Kraken and Gemini are two cryptocurrency exchanges with ironclad reputations: here’s how Kraken vs. Gemini compare.
Each platform has unique features specifically built for different types of investors. As you’ll learn below, Gemini is better for beginners whereas Kraken is more suited for advanced traders seeking a wider variety of digital assets. The following Kraken vs Gemini comparison goes over the positives and negatives of each exchange, so that you can decide which is better for your needs.
We’ll go over:
- Funding Methods
- Interface
- Trading Fees
- Available Cryptocurrencies
- Transfer Limits
- Company Trust
- Fund Security
- Customer Support
- Conclusion
Kraken vs Gemini: Key Information
Reviews
Kraken Review
Gemini Review
Deposit Methods
Bank Wires, Crypto Deposits
Bank Transfer (ACH),
Bank Wires, Crypto Deposits
Available Cryptocurrencies
BTC, ETH, LTC, +14 more coins
BTC, ETH, +26 more
Company Launch
2011
2015
Location
California, USA
New York, USA
Community Trust
Great
Great
Security
Good
Great
Customer Support
Average
Good
Fees
Very Low
Very Low
Website
Visit Kraken
Visit Gemini
Funding Methods
Gemini allows you to fund your account via bank transfers (ACH), wire transfers, and/or cryptocurrency deposits. Once you put in your request to fund the account, you’re able to start trading right away – even before your transfer is approved. You can’t withdraw any funds until transfer approval, but you can make purchases on coins as the price fluctuates. This is advantageous in a bull market where the prices are expected to increase during the approval process.
Your verification tier determines how you can fund your Kraken account.
At Tier 1, you’re able to deposit and withdraw digital currency only but can trade digital as well as fiat currencies. Tier 1 requires you to submit your full name, date of birth, country, and phone number.
Bank deposit and withdrawals (via wire transfer) are available at Tier 2 or Tier 3 depending on your country of residence. Tier 2 additionally requires your address while you must upload a valid government ID and recent proof of residence to reach Tier 3.
If you’re itching to get started investing, Gemini is much easier than Kraken to get started easiest of the two. Kraken is better suited for investors looking for more advanced trading options and a wider selection of cryptocurrencies.
Interface
Kraken offers a much more advanced trading experience than Gemini. You can place orders using Simple, Intermediate, and/or Advanced options. Basic market (best market price) and limit (fixed price) orders can be placed using the Simple tab. In the Intermediate and Advanced tabs, you can set stop limits, expirations, leverage options, and conditional closes.
The Gemini platform has a clean design leading to a simpler experience for the average user. The charts sit side by side with the order form enabling you to do analysis as you buy and sell coins – something I value as an investor. One unique feature in Gemini is the ability to order coins in an auction format, although I’ve never tried this myself and wouldn’t recommend it to a new trader.
For experienced investors, Kraken is a better platform to do advanced trading options. If you’re new to investing and your goal is to simply make a purchase and hold it for a while, Gemini is a better choice.
Trading Fees
Gemini and Kraken both have variable trading fees that are determined by your 30-day trading volume and whether you are a maker (putting an order on the books) or taker (filling an order from the books).
The fee for a maker on Gemini decreases from a high of 0.25% down to a rebate of 0.10% as your trading volume increases. With a rebate, your fee turns into a discount that you receive on the trade. For takers, the fee is 0.25% unless trading at the highest volume level.
On Kraken, the maker fee usually ranges from 0.00% to 0.16% with a taker fee between 0.10% and 0.26%.
I recommend calculating what the Gemini trading fees and Kraken trading fees would be on a few trades you’re thinking of performing. Then, you can choose whether or not the difference in fees is enough to outweigh the other factors when choosing your platform.
Available Cryptocurrencies
Kraken supports a multitude of coins and pairings such as:
- Bitcoin
- Bitcoin Cash
- Dash
- EOS
- Ethereum Classic
- Ethereum
- Gnosis
- Iconomi
- Litecoin
- Melon
- Augur
- Tether
- Dogecoin
- Stellar Lumens
- Monero
- Ripple
- Zcash
Gemini only supports Bitcoin and Ethereum trading and has not stated any plans to add more coins.
