Answer · confidence: partial
How much do fees and price gaps cost on crypto apps versus stock apps?
Research question: What does a beginner actually pay in total fees and spreads to buy and sell crypto on common platforms, compared with buying stocks through a regular broker?
The records show that bitcoin-to-dollar bid-ask spreads on the studied exchanges are often below 1 basis point 1, and Robinhood charges no explicit commission on crypto trades, so its cost is the spread built into the price 13. Gemini charges transaction fees on its OTC trading platform 10 and withdrawal fees when users withdraw fiat by wire or withdraw crypto assets 11. The records do not give a total dollar cost per trade for a beginner on any platform, and they do not provide a stock-broker fee comparison, since the payment-for-order-flow figure covers broker revenue mix and explicitly excludes crypto platform fees and spreads 2. The newest facts date to early 2026 1213, so they are roughly eight months old as of October 2026.
Checked 2026-10-21. Only documented and supported facts are used.
Dig deeper on this questionSources
[1] supported
Bitcoin-to-US-dollar trading on the studied exchanges has bid-ask spreads often below 1 basis point, and the market is more liquid than US equity markets.
"The BTCUSD market is more liquid than US equity markets with bid–ask spreads often below 1 basis point."Bitcoin unchained: Determinants of cryptocurrency exchange liquidity (2022)
[2] supported
Retail stock brokers in Q1 2022 earned substantial revenue from payment for order flow (PFOF), which on average made up 21% of the broker-dealers' total revenue. This document does not cover crypto platform fees or spreads.
"On average, the payments reported on Rule 606 reports accounted for 21% of the broker-dealer's total revenue."Regulation Best Execution (Securities and Exchange Commission, 2023-01-27)
[3] supported
Bitcoin trading liquidity is linked to fees charged on the blockchain for bitcoin transfers, though this is not the trading fee a beginner pays on an exchange.
"We find that BTCUSD liquidity is largely explained by same-exchange past liquidity, past cryptocurrency market-wide liquidity and volatility, and fees charged on the blockchain for bitcoin transfers."Bitcoin unchained: Determinants of cryptocurrency exchange liquidity (2022)
[4] supported
The study finds it is less expensive to trade small and medium amounts on centralized exchanges than on decentralized ones.
"Our estimation of transaction costs clearly shows that it is less expensive to trade small and medium amounts on CEXs."On The Quality Of Cryptocurrency Markets: Centralized Versus Decentralized Exchanges (2021)
[5] documented
Gemini supports over 80 crypto assets for trading and over 160 for custody as of December 31, 2024.
"We note your disclosure on page 89 that as of December 31, 2024, you support over 80 crypto assets for trading on your exchanges and over 160 crypto assets for custody on your platform including bitcoin, ether, and other assets on a variety of blockchains."UPLOAD Gemini Space Station, Inc. (GEMI) (CIK 0002055592) 2025-03-13
[6] documented
Gemini earns an agent fee denominated in crypto assets for its staking services.
"We note your disclosure that in connection with your staking services, you earn an agent fee that is denominated in crypto assets."UPLOAD Gemini Space Station, Inc. (GEMI) (CIK 0002055592) 2025-03-13
[7] documented
Gemini operates exchanges in the United Kingdom and Europe.
"In this regard, we note your disclosure at page 123 regarding the exchanges you operate in the United Kingdom and Europe."UPLOAD Gemini Space Station, Inc. (GEMI) (CIK 0002055592) 2025-03-13
[8] documented
Gemini offers a credit card product with a rewards program and fees allocated between Gemini and an issuing bank.
"Include a discussion of the fees earned on the credit card program including a discussion of how the fees are allocated between you and the issuing bank."UPLOAD Gemini Space Station, Inc. (GEMI) (CIK 0002055592) 2025-03-13
[9] documented
Gemini earns an agent fee denominated in crypto assets for its staking services.
"We note your disclosure that in connection with your staking services, you earn an agent fee that is denominated in crypto assets."UPLOAD Gemini Space Station, Inc. (GEMI) (CIK 0002055592) 2025-03-13
[10] documented
Gemini charges transaction fees on its OTC trading platform.
"Please revise your disclosure in (i) the bullet titled "Transaction Fees" to quantify the transaction fees you earn from your OTC trading platform"UPLOAD Gemini Space Station, Inc. (GEMI) (CIK 0002055592) 2025-03-13
[11] documented
Gemini charges withdrawal fees when users withdraw fiat currency via wire or crypto assets from the platform.
"(ii) the bullet titled "Withdrawal Fees" to quantify the withdrawal fees you earn when users withdraw fiat via wire or crypto assets from the platform."UPLOAD Gemini Space Station, Inc. (GEMI) (CIK 0002055592) 2025-03-13
[12] documented
Coinbase's consumer transaction revenue fell 13% quarter over quarter in Q4 2025, which the company attributed partly to customers shifting from its beginner-oriented Simple product to its Advanced trading product.
"Consumer transaction revenue was $734 million in Q4, down 13% Q/Q driven by a volume mix shift f rom Simple to Advanced"8-K Coinbase Global, Inc. (COIN) (CIK 0001679788) 2026-02-12
[13] supported
Robinhood charges no explicit commission on crypto trades, so its cost is the spread built into the price.
"No explicit fee; the spread is the cost"Crypto Exchange Fees Explained & Compared (2026)