Gemini vs FTX.US: Which Exchanges Reins Over the US?
What’s up! Thanks for joining us as we look at two American crypto exchanges that provide immense value to the market. The Winklevoss twins created Gemini to counteract a lot of foul play and weak security in the industry. FTX.US, on the other hand, is the US arm of Sam Bankman-Fried’s FTX platform, one of the fastest-growing exchanges in the industry.
Are you looking to invest your USD and enjoy the bull run? Find out which exchange wins based on themes such as fees, security, coin sales, and more. Let’s get underway!
Fees
Gemini Trading Fees
Gemini has a tiered 30-day schedule for fees, so the value of everything you’ve traded in the last month (in USD) accounts for your trading fees. For beginners, this means starting fees of:
- 0.1% for makers
- 0.35% for takers
Here’s the fee structure for clarity:
FTX.US Trading Fees
FTX.US works on the same system as Gemini, with trading fees based on your last 30 days of activity (valued in USD). This means that beginners start with fees of:
- 0.1% for makers
- 0.4% for takers
Please note that if you’re familiar with FTT and its discount usages on FTX.com, the same does not apply on the US website.
The table below shows FTX.US fees:
FTX.US Tiered Fee Structure
Gemini vs FTX US: New users will benefit more from Gemini.
Sign Up & KYC Experience
Joining the Gemini Crypto Exchange
The following information will make your signup journey much smoother:
- Click here
- Provide your email, password, and name
- Check your emails for the verification code
- Add your location and phone number
- Check your phone for the SMS code
- Make a connection to your online banking through their API, both as a form of identification and to make deposits smoother in future
- Upload a form of identity and a proof of address – photos or scans
- Set up Two Factor Authentication
- Make your first deposit and get trading!
Joining FTX.US
- Click here
- Provide your email and a password
- Accept the terms and conditions and tap ‘Sign Up’
- Set up Two Factor Authentication
- Provide your country of residence
- Verify your account by clicking on your email address in the corner of your user portal, then click ‘Wallet’
- Find the option to ‘Increase Withdrawal Limits’
- Add your name and date of birth (this is KYC tier 1)
- For KYC tier 2, upload an identity document, proof of address, a selfie, and where your trading funds are sourced
- Wait up to 3 days for approval
KYC tiers and their limitations are shown below:
Gemini vs FTX US: The two processes are pretty similar.
Ease of Use & Feel of Website or App
Gemini’s multiple interfaces
Gemini’s features offer their users several quality options to make their crypto trading more pleasant. For example, treaders can choose to benefit from an easy-to-use ‘Streamlined Trading View,’ as shown below.
While the above view is ideal for new users, those who want to do more than buy or sell Bitcoin (and other coins) will be seeking more advanced features. For those seeking candlesticks, detailed information in real-time, and more order options, the below interface is preferable.
You can find both styles in the Gemini mobile app.
Using FTX.US
Where Gemini makes things accessible to users by creating different services for different competencies of users, FTX.US has taken a different approach. One size fits all might seem challenging to achieve, but FTX.US has done it by paying incredibly close attention to UX and UI feedback. You can learn more in this transparent design blog.
The most crucial extract that helps users understand how the developers trying to see from their perspective states:
We’ve come to take UI feedback very differently:
- UI matters; the website being attractive makes it a more pleasant experience
- UX probably matters more: there’s nothing worse than wanting to do something and not being able to
- A lot of UI feedback is secretly UX feedback: “the website is visually overwhelming” probably means, at least in part, that we put unimportant buttons on the homepage and hid important ones in settings menus that are never read.
Gemini vs FTX US: Credit to both exchanges for what they bring to the market.
Deposit Methods
Depositing your money into Gemini
Deposit USD to your fiat wallet via:
- ACH – completely free deposits and a $100,000 daily account withdrawal limit
- Wire Transfer – variable deposit fees paid by the sender, and no max withdrawal
Withdrawal fees and deposit fees are the same.
