Kraken vs Gemini

The main difference between Kraken and Gemini is that Kraken has more listed cryptocurrencies, low-cost fees, high-security standards, and a user-friendly interface.

Trading costs are higher on Gemini, but they only handle the top cryptocurrencies. Gemini not only lets you make everyday transactions using digital assets but also stores them safely and pays you interest on them. However, authorizedinvestors may participate in margin and FX trading on Kraken.

Kraken is a cryptocurrency exchange that provides a user-friendly marketplace for buying and selling digital currencies. Jesse Powell founded the company and released its first product in 2013.

The exchange's products and services are available to customers all over the world since it accepts a variety of national currencies in exchange for Bitcoin and Ethereum.

The Winklevoss twins established Gemini in 2014 as a private New York trust company. The business facilitates the buying, selling, storing, and trading of digital assets through its Bitcoinexchange and custodian services.

The high standard of security maintained by the market leader in cryptocurrency trading in 2019 contributed to the company's rise to prominence as a reliable source of digital assets.

	Name	Score	Visit	Disclaimer
	1Kraken	7.6	Visitkraken.com
	2Gemini	7.2	Visitgemini.com

Kraken and Gemini Compared

Kraken vs Gemini: Fees

Fees Variation

When it comes to fees, both Kraken and Gemini charge for services like trading, depositing, withdrawing, converting, and buying. However, the specific fees differ based on the method, currency, and amount involved. For instance, Kraken imposes fees on fiat deposits and withdrawals, while Gemini does not. On the other hand, Gemini charges a fee for crypto-to-crypto conversions, whereas Kraken does not.

Fee Structure

The fee structures employed by Kraken and Gemini also vary. Kraken follows a maker-taker model that considers the user's 30-day trading volume and whether they are adding or removing liquidity from the order book. Maker fees range from 0% to 0.26%, while taker fees range from 0.1% to 0.36%.

For web orders, Gemini has a simple structure charging a flat fee for orders up to $200 while the orders above $200 are charged at 1.49% of the total order value. On the other hand, the ActiveTrader fee is charged on the basis of 30-day trading volume following the maker-taker model that starts at 0.20% for makers and 0.4% for takers. The fee percentage is reduced as traders achieve higher trading volume.

Fee Calculation & Transparency

Both platforms maintain transparent fee structures, clearly displaying the fees on their websites and interfaces. Users can also leverage fee calculators or estimators to determine the anticipated charges before proceeding with a transaction.

Deposit & Withdrawal Methods

When it comes to payment methods for fiat deposits and withdrawals, Kraken and Gemini accept different options. Kraken supports bank transfers, wire transfers, and SWIFT transfers for fiat transactions in various currencies such as USD, EUR, GBP, CAD, CHF, JPY, and AUD.

Gemini allows bank transfers, wire transfers, debit cards, and PayPal for fiat deposits in USD only. Fiat withdrawals from Gemini can be made via wire transfer in USD.

Fees associated with payment methods also differ. Kraken charges fees for wire transfers and SWIFT transfers, while Gemini does not. Gemini, on the other hand, applies fees for debit cards and PayPal, whereas Kraken does not.

Winner

Kraken is our winner because, for frequent traders or those dealing with significant amounts, it proves to be more cost-effective. In terms of competitiveness, the fees offered by both Kraken and Gemini align with or are lower than the industry average.

It’s also important to note that fees can vary based on individual preferences, needs, and trading volume. For instance, if affordability isn’t your primary concern and you are seeking instant crypto purchases through a debit card or PayPal, Gemini is a better option.

Kraken vs Gemini: Features

Both Kraken and Gemini have many similarities. Let's assess and compare them based on these features.

Reliable Custody Services

Kraken and Gemini both provide safe and compliant cold storage options for individuals who want to keep cryptocurrency with them. Users can be certain that their funds are protected by institutional-level security measures, insurance, regulatory control, and audit trails owing to the custody service. Users get round-the-clock access to their assets and can place trades straight from their custodial account.

Web Services API Access

Kraken and Gemini allow customers to use an API so that their services can be integrated with third-party applications. Customers can use the APIs to do a variety of things, such asget market data, make trades, manage orders and balances, etc.

