Kraken-vs-Gemini

Kraken vs Gemini–Which Is Best For Trading In 2022?

If you are in search of a genuine Kraken vs Gemini comparison you have landed up at the right place. This article will clear all your doubts regarding both exchanges.

What to look out for in an exchange is a question every trader faces. Landing on the right exchange can take your life to the next level.

Knowing the roles of exchange will make your trading journey across all the borders of success with ease.

Kraken vs Gemini Reviewed

To answer this question, we are here for you with our comprehensive research that will equip you with an in-depth understanding of what the right exchange is all about.

Kraken vs Gemini

If you are an expert or are using another exchange in your crypto journey, you most probably have at least heard of the exchanges Kraken and Gemini, or if you are a beginner, you can start your journey on any of these exchanges right after reading this article.

In this Kraken vs Gemini review, we will explain what makes Kraken and Gemini two of the best exchanges for Australians.

Kraken vs Gemini Compared

KrakenGemini
Coins Supported60+50+
Currencies AcceptedAUD, USD,CAD,JPYUSD
Trading Fees0% to 0.26%Varies
Minimum DepositNo minimum deposit limitNo minimum deposit limit
Daily Deposit Limit100,000$5,000
Year Founded20132015
Beginner FriendlyYesYes
Deposit MethodDebit card, credit card, US bank transfer, wire transferDebit card, credit card, US bank transfer, wire transfer
Built-in Crypto WalletNoYes
Supported DevicesWeb, iOS, and AndroidWeb, iOS, and Android
SecurityTwo-factor authentication, Email VerificationTwo-factor authentication
Verification SpeedMaximum 5 days2-5 business days

Kraken Exchange

Being the oldest theme in crypto, the Kraken exchange encompasses millions of users around the world. Begun just after the two years of the Bitcoin revolution in 2009, Kraken has gained the trust and support of its users on behalf of its incredible services, and features.

Kraken-Australia

Kraken is a crypto trading exchange that allows you to buy, sell tokens, and exchange with the other tokens or Fiat currency. 

Having a sea of over 65 currencies, the Kraken crypto exchange allows you to stake currency and earn rewards on them. Low fees, high liquidity, and top-notch security make it a more reliable and trustworthy platform.

It isn’t only a crypto trading exchange, but also a crypto learning school that educates you in all the phases of trading and investing. You can anytime, anyway, 24/7 ask your queries from its global service team. 

Kraken Pros and Cons

As there are few chances that you may face any trouble at Kraken, because customers have always given their opinions, good and bad, and their problems have been resolved every time, Kraken exchange has updated its versions from time to time and always has tried to offer better opportunities to its users.

Pros

  • Kraken uses high-tech security to keep the user’s assets
  • Allows advanced users for margin trading up to 5x leverage
  • Coins including Bitcoin and many other altcoins are available
  • You can stake coins for as long as you want and earn rewards
  • Advanced users pay a fever fee

Cons

  • Kraken does not provide its users with a personal wallet service.
  • Kraken charges beginners more as compared to advanced users.

Does Kraken Charge Withdrawal Fees?

There are minimums for withdrawal at Kraken crypto exchange that you must have in your account before making any draw.

The withdrawal fee at Kraken varies depending on ‌the digital currencies in question. Please prefer to reach Kraken’s official website for the detailed fee structure. The withdrawal fee structure is as follows;

For the bitcoin, the withdrawal fee is 0.00002 BTC For a withdrawal minimum of 0.0005 BTC,

Cardano withdrawal fee for a withdrawal minimum of 5 ADA is 1 ADA. For Dogecoin, the withdrawal fee is 4 DOGE at a minimum withdrawal of 50 DOGE. Ethereum withdrawal fee is 0.0035 ETH at a minimum withdrawal of 0.005 ETH.

Can You Stake On Kraken?

For staking your assets, Kraken exchange is the best reward-gaining platform that comes to mind for this task. Staking is all about holding your assets for a duration of time and earning rewards.

At Kraken, they award you twice a week while staking your digital asset. For staking at Kraken exchange, you need to look for the ‌ coins for staking, select coins out of those, and start earning rewards by staking them.

