Kraken vs. Gemini
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Kraken and Gemini are two of the most popular crypto exchanges, so it's natural that investors and traders wonder which is better. Throughout our Kraken vs. Gemini exchange review, we analyze crucial factors like trading fees, supported countries, features, and ease of use to determine which exchange is best.
Quick Verdict - Kraken vs. Gemini
Kraken and Gemini vastly streamline the trading experience by letting customers choose whether to use a basic or advanced trading interface. However, while both platforms cater to a similar audience, Kraken offers a larger selection of cryptocurrencies, lower fees, and greater flexibility regarding staking assets, making it the superior option out of both crypto exchanges.
| Kraken | Gemini | |
|---|---|---|
| Website | ||
| Promotion | None available at this time | None available at this time |
| Fiat Currency | USD, GBP, EUR, CAD, CHF, JPY & AUD | USD, GBP, EUR, CAD, SGD, HKD & AUD |
| Supported Cryptocurrency | 222 | 87 |
| Deposit Method | Bank transfer, wire transfers, SWIFT | Bank transfer, wire transfers, debit card |
| Max. Trading Fee | 0.2% (fiat), 0.16% / 0.26% (crypto) | 0.5% (fiat), 0.35% / 0.25% (crypto) |
| Live Chat Support | N/A | Yes |
| Mobile App | Yes | Yes |
| Overall Rating | HedgewithCrypto Score  4.8/5    | HedgewithCrypto Score 3.5/5  |
| Review | Read our full Kraken review | Read our full Gemini review |
In-Depth Comparison: Kraken vs. Gemini
Kraken At A Glance
Founded in 2011 but officially launched in 2013, Kraken is a San Francisco-based crypto exchange that lets users buy, sell, trade, and stake cryptocurrency. Kraken is a great choice for security-conscious investors as it prides itself on customer safety, but the exchange is worth considering for anyone due to its low fees and selection of assets.
With more than 6 million users around the world, the FinCEN-registered company is widely considered a top exchange and one of the best crypto margin trading platforms on the market.
Promotion:- Regulated exchange in the United States
- 240 supported cryptocurrencies
- Multiple fiat deposit options
- Advanced and beginner modes
- Some features are restricted in certain regions
- Trading fees are higher than the industry average
Gemini At A Glance
On the other hand, Gemini was founded in 2015 by the Winklevoss twins of Facebook fame. The exchange is headquartered in New York and hosts over 300,000 users worldwide. Gemini gained popularity as it was one of the few exchanges to be allowed to operate in every US state, making it a great choice for American traders and investors.
Unlike other crypto exchanges, Gemini prides itself on regulatory compliance and is one of the few platforms to earn a New York Trust Licence in addition to a plethora of money transmitter licenses in other states.
Promotion:- New York Trust-licenced
- Basic and advanced modes
- Support for fiat deposits in many currencies
- High trading fees
- Past security concerns
Supported Countries
Kraken and Gemini are top cryptocurrency platforms based in the USA that FinCEN and other Government authorities worldwide highly regulate. Both exchanges allow citizens in multiple countries to buy, sell, and trade crypto with local currencies. However, certain countries, like Russia and Tunisia, cannot use either exchange. Additionally, Kraken restricts some features in certain regions.
Winner: Draw.
Although both exchanges are available across most of the world, including the United States and the United Kingdom, they cannot accept customers from certain countries due to regulatory issues.
Kraken vs. Gemini: Supported Payment Methods and Fiat Currencies
Only some have existing crypto holdings ready to trade, so an exchange must provide a simple and efficient fiat on-ramp exchange. Kraken and Gemini accept direct fiat currency deposits and crypto purchases using seven fiat currencies. The available payment methods vary based on the currency, but some form of e-wallets, bank transfers, or credit/debit card deposits are typical.
On top of their fiat currency support, Kraken and Gemini accept cryptocurrency deposits, enabling users to trade using funds they already have. Unfortunately, neither platform offers a Peer-to-Peer (P2P) marketplace, which would expand supported payment methods into more local options. That said, Canadian investors can deposit on Kraken using in-person cash, giving it a slight edge.
Winner: Kraken.
Kraken and Gemini support direct fiat currency deposits and crypto purchases using fiat, a rarity in the crypto industry. However, while both exchanges are almost evenly matched, Kraken offers slightly more ways to deposit than Gemini.
Kraken vs. Gemini: Supported Cryptocurrencies
As most crypto investors and traders know, hundreds of cryptocurrencies are on the market. However, many exchanges do not list smaller projects, which limits the availability of profitable opportunities. While Kraken offers an impressive selection of 240 cryptocurrencies, including BTC, ETH, and XRP, Gemini offers far fewer assets, just 87. The story is similar when we look at trading pairs, with Kraken boasting 766 and Gemini lagging behind with 123.
Winner: Kraken.
Kraken is undeniably the victor regarding the range of tradable assets. As the exchange offers more than double Gemini's assets and trading pairs, Kraken users can find far more profitable opportunities, which is ideal for those wanting a trading platform for altcoins.
