With hundreds of cryptocurrency exchanges out there, users are at an advantage as well as a disadvantage. The advantage is that they can compare a lot of options and find the best one that fits their needs. The disadvantage is that there are just way too many exchanges to compare.
We’ve done the hard work for you by picking two of the best cryptocurrency exchanges in the crypto market: Kraken and Gemini. Both exchanges offer various trading options and a seamless trading experience.
So, which one is better and why? This Kraken vs. Gemini review will help you find the answer.
Gemini vs. Kraken: Supported Cryptocurrencies
Gemini and Kraken both support a wide range of cryptocurrencies and other trading products. Let’s draw a head-to-head comparison between the cryptocurrencies and trading products offered by Kraken and Gemini.
Kraken offers more diverse options than Gemini. It lists over 70 cryptocurrencies at the time of writing. These include not only popular cryptos like Bitcoin and Ether but newer listings as well.
Apart from spot trading, Kraken allows you to trade futures and indices. It also has an OTC desk for advanced traders. Other products offered by Kraken include staking, margin trading, and account management.
Verdict: Kraken is the winner, as it lists more cryptocurrencies than Gemini and also supports futures trading.
Gemini doesn’t provide too many options to traders. The cryptocurrency exchange lists only the cryptocurrencies, like Bitcoin, Ether, Cardano, and the like. It has over 40 cryptocurrencies at the time of writing.
Gemini supports spot trading only. It doesn’t have futures trading, which could be a deal-breaker for traders who want to trade futures. However, Gemini compensates it by offering various other trading and financial products like:
- Gemini Earn
- Gemini Credit Card
- Gemini Dollar
- Gemini Custody
- Gemini Clearing
- Gemini Pay
- Gemini Wallet
If you need a crypto exchange that allows you to buy Bitcoin and other prominent cryptocurrencies instantly, Gemini gets the job done for you.
Kraken vs. Gemini: Trading Fees
Kraken and Gemini both have a tiered fee structure. However, Gemini’s fee structure is slightly complex and has a lot of sub-sections. Kraken’s fee structure, on the other hand, is pretty simple.
Let’s compare the fee structures of the two exchanges.
- Kraken Trading Fees
If you buy crypto on Kraken using the Instant Buy section, you’ll need to pay a 0.9% fee for stablecoins and a 1.5% fee for other cryptocurrencies. If you use the Kraken Pro section, a tiered fee structure will apply. It has nine tiers.
Users with a 30d volume of under $50k are in the first tier. The market maker/taker fee for tier-1 traders is 0.16%/0.26%. Similarly, users with a 30d volume of over $10 million are in the final tier. For them, the market maker/taker fee is 0.00%/0.10%.
There are lower trading fees when you trade stablecoins, FX pairs, margin trading pairs, and futures. Please note that Kraken doesn’t offer a rebate to high-tier traders like other exchanges.
- Gemini Trading Fees
Gemini has the following fee schedules:
- API fee schedule
- Mobile fee schedule
- Web fee schedule
- ActiveTrader fee schedule
- Transfer fee schedule
- Connectivity fee schedule
- Market data fee schedule
Learning about all these fee schedules can be confusing, so let’s stick to the ActiveTrader fee schedule, which is most commonly used.
Gemini also has a tiered fee structure here. It has ten trading fee tiers. Users with a 30d trading volume of less than $500,000 are in the first tier. The market maker/taker fee is 0.35%/0.25% for level-1 traders.
Similarly, traders with a 30d trading volume of over $500 million are in the final tier. For them, the market maker/taker fee is 0.03%/0.00%. Please note that Gemini also doesn’t provide a rebate on the market maker fee to high-tier traders.
There are other elements of Gemini’s fee structure that you may want to know. Follow this page for detailed information about the fee on all financial services. Both exchanges also charge a nominal transaction fee on withdrawals.
Verdict: It’s a tie, as both exchanges offer low fees and nominal withdrawal fees.
Kraken vs. Gemini: Account Funding Methods and Fiat Currency
Both Kraken and Gemini accept fiat currency deposits to fund your account. Let’s look at the account funding methods supported by the two exchanges.
Kraken allows you to fund your account using crypto coins and supported fiat currencies. For crypto funding, Kraken supports a wide range of coins, including Bitcoin, Ethereum, Ripple, Cardano, Litecoin, Monero, etc.
Coming to fiat deposits, Kraken supports various fiat deposit methods based on the currency you want to deposit. For USD, Kraken supports bank transfer, credit card deposits, debit cards, Etana custody, and Silvergate Exchange Network. If you want to deposit EUR, you can do so using wire transfer and Etana custody. It also accepts Canadian dollars.
