Phemex and Gemini are two of the most popular crypto exchanges available out there.
Both of them are highly reputable and known for offering lower trading fees, a wide range of features, and so on.
So the question is, Phemex vs Gemini – which one should you choose?
The decision can be confusing to make as you can find a lot of similarities between Phemex and Gemini.
However, to make it easy for you, I have compared both exchanges to their core. So you can get a clear idea.
Anyway, let’s jump straight to the topic:
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Phemex vs Gemini: At A Glance Comparison
Phemex is one of the best crypto derivative exchanges. Also, one of the new players in the crypto industry, as the exchange was established in 2019.
The exchange was founded by a group of experienced wall street traders and developers to provide crypto traders with a fast, secure, and user-friendly crypto exchange.
Phemex is also known for offering a wide range of trading products that includes perpetual contracts, trading futures, and options contracts.
As well as the exchange has many other crypto features such as copy trading, Phemex earns, etc. Additionally, you can use the Phemex invite code to get welcome bonus.
Gemini is one of the oldest crypto exchanges, founded back in 2014. It is a New York City-based leverage trading platform that heavily focuses on offering its users a secure trading experience.
With the exchange, you can buy, sell and store cryptocurrencies.
As well as it supports derivatives trading and lots of other crypto features. Such as Gemini clearing – It allows two parties to settle a trade in the order book.
Phemex vs Gemini: Trading Markets, Products & Leverage Offered
Let’s start the comparison by looking at the product offerings and leverage of both exchanges:
Phemex
- Spot market
- Margin trading with Cross with up to 5x leverage
- USD-M perpetual contracts with up to 100x leverage
- Coin-M perpetual contracts with up to 100x leverage
- Copy Trade
- P2P Trading
Gemini
- Spot Trading
- Perpetual contracts trading with up to 100x leverage
Verdict: Phemex emerges as the clear winner for this section, as it has more trading markets.
Phemex vs Gemini: Supported Cryptocurrencies
Phemex
Phemex is a favourable choice in terms of supported crypto tokens. It supports 350+ crypto tokens that include both popular crypto tokens and many new tokens.
The exchange is also known for adding new tokens for trading from time to time. Some of the tokens that you can find on the exchange are:
- BTC
- USDC
- SUI
- USDT
- RNDR
- TRX
Gemini
On Gemini, you will find 90+ crypto tokens. The list mostly contains all the popular tokens.
However, you will also find some new and unique tokens that will help you diversify your investment portfolio. These listed tokens are:
- BTC
- ETH
- DOGE
- SHIB
- BCH
Verdict: Phemex wins this segment by offering an extended list of supported crypto tokens. This will help you to diversify both your investment and trading portfolio.
Phemex vs Gemini: Trading Fee & Deposit/Withdrawal Fee Compared
Now let’s talk about the most important part, which is the trading fee charged by both these exchanges:
Phemex Spot Trading Fee
Phemex follows a tiered fee structure that follows the usual maker/taker fee model. Its tier fee model is based on two different conditions – your 30 days trading volume and the last 1d avg hourly balance. If you meet both conditions, only then you will enjoy fee discounts based on your tier.
However, the standard fee that Phemex charges are:
- Maker Fee: 0.1000%
- Taker Fee: 0.1000%
Phemex Contracts Trading Fee
For contract trading, too, you see a similar tiered fee structure.
However, the derivatives fee structure is based on one condition only, which is your 30 days trading volume. So the fee for the bottom-tiered users stands at:
- Maker Fee: 0.0100%
- Taker Fee: 0.0600%
Phemex Deposit & Withdrawal Fees
Coming to the Phemex deposit and withdrawal fees, the exchange charges you nothing if you deposit/withdraw funds using P2P trading.
However, if you are depositing/withdrawing fiat currency using payment options like Simplex, Moonpay, etc, then it will be subjected to a transaction fee.
On the other hand, crypto deposits on the exchange are absolutely free. But if you are withdrawing crypto tokens, it will attract a withdrawal fee. The fee will vary from one currency to another, and a lot of other factors.
Gemini Web Fee
Gemini has a complex fee structure. All the orders placed via their website will incur a convenience fee and a transaction fee. Also, depending on your order value, you will have to pay a different transaction fee.
For instance:
An order value of less than $10 will attract a $0.99 transaction fee.
Gemini ActiveTrader Fee Schedule
If you place spot or futures trades via Gemini’s ActiveTrader platform, then it will incur different charges. The fee structure follows a maker-and-taker fee model and has different tiers. For the bottom-level users, it charges you a trading fee of:
- Taker Fee: 0.40%
- Maker Fee: 0.20%
Gemini Deposit & Withdrawal Fees
Talking about fiat deposits on Gemini, you will find both free and paid options.
For instance, deposit methods like ACH and Wire Transfer transactions are free. However, a debit card purchase will incur 3.49% of the total purchase amount, while PayPal will attract a fee of 2.50% of the total deposit fee.
On the other side, you can enjoy ACH and non-USD bank transfer withdrawals free of cost. But a USD wire transfer will attract a $25 withdrawal fee.
However, there are no fees to deposit crypto. But crypto withdrawal fees will charge you a dynamic withdrawal fee.
Verdict: Phemex stands out as the clear winner. Phemex not only charges you low trading fees but has a straightforward fee model, unlike Gemini’s fee structure which can be pretty confusing for newbies to understand.
