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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.
Gemini vs Bitfinex in comparison
Overview
Bitfinex, founded in 2012, is a crypto exchange for experienced traders. Its contracting company for non-US customers is BFXWW Inc., registered in the British Virgin Islands. It lists 68 crypto assets, charges 0% maker and taker fees and offers margin, perpetual swaps, lending and an OTC desk.
- 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
- 0% maker and taker fees on spot, margin and derivatives trades
- Margin up to 10x and perpetual swaps up to 100x
- Peer-to-peer margin funding, Bitfinex Borrow and an OTC desk
- Fixed bitcoin withdrawal fee of 0.00006 BTC, plus Lightning withdrawals
- In operation since 2012
- Might be complex for beginners
- No MiCA authorization; the BVI contracting entity is not in a regulator register
- Bank wire deposits cost 0.1%, with a minimum fee of 60 USD or EUR
- No proof of liabilities found
- The 2016 hack and settlements with the CFTC and the New York Attorney General
Features Comparison
- Cryptocurrencies
- Cryptocurrencies
1.2
%
1.20%
0.60%
Varies
0
%
0.00%
0.00%
₿
0.00006
80
+
$
0
68
+
$
- Discount on P2P lending
- Advantages of the partner program
Exchange Rating
Functions
- Gemini Credit Card
- Gemini Wallet
- OTC desk
- Advanced services for cryptocurrency traders and liquidity providers
- Bitfinex Borrow
Company Details
Our Review
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.
Bitfinex, in operation since 2012, charges 0% maker and taker fees on spot, margin and derivatives trades and offers margin up to 10x and perpetual swaps up to 100x. In our view, it suits experienced traders. Its record includes the 2016 hack and settlements with the CFTC and the New York Attorney General.
Security Focus vs Trading Focus
Gemini built its reputation on security and U.S. regulatory compliance. Bitfinex built its reputation on professional trading tools and deep liquidity. One serves cautious users, the other serves active traders.
Fee Comparison
The Gemini ActiveTrader fee schedule starts at 0.60% maker and 1.20% taker. Bitfinex charges no maker or taker fees on spot and margin trades.
Target Users
Gemini targets beginners with easy handling and strong security concept. It scores 8/10 for beginner friendliness.
Bitfinex targets advanced traders with extensive charts, tools, and OTC desk. Not beginner-friendly.
Trust and Security
Gemini emphasizes its good security concept and U.S. compliance. Trusted for cautious users.
Bitfinex rebuilt credibility over time and is trusted by professionals for trading execution.
Coin Selection
Bitfinex lists 68 cryptocurrencies. Gemini lists 80. Gemini has slightly more variety.
The Decision
Gemini at 6.5 suits security-conscious users who accept premium fees for peace of mind.
Bitfinex at 8.1 suits traders who want professional tools and lower fees.
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.