Like Kraken, Gemini lets you fund your account using digital coins and a fiat money payment method. For crypto deposits, transfer all leading coins, like USDT, BTC, ETH, ADA, etc., to their wallet. For fiat deposits, Gemini mainly provides bank transfers or ACH transfers.
If Gemini supports bank wire transfers for your currency, you can use it to deposit funds in your Gemini account.
Verdict: Kraken is the winner here, as it offers more deposit methods than Gemini.
Kraken vs. Gemini: Margin Trading
Margin trading has become an important part of trading crypto, with many users using it. With margin trading, you can buy crypto worth a few times more than your initial margin. For example, if an exchange offers a 3x margin, you can buy assets worth 3x more than what your initial margin can buy.
Margin trading is a great way to maximize your profits, but it also puts you at risk of loss. That’s why traders should take extra caution when using margin to trade crypto.
Kraken offers margin trading with up to 5x leverage. Hence, you can buy assets worth 5x more than what your initial margin can buy.
Kraken supports margin trading on the following coins: BTC, USDT, ETH, XRP, XTZ, ADA, DASH, LINK, ETH, XMR, REP, BCH, LTC, EOS, TRX, AND USDC. Additionally, Kraken charges a lower fee on margin trading.
Gemini doesn’t support margin trading as of now. If you need an exchange that supports margin trading, Gemini is not the right pick for you. Stick to Kraken in that case.
Verdict: Kraken is the winner, as Gemini doesn’t offer margin trading.
Kraken vs. Gemini: Mobile Trading App
Both Kraken and Gemini have mobile applications on iOS and Android platforms.
Kraken’s Android app has a rating of 3/5, which isn’t great. Users have faced issues in the past with the usability and responsiveness of the app. The rating is similar on the App Store as well.
Putting the crypto exchange reviews aside, the app offers all the functionalities seen in the desktop version.
Gemini also has an app for both Android and iOS users. The app has a 4.6/5 rating on Play Store and a 4.8/5 rating on the App Store. Gemini’s mobile app has all the features and functionalities available on the desktop version.
Verdict: Gemini is the winner, as its mobile app has better reviews on both Play Store and the App Store.
Gemini vs. Kraken: Opening Account & Account Limits
Gemini and Kraken offer a simple and quick account opening process. Let’s look at the account opening procedure and KYC requirements of the two exchanges.
Gemini is one of those exchanges that have mandatory KYC and AML requirements. There are no limits or tiers, and users must verify their identity before using crypto trading and financial services.
To open an account on Gemini, visit the website homepage and click on Get Started at the top right corner. An account opening form will open up, where you need to register using your name and email address. After creating an account, complete the KYC process to use Gemini’s services.
Kraken is a bit more lenient than Gemini in identity verification. It has four levels of verification: Starter, Express, Intermediate, and Pro. Users don’t need to confirm their identity for the Starter and Express verification levels. However, their accounts will have some limits.
For instance, unverified users can deposit only $9,000 in their lifetime and withdraw funds up to $9,000 a month. Also, they can’t trade futures. The other two levels require identity verification and provide complete access to the platform with generous deposit and withdrawal limits.
To open a Kraken account, visit the website homepage and click on Create Account in the top right corner. Fill the registration form to create an account. Once you have created your account, head to the account section and find the option to verify your identity.
Verdict: Kraken is the winner, as it has optional KYC requirements, and users can trade cryptos without verifying their identity.
Kraken vs. Gemini: Ease Of Use & Interface
If you are a beginner crypto investor looking to buy and hold crypto, the interface and performance of the platform may not matter much. However, if you are an experienced trader who prefers short-term trading, the ease of use and interface of the trading terminal is important factor to consider.
Let’s draw a head-to-head comparison between the trading platforms of the two exchanges.
Kraken has one of the most powerful and intuitive trading platforms in the crypto exchanges space. It has a proprietary charting system that looks and works similarly to TradingView. You can choose from five chart types: Candlestick, Heikin Ashi, Bar, Line, and Mountain.
You can also change the Y-axis, grid, style, and weekly start. Kraken offers multiple timeframe analysis. You can set the time frame from 1 minute to 1 week.
The platform enables accurate technical analysis with indicators like Moving Averages, Bollinger Bands, Stochastic, RSI, and more. The charting system also has drawing tools, enabling you to mark accurate levels and make informed trading decisions.
The charting system occupies the left side of the trading terminal. The right half has various sections. There is the volume spread section where you can evaluate the real-time volume of buy-sell orders. Below the volume spread section, you have the watchlist where you can add the pairs you want to monitor and trade.
