InsideBitcoins.com

Gemini Alternatives: 4 Better Platforms for 2020

In this guide, we outline the disadvantages of Gemini and provide 4 alternatives to help you trade with lower costs and more security.
Avatar
Author: Patrick Webber
Last Updated: 18 August 2020
Gemini Alternatives: 4 Better Platforms for 2020
Gemini Alternatives: 4 Better Platforms for 2020

Gemini is one of the first cryptocurrency exchanges that allowed users to buy and sell cryptocurrencies. It was founded in 2014 by the brothers Cameron and Tyler Winklevoss and has grown to become among the largest cryptocurrency exchanges in terms of trading volume and supported countries. However, there are a number of flaws with this exchange.

In this guide, we will suggest 4 alternatives to Gemini that provide lower fees and more security.

What are some disadvantages of Gemini?

gemini-crypto-exchange-winklevoss

Gemini has gained popularity since its launch and now has a market cap of over $26 million, counting with a large user base around the word.  Gemini was specifically designed as a web-based platform that enables users to buy and sell digital assets and, if necessary, to store these cryptocurrencies on its own built-in electronic wallet.

And yet, with all the benefits that the exchange has to offer, there are some Gemini alternatives that enable traders a much more effective way to trade cryptocurrencies.However, the truth must be said, the Gemini platform (including the Geminin ActiveTrader) is not really a trading dashboard where you can execute a large number of trades.

Gemini has based its product on the needs of clients who want to find a secure cryptocurrency platform. This exchange is suitable for those who are interested in exchanging large amounts of fiat currency and but one of the top five cryptocurrencies offered by Gemini. Gemini is regulated by the New York State Department of Financial Services (NYSDFS) and is the first-ever licensed ether and Zcash exchange.

There are some notable flaws in the Gemini exchange. The US-Based crypto exchange has mixed reviews for a reason (the exchange has poor reviews on TrustPilot). We have listed some of the main disadvantages of Gemini:

  • A limited selection of five cryptocurrencies – Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and ZCASH.
  • Gemini trading services are available in only five countries – The United States, Australia, Canada, Hong Kong, and Singapore.
  • Gemini does not offer margin trading
  • Long and complicated verification process
  • Gemini holds users’ private keys
  • High trading and financing fees
  • Limited support channels
The Gemini exchange is a favorite choice amongst institutional investors with high-volume transactions thanks to its strict regulatory framework. The exchange takes pride in being a top platform serving large institutions. Geminin also allows users to buy Ethereum and other cryptos and sell cryptocurrencies with fiat currencies, which is not available on many other crypto exchanges.

But if you are the average Joe, you will likely want to find a better choice before you start trading. We have collected four Gemini alternatives with lower fees, leveraged trading, and a wider selection of currencies. These online platforms are based on the principle of Contract for Difference (CFDs), meaning they allow you to speculate on a security price without owning it. Let’s find out more about Gemini alternatives.

1. eToro - Best Online Platform for Beginners

eToro is one of the world's leading social trading platform with more than 4.5 million members. The Forex and CFD broker, which was founded in 2006, offers margin trading for more than 15 cryptocurrencies through a user friendly and intuitive web-based platform.

Since its foundation, Gemini has takes security quite seriously, but eToro has also made the necessary actions to ensure users' safety of funds and to protect itself against any cyber attack. eToro also provides cryptocurrency trading across the USA. The company's branch of eToro USA LLC, which is registered with FinCEN, is authorized to operate in most states in the US. Furthermore, eToro is regulated by CySEC in Europe, FCA in the United Kingdom, and ASIC in Australia.

Cryptocurrencies supported: Bitcoin, Ethereum, Bitcoin Cash, Ripple, DASH, Litecoin, Ethereum Classic, Cardano, IOTA, Stellar, EOS, NEO, Tron, ZCASH, Binance Coin, and Tezos.

Demo Account: Available

Educational Material: Yes

Fees: Buy and sell spread. You can see in our eToro review it has no withdrawal fees and no transaction fees. Yet, eToro charges a currency conversion fee of 0.1%.

Minimum deposit: $50.

Special Features: eToro provides the CopyTrader tool, which allows users to start trading cryptocurrencies by copying other traders automatically.

Regulation: CySEC, FCA, and ASIC

Payment methods: Visa, MasterCard, Diners, Visa Electron, Maestro, PayPal, Neteller, Skrill, Rapid Transfer, Wire Transfer, Sofort, and China Union Pay.