Kraken vs. Gemini: Features
Kraken and Gemini both offer a suite of tools and features designed to assist customers. While both platforms are on fairly equal footing, they lack advanced features like trading bots and crypto loans.
Kraken is a well-designed exchange that offers something for everyone. People new to the crypto space can make use of the basic Kraken platform to buy and sell digital assets quickly without having to use an order book-based interface. Furthermore, you can easily swap one crypto to another on the standard Kraken platform with only a couple of clicks, making it ideal for quickly swapping assets.
Kraken's Pro terminal screenshot.On Kraken's advanced crypto trading platform, users can access an expanded set of features, including detailed analytics like aggressor differential rolling volatility and order book imbalance, to find profitable opportunities they would've otherwise missed. Furthermore, Kraken Pro users can trade on an order book interface and stake 16 assets for up to 26% APR.
Like Kraken, Gemini offers simple and advanced modes to cater to a wider audience. The simple version of Gemini is very basic, containing only a basic trading interface that lets users buy, sell, or convert their crypto. Additionally, customers can set up recurring orders to purchase crypto at regular intervals.
Staking is available on Gemini's standard and advanced modes, but it pales compared to Kraken's impressive staking platform. Presently, Gemini only supports Ethereum staking and has a minimum requirement of 32 ETH, which is unattainable for most users.
Winner: Kraken.
While both exchanges are fairly similar and do not offer a huge surplus of features, Kraken's analytic data is invaluable for traders. Additionally, the exchange offers a far larger range of staking assets with lower minimum requirements, making it more attainable to the average user and cementing Kraken as the better exchange regarding features.
Kraken vs. Gemini: Ease of Use
The user experience is an important consideration for beginners looking for the best way to buy Bitcoin with local currency. Trading, creating an account, completing identity verification, linking a payment method, and purchasing cryptocurrency should be fast, simple, and safe to use.
Kraken is intuitive to use, meaning that users can quickly get to grips with the platform, lessening the time required to get familiar with the exchange. Kraken is divided into a standard and advanced platform, each catering to a different kind of user. While beginners will appreciate the simplicity of the standard platform, experienced traders will prefer the tools offered by Kraken Pro.
Kraken Trading Interface LINK/USD.Trading on Kraken will feel familiar to anyone with experience using an exchange. The standard platform makes buying, selling, and swapping crypto simple because it uses a simple order form with no charts or complex tools. On the other hand, Kraken Pro uses a typical order book interface powered by TradingView with support for margin trading and futures trading, but it could be difficult for new users to get to grips with.
Gemini Trading Interface BTC/USD.Gemini takes a very similar approach to Kraken regarding user experience. The exchange is split into the standard Gemini platform, which does not feature an order book and lets users buy crypto without any complexities, and Gemini ActiveTrader, which features an order book, many technical indicators, and a plethora of analysis tools providing plenty of analysis options to knowledgeable traders.
Winner: Draw.
Kraken and Gemini are both very similar regarding ease of use. Each exchange has taken the approach of offering beginner and advanced modes to make the platforms more accessible. Both exchanges offer a simple way to buy, sell, or trade cryptocurrency on the standard platform and more analysis tools for frequent traders on their advanced platform, making them equal.
Kraken vs. Gemini: Transaction Fees
The fees are a major consideration for anyone seeking a good cryptocurrency exchange. Many expenses can be levied, including costs to deposit funds, convert foreign currency, transaction costs, and fees to withdraw funds from the exchange.
Trading fees on Kraken start at 0.16% (maker) and 0.26% (taker) per transaction for crypto-to-crypto pairs, while stablecoin or pegged token pairs cost 0.2%. However, fees can be reduced with increased trading volume. Kraken also charges a 3.75% + €0.25 transaction fee to purchase cryptocurrency instantly using a debit card. A spread cost is added, which can vary depending on the market conditions.
| Monthly Trading Volume | Kraken Pro Fees | Gemini ActiveTrader Fees |
|---|---|---|
| $0 | 0.16% (maker) / 0.26% (taker) | 0.20% (maker) / 0.40% (taker) |
| $50,000+ | 0.14% / 0.24% | 0.10% / 0.30% |
| $100,000+ | 0.12% / 0.22% | 0.08% / 0.20% |
| $1 million+ | 0.06% / 0.16% | 0.05% / 0.15% |
Conversely, Gemini uses a complex fee structure. A variable USD fee is charged for web orders under $200 on the standard platform. However, orders over $200 will incur a 1.49% fee. Furthermore, people using the ActiveTrader platform are charged 0.40% (taker) and 0.20% (maker), with volume-based discounts available.
Related: How to withdraw from Gemini.
Winner: Kraken.
Kraken is far cheaper for trading than Gemini. The exchange base fees are almost half that of Gemini. Furthermore, as the Gemini exchange charges USD-based fees for small orders, the platform is extremely costly for low-value crypto investing.
