Gemini vs eToro: Which Exchange Is Most Beneficial?
Jack Moreau
Mar 2023
8 min read
Fact checked
Are you on the hunt for the perfect cryptocurrency exchange? With so many options out there, it can be tough to know where to start. That's why we're here to help you compare two well known players in the game: Gemini and eToro. By examining everything from their background, licenses to user experience and fees, we'll give you all the information you need to make an informed decision about which exchange is right for your needs. So buckle up and get ready to dive into the world of crypto trading!
Let's take a closer look at Gemini and eToro, two popular cryptocurrency exchanges, and compare their key features and offerings.
Founded in 2014 by Cameron and Tyler Winklevoss, Gemini is a US-based exchange known for its security and reliability. Licensed by the NYDFS in New York and VASP in Ireland, Gemini offers a wide range of trading pairs, including Bitcoin, Ethereum, Solana, Doge, and more. They currently offer 110 cryptocurrencies.
Gemini website
eToro, founded in 2007 by Yoni and Ronen Assia and registered in Seychelles, offers a unique social trading experience where users can follow and copy the trades of other successful traders. eToro is licensed by CySEC (Cyprus), FCA (UK), FINRA & SEC (US) and offers a wide range of trading pairs including Bitcoin, Ethereum, and Ripple. They currently offers 80 cryptocurrencies and the ability to trade stocks with 0 commission.
eToro website
Gemini stands out for its security features, offering two-factor authentication, cold storage, and insurance coverage for digital assets. eToro, on the other hand, offers a range of educational resources and tools for novice traders, including a demo account and a copy trading feature.
Both platforms have received mixed reviews from users, with Gemini having a 3.8-star rating based on 50,000 reviews and eToro having a 4-star rating based on over 100,000 reviews. However, both platforms have received praise for their security and reliability.
Gemini vs eToro: Signup & KYC
Both exchanges require Know Your Customer (KYC) verification for their users. Creating an account on Gemini is simple and straightforward. Users just need to enter their full name, password and country of residence. After completing the signup process, users will have to complete the KYC verification process by uploading a government-issued ID.
Gemini signup and KYC process
The verification process may take up to a few days to get processed. Once the verification is complete, users will have full trading and transfer capabilities.
To signup with eToro, users need to enter a username, email, and confirm the email verification. KYC verification is required to start trading on eToro. The verification process can take several days to complete, but it is usually done within a week.
Gemini vs eToro: Products & Services
While eToro offers a wider range of trading options beyond just crypto, Gemini focuses solely on the world of cryptocurrencies. When it comes to user experience, Gemini has created a nicer and easier to use interface than eToro which feel a bit outdated and confusing.
In terms of trading services, Gemini offers spot trading, wallet and custody services, the Gemini dollar, and OTC trading. Meanwhile, eToro offers buying and selling of cryptocurrencies, as well as stocks, indices, commodities, ETFs, and copy trading.
Trade crypto with eToro
One of the standout features of eToro is its social trading network, which allows users to interact with and learn from other traders. Users can follow and copy the trades of other successful traders on the platform, allowing them to learn from their strategies and potentially earn profits.
While Gemini is more geared towards users who want a simple way to buy cryptocurrencies in a safe and regulated manner, eToro is a great option for beginners looking to start trading quickly and easily. With its social trading network and educational resources, eToro is a solid choice for those looking to learn and grow their trading skills.
Gemini and eToro are two popular cryptocurrency exchanges with different fee structures. Let's take a closer look at their fees and compare them to determine which exchange has the advantage.
Gemini charges a maker fee of 0.20% and a taker fee of 0.40% for spot trading, which is higher than eToro's spot fees. eToro charges a flat 1% fee for buying and selling cryptocurrencies, which is higher than most other exchanges.
Buy cryptocurrencies on Gemini
For those who are purely looking to purchase cryptocurrencies, Gemini has a clear advantage over eToro in that department. If you are looking to invest in stocks and other commodities, than you can do so on eToro with 0% commission.
Gemini and eToro are two well-established cryptocurrency exchanges that offer a variety of deposit methods for their users. While both exchanges support multiple fiat currencies, each exchange has its own unique advantages and limitations when it comes to deposit options.
Gemini supports eight fiat currencies, including USD, EUR, and GBP. Users can make deposits via bank transfer (ACH/Wire), debit card transfers, and PayPal for USD, EUR, and GBP. The best part is that fiat deposits via bank transfer are free of charge, making it a cost-effective option for users. However, debit card transfers incur a high fee of 3.49%, while PayPal deposits come with a 2.5% deposit fee.
On the other hand, eToro supports four fiat currencies, including USD, EUR, GBP, and AUD. Users can make deposits via bank transfer, PayPal, Skrill, Neteller, and credit/debit cards. The best part is that all fiat deposits are free of charge, making it a highly attractive option for users. However, eToro has a limited number of supported fiat currencies, and some deposit methods such as credit/debit cards come with high fees
Gemini allows users to withdraw fiat currencies such as USD, EUR, and GBP via bank transfer (ACH/Wire) free of charge. Crypto withdrawals incur a small fee of 0.0001 BTC for Bitcoin, free for ETH, and a 0.005 SOL fee for Solana withdrawals. However, users may want to take note of the $3 fee when withdrawing USDT.
On the other hand, eToro offers fiat withdrawal methods via bank account or debit card, with a $5 withdrawal fee for all currencies besides USD which are subject to conversion fees. While the fee may not be ideal for some, the flexibility of the withdrawal methods may be appealing to others.
When comparing Gemini and eToro, both platforms have a range of features and services that cater to different types of traders. Gemini is a great choice for users who prioritize security and reliability, while eToro offers a unique social trading experience that allows novice traders to learn from and copy the trades of successful traders.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
