Gemini is a cryptocurrency exchange set up in 2014 by the Winklevoss brothers, known for their early involvement in Facebook. The exchange is among the world’s 20 largest and most popular. Gemini clients can trade and stake 110+ cryptocurrencies, with derivatives trading available in some jurisdictions, an advanced proprietary platform and additional features including an NFT marketplace.
SoFi Invest is an American wealth management and robo advisory service, providing equity and cryptocurrency investment portfolios with competitive fees. The firm is heavily regulated and registered with the SEC and FINRA. First launched in 2011, the firm has attracted millions of clients and various awards.
Comment by Reviewer
"Gemini’s ActiveTrader platform and TradingView integration make it a good choice for serious crypto traders seeking a reliable charting environment, though we were disappointed by some unnecessary fees and previous security breaches."
"SoFi Invest is a good stop for investors who want automated assistance with their stock and ETF investment decisions. The fractional shares and no minimum deposit will appeal to newer traders in particular."
Pros
The trading app features a user-friendly, modern design and intuitive interface, with an excellent range of charting tools for day traders
The TradingView integration delivers top-quality tools, including backtesting and algo trading capabilities
The exchange ensures high security standards with 2FA a requirement for all crypto investors
Crypto perpetual futures are available in many jurisdictions with up to 1:100 leverage
There is a decent range of educational guides and tutorials suitable for beginners
Can be tethered to other SoFi accounts, including SoFi Loans, SoFi money accounts and SoFi credit cards
Robo advisors can make investments according to user-defined goals and risk appetite
Straightforward platform makes investing easier for beginners
More than 4000 US stocks and ETFs with no commission
Start investing in fractional shares for as little as $5
Access to a free on-demand financial advisor
Automated dividend reinvestments
Users can participate in IPOs
SEC- and FINRA-regulated
No minimum deposit
Cons
The exchange has a history of concerning incidents including the collapse of its Earn program and a phishing breach
The 'convenience fee' for using the mobile app seems arbitrary and makes it inefficient to use this feature
There are high fees for some funding methods including a 3.49% fee for card transactions
Some larger coins by market cap are not available to buy through Gemini
There is no practice profile or demo account for prospective traders
Basic portfolio reports with individual investment numbers only and no charts
Limited order types (no stop-losses)
Not much data supplied for securities
Commissions on crypto trades
Only six ETFs available
No tax-loss harvesting
Long withdrawal times
Awards
Best Cryptocurrency Exchange 2019 - Markets Choice Awards
Gemini offers a relatively small range of 110+ cryptocurrencies on its exchange, which is anchored by the native Gemini Dollar stablecoin, as well as perpetual swap derivatives. The powerful ActiveTrader platform is optimized for online trading, delivering a wide range of technical indicators and up to 7 time frames.
Trade 22 cryptocurrencies including Bitcoin, Binance Coin, Uniswap and Polkadot from as little as $10, making it a good pick for beginners. The broker charges a competitive 1.25% commission on crypto trades.
