Kraken vs. Gemini – Which Crypto Exchange Is Right for You?  - Coindoo
Kraken vs Gemini

Kraken vs. Gemini – Which Crypto Exchange Is Right for You? 

Editorial Team Avatar
Apr 1, 2024
12 min reading time

As the crypto exchange market is oversaturated with many crypto exchanges, some reputable, others on the contrary, choosing among some of the best exchanges could be daunting.

What to look for? How many available currencies? Is it for beginner or advanced traders? Who offers lower trading fees? Which is a good crypto exchange? We get you!

That’s why, in the following chapters, we discuss some of the most important aspects surrounding the Kraken vs. Gemini battle of the beats. As top cryptocurrency exchanges, Kraken and Gemini have recently increased in popularity. So, which one of the two is the most suitable for your trading endeavors?  

In this Kraken vs. Gemini comparison, we will delve into anything you need to know from top to bottom so that you can start on the right and securely trade cryptocurrency. And for all the advanced crypto traders and crypto investors, a quick refresh on some of the most influential factors and features on Kraken and Gemini didn’t hurt anybody.

Gemini vs. Kraken At a Glance

Crypto Exchange Platform Gemini Kraken 
Products Available Gemini Exchange;  Gemini ActiveTrader;  Gemini Dollar;  Gemini Staking;  Credit Card;  Nifty Gateway;  Gemini Pay;  Kraken Exchange;  NFT marketplace;  Learning Hub;  Custody; OTC; Spot; Staking; 
Supported Transactions  Buy;  Sell;  Trade;  Deposit;   Withdraw;  Buy;  Sell;  Exchange;  Send;  Receive;  Trade;  Deposit;   Withdraw; 
Supported Cryptocurrencies  100+; 233+  
Fees  0.05% – 0.15%;  0.06% – 0.16%; 
Supported Fiat Currencies USD; AUD; CAD; EUR; GBP; SGD; HKD; USD; EUR; JPY; GBP; CAD; AUD; CHF; 
Deposit Methods Bank Account Transfer; Debit Card; Credit Card; Cryptocurrency; Paypal; Apple Pay; Google Pay; Bank Account Transfer; Debit Card; Credit Card; Cryptocurrency; Paypal; Apple Pay; Google Pay; PayID; Osko; 
Security  Two-factor authentication;  U2F hardware key and cold storage;  FDIC-insured USD balances up to $250,000;   Gemini Wallet digital insurance;  KYC/AML Verification; FDIC insurance or SIPC insurance;  Two-factor authentication;  Email confirmations;  API key permissions; PGP signed and encrypted email; SSL encryption; KYC/AML Verification;  

What is The Gemini Cryptocurrency Exchange?

Gemini Overview

Gemini is a cryptocurrency exchange with over 13 million active users, thus being one of the most well-known custody providers for many digital and crypto assets, including NFTs. Pairing that up with multiple trading options, the support of many cryptocurrencies and fiat assets makes Gemini an actual contestant in the Kraken vs Gemini battle.

For those new to the crypto industry, Gemini was founded in 2014 by the Winklevoss twins Cameron and Tyler, and its headquarters were established in New York City. As of 2024, Gemini is available in more than 60 countries, including the US, UK, and Canada.

Over the years, Gemini offered complete crypto services, including a crypto education hub, to all its crypto traders, regardless of their experience. Yet, in January 2023, Genesis Global Capital filed for Chapter 11 bankruptcy due to illegally raising funds via the Gemini Earn program, which, as of 2024, is closed.

This cryptocurrency exchange is still up and running, as any crypto exchange needs a second chance to wash its troubles away.

Gemini Cryptocurrency Exchange Features

  • Simple, user-friendly interface;
  • High-tier security features;
  • Buy, sell, and trade crypto;
  • Available institutional investors’ products;
  • Gemini Pay;
  • Mobile app;
  • Crypto wallet.
Gemini Customer Reviews

What is The Kraken Crypto Exchange?

Kraken Exchange

Kraken is an oldie but goldie in the world of some of the most well-known crypto exchanges on the market that assists its frequent traders through a simple user interface. Since its official launch in 2013, this cryptocurrency exchange has managed to gather over 10 million loyal and new crypto traders.

The exchange caters to people worldwide, supporting many fiat currencies that may be converted into digital assets like Bitcoin and Ethereum. Furthermore, accredited American investors have access to the cryptocurrency margin trading platform available on the exchange, which allows them to engage in leveraged trading. 

Over the years, Kraken showed us resilience and adaptability, witnessing many regulatory changes and cycles and constantly adapting to the advanced traders’ needs. Moreover, through many partnerships, Kraken positioned itself as a leading cryptocurrency exchange, catering for growth and transparency.

