FTX vs Gemini Comparison
On 11 November 2022, the FTX cryptocurrency exchange filed for bankruptcy after encountering liquidity problems. This article was written much earlier, so we recommend that you do not follow the guidelines in this article.
Cryptocurrency has redefined the global financial system, offering a unique way of transacting without any limitations, while protecting the rights of individuals (read this – what is staking).
Trading and exchange of cryptocurrencies happen on exchange platforms. In this detailed guide, we compare FTX vs Gemini, two of the most popular exchange platforms in the digital currency world.
✅ Yes, Gemini charges fees on trades. The fees range depending on the number of tokens being traded.
FTX has a decluttered NFT marketplace, where crypto users can buy NFT. You will need funds in your FTX account to buy any NFT in the FTX marketplace. You can only buy ETH NFT using ETH tokens, and you can buy the NFT via a fixed price or by placing an auction. FTX US NFT is also available for crypto holders from the US.
Gemini has a curated marketplace called Nifty Gateway, allowing crypto holders to trade and store their NFTs. Buying NFT on the Nifty Gateway is very straightforward. Buyers can buy nifty using their credit and debit cards.
FTX was founded by Samuel Bankman-Fried and Gary Wang, MIT graduates.
✅ Yes, staking crypto Gemini is allowed on various digital tokens.
❌ Currently, Gemini doesn’t support the staking of ETH, but the exchange is in the process of launching Gemini Ethereum staking. But you can try Gemini ADA staking.
✅ Yes, FTX provides account holders with a chance to earn rewards by providing them with an FTX visa card.
The two platforms are now viral and have users from all over the world. Sam Bankman-Fried and Gary Wang, MIT graduates, founded FTX Exchange in May 2019. FTX Exchange acquired a crypto profile monitoring application (Blockfolio) in August 2020, worth €141 million. On the other hand, Gemini is a US-based crypto trading and exchange platform.
It was founded by the Winklevoss twins in 2014. The New York State Department of Financial Provider (NYSDFS) manages and monitors the exchange platform. It also uses FDIC security for USD and is known for using high-level security requirements and operational conformity.
Our crypto experts have professional knowledge and experience when reviewing digital assets and trading platforms. FTX vs Gemini looks at each trading platform’s trading options and abundant features. Our thorough guide will help you determine the best trading platform for your investment needs when analyzing the cryptocurrency market.
FTX vs Gemini – Best Crypto Exchanges
FTX Exchange and Gemini are both highly popular crypto exchange platforms. According to data from CoinMarketCap, FTX is ranked the third-largest cryptocurrency exchange platform based on its trading volume, while Gemini ranks at position 10 (read this – FTX vs FTX Pro). FTX is a fast-growing exchange and trading platform for crypto users. It provides users with advanced trading options including futures and margin trading.
The popularity and effectiveness of a crypto exchange platform depend on several key factors. Our experts looked at essential metrics when comparing FTX vs Gemini.
Gemini offers different products for crypto holders. The platform has Gemini exchange, Gemini earn, and Gemini credit for novice traders. With the Gemini exchange, novice traders can trade different tokens and store the coins. Gemini offers crypto holders a chance to earn passive income from their cryptocurrencies. Gemini credit card is available for only US crypto holders and is a reliable payment method and rewards card holders for every purchase they make.
Gemini has the following products for advanced traders; Gemini dollar, Gemini custody, Gemini clearing, Gemini pay, Gemini wallet and active trader. The products help advanced crypto traders to make more informed and wise decisions when investing in any digital token.
FTX has products which help crypto holders trade, invest, store and earn passive income from their tokens. It also has features suitable for both novice and experienced crypto traders. When you first open an FTX user account, you will have access to futures, spots, leveraged tokens, fiat, prediction markets, staking and FTX pay. The VIP and referral programs give account holders a chance to earn tokens for free.
All the above factors determine which is the best crypto exchange platform when comparing FTX vs Gemini.
Gemini vs FTX – Functionality Comparison
FTX prides itself in offering innovative crypto trading products. The centralized global digital assets exchange has unique products like leveraged tokens, options and derivatives. Products offered by FTX are appealing to sophisticated and novice crypto traders. FTX provides users with spot trading. Experienced crypto traders can enjoy leveraged tokens, stocks, and futures trading supported by FTX.
Gemini is a crypto exchange platform that uses an advanced trading platform and fiduciary custodial service for cryptocurrencies. The platform’s custodial service holds insurance worth €188 million for its users. As of 2022, the platform is available in more than 60 countries. Gemini allows users to trade and exchange digital coins using fiat currency and other tokens like other top exchange platforms.