Futures Markets

Kraken and Geminienable theircustomers to bet on the future value of cryptocurrencies through futures trading. Futures are agreements between a buyer and seller to trade an item at a future date and price. Investors can opt for leveraged futures trading to protect themselves from or capitalizeon price fluctuations.

Mobile Application

Kraken and Gemini both provide mobile apps that let traders check their balances, conduct transactions, and keep tabs on the market from the palm of their hand. Both iOS and Android users can make use of apps because of their accessibility and well-designed interfaces.

Library of Educational Resources

Kraken and Gemini both include extensive learning materials on subjects including blockchain technology, cryptocurrency, trading methods, and best practices. They provide content for learners of all experience and knowledge levels, including blogs, podcasts, videos, manuals, webinars, and courses. While Kraken’s written materials comprise guides to each cryptocurrency, Gemini’s Cryptopedia provides articles on a range of topics, from trading to NFTs.

Unique Kraken Features

Forex Trading

Kraken allows its customers to trade cryptocurrencies for fiat cash. Foreign exchange trading, or Forex for short, is the trading of one fiat currency for another at a predetermined exchange rate. Kraken offers users the ability to trade currency pairings with leverage, like EUR to USD, GBP to USD, USD to JPY, etc.

Dark Pool

Kraken is the first Bitcoin trading platform that provides its customers with a dark pool which is an off-exchange, off-market order book. Users can make huge orders without disclosing their identity to the market or other dealers.

Kraken Intelligence

Kraken Intelligence is the only specialized research team offered by any Bitcoin exchange. The company's work in the Bitcoin business includes research, analyses, insights, and projections. Kraken provides these reports and its newsletter to users at no cost.

Unique Gemini Features

Gemini Pay

Gemini Pay is a unique payment option offered solely by the Gemini cryptocurrency exchange. More than 30,000 stores in the US accept crypto payments from Gemini Pay customers. Customers can simply pay with their Gemini balance by scanning a QR code at checkout.

Gemini Nifty Gateway

Gemini Nifty Gateway, the exchange's platform for non-fungible tokens (NFTs), is unique among cryptocurrency trading venues. Digital works of art, collectibles, songs, video games, and other forms of entertainment are all represented by NFTs. On Gemini Nifty Gateway, customers can use either fiat currency or cryptocurrency to purchase, sell, and issue NFTs.

Gemini Credit Card

Gemini Credit Card is the first Bitcoin rewards credit card offered by any cryptocurrency exchange. Users can get up to a 3% rebate in cryptocurrency for using the card. Over 30 different coins are available for users to select from when redeeming incentives on Gemini.

Winner

For us, in this battle, Gemini comes out as a winner because of a wide range of advanced and unique features that allow users to spend their digital currencies at retail stores, trade NFTs, and make the most of a dedicated credit card Gemini Pay.

	Name	Score	Visit	Disclaimer
	1Kraken	7.6	Visitkraken.com
	2Gemini	7.2	Visitgemini.com

Kraken vs Gemini: Supported Currencies

When it comes to the number of cryptocurrencies offered, Kraken takes the lead with support for 222 cryptocurrencies, while Gemini supports 117. It's worth noting that each platform has its own unique selection, with some major cryptocurrencies exclusive to one or the other.

For example, Kraken supports coins like XRP, DASH, XMR, XTZ, DOT, and KSM, which are not on Gemini. On the other hand, Gemini supports FLR, ICP, FLOW, and NFTs, which you won't find on Kraken.

If you're someone who enjoys exploring new and lesser-known coins, Kraken might be more appealing. They have a larger and more diverse range of cryptocurrencies, including some that you won't easily find on other platforms. On the other hand, Gemini has a curated approach, focusing on quality rather than sheer quantity.

Both Kraken and Gemini provide tools to help you discover and analyze coins. They offer market data such as prices, volumes, changes, and market caps. You can easily find coins organized by categories, trading volumes, or top gainers on their websites and apps. Plus, they both have educational resources covering various crypto topics and specific coins.

Both platforms support crypto-crypto and fiat-crypto trading pairs. You can trade with multiple fiat currencies like USD, EUR, GBP, and CAD. They continuously add new coins to their platforms, and you can stay updated through their websites for the latest listings.

Occasionally, one or both of the platforms may remove certain coins due to regulatory concerns, technical issues, or low demand. They carefully vet coins based on factors like security, compliance, liquidity, and innovation.

