The services of borrowing and lending cryptocurrencies are made available by BlockFi. Even though their exchange isn’t very robust, their interest accounts and cryptocurrency-backed loans are their primary offerings. In addition to that, they provide a cryptocurrency rewards card.
Even though Gemini is a rapidly expanding cryptocurrency exchange that prioritizes safety and offers a diverse variety of services, They support a variety of cryptocurrencies that can compete with those offered by other major exchanges. They have reasonable staking incentives for an impressive number of currencies, and they provide a variety of institutional services.
When it comes to gaining attention on cryptocurrency, BlockFi is an excellent custodian to use. How does it stack up against the Gemini sign? Check out the comparative table that we’ve provided below.
For example, if you read the BlockFi review, you would understand how it differs from Gemini after you must have gone through Gemini’s review as well.
BlockFi is a cryptocurrency exchange that allows customers to purchase Bitcoin (BTC) and other digital currencies. This platform offers a wide range of services, including crypto-backed loans such as Bitcoin loans and credit cards, as well as other types of loans backed by cryptocurrency. Regrettably, U.S. investors may no longer access one of the company’s greatest products—interest-bearing cryptocurrency accounts—which the company used to provide. A relatively close platform to BlockFi is SmartFi.
Gemini is a user-friendly cryptocurrency exchange that may be an excellent alternative for novice traders and traders with more expertise. If you are interested in crypto trading or investing in cryptocurrencies, you should consider Gemini because the platform offers industry-leading security measures, its hot wallet, and a comprehensive help center.
| BlockFi | Gemini |
| A high rate of return on deposits | Transparency on the website
|
| Credit card with cryptocurrency-based incentives | Trading pairings using cryptocurrencies alone |
| Lend against your cryptocurrency holdings. | |
| Convenient trading | |
| Automatic trades |
For a comparison between BlockFi vs Gemini earn, it would be interesting to know that, clients of the BlockFi Interest Account have the opportunity to earn interest in cryptocurrency. The cryptocurrency interest that account holders earn is compounded, which increases the Annual Percentage Yield (APY) that is offered to their customers. This interest is paid out at the beginning of each month. The BlockFi Interest Structure is hierarchical.
You may earn interest on certain of your cryptocurrency holdings with Gemini Earn in a manner that is roughly analogous to how you would earn interest on a savings account. You may put your cryptocurrency to work by using this tool to lend your cryptocurrency assets, mostly to institutional investors, for a maximum annual percentage yield of 8.05%. (APY).
These extremely high APYs have the potential to be quite tempting. Coins that you lend out, in contrast to the money in your savings account, are not covered by the Federal Deposit Insurance Corporation (FDIC) if they are lost or stolen.
BlockFi only offers access to 13 different digital assets, a rather limited quantity compared to other competing exchanges. Coinbase and Kraken are two of the best crypto exchange that each provide access to over a hundred different digital assets. The following is a list of some of the assets that BlockFi supports:
Although Gemini provides a smaller selection of cryptocurrencies than some of the more prominent exchanges, there are still over one hundred assets that may be traded on its site. Users can purchase, sell, and exchange a variety of cryptocurrencies, including both well-known and lesser-known coins. The following is a selection of the cryptocurrencies and stablecoins that may be traded on Gemini:
BlockFi is responsible for operating a cold storage wallet. When you submit United States dollars to BlockFi, those dollars are transformed to the same value represented by a stablecoin connected to the US dollar. When you use your BlockFi account to acquire other cryptocurrencies, you exchange your stablecoin for other cryptocurrencies.
Your assets stored on the platform are kept in reality by a regulated custodian, which may be Gemini, a partner of BlockFi. BlockFi highlights its relationships with Gemini as an example of how its collaboration with other market-leading cryptocurrency firms provides consumers with more safety and security. BlockFi also offers additional security features, such as restricting account withdrawals to approved wallet addresses after they have been set up. This lowers the likelihood that someone who has hacked into your account may make a withdrawal from your wallet to an address that is not allowed.
