Kraken vs Gemini

Cryptocurrencies can be puzzling for everyone new to the digital assets world. Having so many crypto exchange platforms to choose from does not make your journey less difficult. We will try to present you with all the information you need to decide between two of the most famous exchanges.

In this Kraken vs Gemini comparison, we will investigate what the platforms have in common and how they differ. Our focus will be on their basic features like the number of available crypto coins, their trading fees, and the security practices they employ. After considering those, you will be a step closer to choosing the platform to host your crypto trades.

Side-by-Side Comparison

The table below summarizes our lengthy comparison of the two competitors.

Kraken Gemini
Account types: Starter, Express, Intermediate, Individual Pro, and Business Pro Individual and Institutional
Number of cryptocurrencies: 120+ 75+
Supported deposits: Apple Pay, Google Pay, Clear Junction, Pay ID,
EtanaCash, Wire Transfer, Credit/Debit card (for Intermediate or Pro)ACH (for Express, Intermediate, or Pro)
Debit Card,
ACH, Wire Transfer,
Minimum trade: Based on coin Based on coin
Trading fees: 0.9% for stablecoins and 1.5% for other crypto on Instant Buy

0.00% – 0.26% maker-taker on Pro

Maker-taker + convenience fee around 0.5% + transaction fee of up to 2.99%
Deposit fee: Crypto deposits are mainly free, fiat deposits depending on currency and deposit method 3.49% for Debit Card Deposits
Withdrawal fee: Flat fee depending on the coin Based on coin
Mobile app: Android, iOS Android, iOS
Customer support: Ticketing system, Live Chat, phone Email, Support Tickets, ChatBot
Supported countries: 200+ 60+
Excluded US states: New York, Washington None

Account Requirements

Everyone of legal age and a resident of one of the supported countries can create an account on Kraken. What kind of information you will need to submit during the sign-up will depend on the verification level you are applying for. Kraken has four verification levels:

  • Starter
  • Express
  • Intermediate
  • Pro (for businesses and individuals)

The first two levels require submitting basic information like first and last name, date of birth, and address. The more advanced levels require submitting additional documentation such as a valid photo ID and Proof of Address. Kraken doesn’t request your Social Security Number only for Starter.

Gemini doesn’t have different verification levels, and all users need to go through the same process when signing up for an account. The information users need to submit is their full name, address, date of birth, phone number, and email.

Unlike Kraken, Gemini always requires your Social Security Number. To be eligible for withdrawals, users need to submit some supporting documentation based on their place of residence. For US users, this will mean providing a copy of their Driver’s license or passport. Canadians will need to provide their Social Insurance Number, while international users will have to provide two government-issued documents. What documents are requested depends on their country of residence.

Number of Cryptocurrencies

Whether you go for Kraken or Gemini will depend on the available crypto coins.

Kraken is one of the exchange platforms that grants its users access to a wide selection of crypto coins. Its list includes more than 120 cryptocurrencies. Among them, you can exchange Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). Apart from single coins, Kraken enables access to more than 130 crypto-crypto pairs. Even though international users can trade with fiat-fiat pairs, this feature is lacking for US users.

Compared to Kraken, Gemini’s collection of crypto coins is much more modest. On Gemini, you will find just above 75 coins. Most of the coins available on Kraken are listed on Gemini as well. However, Gemini has its native currency too. The Gemini Dollar (GUSD) is a stablecoin that runs on the Ethereum network. Like all stablecoins, the Gemini dollar has a fixed 1:1 ratio to the American dollar.

Gemini vs Kraken: Usability

Based on their experience in crypto trading, Kraken users can choose between the native Kraken platform and the more advanced Kraken Pro. As one would expect, the native platform has a beginner-friendly design and more basic features. It’s more appropriate for anyone not so well-versed in crypto. Here users can easily buy, sell or even earn interest on their digital coins. Kraken Pro has more advanced features and is more suitable for well-seasoned crypto traders.

What does the user experience look like when comparing Gemini vs Kraken?

