Last updated on June 28th, 2021
There are many crypto exchanges that you can use to buy cryptocurrency.
2 of them include Binance Singapore and Gemini.
Which one is better and which one should you choose?
Here’s what you need to know:
Contents
The difference between Binance Singapore and Gemini
Binance Singapore offers 8 currencies that you can purchase using SGD, while Gemini allows you to purchase 38. Gemini charges the lower fees (0.35%) if you use their Active Trader platform, compared to Binance Singapore (0.60%).
Here’s an in-depth comparison between these 2 exchanges:
Founder
Binance Singapore was launched in 2019. It was launched as a separate exchange from Binance.com.
Meanwhile, Gemini was founded in New York in 2014.
Gemini is a regulated cryptocurrency exchange that is found in 50+ countries!
Both of them seem to be rather reputable companies with a strong background in the cryptocurrency scene.
Number of currencies
Binance Singapore allows you to trade in 8 cryptocurrencies.
This includes:
Gemini allows you to trade 38 currencies
Gemini has larger offering of currencies too! You are able to trade 38 different currencies on their platform from Singapore.
Here are some of the currencies you can trade:
Other currencies that are not on this list include ENJ.
Gemini also allows you to trade GUSD, which is Gemini’s stablecoin pegged to the US dollar.
If you wish to trade in GUSD, you can only do so using USD and not SGD.
Methods of funding your account
Both exchanges allow you to deposit SGD using your Xfers account.
Xfers is a payment solutions that allow you to transfer your money securely into the crypto exchanges.
It sort of acts like the middleman between your bank accounts and the exchanges.
When you deposit your funds into Gemini via Xfers, it will be directly credited into your account.
After depositing SGD into Gemini, you can start to purchase the crypto that you wish to buy.
You can read my guide on how to deposit and withdraw from Gemini to find out more.
For Binance Singapore, you can purchase crypto from your Xfers wallet. You do not need to transfer your SGD from Xfers to Binance Singapore.
Methods of buying crypto
There are 2 main ways that you can buy crypto on either exchange:
- Your SGD wallet
- Via a credit or debit card
For Gemini, you can buy crypto directly using a debit card,
or from your SGD wallet that is connected to Xfers.
Gemini is less flexible as it does not allow you to buy crypto using a credit card. However, the fees that you incur when buying via your credit or debit card may be quite hefty!
For Binance Singapore, you can directly buy your crypto from SGD.
However, you are unable to use your credit or debit card to purchase crypto.
You are buying crypto directly instead of trading
When you are purchasing crypto on either exchange, you are buying it directly based on the prevailing market rate.
This is slightly different from trading, where you get to choose the limit price that you pay!
As such, the exchange rate of the crypto that you’re paying may differ slightly.
If you wish to determine the price that you buy or sell crypto, you can switch to Gemini’s Active Trader platform instead.
Withdrawal of funds
Gemini allows you to withdraw your funds directly to your bank account,
while Binance Singapore only allows you to withdraw to your Xfers wallet.
This is slightly more troublesome as you’ll have to go to Xfers and withdraw your funds to your bank account.
Sending and receiving crypto
Both Binance Singapore and Gemini allow you to send and receive crypto from external wallets.
You’ll need to go to the ‘Transfer Funds‘ page on Gemini. This allows you to deposit or withdraw from Gemini.
This makes it easy for you to transfer your crypto to another exchange.
You can also send your crypto to a savings wallet that earns you high interest, such as:
Fees
The most important thing when it comes to trading crypto are the fees. You should try to minimise your fees as much as possible!
Here are some of the fees you may incur when using either exchange:
#1 Depositing and withdrawing fees
There are no deposit or withdrawal fees for either platform.
This is better compared to Coinhako, which charges you:
- 0.55% deposit fees (if you use Xfers)
- $2 for every withdrawal
#2 Buying and selling crypto
Here are the fees that you’ll be charged for both exchanges:
Binance Singapore charges 0.6% for each trade
When you make a buy or sell order on Binance Singapore, you will be charged 0.60%.
This is quite a high fee, but it is still lower than Coinhako’s 1% fee.
Gemini has 2 different fee structures
Gemini actually has 2 different fee structures when making trades on their platform.
The default platform is Gemini Exchange.
If you buy using this platform, the fees are really hefty!
| Trade Amount (SGD) | Trading Fee (SGD) |
|---|---|
| ≤ $15.00 | $1.50 |
| > $15.00 but ≤ $35.00 | $2.00 |
| > $35.00 but ≤ $70.00 | $2.75 |
| > $70.00 but ≤ $250.00 | $4.00 |
| > $250.00 | 1.49% of your Web Order value |
If you are only trading a small amount, the fees are extremely high! As such, it is not recommended to use this method.
Instead, you should switch to Gemini Active Trader.
If you use this platform, you will incur 0.35% worth of trading fees!
However, you can only purchase either BTC or ETH directly from SGD.
This is more than a 4x reduction in fees if you use Active Trader, compared to their Exchange.