Fun Fact: Jesse Powel developed and launched Kraken in response to the Mt. Gox security breach, thus Kraken offering high-tier security measures.

Kraken Crypto Exchange Features

  • Buy and sell assets;
  • Funding options;
  • Crypto pricing benchmarks;
  • Trade futures trading;
  • Global 24/7 support;
  • Learning hub;
  • Increased security measures.
Kraken Reviews

Kraken vs. Gemini | 2024 Available Cryptocurrencies

Let’s find out what fiat currencies Kraken and Gemini support. Kraken accepts USD, EUR, CAD, GBP, CHF, and AUD. In comparison, Gemini supports USD, AUD, CAD, EUR, GBP, SGD, and HKD. However, please be aware that currency availability may vary depending on the country on both crypto exchanges.

The Kraken Exchange

In what concerns the cryptocurrencies supported, Kraken is one of the first cryptocurrency exchanges, with over 220 coins and tokens available, including popular cryptocurrencies like Bitcoin (BTC), Cardano (ADA), Ethereum (ETH), Dogecoin (DOGE), and Solana (SOL), as well as several less-popular tokens. It also stocks several popular currencies, such as Cardano, Ethereum, and Solana. 

Moreover, Kraken seems more suitable for advanced users looking for more advanced trading options and a more comprehensive selection of cryptocurrencies.

The Gemini Cryptocurrency Exchange

Gemini offers its customers the opportunity to trade more than 100 cryptocurrencies, which may seem relatively limited compared to Kraken’s vast selection. However, for investors who prefer to focus on specific cryptocurrencies, this may not be a cause for concern. Nonetheless, verifying that the particular coins you are interested in are available on the Gemini platform is advisable. 

Although it allows you to exchange numerous popular currencies, it lacks a few key ones, the most prominent of which are BNB, Binance USD, and XRP, among the top 15 most valued cryptocurrencies. 

Popular Digital and Fiat Currencies Available on Both Kraken and Gemini:

  • Bitcoin (BTC);
  • Ethereum (ETH);
  • Litecoin (LTC);
  • Bitcoin Cash (BCH);
  • Dai (DAI);
  • USD Coin (USDC);
  • US Dollar (USD);
  • Euro (EUR);
  • British Pound (GBP).

Kraken vs. Gemini | Trading Fees, Crypto Deposits and Withdrawals

Fees Kraken Gemini 
Deposit Fee (Bank Transfer) $0 – $5;  0%;  
Deposit Fee (Credit Card/Debit Card) N/A;  3.49%;  
Trading Fees 0.06% – 0.16%; 0.05% – 0.15%; 
Withdrawal Fee (Bank Transfer) $0 USD – $35 USD; 0% – $25; 

Kraken Fees

Depending on the type of transaction, Kraken offers many kinds of fees, while some will be rather hefty if you want to use a bank transfer or credit card for deposits. When utilizing your card to purchase, sell, or convert assets on Kraken, the fees involved encompass a visible fee and a spread incorporated into the price, if applicable.

Before executing orders, the spread is computed, and it may vary for comparable transactions. This variation is attributed to transaction size, asset type, payment method, and prevailing market conditions.

Nevertheless, if you upgrade your Kraken account to Pro, the prices become more affordable. Kraken has a maker/taker pricing structure that rewards more considerable volume trades with lower fees. Maker fees range between 0.16% and 0.00% (meaning you don’t pay any maker fees if you reach a particular volume). Taker fees range between 0.26% to 0.10%.

Gemini Fees

Gemini fees are fixed at a predetermined level dependent on the currency utilized and the order amount. Moreover, Gemini includes a convenience fee as a markup of roughly 0.5% above the listed price.

The transaction cost for a purchase in US dollars can range from $0.99 for orders of $10 or less to $2.99 for transactions of $50 to $200. Orders outside this range are subject to transaction fees of 1.49% of the order’s value.

Kraken vs. Gemini: Crypto Deposits and Withdrawals

Gemini’s deposit alternatives are limited, and only bank transfers (ACH), debit purchases, wire transfers, and cryptocurrencies are permitted.

Comparing, Kraken is more generous:

  • Bank transfer (ACH);
  • SWIFT;
  • Fedwire;
  • Wire transfer;
  • Google Pay;
  • Apple Pay;
  • SEPA;
  • Debit/Credit card (certain countries, such as the USA, are excluded);
  • Bank transfer (OSKO);
  • PayID;
  • CHAPS.

As you already saw, comparing Kraken with Gemini, you can notice that Kraken is more advantageous for fee structures, offering lower trading fees and being a more cost-effective option for crypto investors.

Kraken vs. Gemini: Robust Security Measures

The majority of cryptocurrency traders are mainly concerned with security. It also tops the list of priorities for both Gemini and Kraken. So, before we go into the specifics, let’s just state that both exchanges are secure options. 

