Kraken vs. Gemini | Side-by-Side Comparison

Kraken vs. Gemini Overview

Kraken Overview

Kraken is a cryptocurrency trading platform that links sellers and buyers of digital assets. After being formed in 2011 by Jesse Powell and launching in 2013, the company is situated in San Francisco. Individuals worldwide can use the exchange’s products and services, which are available in numerous currencies, including Bitcoin and Ethereum.

Kraken is an excellent place to buy and sell cryptocurrencies for both individuals and institutions. With advanced futures and margin capabilities, Kraken Pro may be preferable for advanced and expert crypto fans. Coin staking rewards both beginner and experienced users alike. Kraken is well-positioned to meet your crypto needs because of its diverse services and platforms.

Gemini Overview

Regarding Gemini, Cameron and Tyler created the private New York trust business in 2014. Customers can easily purchase, sell, trade, store, and hold digital assets. As the in 2019 and a trusted digital asset provider, the exchange has developed a good name in the market.

It doesn’t have the same volume of trade as Kraken. Gemini Earn, Gemini Pay, and Gemini Wallet, among other services, can provide investors with access to a more tightly integrated ecosystem than those offered by rival exchanges. Even yet, retirement-minded investors should remember that purchasing and holding (or HODLing) is the game’s name, and none of these particular attributes are necessary.

Cryptocurrencies Available

Over 110 cryptocurrencies are supported by Kraken, including well-known ones like: 

• Uniswap (UNI)
• Ethereum (ETH)
• Sushi (SUSHI)
• Polygon (MATIC)
• Cardano (ADA)
• Solana (SOL)
• Dogecoin (DOGE)
• Stellar Lumens (XLM)
• Litecoin (LTC)
• Ripple (XRP)
• Polkadot (DOT)

Stablecoins like Tether, Dai, and USD Coin are available on Kraken. In addition to US dollars, you can exchange them for Canadian dollars, Swiss francs, and Japanese yen. You should be aware that all currencies are not accepted everywhere in the world.

Gemini, among them, supports over 70 cryptocurrencies:

• Bitcoin (BTC)
• Dogecoin (DOGE)
• Ethereum (ETH)
• Litecoin (LTC)
• Chainlink (LINK)
• Filecoin (FIL)
• Bitcoin Cash (BCH)
• Polygon (MATIC)
• Uniswap (UNI)
• Dai (DAI)

There are withdrawal fees associated with each cryptocurrency, but these don’t kick in until you’ve made more than ten withdrawals in a calendar month.

You can trade only the smallest amount of each coin on Gemini (the smallest amount of Bitcoin you can trade, for example, is 0.00001 BTC). On its website, Gemini provides a list of cryptocurrencies’ trading minimums.

Fees

The fees charged by Bitcoin exchanges are a crucial issue for anyone looking for an exchange. Deposit fees, currency conversion rates, transaction costs (such as buying and selling), and fees for withdrawing funds from the exchange should be taken into consideration.

To buy cryptocurrencies instantaneously with a debit card, Kraken charges 3.75% + $0.25 in transaction fees. In addition, a spread fee fluctuates depending on the market. There is a 0.16 percent (maker) and 0.26 percent (taker) fee structure for Kraken’s crypto-to-crypto trading, which falls with volume over 30 days. There is a 0.2 percent per trade trading fee for using the USD or USDT as the base currency, which is relatively competitive in the market.

However, Gemini provides a simple fee structure for depositing funds, buying cryptocurrency, and withdrawing funds to a bank account. Gemini does not charge any fees for depositing fiat or cryptocurrencies. For debit card purchases, the trading charge is cheaper than Kraken at 3.49 percent of the whole purchase amount.

Gemini imposes a flat fee of 0.5 percent (or 50 basis points) over the current Gemini market price for all buy and sell transactions made via online or mobile trading applications. In comparison to Kraken, this price is a tad more expensive. Aside from the usual blockchain network charge, no further costs are associated with moving digital assets (such as GUSD or Bitcoin) or currency via bank account transfer.

Kraken’s fees are marginally less expensive for newcomers who plan to spend more than $200 at a once. Keep an eye on the payment method you choose on Kraken, as the fees for deposits and withdrawals can pile up quickly.

