The world’s first cryptocurrency transaction was processed in 2009. New cryptocurrencies began to appear on the marketplace 2 years later. The next step was establishing a trading mechanism for these currencies, known as a crypto exchange. Kraken and Gemini are the two of the most popular cryptocurrency exchanges that we will compare and contrast in this article. We’ll go over all of their distinguishing characteristics. As well as their qualities and weaknesses, to help you determine how they’ll work for you.
Kraken
Kraken was founded in 2011 in San Francisco, California. This platform offers to more experienced bitcoin traders. The platform supports a wide range of order types and provides access to over 50 cryptocurrencies and fiat currency pairings.
When buying bitcoins, which are cryptocurrencies connected to other assets like the US dollar or gold, Kraken charges a 0.9 % fee. The 1.5 % charge applies to any other cryptocurrency purchases. You will be charged an extra 0.5 % online banking transaction fee when you make your purchase. Kraken strives to be as safe as possible. It stores all deposits in cold storage (i.e., facilities that are not permanently linked to the internet) facilities across the world. Kraken also utilizes security and monitoring to ensure that data and the platform are kept as safe as possible.
Pros
- Lower trading costs on Kraken: 0.16% for the maker and 0.26 % for the taker, respectively.
- Supports a number of different digital currencies
- Fiat deposits and withdrawals are supported via ACH (US customers) and SEPA (European Union customers) (EU customers)
- Security measures at the highest level
- There is a live chat available 24/7.
Cons
- Your fiat deposit will take 1-5 business days to reach your Kraken account.
- There is no mobile application.
Gemini
Gemini is in New York City, New York, and was created in 2014. Although Gemini is a stock exchange, it also provides a platform for managing your digital assets. It’s possible to earn a return on your digital assets. The business plans to create a crypto-rewards credit card this year. Additionally, Gemini Pay allows you to pay using crypto assets at tens of thousands of retail locations in the United States.
Gemini’s exchange has fewer currencies available than Kraken or Coinbase, yet its costs are comparable to Coinbase. Gemini charges a fixed cost of 99 cents to $2.99 for every transaction. Depending on the size, and then a 1.49% fee on purchases above $200.
Pros
- Gemini Fees are low, deposits are free, and the first 30 monthly withdrawals are free.
- Cold storage and two-factor verification
- Cloud computing using Amazon Web Services
- Exceptional response (24-72 hours for a support ticket)
- Licensed in the United States
- Mobile-friendly
Cons
- Gemini Support Fewer cryptocurrencies.
- Gemini Support only one fiat currency (USD)
- Fees for trading are increasing.
- Beginners should avoid using the interface.
Kraken vs Gemini Comparison
Supported Cryptocurrencies
When you use one of these services, you have the option of exchanging your cryptocurrencies for fiat currency. These platforms are referred to as “Fiat Gateways.”
This knowledge is beneficial to novice traders who have stock in their wallets with altcoins of any kind.
Bitcoin
We suggest Bitcoin traders utilize Gemini since the site only allows them to trade the safest currencies. Gemini exchanges crypto-lists such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Zcash. It’s accessible in the United States, the United Kingdom, Canada, South Korea, Hong Kong, and Singapore, taking USD payments.
Additional Cryptocurrencies
Kraken presently supports about 20 different cryptocurrencies and offers traders over a hundred different trading pairings. Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, Monero, Dash, Dogecoin, Gnosis, Zcash, EOS, Augur, Stellar Lumens, Iconomi, Tether, and more cryptocurrencies are on their list. As previously discuss, these coins are exchangeable by US Dollars (USD), Canadian Dollars (CAD), and Euros (EUR). Japanese Yen (JPY) is no longer supported due to banking laws.
Kraken vs Gemini Fees
Deposit Fees
Compare the Deposit fees charged by Gemini and Kraken to see which trades offer greater value. Depending on the method you choose to deposit fiat cash into Gemini, it might be possible you have to pay a fee. Bank transfers (ACH) are free, and Gemini does not charge a fee for wire transactions, but your bank may. A 3.49 % fee will be deducted by the platform if you deposit money into your Gemini account using a debit card.
Depending on the currency and deposit strategy you choose, there may be a cost when depositing fiat cash into your Kraken account. Kraken debit cards, cheques, credit cards, PayPal, or similar services do not currently accept any other fiat currency deposits (USD, EUR, GBP, AUD, CHF, JPY).
Trading Fees
Both Gemini and Kraken give different transaction fees based on your 30-day trading volume and whether you are a maker (placing an order on the books) or a taker (accepting an offer) and (filling an order from the books). When your trading activity grows, the charge for a maker on Gemini drops from 0.25 % to a refund of 0.10%.
With a refund, your charge is converted into a discount on the trade. Except for buying and selling at the highest volume level, the fee for takers is 0.25 %. The maker fee on Kraken often runs from 0.00% to 0.16 %, with a taker fee of 0.10 % to 0.26 %.