In addition to that, two-factor authentication is supported by BlockFi.
Your funds are not kept in traditional bank deposit accounts; rather, they are converted into stablecoins, which prevents them from being physically stored as currency. Because of this, you won’t be able to use the insurance offered by the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SIPC). The Federal Deposit Insurance Corporation (FDIC) is a federal organization that was established with the mission of preserving the public’s confidence in the financial system of the United States of America while also supervising financial institutions to provide consumer protection. If a brokerage company goes out of business, the Assets Investor Protection Corporation (SIPC) will work to get investors’ cash and securities back.
Gemini provides security measures typical in the industry, such as two-factor authentication, the ability to inspect and authorize devices used for logging in and allowing wallet addresses. Users must finish the know-your-customer (KYC) verification procedure, which entails submitting a picture identification card provided by the government before using the full range of trading tools the site offers. This procedure is intended to cut down on the number of fraudulent transactions on Gemini.
Gemini just became SOC 2-certified, which shows the platform’s dedication to security and compliance. This certification comes in addition to Gemini’s existing security capabilities. This exchange additionally provides FDIC insurance for deposits of United States dollars, up to a maximum of $250,000, and digital asset insurance for monies stored in its hot wallet.
This insurance helps protect user cash if a security vulnerability is exploited or a hacker attacks.
There are no costs associated with trading on BlockFi. Instead, the cost of the transaction, which refers to the difference between what it costs and what you pay for it, is baked into the stated price, and you may be able to purchase cryptocurrencies on other exchanges at a lower price. Because the prices at which you may trade could be different from the market price that is advertised, it is important to keep track of the actual price that you are trading at rather than the market price that is listed. The maintenance of records and awareness of your transactions will be simplified as a result of this.
When you withdraw money from your bank account using an ACH transfer, there is no fee charged; however, there is a fee of $20 associated with domestic wire transfers.
If you elect to withdraw crypto to an external wallet, you will be charged a withdrawal fee that is proportional to the cryptocurrency that is being withdrawn. You may also be required to meet a withdrawal minimum and maximum. You are only allowed to withdraw a maximum of one hundred Bitcoin in any given week, even though this limitation won’t affect most ordinary investors.
On BlockFi, one free withdrawal can be made on certain assets once per calendar month. These assets include:
You will always be required to pay the charge to cash out other assets like ETH, LINK, PAXG, UNI, and BAT because they do not come with any free withdrawal option.
The related cryptocurrency is used to levy transaction fees for withdrawals. If you want to withdraw ETH, a charge of 0.015 ETH will be deducted from your balance. However, because fees and restrictions are subject to change in the future, you should review the terms of service before transferring assets from BlockFi to your wallet.
The costs charged by Gemini are comparable to those of cryptocurrency brokerages, although they can be as much as 1.49% higher depending on your chosen platform. The cost for making purchases with a debit card is 3.49%, and additional fees may also apply in some circumstances. The “convenience fee” that Gemini charges its mobile and web app customers is always a flat 0.5% over the current trading price. Gemini refers to this charge as its “convenience fee.” In addition, it levies a transaction cost compared to Coinbase, which is proportional to the amount exchanged. This price is structured as a tiered flat rate up to $200, and orders over $200 are charged 1.49%.
Compared to its rivals, Gemini’s withdrawal costs are significantly lower than those of its competitors. To withdraw cryptocurrency from the platform of most brokerages would pay at least a network charge, which is the cost of performing a transaction on the underlying blockchain.
However, with Gemini, you can make up to ten withdrawals of each cryptocurrency monthly without incurring any fees. Read an OKX review to find out a similar platform to Gemini.
On the other hand, you should be aware that after these initial ten withdrawals, the costs become significantly more expensive. As an illustration, your 11th bitcoin withdrawal fee in a single month would be 0.001 BTC, equivalent to around $57 as of October 14, 2021.