Transaction Type	Kraken	Gemini
Bank Transfer (USD)	$0 – $25	None
Debit Cards	3.75% + $0.25	3.49%
Fiat Trading	0.2%	0.5% +1.49%
Crypto Trading	0.16% / 0.26%	0.35% / 0.25%
Withdrawals (USD)	Up to $40	None

Gemini vs. Kraken Staking

Staking is a way to get paid for keeping a specified amount of digital assets in a Kraken wallet. Kraken provides 15 currencies that can be staked in the USA, including Bitcoin, Ethereum, and Litecoin. Other examples include ALGO, ADA, ATOM, ETH, FLOW, KAVA, DOT, SOL, TRX, LUNA, and XTZ. The highest APY is now 23% for Kava, with several assets paying 4% to 10%. Of all the crypto exchanges, Kraken boasts the best staking platform. Even fiat currencies (such as the US dollar and the euro) that are not supported by most other exchanges can be staked. What you need to do is as follows:

• To start, purchase or deposit a staking-eligible asset into your Kraken account.
• Check your spot wallet to see which assets are eligible for staking rewards if you have more than one.
• Take a position in that asset.

When you stake an asset with Kraken, you’ll get paid twice a week. As the volume and liquidity of the asset you’re staking increases, so does your return.

The underlying blockchain system of Gemini allows cryptocurrency holders to lock their assets in smart contracts to obtain crypto staking incentives. They become network verifies as a result. Like banks reward consumers with interest in savings, Gemini blockchain networks reward validators for their engagement in the ecosystem, which contributes to creating new blocks in the blockchain. Staking directly on blockchain protocols like Cardano, Ethereum, and PolkaDot is preferred by many users of cryptocurrency exchanges.

Gemini vs. Kraken Credit Card Option

Kraken does not currently offer a Kraken-endorsed credit card option for users.

There are more than 60 cryptos now accessible on Gemini that can be rewarded with the Gemini Credit Card. Bitcoin is the most significant performing asset class of the last decade. As far as we know, this is the only credit card that instantly deposits your cryptocurrency rewards. This means that the cryptocurrency you earn is credited to your Gemini account immediately after you swipe it, rather than a month or more later. There is no need to pay trading fees and follow market timing. It’s easy to earn Bitcoin, Ether, or any of your preferred cryptocurrencies with your day-to-day purchasing habits.

Gemini vs. Kraken Security

Kraken exchange employs a comprehensive security system to safeguard its users’ funds and personal information. Most of their digital assets are held in air-gapped, globally dispersed cold storage, and their servers are guarded by armed protection. Kraken has been in operation for a long time. It is governed by FinCEN, which protects its financial stability by keeping total reserves, strong banking partnerships, and the highest levels of legal compliance.

Because of its security-first strategy, Gemini is an unusually secure Bitcoin exchange. They are intended to safeguard against external threats, human error, and the abuse of insider privileges. Gemini’s security measures are extensive, as evidenced by this article. Gemini operates at the highest level of operational compliance thanks to SOC 1 Type 1 and Type 2 tests, as well as ISO 27001 accreditation. Gemini is the world’s first cryptocurrency custodian and exchange regarding financial operations and security compliance. Gemini provides insurance coverage for its users for theft or a cybersecurity attack against the exchange.

How to Decide Between Kraken and Gemini?

To finish our comparison of Kraken vs. Gemini, we developed a simple score system for each evaluation criteria, as shown below. So, what’s our main conclusion?

Score. 4 points for Kraken. and 6 points for Gemini. Gemini is the winner.

Comparison Criteria	Winner
Features & Products	Gemini
Ease of use	Gemini
Available Cryptocurrency	Kraken
Cryptocurrency Trading Fees	Kraken
Fiat Trading Fees	Kraken
Withdrawal Fees	Gemini
Security	Gemini
Customer Support	Kraken
Minimum Trade Amount	Gemini
Bonus Offer	Gemini

Gemini is just ahead in the rankings if you’re looking for the most acceptable cryptocurrency exchange for newbies. Kraken fees are more expensive, but Gemini stands out for its simplicity and user-friendliness. Creating an account, linking a payment method, browsing the various cryptocurrencies, and purchasing with fiat are user-friendly for beginners on both the website and the mobile app. There is no need to be concerned about the safety of personal information or monies held on the Gemini platform.

A fantastic platform, Kraken is intended for consumers with experience in the financial markets.

In comparison to Gemini’s user interface, it’s a touch complicated. High-net-worth individuals and investors can take advantage of Kraken’s cheap fees to get the best deal. Kraken, in our opinion, is better suitable for intermediate to advanced users and altcoin traders because of its complex trading interface and more significant range of coins to trade.