FTX and Gemini are two industry leaders in the crypto space. The two exchanges have a global presence, with millions of active traders.
While you cannot go wrong regardless of which company you pick between the two, it is good to make sure you know how they differ for a more informed choice.
FTX is a Bahamas-based centralized crypto exchange registered in Antigua and Barbuda. It went live in 2019, but it already has over a million registered users. Its average daily trading volume has crossed the $10 billion mark, making it one of the largest global exchanges.
Gemini is one of the oldest platforms for trading digital assets as it has been live since 2014. The New York-based exchange offers one of the most secure platforms with highly sophisticated security systems and already has over 10 million active users.
Here is a side-by-side comparison of the two exchanges.
FTX vs Gemini: Product Offerings
|📖 AML & KYC||Yes||No|
|💰 Supported Coins||126||284|
|🚀 Maximum Leverage||NA||20X|
|⚖️ Taker Fees (Futures Market)||NA||0.09%|
|⚖️ Maker Fees (Futures Market)||NA||0.02%|
|🔧 Withdrawal Fees||Yes, varies blockchain to blockchain||Yes, varies blockchain to blockchain|
|➡️ Deposit Fees||0||0|
|📱 Mobile App||Yes||Yes|
|📝 Demo Account||No||No|
|💳 Spot Trading||Yes||Yes|
|📈 Futures & Margin Trading||No||Yes|
|🎁 Joining Bonus||N/A||5% Off on Trading Fee|
Like most other top crypto exchanges out there, FTX and Gemini offer various products to make sure traders have several options for making money from their crypto. However, the actual product offering differs significantly.
FTX has one of the broadest product offerings in the market, and only a few other exchanges like Binance can outperform them here. They support over 300 different crypto assets to allow traders to form hundreds of trading pairs.
The exchange has one of the most robust spot markets and a dynamic crypto derivatives market with several products.
FTX allows traders to access over 250 perpetual and quarterly futures markets for their crypto derivatives market. They also support leveraged tokens and volatility products like BTC options and MOVE contracts.
Traders on the FTX platform can open leverage positions with a maximum leverage of 20x, depending on the underlying asset.
Gemini does not have a broad product offering like FTX, as they seem to focus more on spot trading. The platform supports over 75 different digital assets to allow traders to form dozens of trading pairs.
However, the exchange also allows you to earn interest on your idly crypto and provide up to 8% APY. Also, they enable traders to buy and sell NFTs through their Nifty gateway.
FTX vs Gemini: Trading Fees
It is hard to find a crypto exchange that will not charge you anything when trading on their platform, as this is one of their main ways of making money. Therefore, you should keep their trading fees in mind as you decide between these two.
FTX uses a tiered fees structure for both their spot and futures markets. There are 6 tiers of traders based on a trader’s 30-day trading volume. Also, the exchange will charge the fees depending on whether you are a market maker or market taker.
Traders at tier 1 have zero trade volume for the last 30 days and will pay the highest fees on the platform as the exchange charges them 0.02% and 0.07% in maker and taker fees, respectively.
Traders at tier 5 and 6 with a 30-day trading volume of over $25 million will not pay any maker fees, and the taker fees will be as low as 0.04%.
Also, note that FTX will give FTT holders (their native token) a trading fee discount of up to 60% if they hold and use the token to pay their trading fees.
Gemini’s fees structure is quite different from what you get when using FTX and most other crypto exchange platforms. The company charges the fees according to the platform you are using. For example, they have different fees for their web and mobile platforms.
Gemini makes all their fees transparent, but the structure can be pretty complicated, especially when new to the platform. Also, their average trading fees are relatively higher than what you pay on most other exchanges.
Like many other exchanges, they also employ the maker and taker fee systems and have a tiered structure that charges high-volume traders lower fees. For example, traders with a zero 30-day volume will pay 0.25% and 0.35% maker and taker fees. Those with a volume of more than $15 million will not pay any maker fees, and their taker fees can be as low as 0.03%, depending on their actual volume.
FTX vs Gemini: Deposit & Withdrawal Fees
Another vital thing you need to understand before using any of these exchanges is the fees you are likely to pay when depositing or withdrawing funds from your wallet.
FTX will not charge you any fees to deposit or withdraw crypto except for specific assets like ERC-20 tokens, ETH, and making small BTC withdrawals. These can also be free if you have some FTT staked.
You can use bank and wire transfers to deposit and withdraw fiat or third-party apps like Silvergate SEN. The charges largely depend on the withdrawal method, but they vary from one fiat currency to another. All fiat withdrawals over $5,000 are free. USD withdrawals less than $5,000 will cost 25 USD per transaction, while GBP costs 75 GBP and EUR costs 32 EUR.