Coins available for staking are such as;

  • Cardano                                            
  • Cosmos 
  • Etherium 
  • Bitcoin 
  • Us Dollar (USD)
  • Euro (EUR) 
  • Solana 
  • KAVA and 
  • Many more

Gemini Exchange

Gemini is among the great crypto industry-leading platforms, which stepped in into the market with its four pillars

Gemini Exchange
  1. Product
  2. Service
  3. License 
  4. compliance

And they strictly adhere to them.

At Gemini exchange, where security and ease are the key priorities, you can exchange your currencies with the other assets, trade with them, and store them in your account.

The Gemini crypto exchange gifts $7 to a new US Customer in Ethereum on signing up the first time. The Gemini exchange comes with its credit card by using which you receive 3% money-back and those at no annual charges.

It also allows you to buy, and sell, Non-fungible Tokens (NFTs).

Gemini Pros and Cons

As pros and cons are the parts of the product, Gemini exchange is another such product that offers great opportunities to its users with an open eye to security but as with any other exchange entertains a few cons. 

Pros

  • Gemini comes with its credit card. which gives you 3% money back
  • Gemini crypto exchange allows you to buy and sell NFTs.
  • Gemini offers its users to store their asses in hot wallets
  • Mobile App available on ios and Android
  • supports a wide number of currencies.

Cons

  • Many significant cryptocurrencies are not available at Gemini.
  • It offers high fees to beginners.

Is Binance Cheaper Than Gemini?

Binance is the most affordable and cheapest trading exchange in the world, with no compromise on services and products.

Binance only incurs a 0.1% fee on every trade which is the lowest in the world. Using (BNB) coins for paying the trading fee will save you 0.1% which means you pay a 0.075% trading fee. While the deposit fee at Bitcoin is zero for all the coins.

Gemini exchange is not affordable to Australians because of its high trading and transaction fee. However, it also shows a complex fee structure while charging spreads of 0.5% which is a minimum convenience fee.

From its website, the minimum transaction fee starts from 1.50%.

Can You Cash Out On Gemini?

Yes, we can withdraw cryptocurrency into our wallets and cash out In US dollars into our bank account. Use these suggestions from Gemini’s website to withdraw your currency into your provided wallet.

For withdrawing assets first, it suggests you choose the currency that you want to withdraw. Select the place you want to transfer your currency to, most probably it is your wallet. Enter the amount and let Gemini exchange verify that it’s you.

You can withdraw US Dollars from your account by starting a domestic transfer (ACH) or a wire transfer to your bank account from Gemini’s website.

Kraken Features

Kraken comes up with so many mind-blowing features for the sake of its users. Some of these features are: 

  • When dealing with Kraken, we can not negotiate with the security features at any cost. It has been hacked since the Bitcoin revolution and still protects assets flawlessly.
  • Staking- this feature attracts the people because of the rewarding staking. Kraken delivers rewards twice a week.
  • Liquidity- the story behind the success of this feature is the low charges taken at Kraken. when high-volume trade takes place, then assets liquify easily.
  • Margin Trading at Kraken exchange can make up your leverage up to 5x. 
  • Crypto watch- crypto watch enables you to keep the tabs on and perform trades when the sky is not cloudy. 

Gemini Features

There are many impeccable features landed by the Gemini exchange at the shore of the crypto sea, that are now in use. Some of the key features include

  • Gemini pay- now the time has arrived when you can completely rely on virtual currency. Just download Gemini App, select any accepted token, and pay at 

the merchant store by scanning the QR code with all the safety features kept in mind.

  • Gemini Earn- It will generate you 8.05% APY on your cryptocurrencies and on stable coins. You can earn interest by just opening an account at Gemini, buying the currency, and transferring it to Gemini Earn.
  • Gemini Dollar- GUSD, the Gemini’s stable coin, can be used for making money by lending it to Gemini.

Kraken vs Gemini Features – Winner

Okay, let’s get back to where we started, we started with what should an exchange encompass that could prevent you from wandering here and there.

And, it is the Kraken, which is a complete package that you can rely on because of the low fee, maximum numbers of assets present, and staking that allows for crypto and fiat as well.

Kraken Fees 

The high volume of trade and liquidity that can be seen in Kraken exchange causes the low fee.

Purchasing stable coins using another stable coin or USD costs 0.9%. And, buying stable coins at another cryptocurrency costs 1.9%.