Kraken vs. Gemini: Trading Volume and Liquidity
An often overlooked aspect of a crypto exchange is trading volumes and liquidity. For a platform to be able to offer low slippage on high-value orders, it must have sufficient liquidity. Throughout our research on Kraken vs. Gemini, we found that Kraken typically ranks within the top three exchanges based on average daily trading volume and boasts a liquidity score of 773 out of 1000. Conversely, Gemini only facilitates around 1/20th of Kraken's trading volume and boasts a lower liquidity score of 681/1000.
Winner: Kraken.
Due to Kraken boasting a much larger daily trading volume and a superior liquidity score, it's the better platform for day traders wishing to deploy large amounts of capital without facing slippage.
Kraken vs. Gemini: Mobile App
Kraken and Gemini offer mobile apps for Android and iOS devices. While Kraken boasts a 4.7/5 rating based on 4,000 reviews, Gemini holds a higher 4.8/5 based on 95,000 reviews, which indicates Gemini's app is far more popular with customers.
Unfortunately, Kraken has divided its services into regular and Kraken Pro apps. The standard app features basic line charts, minimal analytics, and a beginner-friendly way to purchase crypto. However, Kraken Pro offers an order-book-based interface, but it lacks any crypto indicators or drawing tools, significantly limiting its usefulness.
Kraken mobile app screenshots.On the other hand, Gemini bundles all of its features into a single app, but its ActiveTrader features are unavailable if you want to trade crypto, limiting the app's reach to novice traders searching for a simple way to track the market and buy crypto. No in-depth analytics or order book is available, but you can set up recurring orders and easily buy crypto in seconds with Apple/Google Pay.
Gemini mobile app screenshots.Winner: Kraken.
Although Kraken's features are spread across multiple apps, complicating the ecosystem, this approach still wins out over Gemini not adding any of its active traders. Experienced users may need to use TradingView or another crypto charting software in conjunction with Kraken to find opportunities, but Gemini is limited solely to basic fiat-to-crypto purchases.
Kraken vs. Gemini: Customer Support
Things are bound to go wrong at some point, so having access to a robust support system is crucial.
Kraken has created a help center containing articles on common topics like unlocking futures trading, withdrawing crypto, and completing a purchase. However, far fewer articles are available compared to Gemini. For customers requiring tailored help, Kraken offers an AI chatbot and live chat support. During our testing, we found response times to be around two hours despite a high volume of tickets.
The Gemini cryptocurrency exchange has also built a help center for its customers, but it offers far more depth than Kraken, with a larger quantity of articles, improving its usefulness. Like Kraken, Gemini offers live chat support with an AI bot and human customer service representatives, but wait times were comparable to Kraken at the time of writing.
Winner: Gemini.
Although both exchanges are tied closely regarding customer support, Gemini gains a slight edge as it offers a more comprehensive help center, meaning more customers can find an answer to their questions without contacting a support team member.
Kraken vs. Gemini: Security Measures
The security of customer information and funds is crucial for investors and traders using a cryptocurrency exchange. As expected, Kraken and Gemini take customer protection very seriously and feature world-class security teams and measures such as two-factor authentication (2FA) to ensure the highest security standard.
Kraken stores 95% of client funds in cold storage to protect its customers if the platform gets compromised by a bad actor. Furthermore, customers can set up email withdrawal confirmations and Two-Factor Authentication (2FA) or extra protection. Moreover, Kraken is ISO 27001 certified, with 24/7 armed guards protecting its servers. Hackers have never compromised Kraken.
Gemini is also ISO 27001 certified, meaning it's compliant with the industry's latest security recommendations. Customers can set up 2FA and use hardware security keys for even more protection. You can also add specific withdrawal addresses to an allow list to protect against hackers sending your funds off the exchange. Despite its efforts, Gemini was hacked, leading to the leak of millions of customers' information.
Winner: Kraken.
Gemini is a secure exchange that provides users with many ways to protect their accounts. However, due to the platform being hacked and its customers' data being exposed, you should consider whether you want to provide your personal details to the exchange. On the other hand, Kraken has a track record of excellent security, giving it the upper hand over Gemini.
Kraken vs. Gemini: Results
To conclude our comparison of which exchange is better, Kraken or Gemini, we have created a simple scoring system for each of our evaluation criteria.
| Comparison Criteria | Winner |
|---|---|
| Supported Countries | Draw |
| Payment Methods | Kraken |
| Supported Cryptocurrencies | Kraken |
| Features | Kraken |
| Ease of Use | Draw |
| Transaction Fees | Kraken |
| Mobile App | Kraken |
| Security Measures | Kraken |
| Customer Support | Gemini |
| Overall Winner | Kraken |
Final Verdict: Kraken vs. Gemini
Kraken and Gemini are both popular exchanges used by traders and investors worldwide. However, while both platforms are on similar footing, we found that Kraken is the best crypto exchange of the two contenders.
Kraken offers far cheaper trading fees than Gemini, more tradable crypto assets, and a larger selection of features. While Gemini has the edge in customer support and managed to draw with Kraken in several criteria, trading fees and range of assets are far more important to the average investor/trader, cementing Kraken at the number one spot.
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