Coinbase vs. Gemini vs. eToro Comparison: Fees, Features, Security & Reviews 2024

Overview of Coinbase, Gemini and eToro

Coinbase

A name that has been synonymous with cryptocurrency trading for almost a decade, Coinbase is the first place over 89 million people think of when asked about crypto trading platforms.   And with extensive coin support, you can buy popular cryptos like Bitcoin or Ethereum plus plenty of altcoins.  A user-friendly interface, easy onboarding process, and free $5 Bitcoin account opening make Coinbase a great place to get started for new traders. Its security makes it one of the most secure cryptocurrency platforms.

Coinbase also has staking rewards and a crypto rewards card that pays up to 4% back in crypto on daily spending. And there's even a new Coinbase Learn program that pays you with free crypto for completing short educational modules. On the downside, Coinbase is more expensive than other cryptocurrency exchange sites and has only a few payment options. Users need to be aware of the high transaction fees attached to transactions, which are part of the intricate fee structure on Coinbase's website.

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Gemini

Gemini is another leading cryptocurrency exchange which has been around since 2014. The company offers a vast range of services, including affordable crypto trading, storage, and payment solutions.Since it is regulated, to the extent cryptocurrency exchanges are regulated, and the leadership prioritizes security and transparency, you can trade crypto all over the world with confidence. Gemini supports about 90 coins, including bitcoin cash, bitcoin, ethereum, litecoin and dogecoin.The exchange provides a welcome bonus of $20 for any user who trades $100 or more within 30 days.

The best thing about Gemini is that it provides insurance for all crypto holdings, against hacking incidences. Gemini also supports peer-to-peer trading among its users. The exchange allows users to trade a minimum of 0.00001 bitcoin or 0.001 ether. In addition, offerings like Gemini Earn, Gemini Pay, Gemini Wallet, and more can help investors tap into a more cohesive ecosystem than other exchanges may offer. Gemini's main drawback is that its fee structure is somewhat complicated. Normal mobile and web orders charge various fees depending on the order amount.

eToro

eToro has been around since 2007 and is often referred to as the social trading platform. First, as one of the world’s largest trading markets for exchange-traded funds (ETFs), stocks, fiat currencies, indices, and commodities, it’s a one-stop-shop for traders of all persuasions; crypto is simply one of the more popular options at the moment.  And now, eToro supports crypto trading for over 40 popular coins. Moreover, users can chat via public walls and blog posts, discuss strategies or market outlook, and utilize helpful analytical tools. They can also view their peers’ portfolios and glean crypto-related tips from them.

What's nice is that eToro not only has a simple crypto trading interface for beginners, but also offers eToro Exchange for advanced traders which gives more sophisticated features and an expanded list of assets.Even better, beginners who do not want to lose their real money on the trading platform can try the exchange with a $100,000 virtual portfolio with a demo account. eToro crypto trading isn't as robust as dedicated crypto exchanges and it supports fewer crypto assets than many competitor exchanges, but it still has advanced trading tools.

Coinbase vs. Gemini vs. eToro : Full Comparison

Before diving into my in-depth discussion, look at the table below to get a basic faeture of these three cryptocurrency trading platforms.

Unique Features

Coinbase makes buying cryptocurrencies super easy. You can fund your account and buy cryptocurrencies right away, but you will have to wait for the funds to clear from the bank before you can withdraw them. Coinbase's unique features include Coinbase Earn, where you can earn free cryptocurrency to learn about certain new coins. You only need to hold eligible stablecoins such as Dai and USD Coin to earn interest. Its own stablecoin USD Coin earns 0.15%.

Gemini is more than just a cryptocurrency exchange. It's more like a bank for your cryptocurrency. It offers features to help you build a portfolio with interest rates as high as 7.4% on some cryptocurrencies. It also offers an active trading platform, third-party clearing services, external software wallets, payment platforms and credit cards. Gemini has its own stablecoin — the Gemini Dollar (GUSD) — a cryptocurrency pegged to the U.S. dollar.

eToro is a global platform that in the U.S. offers only crypto trading. The main unique feature is the trademarked CopyTrader system, where you can automatically copy other people's trades in real-time. If there is a trader you trust who can keep earning a small fortune, you can use CopyTrader to mimic their gains (and losses). If you are a popular trader, you can profit from popular investment programs, potentially making thousands of dollars a year.

Supported Currencies

All the three cryptocurrency trading platforms  accept fiat currencies. Due to eToro features many trading pairs, it supports more fiat currencies including USD, GBP, and EUR. By comparison, you can withdraw eToro funds in USD, EUR, GBP, AUD, RMB, THB, IDR, MYR, VND, PHP, SEK, DKK, NOK, PLN, CZK.  Whereas Coinbase and Gemini have fewer fiat currencies supported.  Gemini supports seven types: USD, AUD, CAD, EUR, GBP, SGD, and HKD, while Coinbase only supports three: USD, GBP, and EUR.