It also boasts of various cryptocurrency products suitable for both advanced traders and small investors. Users can also access the platform both on the web version and via a smart mobile app. The Gemini mobile app also has a Gemini Wallet, which crypto holders can use to make payments.
The Active Trader Platform is a critical feature offered by Gemini for advanced traders and has some critical perks such as advanced charting, block trading and multiple order types.
FTX Crypto Staking vs Gemini Staking
Staking involves committing one’s digital tokens to support a specific blockchain network by verifying its transactions.It’s only available on cryptocurrencies that use the PoS (proof-of-stake) model for processing payments (read this – proof of stake vs proof of work). Crypto staking offers an easy way for crypto investors to earn passive income from their digital assets.
Investors can stake the following digital tokens on the FTT exchange: FTT (the native token of FTT exchange), SRM (the native token of Serum exchange), Solana coin (SOL), and RAY (native token for Radium exchange).
FTX stake offers different APY (Annual percentage yield) for investors, depending on the type of coin one is staking. The FTX staking rates (APY) for SRM is 4%, SOL is 6%, and RAY is 20%. The APY of the FTT token varies depending on the amount of FTT stake tokens.
FTX crypto staking is both safe and secure, with the platform having an insurance fund to help protect crypto holders against extreme market reactions. Crypto holders are also protected from unfair losses when they stake on FTX. FTX dedicates 5% of non-FTT owned tokens to hedge against users’ unfair losses.
FTX has a fully SSL-encrypted security system with frequent updates to prevent hackers. User accountability is highly prioritized by stake FTX, and the platform enforces two-factor authentication for all account holders. Unstacking takes 14 days, and users who want to unstake their tokens immediately must pay a fee. FTX US staking is available for US crypto fans.
When staking on Gemini, crypto investors have more than 40 digital tokens. However, the exchange doesn’t advertise the rewards as a traditional staking program. Instead, the “earn” features of the exchange pay out interest on Gemini staking coins. The APY at Gemini crypto staking varies from one token to another, with some coins having Gemini staking rates as high as 8.05%.
Crypto holders receive Gemini staking rewards daily. However, when it comes to unstaking, Gemini offers maximum flexibility compared to the high-yield crypto investments. Crypto holders enjoy instant withdrawal when staking in Gemini. One can calculate on the platform the potential rewards they can get from Gemini AMP staking. Additionally, when staking with Gemini, crypto holders are subjected to limited liquidity.
Staking Gemini doesn’t charge any transfer or redemption fees. Most of the cryptocurrency on the platform is stored in the air-gapped Cold Storage system, which is an offline storage system. The rest of the tokens are stored in the online “Hot Wallet” and are insured against specific losses. Gemini ETH staking isn’t currently supported.
FTX Visa Card vs Gemini Visa Card
Verified Gemini users can apply for the Gemini credit card and earn crypto rewards whenever they make a purchase (read this – crypto with highest staking rewards). Aside from having no annual fee, holders of the Gemini credit card stand a chance of receiving up to 3% of the amount they spend on a purchase. Crypto holders can also use the card to make payments where MasterCard is accepted.
The rewards are issued in digital tokens featuring more than 60 digital tokens. The rewards are earned immediately after making a purchase. Also, you can use the card to fund the account holder’s trading account. Crypto holders can also access the card from the Gemini web or mobile application. You can trade or hold your rewards from the card, and users have complete control of the rewards.
Cardholders enjoy zero foreign transaction fees and exchange fees when making payments. Depending on the digital token, they can also maximize their rewards from credit cards. The card comes in three primary colors, rose gold, silver and black. To protect the account details of the cardholder, Gemini hasn’t included the card number on the card. Unfortunately there is no Gemini credit card at present.
With the FTX Visa Card, you have an opportunity to make purchases using crypto tokens at different merchants worldwide. Cardholders aren’t charged administrative or processing fees when applying for the FTX Visa Card. When making a purchase, the crypto in your FTX account will automatically exchange the same amount. Hence crypto will remain crypto during all purchases.
Like the traditional Visa card, the FTX Visa Card allows the cardholder to make purchases at any time, 24 hours a day. FTX has used industry-leading security standards to ensure the cards are secure and crypto funds are protected.
Crypto Lending and Loans Compared
FTX allows crypto holders to margin trade and borrow on the platform. However, the account users need to enable the features to work. FTX allows crypto holders to lend various digital tokens, but certain digital assets aren’t eligible for lending. Like any other credit, borrowers are charged, and lenders are paid during the FTX crypto lending and loans.
