Nexo vs Gemini: Which Crypto Interest Account is Better?

Nexo vs Gemini: Which Crypto Interest Account is Better?

Daniel Chan

June 27, 2022

Cryptocurrency

Nexo (read review) and Gemini (read review) enjoy a solid reputation in the crypto exchange world. Both platforms cater to all types of crypto investors, from beginners and intermediate users to advanced and experienced traders.

Moreover, both employ state of the art security and a safe way to earn interest on various cryptocurrencies.

Nexo is a platform that offers incredibly high interest rates and crypto backed loans, while Gemini excels by being a rapidly growing exchange allowing users to safely take advantage of it and trade with a large selection of coins.

Let’s compare the two, take a look at their features, fees, interest rates, pros and cons, and analyse which one fares better in certain areas.

Nexo vs Gemini: Interest Rate Comparison

Header

BTC

4% APY

1.01% APY

ETH

4% APY

1.26% APY

USDT

8% APY

Not available

USDC

8% APY

5.31% APY

DAI

8% APY

5.31% APY

Cell
Header

BTC

4% APY

1.01% APY

ETH

4% APY

1.26% APY

USDT

8% APY

Not available

USDC

8% APY

5.31% APY

DAI

8% APY

5.31% APY

Cell

Nexo vs Gemini: Comparison Table

Cell

Nunber of Coins

34

90+

Minimum Deposit

None

None

Withdraw Fee

1 to 5 free withdrawals each month - depending on loyalty level

Free crypto withdrawal of up to 10 coins each month

Pros

- Easy to use

- Interest payouts on a daily basis

- Borrow crypto and fiat assets with ease through collateral

- Beginner-friendly

- Impeccable security

- Competitive crypto fees

- Higher selection of cryptocurrencies

Cons

- Cannot earn crypto interest in the USA

- No live chat support

- Low interest rates


Website

Nexo vs Gemini: Comparison Table

Cell

Number of Coins

34

90+

Minimum Deposit

None

None

Withdraw Fee

1 to 5 free withdrawals each month - depending on loyalty level

Free crypto withdrawal of up to 10 coins each month

Pros

- Easy to use

- Interest payouts on a daily basis

- Borrow crypto and fiat assets with ease through collateral

- Beginner-friendly

- Impeccable security

- Competitive crypto fees

- Higher selection of cryptocurrencies

Cons

- Cannot earn crypto interest in the USA

- No live chat support

- Low interest rates

Website

Pros
  • Interest payouts available on a daily basis
  • No additional or hidden fees
  • Access is instant to all available cryptocurrencies
  • Rates of interest rise after a specific period
Cons
  • Earning interest on crypto is not available to US residents
  • No live chat customer service
Pros
  • Extremely easy to use, especially for beginners
  • Follows and implements the latest security protocols and standards
  • Much wider selection of cryptocurrencies
  • Hot wallet insurance in place
Cons
  • Lower interest rates

Nexo vs Gemini Features 

Nexo is a crypto exchange that provides trading options, savings accounts, and access to various interest loans. The platform also offers its own Nexo card, which enables you to earn annual interest amounting to 17%. Moreover, with this card, you will not have to sell your own crypto assets in order to gain access to other fiat currencies.

Since it's a rare platform that utilises its own native token, NEXO, you can acquire the best rates possible if you decide to purchase this token. On top of that, you will also be eligible for increased cashback opportunities on every buy you make.

Nexo has a loyalty program that helps users acquire additional assets and unlock more options as they advance through its levels. As you advance, you get more free withdrawals per month, from 1 for the basic level and up to 5 for the highest level.

There are also crypto backed loans available as a way to add more opportunities for users to earn by enabling up to $2 million for borrowing purposes. These loans aren’t subject to any credit checks and are instantly approved.

Gemini is also a crypto exchange and offers roughly the same tools and features as Nexo does. On this platform, you can buy, sell, or trade crypto, earn interest on your existing assets and have the ability to pay for purchases made in retail stores using crypto from your account at Gemini.

Similarly to Nexo, Gemini has its own dollar (Gemini Dollar or GUSD), which is a United States dollar-backed stablecoin. You can use this currency to make purchases via the Gemini App or stake it in DeFi to trade or earn interest.

Gemini offers up to 10 free withdrawals per month, while all fiat withdrawals are free of charge. The platform has its own app available for Android and iOS users with over 22,000 reviews and more than 1 million downloads.

Winner - Draw

Both platforms offer fantastic features and tools for you to use, and both have similar assets to maximise your earnings. With that in mind, we don’t see any absolutes here and in terms of the features category, this one ends in a draw.

Nexo vs Gemini Fees

Nexo doesn’t apply any fees on transactions, while Gemini applies between $0.99 and 1.49%. Both platforms have no bank account purchase fees, ACH transfer fees, or Wire Transfer fees.