Similarly, Gemini tries to accommodate both newbie and experienced crypto traders with two separate platforms. The native Gemini platform offers a more smooth and intuitive user experience. The extensive knowledge base indicates that this platform is mindful of the beginner crypto trader. However, the more experienced traders will appreciate the Active Trader platform. This one has more advanced charts and order types.

Features

Since most exchanges are built on the same principle, we will only point out their unique features.

Features unique to Kraken

The following features set Kraken apart from other exchanges:

  • OTC Desk: suitable for everyone who wants to place a large order and have it executed discreetly with no additional Kraken crypto fees
  • White-glove support: more advanced traders can get personalized account support through more communication methods
  • Futures: agree on a specific price before buying or selling your crypto to increase your gains

Features unique to Gemini

Gemini is unique in the following:

  • Gemini Custody: secure storage of your assets with insurance of over $200 million
  • Gemini Earn: Gemini staking enables you to earn up to 8.05% interest on the crypto you own, without limitations or transfer fees
  • Gemini Pay: pay with crypto by scanning a barcode provided through the mobile app

Fees

When trading crypto on Kraken, the fees depend on the coins being exchanged. When the exchange involves stablecoins, there is a flat fee of 0.9% per transaction. All other crypto coins are exchanged at a flat fee of 1.5%. Kraken Pro, on the other hand, uses the maker-taker fee model. The Kraken trading fees on the more advanced platform are lower and range from 0.00% to 0.26%.

Gemini calculates maker-taker fees on either the native or the Active Trader platform. The Active Trader fees range from 0.00% to 0.40% and depend on your trading volume for the past month. The same fee range applies to the native platform as well. On top of the trading fee, Gemini will also charge additional fees based on your payment method.

Mobile Apps

Who do you think is better for trading crypto on the go, Gemini or Kraken?

Considering that both competitors have separate advanced platforms, users would expect this to reflect in their mobile apps. However, this is not the case with Gemini. The native platform has mobile apps to accommodate both Android and iOS users. However, Active Trader is browser-based and is not accessible on a mobile app.

Kraken has separate mobile apps to accommodate Kraken and Kraken Pro users. The apps can be found in the App Store and Google Play and enable trading on the go for iOS and Android users, respectively.

Kraken vs Gemini: Customer Support

When in need of help, users can contact Kraken via the Live Chat feature or by opening a support ticket. Furthermore, you can talk to someone and get real-time assistance as well. Phone support is offered 24/7 for US, UK, and European users. It’s important to point out that any access issues are resolved only via the ticketing system. Everything else can be addressed either by chat or phone.

Gemini seems to be lacking variety when it comes to customer support. Users can either reach out by email or submit a support ticket. Unfortunately, on-the-spot assistance is not available to Gemini users. Or, to be more precise, it’s available only to users with simple questions who can use the Gemini ChatBot.

Security

The guiding principle for the Kraken platform is that security comes first. Kraken has a designated team to perform penetration testing. If they fail to detect a possible threat, Kraken runs a bug bounty program as well. In addition to these measures, account data is encrypted and monitored, and 2FA is employed when logging in to the accounts. When it comes to crypto assets, 95% of them are stored in offline wallets.

Do the security measures justify the higher Gemini crypto fees?

Gemini performs penetration testing for its platform as well. However, the tests are run by a third party rather than in-house. Furthermore, all transaction data is encrypted. Despite making 2FA a mandatory security layer for their accounts, Gemini also enables its users to whitelist only certain wallet addresses to ensure that there will be no illegal withdrawings. Speaking of crypto assets, Gemini claims that most of them are stored offline. However, the exact percentage of cold-stored coins is not available.

Who Is Kraken Best For?

The Kraken cryptocurrency exchange is an appropriate choice for all crypto investors, whether beginners or well-versed in trading crypto. The platform is simple enough to accommodate new investors and grant them a smooth exchange experience at a reasonable cost. The low fees and the wide selection of coins are attractive for more experienced investors as well. And if they still have doubts, the Kraken Pro platform comes as a refreshing surprise.