The charges and payments are made hourly. Interest rate is charged on borrowed tokens regardless of their status, withdrawn, staked, or pending withdrawal. Since FTX crypto lending and loans depend on margin trading, crypto holders must understand the science behind FTX margin trading.
Gemini Earn is a program which allows crypto holders to earn money from their digital coins. Crypto holders can calculate their potential earnings using the Gemini online calculator. Users enjoy daily compound interest and can receive more than 110x the average national interest rate from their deposits.
The Gemini lending program allows crypto holders to lend out their crypto to specific institutional borrowers and earn interest on your crypto. The interest accrued from the coins is paid out daily and starts accruing from 4pm. ET the following business day, immediately after the funds are moved to Gemini Earn.
FTX App vs Gemini App
The FTX app is available for both iOS and Android devices. The iOS app has a better rating with 4.8 stars , while the android one has a 4.1 stars rating. Crypto holders using the mobile app don’t pay any fees. However, FTX has a spread, which is a mark-up.
The spread raises the consumer price. FTX provides users with free cash withdrawal weekly. Crypto holders enjoy the same features, products, and functionality present in the web version when using the mobile app.
Gemini app is an excellent application for crypto holders. With the mobile application, you can easily trade and convert digital tokens using your tablets or smartphones. The Gemini mobile application is available for both iOS and Android devices.
It has a 4.5-star rating on Google Play Store and a 4.8-star rating on Apple Application Store. Account-holders can even set up price alerts on the mobile app and track the progress of their favorite digital coins.
FTX NFT vs Gemini NFT
NFT refers to a non-fungible token. You can trade and hold the NFT. The NFTs are rare and might be indivisible (not fungible with other coins). With the FTX NFT marketplace, crypto holders can buy and bid on them. They function as regular digital coins, with crucial differences.
NFT holders can partner with FTX and offer their NFTs to the exchange. NFT FTX has a 5% charge on all NFTs transactions. The FTX NFTs don’t have any economic return or profits associated with them. They also don’t have any intrinsic value and might be illiquid. However, note that some NFTs are redeemable for products or services.
To transact in Gemini NFT, you need to access the Nifty Gateway. The Nifty Gateway is a curated marketplace owned by Gemini, where crypto holders can trade and store their NFTS, nifties and digital collectables. Unlike the regular digital coins, NFTs aren’t mutually exchangeable and can’t be broken down into smaller units.
Nifty Gateway is built with advanced blockchain functionalities and provides NFT holders with high-quality offerings and a better user experience. To buy Gemini NFTS, you are required to open a Nifty Gateway account. The purchase methods vary depending on the type of Nifty drop. You can buy Gemini NFTs through online silent auctions, global offers, open editions and drawings.
FTX or Gemini – Volume, Trading Fees and Coins
The trading volume, fees and available coins on any cryptocurrency exchange determine its popularity among crypto holders. Crypto investors and holders prefer exchanges with a large catalogue of crypto coins, low trading fees and high trading volume.
Trading Volume and Exchange Popularity Compared
Gemini is very popular and has a total of 115 markets. The most popular trading pairs (markets) are; BTC/USD, ETH/USD, and USDC/USD. At the time of writing, the platform’s trading volume was €74M executing more than 135,216 trades in the last 24 hours. Gemini account holders can trade their tokens using the following fiat currencies; EUR, GBP, SGD and USD.
FTX has immense popularity compared to Gemini. At the time of writing, the platform had a trading volume of €8B and had 733 markets. The most popular trading pairs (markets) on the FTX platform were BTC/USD, ETH/USD, and BTC/USD, and they managed to execute 6,142,558 trades in the last 24 hours. Fiat currencies allowed by FTX exchange are AUD, BRL, EUR, JPY, and USD.
Gemini Fees vs FTX
Gemini crypto exchange fees have different fee schedules depending on the products and usage level. The fees include API, Mobile, Web, Gemini Custody fees, Gemini Active Trader fees, Transfer, Connectivity, Market Data, Marketplace and Gemini Earn fees.
The Gemini sell fees structure used by Gemini is very different from the one used by most exchange platforms. The Gemini exchange fees vary depending on the platform you are using and the traded amount.