Moving further right, you have the order book and live trades section where you can look at real-time trade and analyze the market sentiment. The extreme right side of the terminal has the Order Form, where you can set leverage and place buy and sell orders.
Kraken supports four order types: Market, Limit, Stop Limit, and Stop Market.
Like Kraken, Gemini has a proprietary charting system. It offers fewer features than Kraken. But on the upside, it’s relatively easier to use.
The charting supports multiple timeframe analysis and offers timeframes ranging from 1 minute to 1 day. Coming to chart types, Gemini has a line chart and candlesticks chart.
The right side of the terminal has the order book where you can monitor buy and sell orders in real-time. The left side of the terminal has the order form, where you can place buy and sell orders. It supports Limit, Market, MOC, FOK, and OOC orders.
The bottom of the terminal lets you see your current and previous orders. Gemini’s trading platform has two unique features: Daily Auction and Block Trade. If you have been trading digital currencies for a while, you may already know about these options.
Verdict: Kraken is the winner, as its trading platform is powerful and offers more features than Gemini. Gemini’s platform is beginner-friendly, making it ideal for beginners.
Gemini vs. Kraken: Security Features
Security is a crucial factor to consider when choosing the best cryptocurrency exchange. Since you’ll be linking your bank account and verifying your identity, you must ensure the exchange you choose is credible.
Both Gemini and Kraken do a great job at creating a safe experience for all their users. Let’s compare the security features offered by the two exchanges.
Gemini is a US-based Bitcoin exchange, and thus, it complies with the banking regulations of the US SEC. Also, the company is based in New York and must comply with the New York State Department. This alone makes Gemini one of the safest cryptocurrency exchanges worldwide.
Coming to security features, Gemini stores most of the user’s funds in a cold storage wallet with a FIPS 140-2 Level 3 rating or higher. The funds are stored offline.
It also implements two-factor authentication and hardware keys to prevent unauthorized users from accessing your account.
Lastly, the exchange has infrastructure control and internal security, ensuring that there are no compromises with security.
Kraken is also one of the most secure cryptocurrency exchanges out there. It stores over 95% of users’ funds in safe coin storage with a master key. The exchange ensures top-of-the-line platform security and information security.
The key security features implemented by Kraken are:
- Two-factor authentication
- Email confirmations
- Customizable and granular API
- Encrypted email
- SSL encryption
- KYC requirements for higher deposits and withdrawals
Verdict: Gemini is the winner here, as it is based in New York City and San Francisco, and it complies with the US SEC and local governance bodies.
Gemini vs. Kraken: Customer Support
Gemini and Kraken both offer excellent customer support and service.
Gemini provides support through live chat and email. You can visit the Contact page on the Gemini website and click on the chat box in the bottom right corner to talk to an agent. Besides, you can submit a request and raise a ticket.
Gemini also has a comprehensive help center with various support articles and FAQs.
Kraken also does a great job of offering support to its users. It provides support by three media: live chat, phone support, and email. Kraken has a help center as well, where it has self-service materials like blog posts and help guides.
Verdict: Kraken is the winner, as it offers phone support.
Gemini Pros & Cons
- Various digital assets to choose from
- Top-notch security
- Available in the US
- Numerous financial products
- Higher fees compared to other exchanges
- No futures
Kraken Pros & Coins
- 70+ cryptocurrencies
- Margin and futures trading
- Top-notch security
- No mandatory KYC
- Competitive fees
- Powerful trading platform
- Not available in the US
Is Gemini a Safe Cryptocurrency Exchange?
Yes, Gemini is one of the safest cryptocurrency exchanges in the world. It is based in the US and regulated by the US SEC. It takes all the security measures needed to provide a safe experience to its users.
Is Kraken a Safe Cryptocurrency Exchange?
Yes, Kraken is a safe cryptocurrency exchange. It implements all the essential security features, like cold storage wallets, two-factor authentication, SSL encryption, and more. Hence, you can choose Kraken with confidence.
Kraken and Gemini are both great cryptocurrency exchanges, but we have a winner, and it is Kraken.
Kraken supports more cryptocurrencies and products than Gemini, such as futures and margin trading. The exchange also excels at customer support and is one of the few exchanges that provide phone support. It also has competitive trading fees.
Kraken also has an edge in the trading platform. The trading platform provided by Kraken is best-in-class and more powerful than Gemini.
You may choose Gemini if you are a US resident and need a trustworthy exchange to invest in crypto.
Note: This article shouldn’t be considered financial advice. Talk to your financial advisor before using the services mentioned above.
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