Additionally, the fee-free leaves do not apply to Ethereum or any other cryptocurrencies constructed on the ERC-20 standard used by Ethereum. The state of the Ethereum network determines the costs associated with withdrawing Ethereum tokens at the time of the transaction.
Both Gemini and the BlockFi crypto platforms are very easy to use and understand.
The app is a platform that enables clients to establish and manage a BlockFi Interest Account, borrow money against their cryptocurrency holdings, and transfer monies straight from their cryptocurrency wallet. The platform is user-friendly and offers a high level of security.
Put another way, you can bring BlockFi everywhere you go.
Gemini makes available a free app for mobile devices running iOS and Android. Users of the app store have given both versions very positive ratings, and they share many of the same capabilities and functionalities as the desktop website.
BlockFi’s user interface is simple, making purchasing and selling cryptocurrencies very simple. You may automate your investing process by setting up recurring transactions daily, weekly, or monthly. This can be done using your trading platform. Investing in cryptocurrency using a strategy known as dollar-cost averaging, which is an effective method for mitigating risk, can be advantageous.
Beneficial for inexperienced and experienced traders alike, Gemini features a straightforward user interface, making it ideal for inexperienced cryptocurrency investors. At the same time, its ActiveTrader platforms are suitable for more seasoned traders.
BlockFi wallet is a cryptocurrency and lending tool that enables investors to purchase, sell, store, borrow and earn interest on crypto assets. BlockFi wallet was developed by BlockFi, a company that specializes in blockchain technology. In addition, customers of BlockFi have the opportunity to earn cryptocurrency rewards in the form of bitcoin when they use the BlockFi Rewards Credit Card.
To better serve its consumers and help them achieve their financial objectives, Gemini provides two distinct wallet choices. The Gemini Wallet is the company’s web-based hot wallet. This wallet allows clients to store cryptocurrencies that they have purchased directly from the Gemini Exchange and transfer currencies to or from other wallets.
| Pros | Cons |
| Make an application for cryptocurrency-backed loans or a credit card that offers cryptocurrency incentives. | Cryptocurrency withdrawal fees vary based on the type of cryptocurrency used. |
| Earn an interest rate that is extremely competitive on your cryptocurrency holdings. | There is a cap on the amount of cryptocurrencies that can be withdrawn from interest accounts each month. |
| U.S.-based and regulated | Interest rates on loans and annual percentage yields on interest accounts can fluctuate monthly. |
| Instantaneous trading of cryptocurrencies without the need for commissions or monthly costs | There is neither a joint nor a custodial account option. |
| No minimum balance restrictions and no balance limitations | The FDIC provides no insurance coverage for deposits. |
| Pros | Cons |
| Available in more than 50 countries | The fees Gemini charges are higher than many other crypto loan platforms. |
| Provides insurance against possible site hacks. | |
| Gemini is accessible in all of the US states. | |
In conclusion, BlockFi and Gemini are both great platforms for those interested in buying, selling, or trading cryptocurrencies. They both have pros and cons, so it depends on what you’re looking for in a platform. BlockFi might be a good option if you’re starting because of its lower fees. However, Gemini might be a better choice if you’re looking for more advanced features.
Table of Contents
The services of borrowing and lending cryptocurrencies are made available by BlockFi. Even though their exchange isn't very robust, their interest accounts and cryptocurrency-backed loans are their primary offerings. In addition to that, they offer a cryptocurrency rewards card. Even though Gemini is a rapidly expanding cryptocurrency exchange that prioritizes safety and provides a diverse range of services.
Before choosing a crypto loan, you must educate yourself on the following factors. Interest rates, Supported crypto, loan flexibility, restrictions, and the community feedback on taking such a loan.
Gemini is accessible in more than sixty countries, including North America, South America, Europe, Asia, Oceania, and Africa. While BlockFi is available in BlockFi supports countries such as the United States, Canada, Singapore, and the United Kingdom.
