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Transferable to your own wallet
Self-custody of cryptocurrencies plays an important role for many users who want to manage their cryptocurrencies and thus their "private keys" themselves and not leave them in the hands of the exchange. Most exchanges offer the option of sending the purchased cryptocurrencies to their own wallet.
Deposit protection is a safeguard for the assets of users of a stock exchange or broker, which is intended to protect investors in the event of insolvency or a high loss due to a hacker attack. Service providers based in Germany are legally obliged to provide deposit protection of €100,000. In some cases, international exchanges have a special insurance policy that covers a certain portion of the assets instead of a deposit guarantee.
The overall rating is the average of our individual ratings. Our ratings do not constitute investment advice, but merely our personal opinion. You are welcome to use them as rough indicators and additional perspective. In the dynamic and fast-growing crypto sector, parameters can often change from one day to the next, so we cannot guarantee that the rating data is up to date. Therefore, please never use our ratings as an isolated basis for decision-making and not as a substitute for your own research.
This rating describes our personal assessment of the user-friendliness of the product. How easy is the onboarding process? How modern is the user interface and is it easy to use? Are all the important functions quick and easy to find? We ask ourselves all these questions in order to give a personal rating from 1 to 10 points.
This rating describes our assessment of the fee structure of a stock exchange or broker. It is not only the amount of fees that can differ, but also the type of fees. The most common type of fees for crypto exchanges are the "maker/taker" fees or spreads. In some cases, there are also hidden fees that are not recognizable to users at first glance.
For products or services in the crypto space, trust and security should be the biggest factors in the selection process. Since we could not seriously evaluate the technical security of a platform or product, we analyze publicly available factors such as security features, location, regulation, certifications, audits, team/company, general reputation and, of course, track record.
Crypto doesn't have to be cryptic. Especially for beginners, the first contact with the crypto world can be overwhelming. With this rating, we give our assessment of how easy it is for beginners to find their way around: from the onboarding process to using the most important functions.
Customer support is an important factor for many users. A long wait or no response at all in the event of problems can be frustrating, especially when it comes to sensitive topics such as finances. With this rating, we give our assessment of the quality of customer support. In order to provide as balanced an assessment as possible, we also include user opinions from other platforms in our evaluation.
Some exchanges and brokers are regulated by financial supervisory authorities in certain countries/states. This often entails strict financial regulatory requirements and compliance requirements to which the company must adhere. Regulatory clarity can contribute to greater transparency and thus also greater trustworthiness.
Bybit vs Gemini in comparison
Overview
- Clear trading view
- Large selection of trading tools
- Low fees
- Might be complex for beginners
- Global platform still under assessment by the Seychelles FSA
- Available in all 50 US states, New York included
- New York trust company licensed by NYDFS
- Crypto, US stocks, staking and a credit card from one provider
- SOC 1 and SOC 2 Type 2 exams and audited financial statements
- Free ACH deposits and withdrawals
- Higher entry-tier trading fees than Kraken, Coinbase Advanced or OKX US
- 80 crypto assets, fewer than Kraken or Coinbase
- No perpetual futures for US customers
- No proof-of-reserves report found
- No credit card payments
Features Comparison
Exchange Rating
Functions
- Spot, derivatives, bot trading, and copy trading8
- Bybit Earn
- Launchpad
- Gemini Credit Card
- Gemini Wallet
Company Details
Our Review
Bybit is a top platform for advanced traders, offering extensive derivatives and leveraged trading options with competitive fees. It excels in security and user experience but may be complex for beginners due to its advanced features. Geographical restrictions, particularly in the U.S., limit access, and withdrawal fees can vary. Overall, Bybit is well-suited for experienced traders looking for sophisticated tools and high-risk trading opportunities, but beginners should approach with caution.
Gemini is a US crypto exchange whose New York trust company is licensed by NYDFS, and it serves customers in all 50 US states. In our view it suits buyers who want a regulated provider offering crypto, US stocks and a credit card. Active traders pay higher entry-tier fees on ActiveTrader than at Kraken or on Coinbase Advanced.
Derivatives Platform vs Security-First Exchange
Gemini built its reputation on security and U.S. regulation. Bybit built its reputation on derivatives trading and low fees. They serve opposite ends of the crypto user spectrum—one for cautious beginners, one for active traders.
The Fee Gap
The Gemini ActiveTrader fee schedule starts at 0.60% maker and 1.20% taker. Bybit charges 0.10% maker and taker on spot at its entry level, and 0.02% maker and 0.055% taker on perpetual futures. This difference is dramatic.
Security and Trust
Gemini scores 7/10 on security with a good security concept as a noted strength. It's U.S.-based with regulatory compliance.
Bybit scores 6/10 on security with less regulatory clarity and geographic restrictions. Functional but less established.
Target Users
Gemini targets beginners with easy handling and security focus. The platform scores 8/10 for beginner friendliness.
Bybit targets traders with derivatives, leverage, and copy trading. The platform scores 6/10 for beginners—not designed for newcomers.
Coin Selection
Bybit lists more than 350 cryptocurrencies. Gemini offers 80. Bybit wins on selection.
The Decision
Gemini at 6.5 suits security-conscious beginners who accept premium fees for peace of mind. Trust over cost.
Bybit at 8.5 suits active traders who want low fees and don't need U.S. regulatory backing. Cost over trust.
About the author
At Exchange Flow, Ethan is recognized as the resident crypto expert. With 10+years of experience navigating the waters of global crypto exchanges, Ethan is a trusted voice in the ever-evolving world of digital currencies. He tests and scrutinizes exchanges so you don’t have to, offering reviews and articles that newbies and seasoned traders alike find invaluable. When he’s not coding, Ethan likes to travel and play retro games. He uses his crypto earnings to fund his trip around the globe.