Even though the Gemini deposit fees structure is transparent, it isn’t straightforward. The Gemini trading fees are also exceptionally high compared to most top exchange platforms in the industry.
|30-Day Trading Volume (USD)||Taker Fee||Maker Fee||Auction Fee|
Crypto holders should be aware of the Gemini transfer fees depending on the device they are using: desktop fee schedule and mobile fee schedule. There are no Gemini fees withdrawal as long the crypto holders stay within their quota. However, you won’t be charged any Gemini wire transfer fee when making withdrawals via wire transfer or ACH.
FTX has two main fee structures; the maker/taker and trading fee structures. The two fee structures are dependent on the 30-day trade volumes. Crypto (FTT) holders can also claim discounts on their platform fees. Below is a breakdown of the maker/taker fees:
|Tier||30 days Trading Volume (USD)||Maker Fee||Taker Fee|
|2||More than 2,000,000||0.015%||0.060%|
|3||More than 5,000,000||0.010%||0.055%|
|4||More than 10,000,000||0.005%||0.050%|
|5||More than 25,000,000||0.000%||0.045%|
|6||More than 50,000,000||0.00%||0.040%|
The FTT crypto holders are eligible for discounts on the platform fees, and the tired discounts are as follows:
|FTT Holding (€)||Discount on FTX fees||Other privileges|
|€940,000||40%||Automatically become Tier 4|
|€2,360,000||50%||Automatically become VIP 1|
|€4,720,000||60%||Automatically become VIP 2|
Aside from the lenders’ interest, borrowers are also charged a fee. FTX doesn’t have any additional fees, and crypto holders enjoy both zero deposit and withdrawal fees.
Available Crypto Coins on Gemini and FTX
Gemini has fewer digital tokens compared to the popular crypto exchange platforms. It has around 100 tokens featuring the following top cryptocurrencies in the industry; Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), Dogecoin (DOGE), and Gemini Dollar (GUSD).
Aside from the popular tokens, users can trade on the other less popular coins. Gemini has 115 active markets where crypto holders can trade their tokens. Popular trading pairs on the Gemini platform are BTC/USD, ETH/USD, and USDC/USD.
FTX, on the other hand, boasts of more crypto coins on its platform, featuring more than 300 digital tokens. Additionally, the exchange has 733 markets where buyers can trade the various digital tokens available.
The most popular trading pairs on the platform are BTC/USD, ETH/USD, and BTC/USD. Some of the popular crypto coins available on the FTX platform are Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), Litecoin (LTC) and Ripple (XRP).
Is Gemini or FTX Better?
Gemini is a secure and user-friendly cryptocurrency exchange platform where crypto holders can easily trade and store their tokens. The platform has a simple and easy to use interface. Novice and experienced traders can significantly benefit from the products at the exchange. FTX, on the other hand, stands out as the best option when comparing Gemini vs FTX.
In three years, FTX has become one of the most popular. With daily trading volumes of more than €7.5 billion and daily trades of 6,142,558, the exchange attracts plenty of crypto holders. As well as having 733 trades, FTX has more than 300 digital assets available for trading. FTX US is available for US crypto holders. When comparing FTX US vs Gemini, the latter still stands out.
Additionally, FTX is one of the leading exchanges which campaign for favourable cryptocurrency regulations. It is also compliant with existing cryptocurrency regulations. FTX has very low fees suitable for both new and experienced crypto traders. FTX is a solid choice for crypto holders who want an exchange that is value and quality-driven and capable of meeting their needs.
Pros and Cons of Gemini
Below is a list of the pros and cons of Gemini exchange.
- Gemini has a hot wallet insurance cover for its users.
- The exchange platform has high-level security measures.
- Users can earn interest on their crypto balances.
- Gemini has an advanced trading platform.
- The Gemini mobile application is highly rated.
- The exchange only has 100 cryptocurrencies.
- The platform doesn’t have any linked debit cards.
- It’s relatively expensive for small trades.
Pros and cons of FTX
Below is a list of the pros and cons of FTX exchange.
- FTX supports futures and margin trading.
- Account-holders have access to advanced trading markets.
- The platform has low withdrawal fees.
- The platform has unique features and products to support different crypto traders.
- FTX has limited customer support options.
- The platform can be confusing to novice crypto traders.
FTX vs Gemini – Conclusion
Finding the best crypto exchange platform is crucial for cryptocurrency investment. With the best exchange, you will receive professional and expert assistance when trading and holding your digital tokens.
FTX and Gemini are popular exchanges in the digital currency world. Both have different products suitable for different types of crypto holders.
Additionally, they provide crypto holders with chances to earn passive income. After reading our detailed guide, we are confident that you will be able to pick the best exchange based on your needs.