Kraken Account Security

Kraken offers conventional two-factor authentication (2FA) like many other cryptocurrency exchanges. However, it has several other cutting-edge security features, including a global settings time lock, SSL encryption, and customizable account timeouts. Furthermore, Kraken offers “safe-coin storage,” where 95% of assets are held in cold, regionally dispersed, offline storage.  

This indicates that the assets are all in multiple locations. The platform also keeps its reserves fully stocked so that users can withdraw assets immediately when needed.

Also, Kraken maintains its systems in safe enclosures with round-the-clock security, armed guards on duty, and video cameras. All confidential data is encrypted, and profiles are closely scrutinized. Many of these features distinguish Kraken in this market and are “next-level” in terms of cryptocurrency security.

Gemini’s Robust Security 

Security is a primary concern for Gemini, too. Gemini also employs address whitelisting and 2FA to further deter unwanted access. Notably, Gemini protects fiat and digital money stored in users’ hot storage accounts. Gemini is dedicated to maintaining regulation over its service to reassure clients that their funds will be secure.

However, remember that Gemini will not cover losses from illegal entry to a user account. Therefore, if another party compromises a user’s account, that user’s assets might not be qualified for reimbursement. This is why protecting your passwords and keeping your information private is crucial.  

Kraken vs. Gemini: Crypto Wallets 

Kraken Wallet

Kraken has mentioned that it is a cryptocurrency exchange rather than a wallet service. Users can place funds in the corporate wallet for safeguarding while their funds are traded, bought, or staked. Nevertheless, the exchange does not provide users with a personal wallet. 

When deposited, assets are routed to hot wallets and cold storage, as is standard procedure for cryptocurrency exchanges. Because withdrawals are handled by the hot wallet instead of the deposit address, Kraken’s sending address differs from the deposit address.

Kraken recommends and supports the Ledger and Trezor hardware wallets

Gemini Wallet

Gemini has its wallet, called Gemini Wallet, and customers are encouraged to utilize it to store their assets. This is the most convenient means of storing crypto on this site.

Gemini Wallet supports all of the cryptocurrencies provided by Gemini Exchange and provides cold and hot storage. Investors have hot wallet insurance in the case of a cyberattack since it is regulated by the New York State Department of Financial Services (NYSDFS).

However, customers can use cold storage, which significantly reduces the likelihood of a breach occurring in the first place.

Kraken vs. Gemini: Usability 

The user experience for purchasing cryptocurrencies on Kraken is meant to resemble most cryptocurrency trading sites. Kraken is an advanced trading platform with various trading options ranging from market, limit, and stop-limit to time and entry or exit.

Nevertheless, for new users unfamiliar with these orders, this may need to be clarified first. Trading on Kraken is simple but requires some practice. While Kraken is a superior exchange for expert cryptocurrency traders, it is not ideal for newbies since it might appear difficult to use.

Gemini, on the other hand, does not provide a trading platform for crypto-to-crypto exchanges. The exchange is intended to simplify the fiat on-ramp procedure for new investors. The website is simple, visually appealing, and quick to load.

Kraken vs. Gemini: Support 

A broad customer service area on the website is typically the first point of contact for newbies looking for solutions to frequent concerns or troubleshooting difficulties. Gemini and Kraken have comprehensive help pages with thorough tutorials, FAQs, and a general information area for their customers.

Each exchange has a live chatbot for people to ask questions. However, it is not available 24/7 and instead refers to articles in the help section. There is an email address for both Gemini and Kraken that may be utilized for inquiries. However, because of overwhelming demand, users often encounter substantial delays in obtaining a response.

Kraken vs. Gemini | Final Verdict 

With Kraken, you can undoubtedly have the best of all worlds. You gain access to more than 220 cryptocurrencies and the option to trade using fiat, all for meager costs. In complement to the standard cold storage and 2FA, Kraken is a highly secure exchange that provides a global lock and a master key. You may select your degree of interaction with the site, and the UI is slick and intricately developed. 

On the contrary, Gemini only accepts over 100 cryptocurrencies and charges higher trading costs. You won’t go wrong with this platform if you anticipate the minimal trading volume and prioritize a secure market above the cryptocurrency trading volume. Moreover, you won’t ever need to worry about the exchange engaging in criminal activity because your account and assets will be kept safely in cold wallets. 

Regarding margin and futures trading, Kraken offers spot trading and margin trading but no futures trading. On the other hand, compared to Gemini, this crypto exchange focuses on spot trading.

This makes choosing between Kraken and Gemini more challenging since they provide many comparable services and are both generally good choices. Therefore, you must consider your specific crypto trading needs before you decide.

*If you’re interested in other exchanges, be sure to check Gemini vs Coinbase | Wizarbit | Best Fiat to Crypto Exchanges

* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
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