Crypto has been a hot topic for the last few years, and both Binance Singapore and Gemini have been staple names when it comes to crypto exchanges in Singapore.
But they have their own differences, and in this article, we compare them side by side to help you decide which platform is best suited for you.
Binance Singapore vs Gemini: Number of coins available
Binance Singapore and Gemini both support popular cryptocurrencies, including Bitcoin and Ethereum. If that’s all you need, then both cryptocurrency exchanges will do the trick.
However, the cryptocurrency ecosystem has grown significantly in recent years. More digital currencies have emerged, which can be more lucrative for investors.
So how many of these coins are available on each of these platforms is also an important differentiating factor when deciding between Binance Singapore and Gemini.
|Cryptocurrency exchange||Number of tradable coins|
|Binance Singapore||8 coins are currently available: Bitcoin, Ethereum, Litecoin, Ripple, Neo, Bitcoin Cash, Chainlink, Binance Coin|
|Gemini||A total of 52 cryptocurrencies are currently available with the figure increasing steadily.
You will find most of the popular cryptocurrencies that are available in the market.
Binance Singapore just does not have enough cryptocurrencies to compete with Gemini here.
Most experts suggest diversifying your crypto investment portfolio to lower risk, and at this moment, Binance Singapore does not have enough options.
Gemini is the clear winner regarding the number of coins available.
Binance Singapore vs Gemini: Funding Methods
Xfers is a payment service that allows you to send funds to cryptocurrency exchanges safely.
It acts as a middleman to securely hold your funds before the actual exchange takes place.
Xfers is the industry standard when it comes to funding crypto exchanges, and thankfully both Binance Singapore and Gemini support the payment service.
In Gemini, you first deposit Singapore dollars (SGD) to place an order. You can start purchasing crypto after the money is directly credited to your account.
You can see the exchange rates in real-time, and you will then be notified once the trade is complete.
Binance Singapore, on the other hand, allows customers to directly purchase crypto from their Xfers wallets and accepts SGD directly from Xfers. This is convenient as you do not have to go through an additional step.
Both support Xfers payment service as an intermediate middleman to hold your funds before exchange.
In Gemini, you have to transfer the money from Xfers to your Gemini account before making the purchase.
However, you can buy Crypto on Binance Singapore using your Xfers wallet. You do not need to send your SGD to Binance Singapore first.
Winner: Binance Singapore
Binance Singapore vs Gemini: Methods of Buying Crypto
There are usually 2 methods of buying crypto in Singapore.
- Your SGD wallet
- Via a credit or debit card
Both platforms allow directly buying your Crypto from SGD using Xfers payment service, but only Gemini allows the use of debit cards.
But Gemini has a hefty service charge of 3.49% of the total purchase amount.
Currently, none of the platforms supports the use of credit cards.
Gemini supports both SGD wallet and debit card (for a 3.49% fee on the total amount, excluding bank fees you might incur)
Binance Singapore supports only SGD wallet using Xfers payment service.
Gemini supports a wider variety of methods compared to Binance Singapore.
Binance Singapore vs Gemini: Fees and charges
Minimising your expenses is the most important part of successful crypto trading, and both Binance Singapore and Gemini offer affordable fee structures to help in that. But there are some fundamental differences, especially for traders at different price points.
Buying and selling crypto
Binance Singapore has a flat rate of 0.6% for each trade. This is a good value for money for small traders, but for substantially large transactions, the fees can quickly add up.
On the other hand, Gemini has 2 different pricing structures, the default Gemini Exchange and Gemini Active Trader.
Gemini Exchange: Buying from this platform can be quite expensive, especially if you make small trades of under S$15.
|Trade Amount in SGD||Trading Fee in SGD||Trading Fee in percentage|
|Ranging from $15 to $35||$2.00||6%|
|Ranging from $35 to $70||$2.75||3.5%|
|Ranging from $70 to $250||$4.00||2.5%|
|$250+||–||1.49% of your Web Order value|
Gemini Exchange is quite expensive if you are trading less than S$15, so a better alternative is to use Gemini Active Trader.
Gemini Active Trader: This platform charges 0.35% in trading fees, which is significantly lower than Binance Singapore fees. Gemini Active Trader is particularly useful for small traders who are just getting started as you also get a wealth of other useful insights that help in your trading.
Fees for withdrawals are fixed for Binance Singapore and vary based on the cryptocurrency you are withdrawing.
The first 10 withdrawals for any cryptocurrency are free for Gemini. However, if you make more than 10 withdrawals, you will incur a charge.
We’d like to screenshot this for you, but it’s a long list.
So click here to see the exact list.
Receiving crypto on both platforms is free.
|Deposit Fee||Direct bank transfer- No deposit fees||Direct bank transfer- No deposit fees
Using Debit Card: 3.49%
|Buying and selling crypto||Flat 0.6% for each trade||Gemini Exchange: up to 10% (for trades less than 15 SGD)
Gemini Active Trader: 0.35%
|Withdrawing crypto||Have to pay additional fees||The first 10 withdrawals are completely free, and will incur a charge after that.|
Gemini is the clear winner when you trade through the Gemini Active Trader platform. It offers the lowest rates at 0.35% incurred after every trade.