Making real-money deposits on FTX.US
FTX.US offers the following deposit methods
- Wire transfers – 1% deposit fee – $5 minimum charge, $35 maximum charge
- ACH transfers – free initial transfer and $0.50 per transaction after that
- Debit or Credit card – 3% fees
- Silvergate Exchange Network (SEN) – charges vary
Withdrawal fees typically mimic deposit fees.
Gemini vs FTX US: It’s a tie; both are doing a great job.
Instant Buy Options (Buying with a Credit or Debit card)
Make purchases on Gemini
Looking to buy some coins? Buying Bitcoin or any other crypto at a fair price means working with a trusted crypto exchange that will not place a huge spread on your purchases. For that reason, Gemini is a great place to go.
The platform accepts:
- ACH transfer – no charges
- Debit cards – 3.49% charge and $1,000 daily purchase limit
- Apple Pay and Google Pay – 3.49% charge and $1,000 daily purchase limit
There are around 50 different coins to choose from.
Purchasing crypto on FTX.US
Some exchanges opt against offering a direct broker service, and FTX.US is one of those. While this means that you can’t whip out your debit card and buy something, you can still make use of their excellent liquidity.
To buy crypto from FTX.US, you need to deposit your USD and then trade it on the exchange to get the cryptocurrency you’re looking for. Make note that FTX.US has just 24 cryptocurrencies and 48 trading pairs to choose from.
There is an OTC service for those looking to spend tens of thousands of dollars in a single transaction. Unfortunately, this typically does not apply to beginners.
Gemini vs FTX US: Gemini wins for this review consideration.
Trading Experience
Trading on the Gemini Crypto Exchange
Still sifting through crypto exchanges looking for one that is perfect for your trading needs, with a great selection of coins and supportive information for beginners? Gemini is the one. This is not only the most regulated exchange on the market; it also boasts the highest-rated mobile app in the industry. With a 4.8 iOS rating and 4.5 on Android, few exchanges can compete for the best handheld experience.
You’ll find around 50 coins and 75 trading pairs.
You won’t find any derivatives or margin trading here, though, so if you want high-risk activities, keep up the search.
Trading with FTX.US
FTX.COM, the parent exchange, looks and feels like FTX.US but offers a more comprehensive range of crypto trading services and coins. However, since FTX.US is country-specific and in a country that has a bit of an anti-crypto agenda, you have to deal with the limitations in said country.
FTX is one of the few crypto exchanges that have realized that creating an American mini-platform is a very profitable idea. There’s also an FTXUS PRO mobile application (rated 3.6), though the general FTX app is higher rated (4.8) for users.
With 24 coins and 48 trading pairs at the time of writing, the platform won’t offer enough to day traders looking well beyond Bitcoin, Ethereum, and other large market cap projects.
Gemini vs FTX US: Gemini wins this round.
Reputation and Security
Gemini’s history
Let’s keep this simple:
- All USD, GBP, and EUR funds are insured
- Never been hacked
- Cold wallets employed to protect funds
- Recognised as the best crypto exchange for institutional trading
- Advanced security and military-grade protection
- Built on a platform of anti-corruption
- Customer support via ticket
The word on FTX.US
Again, let’s keep this brief:
- Never been hacked
- Customer support via ticket
- User funds kept in cold storage
- $200m insurance fund (industry’s biggest)
- Decentralized operations in Antigua, Barbuda, and Hong Kong
- Owned by respected crypto-progressive Sam Bankman-Fried
- Satisfies US regulators
- Whitelisting features for account protection
Gemini vs FTX US: Both are doing a great job.
Gemini vs FTX US: Who is our winner?
After careful review, we are awarding the victory to Gemini. If not for the lack of brokerage services and a comparatively small selection of cryptocurrencies on offer at FTX.US, we’d be struggling to call a winner. Gemini hasn’t run away with this one though, FTX is right on their tail.
