kraken-vs-gemini

Kraken Vs Gemini: Which One Is Easy For Beginners?

Both Kraken and Gemini are finely regulated digital currency exchanges that are based in the United States and have received huge popularity in recent times. But which one is ideal for beginners and which is safer? For this here is a comparison of Kraken vs Gemini 2021, that will help you to make your decision easier. 

Kraken vs Gemini: An Overview

This comparison will begin with Kraken which will be followed by Gemini. We will discuss both the exchanges in detail to give you a complete overview just like the Kraken review and Gemini review. 

Kraken Overview

Kraken is a digital currency exchange that connects digital currency sellers and buyers on an attractive trading platform. This exchange is based in San Francisco and was founded by Jesse Powell in 2011. This exchange provides its services and products to individuals worldwide along with support for various countries and also fiat currencies that can be exchanged in cryptocurrencies like Ethereum and Bitcoin. 

Pros Of Kraken

  • Regulated exchange in the US
  • Trade, purchase, and sell in more than 54 different digital currencies and even Forex 
  • Several payment methods to deposit fiat
  • Advanced trading channel to trade crypto

Cons Of Kraken

  • The user interface is a bit dated and may seem a bit complex for beginners. 

Gemini Overview

Compared to Kraken, Gemini is a private New York trust company that was established in 2014 by Tyler Winklevoss and Cameron, commonly known as the “Winklevoss twins”. This is a digital currency custodian and exchange that offers an elegant, simple, and easy to purchase, store, trade, and also sell digital assets. This exchange was considered as the best digital currency exchange in the year 2019 and keeps up with a high level of security that has constructed a great reputation in the crypto space as a trusted asset provider. 

Pros Of Gemini

  • Elegant, beginner-friendly, and easy to use
  • Regulated and Licensed by the NYSDFS (New York State Department of Financial Services)
  • Supports fiat deposits in USD, EUR, SGD, GBP, CAD,  HKD, and AUD
  • Ability to receive interest on digital currency up to 7.4% APY

Cons Of Gemini

  • Not eligible for trading
  • No margin or futures trading options
  • 0.5% trading fees which are a little high

Kraken vs Gemini: Supported Countries

Both Gemini and Kraken are based in the United States which are highly controlled by FinCEN and several other governing authorities around the globe. Both the crypto exchanges enable users in various countries to purchase and sell cryptos with their local fiat currency using the debit card or even the bank transfer. These exchanges are accepted in countries that include the United States, Australia, Europe, UK, Singapore, New Zealand, Africa, Canada, and many others.

Kraken vs Gemini: Ease Of Use

In this comparison on Kraken vs Gemini, the user experience is an important consideration for beginners that are looking for fiat-to-crypto exchange to purchase their first BTC with their local money. The process of creating a new account, verification of identity, and linking the payment methods should be simple, fast, and also safe to use. So both these exchanges provide very different user interfaces. 

The interface that Kraken offers to buy cryptocurrency by fiat money is designed like a digital currency trading channel. This exchange features an advanced trading platform that arrives with a variety of orders like limit, market, and also stop limit to the exit and entry time. 

Compared to that, Gemini does not offer a platform for trading for crypto-to-crypto swaps. This exchange is designed for the purpose to streamline that fiat on-ramp process for beginners. The complete website of Gemini is very appealing visually, quick to use, and easy to understand. In general opinion, the fiat-to-crypto service of Gemini is better compared to the former. 

But note one thing in Kraken vs Gemini vs Coinbase, Coinbase is the easiest to use and is ideal for beginners. 

Cryptocurrencies Offered By Kraken And Gemini

For most of the beginners, Bitcoin is a relatable name, but other than that there are thousands of altcoins and also DeFi tokens that can be bought and also sold. Hence the availability of supported digital currencies can highly influence the decision of which exchange to use along with the fiat currencies that these exchanges support. 

Kraken supports 54 cryptocurrencies on its exchange platform that can be bought with fiat or even other cryptos. These include important digital currencies like Ethereum, Bitcoin, LINK, Litecoin, and many other coins and also some DeFi tokens. In contrast to that, Gemini is limited to 26 coins however that list consists of coins by market capitalization. 

Fees Of Both Kraken And Gemini Exchange

Now that you have known nearly everything about both Kraken and Gemini let us end the comparison by determining the fees that these exchanges have to offer. But before you see the table note that in Kraken vs Gemini vs Binance, Binance is always the winner as per fees. 

Kraken

Gemini

Deposits (USD)

Bank transfer: $0 – $25

Deposits (USD)

Bank transfer: None

Debit Cards

3.75% + €0.25

Debit Cards

3.49%

Fiat Trading

0.2%

Fiat Trading

0.5% +1.49%

Crypto Trading

0.16% and 0.26%

Crypto Trading

0.35% and 0.25%

Withdrawals (USD)

Up to $40

Withdrawals (USA)

None

Conclusion

Now this comparison on Kraken vs Gemini comes to an end. Both the exchanges are good, but Gemini is a bit ahead of Kraken because of its currency options and also the ease of use. But the fees of Gemini are marginally higher when compared to Kraken. The whole process of creating an account, linking it to the payment methods, browsing digital currencies are better on both these exchanges. 


Frequently Asked Questions On Kraken Vs Gemini

1. Is Kraken or Gemini better?

Both the exchanges are good, but Gemini is a bit ahead of Kraken because of its currency options and also ease of use.

2. Is Gemini cheaper than Kraken?

Both the fees in Kraken and Gemini vary based on the type of trading done. In some Gemini is more while in other Kraken is more.

3. Is Kraken better than Coinbase?

In Kraken vs Coinbase, Coinbase is best for beginners but when it comes to the fees it is always higher than many in this industry.

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