Gemini allows you to fund your crypto account with both fiat and crypto. Also, you can withdraw by sending crypto to other external wallets or fiat through bank and wire transfers. The charges for depositing and withdrawing from the platform depend on the method you are using.
Crypto deposits are free, and you only need to copy the address and send any supported asset to your Gemini wallet. However, fiat deposit often attracts a small charge which emanates from your bank or any other third party facilitating the transaction.
Gemini does not charge withdrawal fees, but the channel you use will determine if you pay any fee. For example, wire transfer charges are determined by specific banks.
FTX vs Gemini: Trading Platform Comparison
A good trading platform makes trading more straightforward, quicker, and more profitable as you can develop better strategies. Hence, it is essential to understand what it is like on both FTX and Gemini.
FTX keeps its trading platform as intuitive and straightforward as possible to ensure even absolute beginners can use it with ease. Also, it is customizable to suit different trader preferences.
The trading platform uses TradingView, which allows traders to access valuable tools like advanced trade indicators and several chart types that will help them understand the market trends.
Gemini offers a user-friendly interface for both their mobile and web-based trading interfaces. The trading platform includes simple buy and sell options that many beginners will appreciate as it simplifies things.
The platform also has an ActiveTrader platform to cater to more experienced traders by giving them advance charts and several order types for quick order execution.
FTX vs Gemini: Account Opening Process
It takes less than 5 minutes to create an account on most crypto exchanges as there is nothing much to do besides entering your basic information. However, it is still essential to understand the exact process and whether the exchange is KYC or non-KYC.
FTX enforces mandatory KYC verification. If you do not verify your identity, you can only explore the platform without depositing, trading or withdrawing. However, you can choose to do tier 1 verification and get a $2,000 daily withdrawal limit or tier 2 with no crypto or fiat withdrawal limits.
How to open an FTX account
- Click the blue “Register” button at ftx.com
- Enter your email and a password
- Agree to the terms
- Click “Create Account”
- Verify your email
- Do KYC verification to start trading
Creating an account on Gemini is a more complicated process as there are several sections to fill out besides just adding your basic information. Also, it is a KYC platform that requires mandatory ID verification before you start trading, so you should make sure you have all your documents ready before starting the process.
How to open a Gemini account
- Go to gemini.com and click “Get Started”
- Enter your full name, email and create a password
- Click “Create Account”
- Verify your email using the code you get
- Verify your phone number
- Set up 2FA to secure your account (Optional)
- Add a bank account
- Verify your identity by uploading required documents
- Start trading!
FTX vs Gemini: Customer Support
Both FTX and Gemini provide several avenues for getting help if you encounter any issues using their platforms.
FTX does not offer live chat or even phone support like many other exchanges are now offering. However, traders can still get help by opening an email ticket. Also, they have some highly active social media communities that can be pretty helpful.
Gemini offers assistance through a live chatbot, and traders can also open an email support ticket to get assistance from a human. Also, they have a lot of valuable materials in their help center.
FTX vs Gemini: Security Features
FTX and Gemini have highly secure platforms that use industry-standard security features. There have not been any serious security issues in either platform over the years.
FTX security features include:
- 2FA for all accounts
- Custom-build cold storage
- Full hot wallet backing
- Optional separate password for withdrawals
- IP and wallet address whitelisting
Gemini security features include:
- Wallet address whitelisting
- Insurance for digital asset
- Advanced encryption
- Support for the most secure hardware keys
- Multisignature digital signature scheme
The choice between FTX and Gemini is a good one because regardless of what you choose, you can be sure of ending up with a reliable exchange that will make it easy to earn profits from your crypto
However, the two companies differ in various aspects, making them ideal for different situations. If you want a comprehensive platform you can use for both spot and derivatives trading, FTX is perfect
Traders that are more into spot trading will find Gemini perfect as it focuses more on the spot market and even allows you to earn interest on any idle assets.
- 1 FTX vs Gemini: Product Offerings
- 1.1 FTX
- 1.2 Gemini
- 1.3 FTX vs Gemini: Trading Fees
- 1.4 FTX
- 1.5 Gemini
- 1.6 FTX vs Gemini: Deposit & Withdrawal Fees
- 1.7 FTX vs Gemini: Trading Platform Comparison
- 1.8 FTX vs Gemini: Account Opening Process
- 1.9 FTX
- 1.10 Gemini
- 1.11 FTX vs Gemini: Customer Support
- 1.12 FTX vs Gemini: Security Features