Nexo offers up to 5 free withdrawals per month, depending on loyalty levels, while Gemini offers up to 10, with all fiat withdrawals being free of charge as well.

Both platforms have certain limits in place, with Nexo employing daily limits of up to $100,000, $500,000, and $2,000,000 on Fiat Savings withdrawals, Savings Account withdrawals, and Loan withdrawals, respectively. Gemini’s limits are affecting bank transfers with $5,000 daily and $30,000 monthly limits, while there’s absolutely no limit on wire transfers.

However, while Nexo doesn’t charge for Debit card purchases, Gemini does so with 3.49% of each purchase. Furthermore, if you wish to convert your crypto on Nexo, you won’t be charged a fee, while Gemini will charge you up to 1.49%.

Having said that, Nexo does charge a 2% origination fee on crypto backed loans, and the platform charges gas fees on crypto withdrawals. Gemini, though, offers 10 free crypto withdrawals per month.

Winner - Nexo

Nexo wins the race in the fee department due to the many free of charge options, while Gemini charges its users different amounts for various activities.

Number of Cryptocurrencies

Nexo offers support for 34 cryptocurrencies in total, including the most popular ones such as Bitcoin, Ethereum, Dogecoin, and USD Coin, among others.

Gemini, though, offers 90+ coins that are available on its platform for users to buy, sell, or trade with. Similarly to Nexo, it also offers the most popular ones with the addition of some lesser known coins for those more experienced traders.

Winner - Gemini

Both platforms offer the most popular cryptocurrencies, but the addition of 100+ other coins, which are most suitable for experienced crypto enthusiasts, makes us choose Gemini as the winner here.

Nexo vs Gemini Security

One of the many things, and possibly the most vital one that both platforms have in common, is security. Namely, Nexo and Gemini pride themselves on being incredibly focused on security and employing advanced features to safeguard users’ data and assets.

Individually, Nexo offers its customers withdrawal confirmation options and login alerts to ensure user’s consent every step of the way. Additionally, two factor authentication (2FA) and a biometric login are in place, with a 4-digit pin number requirement.

Nexo uses Class III vault to store your assets, and the company sits on a $775 million insurance package in the case of a cyberattack and loss of data or assets.

Gemini also offers two factor authentication (2FA) and an option to approve which devices to use when logging in. When creating an account, you’ll have to provide a government ID photo and pass a KYC (know your customer) verification process to reduce any fraud instances on the platform.

Gemini’s commitment to compliance and security standards is bolstered by the fact that the exchange recently became SOC-2 certified. With an FDIC insurance package of $250,000, alongside digital asset insurance, Gemini helps protect its users in the event of hacking or breach.

Winner -  Draw

It is tough to separate the two platforms when it comes to their security. Both Nexo and Gemini follow the latest principles and employ the best security solutions.

Verdict - Gemini

Nexo’s exponential growth caught everyone’s eye, and with more than a million users and billions of dollars in assets, it has proven to be a fantastic choice for crypto borrowing, trading, or interest earning. Even though Gemini is two years younger, its growth has likewise proved its merit in being one of the best crypto exchanges today.

Both platforms provide a smooth and clear interface that makes it easy for users to navigate around and use, and they offer similar features for traders to utilise.

Which crypto platform you choose to earn interest on depends on your personal needs. Nexo offers higher rates, but a limited number of coins, whereas Gemini offers 90+ cryptocurrencies, and you can earn interest on more than 40 of them. Another thing to keep in mind is that US residents cannot earn crypto interest on Nexo - if you are from the US, you are better off going with Gemini.

Overall Winner - Gemini

The biggest drawback for Nexo is that US residents cannot earn crypto interest. Even if both platforms have some of the best features, Gemini wins because they offer 90+ cryptocurrencies, and you can earn interest on more than 40 of them worldwide.

Frequently Asked Questions

Is Nexo trustworthy?

Yes, Nexo is ISO/IEC 27701:2013 certified, which is not an easy certification to earn. Deposits are also kept offline in cold storage, and all customer data is protected with SSL encryptions. The platform is also certified with SOC2 Type 2, in addition to having withdrawal confirmation and login alert options, a banking type storage system, and a staggering $775 million insurance package.

Can I trust Gemini?

Gemini's security features are second to none and certainly place them as an industry leader in regard to customer safety. It boasts an institutional-grade crypto storage system with high-quality insurance.

Who owns Nexo?

Kosta Kantchev is the CEO and Co-Founder of Nexo.

Still Researching?

If you are still undecided, you can read my full review on Nexo (here) and Gemini (here) or have a look at my article on the best cryptocurrency savings accounts.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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