Kraken Pros and Cons

+A large number of available coins
+Beginner-friendly platform
+Lower trading expenses when comparing Kraken vs Gemini fees

-Higher fees on the native Kraken platform
-High minimum trades for some cryptocurrencies

Who Is Gemini Best For?

Gemini compensates for its higher trading fees with its top-notch security features. It makes the platform suitable for investors with a more cautious mindset. Even though it’s appropriate for novice crypto traders, navigating the platform may require previous crypto knowledge. It has excellent educational materials to ensure these investors feel at home. However, if you are only looking for an exchange to buy and sell crypto, you will not get the full Gemini crypto experience when considering that its coin list is more limited.

Gemini Pros and Cons

+Supports access for users from all US states
+Well-known for its security measures
+Great educational materials

-The Gemini list of available coins is more limited
-No phone or Live Chat support

Kraken

Kraken is a US-based exchange that offers trading in US dollars, Canadian dollars, Euros, British pounds, and Japanese yen. They pay special attention to their security with a track record of 0 breaches. Kraken also has an extensive list of crypto assets and covers over 70 of them.

  • Low fees
  • 6 different fiat currencies
  • 100+ cryptocurrencies

Kraken is a US-based exchange that offers trading in US dollars, Canadian dollars, Euros, British pounds, and Japanese yen. They pay special attention to their security with a track record of 0 breaches. Kraken also has an extensive list of crypto assets and covers over 70 of them.

Gemini

Gemini is a licensed crypto exchange that has broken into the top 20 exchanges in terms of bitcoin trading volume. They offer two trading platforms, one for beginners and another for advanced traders, both with 0 fees for funding and withdrawal.

  • User-friendly interface
  • 30 free withdrawals a month
  • 20+ supported currencies

Gemini is a licensed crypto exchange that has broken into the top 20 exchanges in terms of bitcoin trading volume. They offer two trading platforms, one for beginners and another for advanced traders, both with 0 fees for funding and withdrawal.

Which Is Better?

Choosing between Gemini vs Kraken gets easier when considering the platforms’ basic features.

Kraken is better when considering its low trading fees and the wide selection of digital currencies. The platform is available in more than 200 countries worldwide and restricted in only two US states. The user interface enables novice traders to feel accommodated on this platform. Finally, users can choose what kind of data they will share with the platform by selecting the appropriate verification level.

The list of crypto coins available on Gemini, on the other hand, is much shorter. Another downside of this platform is its higher fees and the Gemini deposit limits applied to ACH transfers. The main reason to opt for this platform is its security practices. Even though its users may not have access to some coins, they can rest assured that they are trading on one of the safest platforms. On top of that, it’s available in all US states.

Finally, if you are leaning towards Kraken, you can see how it compares to other exchanges in our eToro vs Kraken and Kraken vs Coinbase reviews.

FAQ

Has Gemini ever been hacked?

There are no reports that Gemini has ever been hacked or has had any data breaches since it started operating. Even though trading crypto is inherently risky, Gemini is among the safest crypto exchange platforms. This reputation is maintained by complying with strict demands from its regulators as well.

Is Kraken or Gemini better?

Kraken is better in providing access to more crypto coins and charging lower trading fees. However, Gemini’s security practices can compensate for its higher fees and lower number of available coins. Read our full Kraken vs Gemini comparison to find the detailed answer to this question, and decide for yourself.

ABOUT AUTHOR

A problem-solver by day and content writer by night. In between, you’ll probably find me somewhere outside, reaching my daily step goal or admiring sunsets. My interests span multiple fields and creative pursuits. Having a background in linguistics, I’m now exploring the social aspects of information technology and I’m glad to be a part of the journey to hitting your financial targets.

Latest from Viktorija

Kraken vs Binance Kraken vs Gemini Gemini vs Coinbase Coinbase vs Binance

Leave a Reply

Your email address will not be published.