It also allows money to be disposed of directly using your debit card.
Binance Singapore vs Gemini: Features comparison
When it comes to choosing a cryptocurrency exchange, the number of cryptocurrencies available and the fees charged aren’t the only factors to consider.
The user interface and features set of a platform are equally important.
Thankfully, Binance Singapore and Gemini offer a carefully curated feature list to help its traders.
The world of cryptocurrency changes every second. Therefore, it is important to keep track of all your trades on the go.
Gemini pulls ahead in this category by offering a dedicated mobile app that you can use even while travelling.
Currently, as of March 2022, Binance Singapore has no mobile app support.
Earn interest on your crypto holdings
Gemini also has advanced features which allow its users to earn interest on their crypto holdings – similar to Crypto.com Earn.
This is an exclusive feature that not many other crypto exchange platforms, including Binance Singapore, currently offer.
You earn your interests in stablecoins, a digital asset tied to traditional fiat currencies and designed to minimise crypto price volatility.
Gemini currently supports stablecoins like Gemini dollar (GUSD) and Dai.
According to Gemini, if you invest S$10,000 today, you can earn up to S$1,600 at the end of a 2-year tenure.
That’s about 8% in annual returns!
Although we’ve listed many of the differences between the Gemini and Binance Singapore, they also have a lot in common.
And it’s because of these similarities they’re both good picks for new cryptocurrency investors in Singapore who are just getting started.
Direct Bank transfer: As previously stated, they both allow direct transfers in Singapore dollars.
User interface: Both Binance Singapore and Gemini have a clean user interface with lots of useful analytics that you can use to get you started quickly.
They both rely heavily on charts and graphs, which can be a bit intimidating at first, especially if you are new to trading.
But the small learning curve is worth the useful data you can find from these graphs.
Fees and charges: Although their fees and charges differ, both the platforms are guilty of charging more than their compared to international competitors.
This may contribute to the higher operational cost here in Singapore, but the lack of other established platforms like FTX Trading allows other platforms to charge a bit extra.
Both the platforms are similar in features and user interface. They differ in Gemini having a dedicated mobile app and native interest aggregation on crypto holdings, both of which Binance Singapore misses out on.
Gemini is obviously the winner in this round since it is jam-packed with features that will improve the user experience for both new and veteran crypto investors.
Gemini is the more economically viable option with features like earning interest from your crypto holdings, which Binance Singapore does not currently have.
Binance Singapore vs Gemini: Safety
Ensuring security is of paramount importance when it comes to crypto trading platforms. Hackers are always on the lookout for variabilities, and it is up to the platforms to constantly keep their security up to date.
Thankfully neither Binance Singapore nor Gemini has encountered any massive data breaches, which is always a good sign.
Gemini promises to be one of the safest cryptocurrency exchanges, and the majority of the assets on the exchange are kept in a cold wallet that is kept offline.
Gemini also comes with certifications like ISO 27001 and regularly participates in penetration testing to ensure its platform is safe and secure.
Binance Singapore takes a different approach and is very secretive about the security measures they have in place.
This does not coincide well with the data breach it faced in 2019, but according to Binance, Binance Singapore was not on the hit list.
Although Binance Singapore has not been hacked so far, not disclosing the security measures that are in place is slightly worrying if you are very concerned about security.
Neither platform has been hacked as of March 2022 and generally speaking, both are perfectly safe platforms.
They both perform equally well when it comes to the overall security of the platforms. Although they both take different approaches when it comes to security, neither is better than the other.
Binance Singapore vs Gemini: Customer Service
No matter how well a platform performs, there are instances when you will need to contact support.
Therefore, how well their support team performs becomes a differentiating factor when choosing between the platforms.
According to Trustpilot, a global standard to compare customer support, none of the platforms do well in this category.
Here are Gemini and Binance Singapore Trustpilot profiles.
Much of it can be attributed to the huge number of requests the platforms receive each day. So do not have high hopes to get a fast reply from contacting the support team.
But where credit is due, Gemini acknowledges the issue and emphasises self-care with lots of FAQs and articles on the most common issues.
So if you are willing to look around and search for solutions, you are most likely to find them before getting a reply from the support team.
None of them has the best customer support and has room for improvement.
They both can improve as they are significantly below par when you compare similar platforms worldwide.
Overall winner: Gemini
It’s important for us to say that since Binance Singapore is no longer operating in Singapore, the default winner goes to Gemini.
However, this is still a no-brainer as with over 52 digital currencies that you can trade, of which 17 can be stored in a cold wallet; Gemini is the better platform.
It also has better pricing and is packed with features that you will appreciate.
Is it the best crypto exchange?
I don’t think so.
But it’s definitely the best if you’re looking to withdraw your cryptocurrencies for free.
That’s why we have a Gemini account just for the purpose of making withdrawals – and you should too!
Here’s a link to check out the latest Gemini referral promotions, and make sure to use our link when signing up for Gemini!