Compared to eToro, Gemini and Coinbase support trading of more cryptocurrencies. Both platforms offer popular crypto, like Ethereum (ETH), Aave (AAVE), Litecoin (LTC), Dai (DAI), Bitcoin Cash (BCH), Chainlink (LINK), Uniswap (UNI) etc. However, Coinbase offers many more altcoins than Gemini does. For instance, you can’t purchase Dash, EOS, Cardano (ADA), and Ethereum Classic (ETC) on Gemini. 

Trading Fees

The spread fee for buying and selling cryptocurrencies on Coinbase is approximately 0.50%, but there is also a Coinbase fee that represents the greater value between a fixed fee and a variable percentage fee determined by region, product feature, or payment type. Flat fees range from $0.99 (total transaction value less than or equal to $10) to $2.99 (more than $50 but less than or equal to $200). Percentage fees in the US range from 1.49% (US bank accounts and Coinbase wallets) to 3.99% for debit card purchases. ACH deposits are free, while wire transfers cost $10 ($25 outgoing).

The trading fees of Gemini  are tiered, with orders of up to $10 incurring $0.99 and orders of $200 and over incurring 1.49% of the order value. For orders of up to $25, $50, and $200, the fees are $1.49, $1.99, and $2.99, respectively. The best rates are reserved for Gemini users with ActiveTrader accounts, based on the “maker/taker” system. For makers, the fees range from 0% to 0.25%, inversely proportional to the value of their orders. Takers can expect to pay between 0.03% and 0.35% for a trade, with the price also going down the more they order.

eToro has a simple 1% trading fee whenever you buy or sell crypto. This is higher than many crypto exchanges but it's also easier to understand. If you're new to crypto investing, this fee structure is easy to understand, although it's not the most cost-effective option in the long-run.

Security

Gemini, Coinbase and eToro are all large companies with legal licenses to operate in the U.S. There's no guarantee the U.S. Treasury Department won't make cryptocurrencies illegal. But your funds are generally considered safe at these three major exchanges.

Almost 100% of Coinbase’s user crypto funds are held in cold-storage locations around the globe, with wallets featuring 256-bit AES encryption.You are required to submit your banking information for direct deposits and personally identifiable information, such as your passport, to verify your account. All data is securely stored, and Coinbase will never share it with third parties.Coinbase also features a 2FA system with Google Authenticator as a backup, and its USD wallet is covered up to $250,000 in losses by FDIC Insurance.

Gemini secures users’ digital assets through multi-layered security measures, which are highlighted on its website. The “majority” of  your cryptocurrency is held in an offline, cold storage system — the safest way to protect cryptocurrency from hackers. But a small portion is kept in an online hot wallet that is insured against theft from a security breach, hack, a fraudulent transfer, or employee theft.

eToro employs security measures that are on par with what you’d expect from one of the world’s leading crypto exchange marketplaces. In addition to industrial-grade encryption, it also features toggleable two-factor authentication, and biometric unlocking measures for its mobile/wallet apps.You also need some official ID such as a valid passport or driver’s license to verify your account. The biggest security risk may be for users of eToro's copy trading tools, as your portfolio can execute trades and lose money without your input. But your accounts should be safe from hackers and other digital bad guys as long as you maintain good password security and follow personal cybersecurity best practices.

Customer Support

If you need to get in touch with customer service, all three platforms offer comparable services.Coinbase offers live phone support and you can also use the Virtual Assistant live chat to solve your issues.. There is also a very detailed and well-written FAQ section on the site for self-starters.

The primary channel for contacting Gemini customer support is email, but you can also reach out via a toll-free phone number or Twitter. You can also consult various FAQ documents on the site, or use the Gemini Bot “live chat” feature to find a solution to your issue.

eToro  's customer support is offered through a system of email tickets, and a detailed Help Center, which contains lots of excellent articles. If you join eToro as a member,  you can then get phone and live chat support. But they recommend checking their Help Center for answers to your questions, as responses can take up to 14 days.

Coinbase vs. Gemini vs. eToro: Verdict

Whether Coinbase, Gemini or eToro is the “best” choice is personal to you, depending on your goals and preferences as an investor.

Of the three, Coinbase has a notable edge in terms of cryptocurrency selection. If you plan to invest in lots of different coins, then Coinbase is likely the right exchange for you. Experts can save on fees using the affiliated Coinbase Pro platform.

Gemini is one of the most secure exchanges available on the market, If you're concerned about hacks and breaches, and value peace-of-mind above all else, it's probably the right fit for you. Moreover, thanks to the Gemini Earn feature, Gemini is a also great option for those looking to earn interest on their cryptocurrency.

Thanks to the noted CopyTrader feature, eToro is better for active traders who want a social aspect to their account, with copy trading and other social features to learn from others and discuss strategy.In addition, if you want to manage all your stock, ETF and crypto in one place, eToro is also your best choice. This online broker has always been a popular choice for stock trading.

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