Moreover, this is cheaper compared to Binance Singapore’s fees too.
However, Luno Exchange offers an even lower fee of 0.1%, which is one of the cheapest.
Using Gemini Active Trader is one of the most cost effective ways of buying crypto in Singapore. It may be slightly confusing to use if you have not utilised a trading platform before.
However, you can check out my guide on Gemini’s Active Trader to find out more.
Gemini charges 3.49% fee for debit card purchases
If you purchase crypto using a debit card, you will incur an additional 3.49% fee. Even though buying through debit card is really convenient, the fees are really high!
It would be best if you use bank transfers instead.
#3 Sending and receiving fees
You may want to send or receive your crypto from an external wallet.
For Binance Singapore, the withdrawal fees are fixed. This depends on which crypto you’re sending:
| Crypto | Withdrawal Fee | Minimum |
|---|---|---|
| BTC | 0.0004 | 0.001 |
| ETH | 0.01 | 0.02 |
| BNB | 0.001 | 0.002 |
| LTC | 0.001 | 0.002 |
| BCH | 0.001 | 0.002 |
| XRP | 0.25 | 2 |
| NEO | 0 | 1 |
| LINK | 0.7 | 2 |
If you send NEO, then you will not be charged any fees.
For Gemini, the first 10 withdrawals for each currency is free. However, you will be charged some fees when you make more than 10 withdrawals!
If you want to receive crypto from an external wallet, no fees are charged by either exchange.
However, you’ll need to consider the fees you incur when sending crypto from your external wallets!
Limits and minimum amounts
When you want to buy crypto on either exchange, you may be subject to certain limits and minimum amounts.
Binance Singapore has a minimum of $20 SGD per trade. However, for Gemini, their minimum trade amounts depends on the cryptocurrency you’re trading in.
Security
You may have heard of how crypto exchanges can be hacked, and these hackers can steal your cryptocurrencies!
So how do these exchanges try and combat this?
Binance Singapore does not disclose their security measures
Unlike Gemini, Binance Singapore does not disclose the security measures they have put in place. This may be slightly worrying if you are very concerned about security.
Binance.com faced a security breach in 2019. However, Binance Singapore declared that the breach did not affect their exchange.
This is because Binance Singapore and Binance are actually 2 different platforms.
Although the platform is quite new, Binance Singapore has not been hacked so far.
Gemini stores the majority of your currencies in a cold storage
Gemini claims it is one of the most secure crypto exchanges.
Majority of the assets on the exchange are stored in an offline cold wallet.
Moreover, the remaining funds in the hot wallet is insured.
Our policy insures against the theft of Digital Assets from our Hot Wallet that results from a security breach or hack, a fraudulent transfer, or employee theft.
Gemini
It seems that Gemini’s owners are quite confident about the security of their platform!
Platforms
Binance Singapore only has a web platform.
Meanwhile, here is Gemini’s Exchange platform,
Active Trader platform,
and mobile app.
In my opinion, Binance Singapore’s platform is slightly ‘less stable’ and doesn’t really have the same ‘professional’ feel compared to Gemini.
Verdict
Here is a comparison between Binance Singapore and Gemini:
| Binance Singapore | Gemini | |
|---|---|---|
| Year Founded | 2019 | 2014 |
| HQ | Singapore | New York |
| Number of Currencies | 8 | 38 |
| Funding Methods | Xfers | Xfers |
| Methods of Buying | SGD Wallet | SGD Wallet Debit Card |
| Withdrawal of Funds | Xfers | Bank Account |
| Deposit Fees | None | Free |
| Withdrawal Fees | None | Free |
| Trading Fees | 0.60% | From 1.49% (Exchange) and 0.35% (Active Trader) |
| Sending Fees | Depends on currency | Free for first 10 transactions (fee depends on currency) |
| Minimum Per Trade | SGD $20 | Based on currency |
| Security | Not specified | Cold storage + hot wallet |
| Platform | Web only | Web and mobile app |
So which exchange should you choose?
Gemini seems to be the better exchange for these reasons:
- Lower fees when you use Active Trader (0.35% vs 0.60%)
- No sending fees for the first 10 transactions
- More cryptocurrencies you can purchase from SGD (only on Exchange)
In terms of costs, Gemini will help you to save more on fees.
Conclusion
Both Binance Singapore and Gemini are crypto exchanges that allow you to easily buy crypto with SGD.
Since they are quite similar in terms of functionality, Gemini may be the better exchange to use, due to its lower fees!
👉🏻 Referral Deals
If you are interested in signing up for any of the products mentioned above, you can check them out below!
Gemini Referral (Earn $10 USD in BTC)
If you are interested in signing up for a Gemini account, you can use my referral link.
You will be able to receive $10 USD in BTC!
Here’s what you need to do:
- Register for a Gemini account
- Trade ≥ USD $100 or equivalent on Gemini’s platform
- Receive USD $10 worth of BTC in your account
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