Withdrawal Fees
Gemini Withdrawal fees of fiat currency from your account are free. Gemini also offers 10 free bitcoin withdrawals every month to its members. There are no free crypto transfers because transaction costs are necessary to pay. However, for the first 10 withdrawals every month, Gemini compensates these expenses for their consumers. The flat fee payable after the first 10 withdrawals depends on the individual coin.
When you withdraw fiat cash from Kraken, it is quite possible you pay a fee, depending on the currency mode of withdrawal. Kraken’s crypto withdrawals charge a fixed fee to cover the transaction fees.
Therefore Gemini’s offering ten free cryptocurrency withdrawals each month, transaction and trading costs are greater than Kraken’s. Kraken’s costs are just 1.5 % when buying crypto directly, compared to Gemini’s 1.99 %, and on the market, Kraken charges 0.16 % /0.26 %, compared to Gemini’s 0.25 % /0.35 %.
Kraken vs Gemini Interface
Kraken is more sophisticated than Gemini. The Simple tab allows you to place basic market (best market price) and limit (set price) orders. Stop limits, expirations, leverage options, and conditional closures may all be specified under the Intermediate and Advanced tabs.
The Gemini platform features a straightforward design that makes it easier for the typical user to operate. The charts are shown along with the order form, allowing you to research while buying and selling coins, which is valuable as a trader. Gemini’s option to order coins in an auction manner is a unique feature. However, I’ve never used it and wouldn’t suggest it to a rookie trader.
Kraken is a superior platform for sophisticated trading alternatives for experienced investors. Gemini is a better choice if you’re new to investing and want to make a buy.
Gemini vs Kraken Security
Both Kraken and Gemini are highly regulated platforms that follow all applicable rules and regulations. To begin with, they separate consumer payments from corporate funds used for operations to avoid any confusion or infractions. The majority of the money is kept in cold storage and is not connected to the Internet. Only about 2% of the population is maintained online.
Therefore, these remaining digital materials are stored and accessed on the Web as a cloud storage service on Gemini. The FDIC ensures currency deposits of up to $250,000. Kraken’s plan involves daily data updates and protection and regular penetration testing by blockchain specialists.
Two-factor authentication, which is available on both platforms, ensures the security of your account. It requires the supply of your password and confirms your identity actions. Using a device you possess (such as a cell phone) before giving you permission to log in.
Gemini vs Kraken Current Cryptocurrencies
Kraken accepts a wide range of currencies and combinations, including:
- Bitcoin
- Bitcoin Cash
- Dash
- EOS
- Ethereum
- Gnosis
- Iconomi
- Melon
- Monero
- Ripple
- Zcash
Gemini crypto-list now only allows Bitcoin and Ethereum trading without any plans to add more.
Hence, Kraken should be your first pick if you want to learn more about alternative currency investment (any coin that isn’t Bitcoin). Alternative coins are inherently riskier investments because of their smaller market caps, but they can also produce higher returns.
Gemini vs Kraken Mobile Trading
Gemini is the only one of these two platforms with a mobile app, free to download on both the Apple and Google Play Stores. Traders can now keep an eye on the price market and follow their orders while on the road. Rather than being limited to their computers when it comes to crypto trading.
Gemini vs Kraken Transfer Limits
The maximum Gemini transfer fee you can transmit via ACH per day is $500. Gemini’s daily withdrawal limit is $10,000. Gemini ACH deposits can be approved in 4-5 days.
When you show evidence of source of funds, Kraken offers a far greater deposit limit than Gemini, with a daily maximum of $25,000 available. The daily transaction limit is $25,000. Kraken deposits are approved in 1-5 days. Kraken’s large daily limits are appropriate for big-volume investors. Gemini is better suited to lesser-volume traders wishing to get started quickly.
Gemini vs Kraken Customer Service
Communicated through Email and tech support team to handle the conversations. Both sites contain a “Help” button. That leads you to a support page with a FAQ section and a form to submit your query.
In Gemini, Customers have reported receiving responses to their support tickets in minutes rather than days. Kraken has additional buttons to assist you to navigate their trading alternatives. As well as a 24/7 chat box where you may obtain immediate replies.
Conclusion:
Gemini and Kraken are two very distinct exchanges that cater to different types of investors. Gemini is perfect for new investors wishing to undertake basic trading following a short account setup, thanks to its easy layout.
More experienced investors should utilize Kraken for high-volume trading and alternative coin investment.
Kraken provides you with the finest of both worlds. You receive access to over 20 different currencies and the opportunity to trade using fiat currency, all for extremely low costs. Kraken is also a highly secure exchange, with features such as a master key.
In addition a global lock in addition to the standard 2FA and cold storage. You may pick your degree of interaction with the site, and the UI is sleek and finely crafted. In contrast, Gemini has higher trading costs and only offers the most famous cryptocurrencies. Your account and assets will be safely held in cold wallets.