OUR RATING

  • Unlike Gemini, eToro offers more than 15 cryptocurrency pairs
  • While Gemini to fund their account with cryptocurrencies, wire transfer and bank transfer (US only) eToro has a wide selection of payment methods
  • eToro provide a demo account
  • Gemini offer the the Cryptoverse, which is weighted mix of every listed cryptocurrency
  • Unlike eToro, Gemini is more suitable for large institutions
70% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.

2. Plus500 - Competitive Spreads for Cryptocurrency Trading

If you are not planning to hold a digital asset for a long period of time and generally just wish to speculate on the price of bitcoin, ether, etc. Plus500 is another top CFD broker.

At the time of writing, Plus500 is not available in the United States, however, the company's services are available in more than 50 countries worldwide, in particular in Europe. Plus500 brokerage is licensed and regulated by the Cyprus Securities And Exchange Commission (CySEC) and the Financial Conduct Authority (FCA) in the United Kingdom.

Cryptocurrencies supported: Bitcoin, Ethereum, Litecoin, NEO, Ripple, IOTA, Stellar, EOS, Bitcoin Cash, Cardano, Tron, Monero and Crypt 10 Index.

Demo Account: Available

Educational Material: Yes

Fees: Plus500 charges clients the spread between the buy and sell. Additional financing fees include the overnight fee, conversion fee, guaranteed stop order fee, and inactivity fee.

Minimum deposit: $100.

Special Features: Plus500 has recently introduced the new Crypto 10 Index tracks the top 10 cryptocurrencies in the market. In terms of security, Plus500 features two-factor authentication. Regulation: CySEC, FCA, and ASIC

Payment methods: Debit/Credit cards, Electronic wallets (PayPal or Skrill), and Bank transfer.

OUR RATING

  • Unlike Gemini, Plus500 allows users to insert sophisticated orders like the guaranteed stop order
  • Plus500 allows users to leverage their position while margin trading is not available with Gemini
  • Plus500 offers its service in more than 50 countries
  • Different from Plus500, Gemini is available in the United States
  • Unlike Plus500, Gemini enables users to store cryptocurrencies on its e-Wallet
76.4% of retail investor accounts lose money when trading CFDs

3. Libertex - Best Trading Platforms for Experienced Traders

Gemini offers the ActiveTrader platform, which was designed for experienced traders who execute a large number of trades but based on user reviews, traders discover that the platform cannot deliver its promises in terms of speed, execution, and user interface. Libertex, on the other side, delivers the popular MetaTrader4 and MetaTrader5. If you are not familiar with MT4, we highly recommend trying it.

Even though Libertex is not available in the United States, the broker is serving clients in over 110 countries. The broker also offers a selection of 15 cryptocurrencies including crypto to crypto pairs. Overall, Libertex offers 40 fiat-to-crypto and crypto-to-crypto pairs.

Cryptocurrencies supported: Bitcoin, Ethereum, Bitcoin Cash, Bitcoin Gold, DASH, Ripple, IOTA, NEO, OmiseGo, Quantum, Monero, Tron, ZCASH, Stellar, and Cardano.

Demo Account: Available

Educational Material: Yes

Fees: Libertex charges buy and sell spread and overnight fees for positions held after the market closes.

Minimum deposit: $10.

Special Features: Libertex offers the MetaTrader4 and MetaTrader5. In addition, Liberty features automated trading tools.

Regulation: CySEC, FSCA

Payment methods: Credit/debit card, Skrill, Sofort, Neteller, Wire transfer, GiroPay, Trustly, iDeal, and Rapid.

  • Unlike Gemini, Libertex offers professional trading platform such as MetaTrader4 and MetaTrader5
  • While Gemini provides a selection of only five cryptocurrencies, Libertex offers 40 tradable cryptocurrency pairs
  • In comparison to Gemini that is available in five countries, Libertex offers its services in over 110 countries
  • Libertex is not available in the United States
  • Unlike Libertex, Gemini offers the Institutional-grade crypto storage wallet

4. Forex.com - Best Platform for Automated Trading

Forex.com is a leading forex and CFD broker with a selection of advanced trading platforms, regulatory licenses in seven jurisdictions worldwide (including in the United States, and a vast array of markets and products that include digital assets such as Bitcoin and Ethereum.

Unlike most CFD brokers, Forex.com is a US-Based broker regulated by Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). In addition, Forex.com is also regulated by the Financial Conduct Authority (FCA) in the UK, Financial Services Authority (FSA) in Japan, Investment Industry Regulatory Organization of Canada (IIROC), and the Australian Services and Investments Commission (ASIC).

Cryptocurrencies supported: Bitcoin, Ethereum, Bitcoin Cash, Ripple, and Litecoin.

Demo Account: Available

Educational Material: Yes

Fees: Forex.com only charges a buy and sell spread. Additional fees include an inactivity fee of $15 and an overnight fee.