Winner

In this case, we consider Kraken the clear winner as it supports more cryptocurrencies making it a considerably more versatile trading platform for crypto investors.

Kraken vs Gemini: User Experience

Kraken is designed for both inexperienced and seasoned traders who are interested in trading a variety of coins. In contrast, Gemini is more suitable for newcomers and financial institutions who wish to trade the most liquid cryptos and stablecoins.

Simplicity and Ease of Use

Kraken and Gemini both provide straightforward user experiences for buying, selling, and trading crypto. Some users, however, have stated that Kraken provides a more streamlined user experience than Gemini and has more features and tools for expert traders.

Having said that, Gemini's easier and more aesthetically pleasing design may win over those who are new to cryptocurrency trading.

Platform Design

Kraken's overall visual style is dark-themed. The overview of the market, charts, order book, trading history, and display of any current open orders are all shown on the dashboard. The interface can be adjusted and personalized by each individual user.

Gemini's name and purpose inspire its bright user interface. The prices, balances, performance of the portfolio, and transaction history are all shown in a clean, uncluttered interface. Users have access to simple, active trader, and mobile views.

User-Centric Customization

Kraken has many trading front-ends for its customers to choose from. Simple buy/sell orders can be placed using the beginner interface, while limit/market/stop orders and conditional/close/trailing orders can be placed through the intermediate or advanced interfaces. Indicators, time periods, and order kinds are also customizable by the user.

Gemini provides many perspectives so traders can tailor their experience to their preferred device or trading approach. The mobile view allows users to trade on the go, while the simple view is ideal for placing quick buy/sell orders. Charts, indicators, timeframes, and order types can all be adjusted by the user.

Kraken Mobile App

When you need to purchase, sell, or trade cryptocurrency on the fly, the Kraken mobile app offers a simple and quick option. It's compatible with over 50 different coins and fiat currencies. In addition to the standard features, it also provides a market overview, portfolio monitoring, staking rewards, and margin trading. The app's dark, Kraken-inspired aesthetic extends to its user interface, where you can change various settings to your liking.

Gemini Mobile App

Buying, selling, and storing cryptocurrency on the go is easy with Gemini mobile app. The app supports over 40 digital and many fiat currencies. Credit cards, interest-bearing accounts, custody services, exchange-traded securities, and a variety of other financial instruments are all part of the package. The Gemini name and goal are reflected in the app's vibrant user interface, which facilitates navigation between its many views and modes.

Feedback & Reviews from Customers

Kraken receives conflicting feedback from its users. Some have lauded the service for its excellent liquidity, variety of features, and robust security. Others have issues with the long verification process, confusing UI, numerous bugs, and bad customer support.

Kraken has had over 3,000 ratings on Trustpilot, with an average rating of 3.55 out of 5. Based on over a thousand user evaluations, Gemini has earned an overall Trustpilot rating of 3.9 out of 5 stars.

Customer feedback on Gemini has predominantly been positive. Users have praised the service for being easy to use, quick, having great customer service, and being compliant with all relevant regulations. Some people don't like that it has hefty fees, a smaller range of currencies, a rigorous verification procedure, and no margin trading.

Winner

When it comes to user experience, Gemini takes the gold due to its supreme focus on delivering a seamless experience to its users. Kraken’s feedback has been mixed and it is clear that the platform has many areas to improve.

Kraken vs Gemini: Security

Common Security Measures

• Cold Storage:

Both services keep the vast range of their cryptocurrency reserves in offline wallets that are impenetrable to prying eyes.

• 2FA:

It is mandatory for account access and financial transactions on both services.

• Encryption:

All sensitive information is encrypted while stored and in transit by both platforms using SSL and other encryption protocols.

• Address Whitelisting:

Both services have a feature called "address whitelisting," which lets users only enable certain crypto addresses they know and trust to receive withdrawals.

• KYC Requirement:

Both services demand customers to provide identification and address verification before they can make a fiat currency deposit or withdrawal.

• Regulation:

Kraken is regulated by the Financial Crimes Enforcement Network (FinCEN) in the United States and has licenses in other jurisdictions, including Japan, Canada, and Australia. Gemini has a trust charter and a BitLicense, making it a legitimate New York trust corporation under the watchful eye of the New York State Department of Financial Services (NYDFS).

