rated. However, we are most impressed with how fast each page loads on the website, especially the trading interfaces.
Gemini offers users different ways to embrace trading information, including a simplistic ‘Streamlined Trading View’ (shown below) that makes placing orders as simple as online shopping. Place your frequency, your figures, and review the order. Easy!
On the other hand, some users want a more in-depth trading platform, which Gemini also offers. See below:
Both the web page and the mobile app offer users two choices for viewing their trading activities.
Getting your funds into the DigiFinex Exchange
Uh oh! Sorry to disappoint you, but there are no fiat currency deposits facilitated on this exchange. So if you want to add funds to your account, you’ll need to deposit Bitcoin or any other supported cryptocurrency.
Making deposits on Gemini
Fiat deposits are possible and free via the ACH transfer method, limiting up to $100,000 per day for withdrawals. Alternatively, you can pay to make wire transfers (in both directions), but no limit on how much can be withdrawn.
Instant Buy Options (Buying with a Credit or Debit card)
Make purchases on DigiFinex
Rather than store and sell cryptocurrencies themselves, as many brokers-come-exchanges do these days, DigiFinex has opted for a simpler and safer (yet less profitable) approach. They have partnered with Simplex, Mercuryo, and Wyre, giving users a price comparison and purchasing tool for 35 different cryptocurrencies. In addition, 40 different fiat currencies are accepted.
Purchasing crypto on Gemini
There are more than 50 cryptocurrencies to choose from, with purchase methods including:
- ACH transfer – no fees
- Debit card – 3.49% card charge
Credit cards are not accepted, but bank wires can be used to fund your fiat wallet and make a purchase that way.
Trading with DigiFinex
DigiFinex isn’t so popular with US regulators because it offers derivatives, something that is tightly controlled there. So, with perpetual swaps, margin trading up to 5x leverage (for 11 trading pairs), and ETFs, it offers more than just the standard spot trading experience.
With great products, multiple interface viewing options, and custom ways to manage your portfolio, DigiFinex (especially DigiFinex Pro) offers the flexibility most advanced traders want. However, it is also simple enough to attract and keep beginners, making it fairly versatile in the cryptocurrency industry.
Trading with Gemini
Gemini has done something that few exchanges have managed. As a result, they can attract beginners, day traders, and institutional level investors, and that’s because many individuals in those brackets value simplicity and security. In addition, your funds are literally insured when using Gemini!
Customer support is highly rated, and the mobile app exchange is one of the most well-received in the cryptocurrency industry, with a 4.8 rating on the iOS app store.
Overall, trading is intuitive and simple, with a clean design that will suit any competency level.
Reputation and Security
Unlike decentralized exchanges, DigiFinex is a custodial entity, meaning it holds a lot of its customers’ crypto that it needs to take care of. To do this, they use a mixture of cold storage and cold wallet technology and hire external IT audits to make sure they are bulletproof. Thanks to this, they’ve never been hacked.
With 4 million users, they are clearly doing something right!
Gemini: “Trust is our Product”
The Winklevoss twins founded the platform on the basis that there was no other exchange prioritizing security. Hackings, exploits, and loss of funds were prevalent at the time, and they wanted to change that. So they did their research, and they found that with increased security, they would find it easier to be accepted by regulators, get certain financial licenses (which helped them release GUSD), and attract institutional customers.
Gemini does have a reputation for being overly centralized and going against the pro-anonymity origins of Bitcoin, but don’t hold that against it!
DigiFinex vs Gemini: Who is our winner?
When we compare DigiFinex and Gemini, they’re both excellent, but Gemini ultimately wins.