Minimum deposit: $50.

Special Features: Forex.com offers the Active Trader Rebate Program which was designed for high volume traders and the Expert Advisor hosting plan which is the ideal solution for traders who want to automate their trading.

Regulation: FCA, FSA, CFTC, NFA, and ASIC

Payment methods: Credit/Debit card, and Wire transfer.

OUR RATING

  • Unlike Gemini, Forex.com is regulated in seven jurisdictions worldwide
  • While Gemini has no demo account availability, Forex.com allow users to trade on virtual money
  • Forex.com offers the Active Trader Rebate Program that significantly reduces trading costs
  • Different from Forex.com, Gemini does not charge an inactivity fee
  • Gemini offers the offline cold storage wallet

How we analyzed the best Gemini alternatives

Overall, Gemini has developed a cryptocurrency trading platform suitable for large institutions and investor that execute high volume positions. Having said that, the Gemini web-based platform is not a good match for day traders nor for swing traders. The verification process is long and complicated and if you are not located in one of Gemini’s supported countries, you’ll have to find an alternative platform. Our conclusion is based on the following factors:

  • Safety and regulation: There’s no doubt that Gemini is among the most regulated and secure exchanges in the industry. Yet, the exchange is mainly regulated in the United States and has no additional licenses in other jurisdictions. Being regulated by CySEC, FCA, and ASIC, and registered with FinCEN, eToro can offer its services for residents in the US as well as in more than 60 countries around the world. 
  • Usability: Reviews online indicate that Gemini’s trading dashboard is complex and its ActiveTrader trading platform which was designed for day traders is not as effective as another platform. A social trading platform is the great advantage of eToro, allowing users of the community to connect and even copy trades of other successful traders using the CopyTrader feature.  
  • Supported countries: Gemini only supports the trading of cryptocurrencies in the United States, Canada, Hong Kong, and Singapore while eToro offers cryptocurrency trading in more than 60 countries.
  • Fees: Gemini fees are considerably higher than other exchanges and CFD brokers. The trading fees range from %0.5 to %1.49 which is above the industry average. 

Gemini alternatives – Final Thoughts

The bottom line, Gemini might be a good choice for institutions and high-volume investors since it offers users such high-security features and its strict regulatory framework. But for all the traders who seek high trading activity, the Gemini alternatives above can do the work for you. You’ll get a professional trading platform, leverage positions, lower fees, and a greater selection of supported cryptocurrencies. If that’s not fo you, why not check out our Bitcoin Robot page to find out more information about robots like Bitcoin Lifestyle and Bitcoin Code?

FAQs

Are there any sites like Gemini?

Yes. At the time of writing, there are more than 200 cryptocurrency exchanges that support cryptocurrency trading through a web-based trading platform. Some of the most well-known cryptocurrency exchange sites include Coinbase, Kraken, CEX.io, Poloniex and many more.

Why is Gemini so expensive?

Similar to other exchanges in the market such as Coinbase, Kraken, and CEX.io, Gemini's fees remain expensive. In fact, Gemini has the highest trading fees for retail clients, which is not surprising as the Winklevoss brothers have been marketing the exchange for large institutions. If anything, CFD brokers’ zero-fee crypto trading is the exception. These brokers often charge no trading fees rather than a small buy and sell spread.

Is Gemini unsafe?

Gemini is one of the few cryptocurrency exchanges that has never been hacked and is considered by many as a top-secured exchange.

Why should I trade cryptocurrencies via a CFD broker?

Cryptocurrency exchanges allow you to buy and sell cryptocurrencies and often store the coins on a built-in electronic wallet. These exchanges usually charge high fees and have a complicated user interface that is similar to banks and investment firms. As another option, CFD brokers offer you to s speculate on the price of a financial asset (like cryptocurrencies) but without owning the asset. This happens through a secondary derivative market where the broker connects you with other participants.

Remember, all trading carries risk. Past performance is no guarantee of future results.
Avatar

A cryptocurrency and trading writer and editor, I specialise in algorithmic trading. I’ve written about every type of automated trading tools - from cryptocurrency robots, binary option robots, down to robo advisors. My goal is to write honest reviews about automated trading tools in order to help users understand which software are trustworthy and which ones they should stay away from. I am constantly analysing and scrutinising the up and coming trading apps so if you are seeking advice or if you would like me to write a robot review in particular don't hesitate to get in touch – I’m happy to help!

Leave a Reply

Your email address will not be published. Required fields are marked *

X

eToro: Buy Bitcoin

eToro: Buy Bitcoin

eToro: Buy Bitcoin

Visit eToro

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

eToro: Buy Bitcoin
Visit eToro

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

X