Some choices are tough to make, and when it comes to choosing a better platform between FTX and Gemini, the difficulty multiplies.
I know it has been an unsolved problem for a long time. But don’t worry; I am here to solve this and highlight all the unique features of these excellent platforms.
You will be able to understand both these platforms to their core and choose the one that will fit all your trading requirements. Let’s begin by getting some background information about them.
FTX vs Gemini: Introduction
FTX is a cryptocurrency derivative exchange launched in 2019. Though it is comparatively newer, it has captured the market to a great extent. FTX was established in Antigua and Barbuda and offers more than 150 perpetual futures and spot markets.
Gemini was founded in 2014 and is a New York-based crypto exchange platform. With spot trading and various other products and features to trade with, Gemini has undoubtedly made a reputable name in the market.
Let’s go through the cryptocurrencies FTX and Gemini support.
FTX vs Gemini: Supported Cryptocurrencies
On FTX, there are currently 264 crypto assets available, with all the major ones like Bitcoin, Ethereum, Dogecoin, etc. There is a high probability of finding your favourite crypto coin on the platform.
Gemini provides over 75 cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Gemini Dollar, Solana, Cardano, USD Coin, Terra and Uniswap.
Verdict: FTX is a clear winner in this segment as it offers far more crypto assets than Gemini.
FTX vs Gemini: Product Offerings
Both these platforms offer a variety of products. Let’s discuss what are they.
There are a variety of products available on FTX; they are:
- Futures: FTX offers quarterly and perpetual futures on more than 20 crypto assets. They also have index futures that include large-cap coins (ALT-PERM), mid-cap coins (MID-PERP) and small-cap coins (PRIV-PERP). Additionally, they also provide privacy tokens (PRIV-PERP), exchange tokens (EXCH-PERP) and regional baskets (DRGN-PERP).
- Leveraged Tokens: FTX currently offers leveraged trading in 45 different tokens providing up to 101x leverage; as a precaution, the maximum leveraged position is set to 10x.
- Options: You can trade the Bitcoin option using FTX cash that expires in USD. FTX also allows you to buy or sell and Call or Put contracts similar to futures contracts.
- MOVE Contracts: This functions as expiring futures based on the raw amount BTC moves in a specified period, and the traders gain on the amount of Bitcoin moves regardless of their direction.
- Spot Markets: FTX allows spot trading in a wide range of crypto assets, as I told you already.
- Prediction Markets: You can bet on real-world events on FTX’s prediction markets. Your contracts settle at 100% if you win and if you lose 0%.
Gemini, on the other hand, supports only spot trading and not futures trading. However, Gemini also offers other trading and financial services like:
- Gemini Earn: It helps to earn interest in your cryptocurrency holding. Through Gemini Earn, you can make an Annual Percentage Yield of up to 8.05%.
- Gemini Credit Card: With this credit card, you can earn instant rewards, it also gives you Bitcoin rewards, and you know how profitable that can be. Gemini charges no annual fee on these cards.
- Active Trader: This is a more intuitive platform designed for active traders, providing special charting features, multiple order types, auctions and block trading functionalities.
- Gemini Dollar: GUSD is the world’s first stablecoin built by a regulated cryptocurrency exchange.
- Gemini Custody: They also offer custody solutions with flexible pricing, no minimums, and $200 Million in insurance coverage.
- Gemini Clearing: It allows two parties to settle a trade-off in the order book. Gemini becomes a confirming third party in the transactions, helping ensure timely settlement while mitigating counterparty risk.
- Gemini Pay: This allows you to spend your crypto assets in real shopping through retail stores; Gemini provides state-of-the-art privacy protection with no transaction fees.
- Gemini Wallet: Gemini has a safe, secure wallet infrastructure that supports all the listed assets. You can invest confidently as Gemini’s industry-leading security and protection protect you.
Verdict: From a trading point of view, FTX is a clear winner as they provide various trading-based products rather than just spot trading as Gemini.
FTX vs Gemini: Fees Comparison
Fees are one of the most important factors when choosing a particular exchange; let’s understand what fee structures FTX and Gemini follow.
FTX fee structure consists of three types of fees, they are:
- Trading Fees
It follows a maker/taker fee model. The market maker goes to the order book, adding liquidity to the market. At the same time, the market taker doesn’t go to the order book and gets immediately executed, taking away the market’s liquidity.
They have the same fee followed for spot and futures trading; you can refer to the table below to know them:
If you are a VIP trader on the platform, you can get up to a 50% discount on the overall FTX trading fees. However, to become a VIP, you’ll have to trade at least $100 million in 30 days.
- Deposit and Withdrawal Fees
FTX doesn’t charge any fees currently for deposits and withdrawals. USD 1,000 withdrawal limit is set for non-KYC users. However, a network and mining fee is applied to all transactions charged by the blockchain network.
- Funding rates/ Fees
The traders pay these rates based on the difference between the perpetual contract market price and the spot price. For instance, short traders will pay funding fees to long traders if the futures trading price is lower than the spot price.
Long traders pay the short traders if the trading price is higher than the spot price. The platform doesn’t take the funding fee itself. Instead, it’s sent to the opposite contract holders.
