5 Best Gemini Alternatives in 2021 • Benzinga


Hundreds of cryptocurrency exchanges vie for users in the rapidly growing crypto ecosystem. Exchanges that have dominated the industry for years such as Coinbase and Gemini are forced to add new features to stay on top. Many investors use the same exchange for years without even considering the multitude of new and exciting platforms. Large trading platforms like Gemini are the best options for many users, but new platforms with different features and fee structures could be better suited to you. You may want to set up new accounts on multiple platforms to take advantage of the features that each provides. 

What is a Cryptocurrency Exchange?

Cryptocurrency exchanges all offer the same base service, cryptocurrency trading. Most platforms can be funded with either fiat currency (for example, USD, EUR and GBP) or cryptocurrency.  You could choose nearly any exchange to buy Bitcoin or Ethereum, the two largest cryptos by market capitalization. However, the platforms differ in security, features and supported cryptos and regions. Gemini may still be the best exchange for you, but you should learn the advantages of other major exchanges to make an informed decision. 

Most top exchanges have expanded in functionality and features to compete in the quickly growing market. Platforms are also offering cryptocurrency trading to more regions as the market explodes in popularity around the world. As exchanges improve features and access, deciding which is perfect for you gets harder and harder. 

What Makes Gemini Unique?

Gemini is available in more than 60 countries across the world and supports more fiat currencies than most cryptocurrency exchanges. Gemini supports USD, CAD, AUD, EUR, GBP, SKD and HKD. Gemini also plans on releasing a credit card with Mastercard, available to anyone in the United States. It charges no annual fee and can earn up to 3% back on dining, 2% on groceries and 1% on other purchases, paid in Bitcoin or other cryptos on Gemini.

Gemini has one of the best lending programs of all major exchanges. Other trading platforms only have a few supported cryptocurrencies and earn relatively lower interest. Gemini Earn lets you lend 38 different cryptos with a wide range of interest rates between 1.51% to 7.40% APY. One of Gemini’s largest competitors, Coinbase, has a lending program but it supports fewer cryptos. 

Bitcoin has been criticized heavily in the news recently because of its high electricity usage, part of which is generated by burning fossil fuels. However, there is no need to worry about contributing to climate change when trading Bitcoin on Gemini. Recently the platform announced Gemini Green, a plan to offset Gemini’s small portion of CO2 emissions from Bitcoin. Gemini has plenty of unique features and everything most basic cryptocurrency investors need, but it still might not be right for you. 

Why Gemini Might not be Right for You

Gemini is probably not the best cryptocurrency exchange for you if you fall into a few specific categories. Active users who trade with less than $200 often will suffer from high fees. Also, even though Gemini has a reasonable number of tradable altcoins, some exchanges offer many more. Customer support is also a bit bare, but the industry standard is about the same or worse. Overall, Gemini is a fantastic exchange. It just might not be perfect for your needs. 

Common Complaint: Too few supported altcoins

Gemini supports most of the top 20 cryptocurrencies in terms of market capitalization and more than 45 total, but it doesn’t offer many smaller tokens. If you want to invest in these less popular tokens you will have to set up an account with another exchange that supports them.

Crypto.com, Coinbase and Binance all have more cryptocurrencies listed than Gemini, but no exchange has all of them. You might want to check out a bunch of different exchanges and only sign up for accounts with the platforms that have the cryptos and features you want.

What to Look for in a Cryptocurrency Exchange

The first thing to consider when choosing a crypto exchange should be access. You should probably exclude exchanges that don’t support your country or the cryptocurrencies you want to trade. The second most important consideration is often security. Most of the time extra features don’t make up for poor security, especially if you keep funds in the exchange for a while. Cryptocurrency exchange hacks have been devastating for users in the past, so beware of platforms with inadequate security.

Fees should also be considered, especially for smaller or constantly active traders that would hemorrhage money to higher fees. Gemini is a good example because it charges relatively high flat fees for trades under $200. 

Another important feature for many users is customer service, something that many exchanges skimp out on. Most platforms like Gemini have simple chat and email support, but if you want a real person to answer your call you’ll be hard-pressed to find an exchange with that service. 

The Best Alternatives to Gemini

Gemini users looking to buy and sell the top few cryptocurrencies and use the other features the exchange provides might not need an account on other platforms. Nevertheless, there is no harm in exploring the advantages and disadvantages other platforms have. You might not know that different exchanges have lower fees or support the exciting cryptos you want to invest in. Why not check a few other options out just in case? 

Some investors may not want to set up accounts on multiple exchanges, fearing that their personal information might be stolen. This has happened before on poorly secured exchanges, but the top exchanges today have minimized the risk by implementing immense security measures. If you just want access to nontrading resources like the guides and tutorials on Coinbase, you might not even have to provide your personal info.