Howdy! Great to have you here. Read on as we make our comparison of Gemini, perhaps the world’s most secure and regulated cryptocurrency exchange, and KuCoin, an altcoin paradise that places more value on privacy and anonymity than most …
We’re going to work our way through fees, sign-up processes, buying and selling cryptocurrencies, the trading experience, and much more. So, let’s go!
Compare Gemini vs KuCoin
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Gemini Trading Fees
When you join a new crypto exchange, you will always start with Tier 0 or Level 0 trading fees. These are the highest fees possible on the said platform and in Gemini’s case are:
- 0.1% for makers
- 0.35% for takers
The tier you are placed in depends entirely on your 30-day trading fee and is calculated and updated every day. With Gemini, you need to trade more than $1m per month to start reducing your fees. Just have a look at the table below for more information:
As you can see, if you’re able to accumulate over $15m worth of crypto trades in a month, you won’t pay any fees whatsoever! Something to aim for?
KuCoin Trading Fees
KuCoin applies the same fee system to their users, with a few important differences:
- Maker fee 0.1%
- Taker fee 0.1%
- 30-day trading volume is measured in BTC, not USD
- 20% discount when fees are paid in KuCoin Shares (KCS), the platform’s native token
- Refunds (rather than fees) are offered to ultra-high volume clients (15,000 BTC per month or more) as an incentive to provide liquidity to the platform
Gemini or KuCoin? KuCoin is more affordable.
Sign Up & KYC Experience
New customers can sign up by following these steps:
- Click this link to get started
- Provide an email address, password, and your full name
- Go to your emails and copy the verification code
- Paste that code back in the signup form
- Provide your location and a phone number
- Check your phone to find an SMS verification code to copy into the website
- Next up is the banking connection. Gemini encourages users to forge this connection as a proof of identity and to speed up any fiat currency deposits in future
- Identity checks, known as KYC, are mandatory and will require an identity document (passport, driving license) and a proof of address (bank statement, utility bill)
- Two Factor Authentication is also mandatory and will be set up next
- Your account will shortly be verified and you will be able to make fiat currency deposits or purchase digital assets – we’ll cover this in later sections
KuCoin is one of the best crypto exchanges for KYC-free trading, which means you don’t need to prove your identity to become a user. Let’s go:
- Get started here
- Provide an email address and password
- Go to the corresponding email inbox and click the activation link
- Set up Two Factor Authentication via Google Authenticator on your smartphone
- Congrats, your account is made! You can trade KYC-free with some limitations, however…
- If you want to lift all limits, you’ll need to find the ‘Individual Verification’ option in your dashboard
- Provide your real name and residential information
- Upload a photo or scan of an ID document, with passports being preferred
- Wait for verification to begin trading limit-free
Gemini or KuCoin? KuCoin is simpler and less invasive.
Ease of Use & Feel of Website or App
Some crypto exchanges are designed with beginners in mind, while some are aimed at day traders. Fortunately, Gemini shows great hospitality to both! First of all, there’s the ‘Streamlined Trading View,’ so simple that even your grandma could use this order form:
If you’ll see below, there’s an advanced interface with layouts and features more familiar to those who have used a cryptocurrency trading platform before.
Both versions are available on their website and mobile app.
KuCoin’s ‘cool’ design
We are impressed with KuCoin, as it has a very modernist feel that matches cryptocurrency’s innovative and disruptive nature. Some platforms are a bit sterile, but this is aesthetically pleasing, both as a web service and mobile app. Also, it’s not a case of style over substance because it’s easy to use, a solid choice for beginners, and user-friendly throughout.
Perhaps the best thing about KuCoin, beyond its reputation as a KYC-free hangout, is that it gently introduces users to advanced crypto concepts. Things such as cloud mining, soft staking, and crypto-lending can all be dabbled with here.
Gemini or KuCoin? When it comes to ease of use, Gemini does hold the advantage.
Getting your funds into Gemini
Finding a method to deposit fiat currencies into Gemini is much easier than some rivals. Access your fiat wallet and choose the method for you:
- ACH deposit – free to deposit & $100,000 daily withdrawal limit
- Wire Transfer – not free to deposit
Wire fees are variable, but there’s no max withdrawal limit, so the deposit and withdrawal fees will depend on the wire company.
Making deposits on KuCoin
Not every crypto exchange in the world features the much-loved deposit functionality, and KuCoin is a shining example. To have more freedom to maneuver with their trading products, they have to avoid fiat currency integrations and fiat wallets in general.
You can, of course, deposit any compatible cryptocurrency. Deposits are free, and withdrawal fees are based on the cryptocurrency being removed.
Gemini or KuCoin? Gemini wins this aspect of the comparison.
Instant Buy Options (Buying with a Credit or Debit card)
Make purchases on Gemini
Gemini enjoys selling crypto to its users, especially beginners looking for a cryptocurrency ‘on-ramp’ that offers security and an intuitive purchasing journey.
With all of their regulation and legitimacy in place, 50+ coins to choose from, and insurance for USD, EUR, and GBP funds on the platform, buyers can feel confident when making their purchases. This goes for all buyers, from a total beginner to a large institution adding coins to their balance sheet.
Purchasing methods are:
- Fiat currency balance
- Debit card – 3.49%
Purchasing crypto on KuCoin
Purchasing cryptocurrency with fiat currency can be done easily, with over 60 coins to be paid for via:
- KuCoin’s ‘Fast Buy’ store, which accepts 8 different fiat currencies (mainly from Asia)
- Bank transfer
- SEPA (for EUR only)
- Credit card transactions through Simplex (3.5% fee)
- WeChat Pay
- OTC service & P2P fiat gateway
Gemini or KuCoin? Both are good, but Gemini sells coins directly, thus offering a better customer experience.
Gemini: Handheld hero
Let’s sum this up into some highlights:
- Really easy to trade in the ‘Streamlined’ interface for beginners
- Clean and efficient advanced view for regular crypto exchange users
- The highest-rated mobile app in the industry:
- 4.8 iOS
- 4.5 Android
- Easy-to-understand portfolio management and transfer functions
KuCoin: Coin and service diversity
- 480+ cryptocurrencies
- Around 1,000 market pairs
- Leveraged trading up to 100x!
- Daily trading volumes of several $billion per day (much higher than Gemini)
- Easy to trade on
- Lots of different trading instruments and services
Gemini or KuCoin? We prefer using KuCoin on the web and Gemini as an app.
Reputation and Security
Gemini’s solid history
Security is paramount to what Gemini is trying to achieve. With military-grade technology and world-leading security systems in place, you can sleep well in the knowledge that hackers won’t be able to access your funds (fingers crossed!).
Gemini’s features have earned them widespread acclaim and recognition, giving assurances to institutions and major investors looking for a secure place to trade. With zero hacks and a spotless history, they’re right to think that way.
The word on KuCoin
Security measures at KuCoin are being worked on after the platform was hacked for almost $300m worth of coins in September 2020. They managed to recover 84% of the funds through their emergency security protocols, but their reputation remains severely damaged.
Gemini or KuCoin? Gemini has a well-earned reputation for great security.
Gemini or KuCoin: Who is our winner?
You’ve seen our method of comparison, our praise and criticism of their features, and a complete rundown of each exchange. So, now to reveal our winner…
It’s Gemini. Things started well for KuCoin, but Gemini stormed it in the end, winning most categories and eventually dominating.