Gemini has the following fee schedules:
- API fee schedule
- Mobile fee schedule
- Web fee schedule
- Active trader fee schedule
- Transfer fee schedule
- Connectivity fee schedule
- Market data fee schedule
The active trader fee schedule is the most important one and the one I will be considering from a spot trading point of view. This fee structure follows a maker/taker fee model; you can refer to the following table to know them.
For other elements of its fee structure, you can refer to this page to understand its fee structure even better.
Verdict: FTX is again the winner in this segment, providing relatively lower fees than Gemini.
FTX vs Gemini: Account Funding Methods
FTX offers many funding methods; you can deposit BTC, ETH, USDC, Litecoin, Tether, etc. However, it doesn’t support fiat currencies. If you don’t have crypto in your account, you’ll need first to convert your fiat currencies into cryptocurrency and then place an order.
Gemini, on the other hand, supports digital coins and fiat money for payments. For crypto deposits, all leading coins like USDT, BTC, ETH, ADA, etc.; for fiat deposits, it provides bank or ACH transfer.
Verdict: Gemini outplayed this segment by providing comparatively more funding methods than FTX.
FTX vs Gemini: Trading Platform Comparison
FTX has one of the best trading interfaces in the market available for all your devices, be it your PC or your mobile phone.
Let’s discuss some of its best-in-class features:
- Trading View: It provides a trading view chart kit for an insightful derivatives trading experience. FTX has a clean and informative interface; it supports almost all chart types, such as lines, candlesticks, Heikin-Ashi, etc.
- Analysis Tools: It helps in technical and fundamental analysis with various tools.
It has a charting system that supports multiple timeframe analyses and offers timeframes ranging from 1 minute to 1 day. It consists of a line chart and a candlestick chart.
The right-hand side of the terminal has the order book, in here you can monitor buy and sell orders in real-time. The left side has the order form, where you can place buy and sell orders.
Verdict: With personal experience, I would like to give the winner’s position to FTX; the trading platform and user interface of FTX are comparatively more user-friendly and way more organised.
FTX vs Gemini: Account Types
It has a tiered structure for the accessibility of the accounts. As you complete different KYC levels, account accessibility and limits increase. There are 3 Tiers, and the final level unlocks all the features and options; it also requires the most amount of the user’s details.
It is mandatory to complete KYC and AML procedures. There are no limits or tiers, and that is why users must verify their identity before using crypto trading and financial services.
FTX vs Gemini: How to get started?
In order to begin, you have to just register yourself first on the platform using your email address. As soon as you do that, you can now add funds to your FTX account. To add funds, just activate your account using two-factor authentication using Google authenticator.
To place an order, you must decide whether you want to go long or short. You can then choose the type of order, Limit or Market as you like. You can then select advanced order types, including reduce-only, IOC and Post Only.
You can now enter the amount of BTC you want to purchase and click on the Buy or Sell button. In order to exit a trade, you can either choose to manually close your position and take profit or loss or else you can place a Stop Loss or Take Profit order.
To start your journey with Gemini, visit their homepage and click on Get Started at the window’s top right corner. An account opening form pops up, where you need to register your name, and email address and set a secure password for the platform.
After that, you can go through the KYC and AML procedures to unlock unlimited access to trading on Gemini.
FTX vs Gemini: Customer Support
Customer Support on FTX is straightforward and easily accessible via Telegram and WeChat with a quick response time. Their customer support team is quite knowledgeable and dedicated, helping their users with their queries.
It provides support through live chat and email. You can also visit the contact page on their website and click on the chat box in the bottom right corner to talk to an agent. Besides, you can also submit a request and raise a ticket. They also have a comprehensive help centre with various support articles and FAQs.
FTX vs Gemini: Security Features
FTX implements various security features on its trading platform to provide users with a safe, secure and seamless trading experience. They store the majority of their user funds in offline cold storage.
They have two-factor authentication readily available on the platform and offer insurance to protect traders from massive losses in case of significant price volatility.
Gemini also has cutting-edge security with cold storage of users’ majority funds encrypted with a FIPS 140-2 Level 3 rating or higher. It also implements two-factor authentication and hardware keys to prevent unauthorised users from accessing your account.
- Is FTX safe?
Yes, FTX is one of the most reputed cryptocurrency exchanges in the world and is completely safe and regulated. In addition, it implements bank-like security features to ensure the safety of users’ funds and personal information.
So far, there haven’t been any security breaches or hacks at FTX. With the security and insurance features, you expect a safe and secure crypto trading derivative environment and experience on FTX.
- Is Gemini safe?
When it comes to Gemini, it is one of the safest cryptocurrency exchanges in the world. It is based in the US and regulated by the US SEC. It takes all the security measures needed to provide a safe experience to its users.
So I can conclude by saying that FTX is a better option when it comes to an overall score. Though both platforms are similar in some aspects, FTX offers a better deal.
FTX has everything when you think from both a beginner’s and an experienced trader’s point of view, making it the right option for all kinds of traders. FTX provides many features, product types and order types at a minimal price.
Get your hand on FTX and start trading with all that you were missing out on other platforms and skyrocket your profits.
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