Phemex vs Gemini: Order Types
Phemex
- Limit
- Market
- Limit Conditional
- Market Conditional
Gemini
- Limit
- Market
- Stop limit
- Market or Cancel
- Immediate or Cancel
- Fill or Kill
Verdict: Gemini stands out as the winner. The exchange offers a few extra order types compared to Gemini. However, with Phemex’s conditional order type, you can place advanced order types.
Phemex vs Gemini: KYC Requirements & KYC Limits
Phemex
Phemex is a non-KYC exchange – meaning there is no need to verify your identity to start trading. The basic verification will help with unlimited crypto deposits and trading. Plus, it has a daily crypto withdrawal limit of $50,00K.
But if you wish to increase your daily withdrawal limit and access other features like unlimited P2P trading, launchpad, and more bonuses, a KYC verification is required.
KYC Limits
Phemex has two levels of KYC. These are:
- Basic Verification: Unlimited crypto deposits and trading with $1.00M daily crypto withdrawal.
- Advanced Verification: Unlimited crypto deposits, P2P trading, and crypto trading with $2.00M daily crypto withdrawal. Plus access to Launchpad/Launchpool/More bonuses.
Gemini
Gemini is pretty strict when it comes to identity verification.
Before you can begin trading on Gemini, you need to verify your identity.
However, unlike Phemex, it doesn’t have different KYC levels. So once you are done verifying your account, you will get an unrestricted trading experience.
Verdict: Phemex is a favourable choice for trading anonymously, As it doesn’t require you to verify your identity.
Phemex vs Gemini: Deposits & Withdrawal Options
Phemex
- Method 1: Deposit/withdraw crypto using payment methods like SWIFT, SEPA, ACH, FPS, and Credit/Debit card purchases.
- Method 2: Transfer crypto from another exchange or wallet.
- Method 3: Deposit/withdraw funds using P2P Trading.
Gemini
- Method 1: Deposit/Withdraw via Bank Transfer (ACH), Manual bank transfer, or PayPal.
- Method 2: Transfer crypto from another exchange or wallet.
Verdict: Phemex once again emerges as the clear winner. The exchange offers you multiple ways to deposit and withdraw funds.
Phemex vs Gemini: Trading & Platform Experience Comparison
Phemex
Phemex offers you an advanced trading platform that will help you to trade efficiently.
It includes all the features and tools, such as advanced charts, trading pairs, an order book, and many more. Some of these features include:
- Advanced technical chart powered by TradingView
- Multiple order types
- Easy-to-use order form
- Order book and recent trades
- Open & closed positions, active orders, and conditional orders
- Order history
Gemini
Gemini has two separate platforms for trading crypto – Gemini and Active Trader. The Gemini platform will offer you a simple way to buy/sell cryptocurrencies.
On the other hand, ActiveTrader comes with advanced charts and other trading tools. Some of the features that you get with ActiveTrader are:
- Technical Price chart & Depth chart
- Easy-to-use order form
- Order book
- Trading pair details
- Open orders & order history
To learn how to place trades on the exchange, check this guide on how to short on Phemex guide.
Verdict: Phemex has a much-advanced trading platform compared to Gemini. You will find all the tools and other trading features on Phemex, whereas Gemini’s trading features are pretty limited.
Phemex vs Gemini: Customer Support
Phemex
You can contact Phemex support via their live chat option. The live chat will instantly connect with a support agent or help you access different help guides.
Phemex also offers support via their email. Plus, they do have a Telegram channel where you can ask your queries, and other fellow traders will help you out.
Gemini
Talking about Gemini also offers you support in a similar way.
It has a live chat option that will instantly connect with a live chat agent. Alternatives, you can also raise a support ticket if you want to get the issue solved over email. Or you can get help from Gemini via Twitter.
Verdict: Both exchanges have a similar way of offering customer support, so I am declaring it as a tie.
Phemex vs Gemini: Security Features
Phemex
- Two-factor Authentication
- Anti-phishing code
- Device management
Gemini
- Two-factor Authentication
- Security key
- Approved address list
Verdict: Both exchanges offer very limited security features. Hence, it is a tie between Phemex and Gemini.
Is Phemex Safe & Legal To Use?
Phemex is a safe and legal platform to trade derivatives.
The exchange is a registered company in the British Virgin Islands and is subject to the laws and regulations of the region.
Also, the exchange complies with anti-money laundering and counter-terrorism financing laws and regulations.
Plus, the exchange also takes users’ security very well, and it uses cold storage and other security features to protect funds and data.
Is Gemini Safe & Legal To Use?
Gemini is a well-regulated crypto exchange. The exchange holds a license from the New York State Department of Financial Services (NYSDFS).
Gemini is also registered with the Financial Crimes Enforcement Network (FinCEN). Along with that, it has implemented several security features and uses cold storage to protect its user’s data and funds.
Phemex vs Gemini Conclusion: Why not use both?
Overall, Phemex is a far better choice compared to Gemini.
The exchange offers you uninterrupted access to both spot and derivatives markets. Along with that, it has a cheaper trading fee and offers you high-end security features.
But Gemini cannot be ignored as well. The exchange is a suitable choice for building your crypto portfolio.
However, for trading, the platform won’t be a suitable option as Gemini’s derivatives trading is not available in every region it operates.
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