Updated May 24, 2022

eToro vs Coinbase vs Gemini

By Jeremy Harshman
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eToro, Coinbase, and Gemini are three leading cryptocurrency trading platforms. Which one is right for you? Read on to find out.

eToro, Coinbase, and Gemini are three of the most widely used cryptocurrency exchanges. They each have distinct advantages to offer, but they're not right for every trader.

So which platform is the right fit for your crypto trading needs?

In this head-to-head comparison, review the differences between eToro, Coinbase, and Gemini. From features to fees to coin selection, we've got you covered.

Who are they best for?

  • eToro is best for any traders who want a social component to their investing, thanks to their noted CopyTrader feature.

  • Coinbase is best for beginners looking for a wide range of cryptocurrency options, extra features, and a place to learn.

  • Gemini is best for the security-minded trader. If you're concerned about hacks and breaches, and value peace-of-mind above all else, it's probably the right fit for you.

Here's a quick look at how they compare:

What do they offer?

Before you get into the detailed breakdown, let's look at what you can expect to find on all three platforms.

All three offer:

  • Trading of 20+ of the most popular cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin
  • A platform suitable for both beginners and advanced users
  • Low minimum deposits to get started
  • Trading in countries all over the world
  • Customer service access via email
  • Similar fee structures
  • Two-factor authentication
  • Digital wallets
  • Mobile apps
  • Desktop sites
  • Cold storage

How are They Different?

And here's a look at some of the main differences between the three exchanges:

  • In general, Coinbase is the easiest to use and was designed specifically with inexperienced traders in mind. Neither Gemini nor eToro is too difficult to get the hang of, but Coinbase stands out as the most user-friendly platform.
  • Coinbase and Gemini both have an extensive range of cryptocurrencies beyond the most popular, with Coinbase offering 170 and Gemini over 120 at time of writing. eToro, on the other hand, has a more limited roster of a little more than 20 coins.
  • eToro and Gemini have more to offer expert traders. Between eToro's social trading features and Gemini's advanced trading tools, they have more that will appeal to experienced investors.
  • Meanwhile, Coinbase and eToro have more educational resources. Coinbase has educational tools, and eToro makes it possible to learn from your peers, even those with extensive experience.
  • Unlike the other two, eToro offers stock and ETF trading in addition to crypto.

Why Choose Coinbase?

Coinbase is one of the leading cryptocurrency exchanges in the world, and for good reason.

Using Coinbase to trade crypto is a bit like using an iPhone. Even if it's your first time, you'll have no trouble figuring it out because the interface is so intuitive.

And Coinbase's status as a top crypto platform means it can invest in improvements. That means frequent new features on top of the impressive range they already offer. Plus, they support a fairly large number of cryptocurrencies.

Coinbase users can earn crypto for taking part in educational activities and store their crypto in a dedicated Coinbase Wallet. Plus, they'll be able to earn rewards for using the Coinbase debit card when it's released.

Their fees can be a little confusing, and may be higher than some competitors, but some investors may find that their simple interface makes up for the cost.

Coinbase Pros and Cons

  • Simple interface for beginners
  • Large selection of coins
  • Earn cryptos by learning
  • Expensive and complicated fee structure

Why Choose eToro?

There are two types of traders who will get the most out of eToro:

  1. Those who are looking to learn and grow their trading skills and knowledge, and
  2. Those who want to sit back and let someone else do the work for them

eToro is a social trading platform, combining a crypto exchange and a social network. Users can chat via public walls and blog posts, discuss strategies or market outlook, and utilize helpful analytical tools.

And eToro is also known for its popular CopyTrader feature, which lets users automatically mimic the trades of experienced or successful traders.

With this feature, new traders can see how the pros react to the market in real time. And that's on top of the ability to ask questions and communicate with other traders.

Passive traders can simply set it and forget it. With the ability to set effective loss limits, the CopyTrader program and eToro's Smart Portfolios enable new traders to have outstanding results with little effort.

eToro is also your best bet if you want to invest in more than just crypto, as they offer stocks and ETFs as well.

eToro Pros and Cons

  • Copy actions of top traders
  • Virtual practice account
  • Slow customer service response time
  • Can't withdraw crypto directly

Why Choose Gemini?

Gemini has a lot in common with Coinbase. It's easy to use, and their fee structures are nearly identical.

However, there are a couple reasons why you might prefer Gemini over Coinbase or eToro.

First, Gemini's main focus is security and regulatory compliance. Compared to their peers, they've likely put the most effort into protecting themselves against the two primary threats to any crypto trading platform: hackers and the government.

Gemini employs a range of state-of-the-art security features to keep your crypto safe, including air-gapped cold storage for a larger portion of their holdings.

While other platforms have had to remove features or limit their activities while under regulatory scrutiny or during legal proceedings, this is less likely to happen with Gemini. They've gone out of their way to follow the rules to the letter.

Beyond that, Gemini has a wide range of features targeted toward expert traders that the other two platforms don't have (or offer to a lesser extent).

They offer an Active Trader platform for advanced users, Gemini Custody to keep crypto safe, Gemini Pay for spending your crypto, and Gemini Clearing, which lets two parties settle trades outside the order book.

Gemini Pros and Cons

  • Beginner-friendly
  • Security-focused
  • Features for advanced traders
  • No margin trading
  • Higher fees

How Pricing Compares

Truth be told, none of these three platforms is the cheapest on the market. If pricing is your biggest concern, you may want to choose another exchange, like Binance.

But if you like eToro, Coinbase, or Gemini for other reasons, it will be helpful to know how their fees compare. Let's take a look.

As you can see, the Coinbase and Gemini fees are nearly identical, though Gemini does come out a little cheaper in a few areas.

With eToro, pricing is more variable. Their 1% fee for buying or selling cryptos is added to the market price (bid-ask spread) which can vary widely by coin - anywhere from 0.75% - 5%.[1]

Read more: Coinbase vs Gemini

Customer Service

If you need to get in touch with customer service, all three platforms offer comparable services.

  • eToro customer service can be accessed through their Customer Service page, where you can open a ticket as a new or existing user or access live chat. They recommend checking their Help Center for answers to your questions, as responses to support tickets can take up to 14 days.

  • Coinbase offers live phone support and you can also contact them through their website at help.coinbase.com, or through the "Contact Us" button at the bottom of the page.

  • Gemini customer service can be found at support.Gemini.com. You can find the same support access through the app, under the Account drop-down.

Bottom Line

Whether you choose eToro, Coinbase, or Gemini, each platform has plenty that's good to offer to users. Beginners will probably get the most out of Coinbase, with its educational features and easy interface, or eToro, with its CopyTrader feature and social trading tools.

Advanced traders will probably prefer Gemini, thanks to their Active Trader platform and other features.

And those looking for a low-cost alternative would probably be best off choosing an exchange outside these three, such as Binance or Binance.US.

References

  1. ^ "Fees": eToro, 2022.

Jeremy Harshman is a creative assistant at CreditDonkey, a crypto comparison and reviews website. Write to Jeremy Harshman at jeremy.harshman@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

eToro is a multi-asset investment platform. The value of your investments may go up or down. Virtual currencies are highly volatile. Your capital is at risk. Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more. Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. eToro USA LLC does not offer CFDs and neither does it represent or assume any responsibility for the accuracy or completeness of the content of this publication, prepared by the Affiliate, as a partner, using information available and public and not specific to the eToro entity.

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