Differences in Security

Kraken and Gemini vary in many ways when it comes to security, including:

• Vault Protection:

Gemini Custody is a tool offered by Gemini that provides customers with a safe place to keep their cryptocurrency, subject to a number of checks and balances before any withdrawals can be performed. This feature isn’t offered by Kraken.

• Crypto Insurance:

Gemini's online hot wallet is covered by an insurance policy that insures up to $200,000,000 in crypto assets. Kraken doesn’t offer this feature.

• Emergency Fund:

In the case of unanticipated incidents or technical difficulties, Gemini's clients can turn to the emergency fund that is supported by a percentage of trading costs. At the present moment, Kraken does not have an emergency reserve.

Account Access Protection

Two-factor authentication (2FA) and strong passwords are used for account security on both Kraken and Gemini. In addition to using a password or PIN, users can verify their login using a physical security key.

Crypto & Fiat Funds Protection

Both systems safeguard cryptocurrency holdings by distributing them among offline, "cold wallets" located in different parts of the world. Both exchanges keep their customers' money in separate bank accounts from their own, which are audited on a regular basis.

When compared to Kraken's uninsured fiat deposits, Gemini's US dollar deposits are covered by the FDIC up to $250,000 per user.

Hacks

Neither system has ever been breached by hackers or had a severe security issue. However, there have been a few instances on both platforms that have slowed them down or made them unavailable temporarily.

Reputation

Both services have earned a solid reputation as trusted marketplaces for trading cryptocurrencies due to their high levels of security and safety. They've been in business for a while without suffering any big security breaches or losing any customers.

Both Kraken and Gemini are also among the best cryptocurrency exchanges according to several rankings and awards.

Winner

Security is an area where Gemini completely outperforms Kraken with additional layers of safety and security for its users including an emergency fund, FDIC insurance, vault protection, and crypto insurance.

Kraken vs Gemini: Customer Support

Similarities and Differences in Customer Support

• Each platform has an extensive library of information on crypto investment and a section dedicated to frequently asked questions.

• Customers can reach out to any platform with inquiries or concerns through email and expect a response within a fair time period.

• Customers can submit a support ticket on either platform's app or website, detailing the problem and attaching files if necessary. Ticket progress updates may be sent through email to the customer as well.

• Users can get immediate help whenever they need it thanks to Gemini’s and Kraken’s online chat support.

• Neither service currently offers customer help through telephone. Institutional customers and anyone interested in Gemini's custody services may, however, reach a specialist by dialing a special phone number.

Speed of Response

Both of these platforms have specialized teams of agents available around the clock to answer consumer questions and concerns quickly. Some reports, however, claim that Gemini's response time is shorter and its representatives are friendlier than Kraken's. Kraken does not specify an expected response time on its website, whereas Gemini says it answers most questions within 24 hours.

Winner

Customer support is where Kraken and Gemini come very close but if we have to split hairs, we have to give an edge to Gemini due to its better rating on different online forums because of reported faster response times.

Our Verdict

Our in-depth research shows that Gemini takes an edge compared to Kraken in many respects, including features, ease of use, security, and customer support. Gemini's platform is ideal for both new and seasoned traders as well as institutional investors because of its immense focus on security and sophisticated performance. Apart from that, the platform offers faster and more helpful customer service if you run into an issue.

That being said, Kraken wasn't far away from Gemini in many areas, particularly customer support. It offers lower fees, enhanced liquidity, and a wider selection of supported currencies making it a reliable choice for experienced traders. Kraken remains a trustworthy exchange that has been around for a while and has been delivering exceptional experiences to millions of traders.

Who is Kraken Best For?

• Experienced traders who want to access a wide range of coins and trading options

• Users who want to trade with low fees and high liquidity

• Users who want to trade with margin, futures, staking, or OTC

• Users who want to trade with multiple fiat currencies

Who is Gemini Best For?

• Beginners who want to buy, sell and store cryptocurrencies easily and securely

• Institutional investors who want to invest in the most popular cryptocurrencies and stablecoins

• Users who want to earn interest and use custody services, exchange-traded products, or a credit card

• Users who value regulatory compliance and insurance coverage

	Name	Score	Visit	Disclaimer
	1Kraken	7.6	Visitkraken.com
	2Gemini	7.2	Visitgemini.com

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