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Emma lives in Bogota, Colombia, where she owns the English-language newspaper The Bogota Post. She began her editorial career at a financial website in the U.K. over 20 years ago and has been contributing to The Ascent since the summer of 2019.
Gemini and Binance are two of the most popular crypto exchanges out there. They both list a decent number of cryptocurrencies and have plenty of resources for new investors. However, the SEC filed 13 charges against Binance and its CEO Changpeng Zhao for securities violations in June 2023. We recommend staying away from Binance while this all shakes out.
Read our full Gemini vs. Binance comparison to find out how these well-known platforms stack up.
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Rating image, 4.50 out of 5 stars.
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Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
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$0.99-$2.99 orders under $200, 1.49% for orders over $200 (default), 0% - 0.40% (Gemini ActiveTrader)
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Binance markets itself as a low-fee exchange and its prices back that up. It's far ahead of Gemini in terms of trading fees, particularly for smaller purchases. Here's a summary of the trading fees you'll pay on each platform:
So, what does that mean in real money? Let's say you want to buy Bitcoin (BTC). Here's how the maximum trading fees work out for various transaction amounts:
| Amount | Max fee on Binance (spot trading) | Max fee on Binance.US (spot trading) | Max fee on Gemini (fee + convenience fee) | Max fee on Gemini ActiveTrader |
|---|---|---|---|---|
| $40 | $0.04 | $0.24 | $1.99 + 0.5%* | $0.16 |
| $100 | $0.10 | $0.6 | $2.99 + 0.5%* | $0.40 |
| $250 | $0.25 | $1.5 | $1.49 + 0.5%* | $1.00 |
*Convenience fee depends on price of BTC at time of purchase.
When you invest in cryptocurrency, trading fees aren't the only costs you'll pay. Some platforms charge as much as 5% to deposit money -- and others have hefty withdrawal fees as well. Both Gemini and Binance allow customers to deposit fiat currency (traditional money) for free via bank transfer. Gemini charges 3.49% for debit card deposits and Binance typically charges 1.8%, depending on the currency. USD deposits on Binance.US are currently paused.
READ MORE: Full Gemini review
Gemini used to allow a limited number of free crypto withdrawals each month. However, it has now withdrawn this perk and users pay a variable blockchain fee for crypto withdrawals. Binance users also pay a variable crypto withdrawal fee, depending on which blockchain they are using.
Gemini and Binance both have solid lists of available cryptocurrencies. You can buy top cryptos like Bitcoin, Ethereum (ETH), and Solana (SOL) from all three exchanges. They all have a good mix of stablecoins, smart contract cryptos, and metaverse and gaming cryptos, meaning investors can branch out into different types of cryptocurrency.
READ MORE: Full Binance review
Gemini does not list all the top 20 cryptos by market cap -- notable exceptions include Cardano (ADA), Binance Coin, and XRP (XRP). Binance.US and Binance both list most of the top 20, though XRP is also unavailable from Binance.US. XRP is hard to buy in the U.S. because of its legal battle with the SEC.
| Crypto exchange | Number of cryptos |
|---|---|
| Gemini | Over 100 |
| Binance | Over 350 |
| Binance.US | Over 150 |
It's worth noting that Gemini is available in every U.S. state, while residents of Hawaii, New York, Texas, and Vermont cannot use Binance.US. Some cryptocurrencies are restricted in certain states, however -- for example, New York residents can't access all Gemini cryptos.
READ MORE: Full Binance.US review
If you own cryptocurrency, it's important to think about how you want to store your crypto. This is where crypto wallets come in. Gemini and Binance customers have a couple of options in this regard:
Gemini's crypto wallet is unusual in crypto circles. The Gemini Wallet is an insured hot wallet, meaning you're covered even if your crypto wallet is hacked. The wallet supports all Gemini assets, and it's easy to move funds to your wallet. It's especially well-suited to newer investors who aren't confident setting up and using big brand wallets like MetaMask or Ledger.
Binance acquired a third-party wallet called Trust Wallet in 2018, and it's now the company's official mobile wallet. Trust Wallet integrates with many Binance products but is open to non-Binance customers as well. It supports many more cryptocurrencies than the Gemini Wallet, but it does not carry insurance against hacking or theft.
Where Binance heavily markets its low fees, Gemini advertises its commitment to security with the slogan, "Trust is our product." Gemini and Binance both take security seriously and check a lot of the boxes we look for in terms of how they protect your funds. These include:
All in all, Gemini comes out ahead of Binance in terms of security. That isn't to say assets on Binance are not secure; it's just that Gemini really does go the extra mile to protect customer funds. Plus, platform security is one thing -- regulatory compliance is another. This is another area where Gemini shines.
Gemini and Binance are on different ends of the spectrum when it comes to regulatory compliance. Gemini prides itself on its compliance-first approach, and it was one of the first platforms to get New York's BitLicense.
In contrast, Binance has had trouble with regulatory bodies in various countries, including the U.S., U.K., Japan, Germany, Thailand. In June 2023, the SEC brought 13 charges against Binance entities and its founder Changpeng Zhao. The accusations go beyond the sale of unregistered securities, a charge it's also brought against Gemini and other crypto platforms. The SEC says Binance has deliberately misled investors and actively evaded rules. According to SEC Chair Gary Gensler, "We allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law." Binance denies the allegations.
Gemini and Binance are both popular cryptocurrency exchanges, and they will likely appeal to different types of investors. Both have excellent educational resources, plenty of trading tools, and a good mix of cryptocurrencies.
In summary:
With so many platforms to choose from, you may feel that neither Gemini nor Binance is the right fit for you. If this is the case, check out our list of top cryptocurrency apps and exchanges to find one that is.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
