Finding the right cryptocurrency exchange can either make or break you. User friendliness, reputation, and low fees is what it’s all about. Both Binance US and Gemini are solid platforms for trading and investing in crypto but have some key differences. We will cover each different aspect for using each exchange throughout this article. So, let’s get right into it.
Why Get Involved In Cryptocurrency?
Many investors who have either traded exclusively in traditional assets and in brick-and-mortar establishments have added cryptocurrency to their dealings not only because of the high rewards they seek, but because it is an easy asset to deal in and because there are countless offerings out there to get involved with. While some coins receive much more publicity than others, there is a lot of money to be made in crypto and people have been looking to get involved with as much as millions of dollars and as little as a few dollars. It doesn’t take much money to get started which has made crypto enticing for people in all sorts of financial situations. It’s also a great alternative to trading in the stock market.
Who Is Binance.US?
Binance.US is a cryptocurrency exchange where only United States investors can trade over 60 plus different cryptocurrencies. It is a separate entity alongside the worldwide exchange Binance.
Binance.US allows for the trading of cryptocurrencies amongst US investors and provides a number of resources to help even the greenest of crypto investors get started. Making it even more attractive are its self-service tools and its features that not only attract newer investors, but appeal to the experience investor and to entire financial institutions.
Coins Available on Binance.US
One of the aspects of Binance.US that investors love is that they offer the ability to trade over 50 different cryptocurrencies. Binance.US offers the ability to trade popular coins like bitcoin, ether, dogecoin, Litecoin, and the graph.
Fortunately, fees on Binance US are amongst the lowest in the industry. Users can expect to pay 0.1% for spot trading and 0.5% for instant buying and selling. Users that hold the Binance coin (BNB), will have their fees deducted from their BNB balance and will receive a 25% discount (as of August 2021) for opting to pay their trading fees from their BNB balance. Binance.US is extremely competitive with its fees and the amount taken from the average account is hardly noticeable when looking at the overall value in each trade conducted.
Who Is Gemini?
Gemini is one of the most popular cryptocurrency exchanges now, offering 26 different coins and serving as a custodian, too. The US based company has been quickly expanding to other countries through Europe and Asia and has been gaining a lot of momentum as it has been cementing itself as one of the leading options for anyone looking to buy and sell crypto. One of the things that users enjoy most about the platform is that they can dabble in the larger cryptos such as Bitcoin and Ethereum, but also get involved in some of the newer and lesser-known digital currencies, too.
Some of the perks of Gemini are it’s streamlined and seamless sign-up process, several different platforms that appeal to users of all experience levels, and hot wallets that feature insurance to ensure that any theft or hacks that occur will be at no loss to a user. Gemini also features plenty of educational materials and literature that really appeal to newer users while also possessing features through their Active Trader feature that will be great for the more experienced.
In short, Gemini is one of the fastest growing crypto exchanges that is appealing to newer investors while also providing the features that veterans want to see.
Coins Available on Gemini
An extremely attractive aspect of Gemini is its offerings of 26 different coins. While supporting the mainstream and larger coins like Bitcoin, Ethereum, and Bitcoin Cash, users will be thrilled to see features like Amp, Balancer, and Kyber Network, among several others.
One drawback of Gemini are the fees. While nothing extreme, the fees are a bit greater than some of their primary rivals. In short, Gemini charges anywhere from $.99 for smaller trades, to 1.49% of the total order value for any transaction above $200. Gemini also charges a convenience fee in addition to the above which amounts to .5% of the current market price of the coin being purchased. Again, nothing too exorbitant, but a bit greater than some other platforms.
Benefits to Both Exchanges
Between Gemini and Binance.US, there’s no going wrong with whichever platform you choose to invest with. The biggest benefit to using Binance US is extremely low fees for making trades. As a matter of fact, it doesn’t get much lower unless your using a free trading app like Robinhood. Other than that, each offers the ability to trade instantly and offer a wide variety of resources and tools to help new and intermediate investors while offering generous lineups of different cryptocurrencies.
Cryptocurrency continues to grow in popular and that won’t change anytime soon. Getting involved in the space can be fun and exciting and is a great way to diversify your investment portfolio away from traditional assets. Overall, both of these exchanges are great but Binance US is clearly the better option. It has lower fees, an extremely user-friendly interface, and a solid reputation amongst users. If you would like to learn even more about Binance US click here.