Gemini Fee 

Gemini uses different fee structures for various coins. Deposit at Gemini exchange is free for the ACH and wire payments and charges 3.49% on the payments using debit cards. The withdrawal fee is zero for all the currencies (<10 per calendar month 10 per withdrawal)

Kraken vs Gemini Fee – Winner

If we look at the fee structures of both platforms, we find ‌ both platforms are charging high fees, but Kraken, compared to Gemini, is charging a workable price.

Kraken Spreads

Spread is the difference between the amount that a buyer will buy and the amount that the seller sells for. This difference can be minimized if the high volume of trading is taking place on any platform like Kraken. At Kraken crypto exchange, it shrinks the spread at 1 pip.

Gemini Spreads

Gemini spread is involved with a trading fee that is 1.49% for trades under $200 and 3.5% on debit cards deposits which makes Gemini crypto exchange a slightly costlier choice in the longer run. 

Kraken vs Gemini Spreads – Winner

The fees that Kraken asks for are negligibly small. This causes massive trading at the exchange and leads to the liquifying of assets. Liquidity because of high volumes of trades shrinks down the spread. This is the complete reason for Kraken’s success in this era too.

Kraken Security

The Kraken exchange as per records has never compromised the customer’s security. Kraken puts over 95% of customers’ assets in cold wallets in geographically redundant areas.

The Kraken Exchange assures the security of users through two-factor authentication and confirms withdrawals via email. There is no account recovery through phone or SMS.

Gemini Security

To access the account and make withdrawals, Gemini exchange has put forward the two-factor authentication. Gemini has protected the assets in cold storage, multi signatures are required to access the cold stores.

Help via phone is not provided to users, they can only contact Gemini via email.

Gemini vs Kraken Security – Winner

Gemini offers another vital feature for security purposes and that is Gemini Custody. That is specifically designed for you to monitor and store your digital assets.

Kraken also comes with the most secure and protected features to build trust with users. But Gemini goes further than Kraken exchange in terms of security and privacy.

Gemini vs Kraken: Number Of Coins Supported

Kraken shows vivid interest in possessing more coins than Gemini. They alone support over 65 cryptocurrency coins at Kraken whereas Gemini supports over 50 coins. 

Gemini vs Kraken Deposit Methods

To the point, we have seen that Gemini and Kraken are both trading platforms that are widely accepted in the crypto trading frame. And it is easy to conclude that the Kraken crypto exchange and Gemini exchange can be a choice for users.

Despite that, there are such factors that should be considered, like Funding methods. Kraken can cruise this race because of the variety of funding methods that are accepted more than Gemini.

Gemini only supports Bank transfer ACH, wire transfer, debit cards, and crypto, whereas Kraken supports USD, EUR, CAD, AUD, and wire transfer. 

Kraken vs Gemini Mobile App

Both Kraken exchange and Gemini exchange sorted issues to monitor the trade and access accounts from anywhere without moving the desktop.

They can download Kraken App from google play and the App store, whereas Gemini users can download it from the galaxy stores too.

Applications are easily accessible and easy to use.

Kraken Customer Support

They enriched the platform with crypto experts and service providers, ready to join you anytime you need. Industry experts solved within 24 hours all the customer’s queries.

24/7 chat service is available. Customers can also get help via phone calls from Monday to Friday from 6 AM to 6 PM.

Gemini Customer Support

Gemini supports its customers via different methods. FAQs are given on the website to help the customers. You can write emails to Gemini to get help. Another way to contact them is through the chat box ‌below on the website.

Gemini vs Kraken Customer Support – Winner

As compared to both the exchanges, the customers’ support system works pretty well. 

Kraken is widely known for its quick and reliable customer support, but Gemini also does not lack behind in helping out its users. We are in the favor of both the platforms because they curated for their customers’ support together. It is a tie in our vision.

Kraken vs Gemini: Final Verdict

It has been difficult for us to compare these two platforms. With extensive research, we are now on a final verdict on this Kraken vs Gemini comparison.

Kraken and Gemini are digital assets working efficiently, effortlessly for the sake of their users and for enhancing their products and services.

But, there is something that we have kept in mind from the top of the article: an excellent platform can be the one that completes all the ‌users.

A nearly perfect exchange might be the one that curates all the products and enriches its services in its realm.

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