Cryptocurrencies gain great attention since its first appearance. At first, some people still had some doubts about it. As the time goes by, it is proven that cryptocurrencies are not just about hypes and ideas, but these can really become future currencies for digital transactions. Thus, many people start to invest and trade in cryptocurrencies. Crypto exchanges are popular as the access to utilize and gain opportunity of profits from the crypto. Now, there are Gemini and Kraken that become two most popular crypto exchanges. It is interesting to see the facts about Gemini vs Kraken because these two are very popular and many people use them. Their features and other aspects are main attentions because these are what people need when they need the access and platform of cryptocurrency exchange. Both cryptocurrency exchanges can offer many kinds of options of crypto coins. These include the Bitcoin, Litecoin, and other popular cryptocurrencies. The altcoins are also available for exchange and of course it is very convenient for traders and investors who want to access Bitcoin exchanges.
Brief Information about Kraken and Gemini
Kraken and Gemini are not new players in crypto exchanges. Kraken was established in 2011 and it is the US-based crypto exchange that has provided its services in more than 200 territories. It is no wonder that Kraken is very popular. There are many features for both advanced and beginner users so the exchange really try to give good environment for all clients. As for the currencies, traders are able to use fiat currencies in USD and EUR. Traders can exchange the fiat currencies to cryptocurrencies and vice versa. As for Gemini, it was established in 2014. It is also similar to Kraken that it is US-based cryptocurrency exchange. As for more specific details and comparisons, these will be pointed out in some aspects.
Exchange Safety and Regulation
For traders, safety or security in trading still becomes main concern. They are going to use their money and it can be huge funds. Without good safety to secure every transaction, it will be very risky and traders do not wish to have any risk in using their funds. In this case, Gemini and Kraken are regulated crypto exchanges. It is safe to say that both of them have good level of safety. As for the regulator of Kraken, there are some of them. FinCEN of USA, FCA of Great Britain, and FSA of Japan are some of the regulators of Kraken. There are also FINTRAC and AUSTRAC. As for Gemini, it is regulated by New York State Department of Financial Services. In term of regulators, it can be said that Kraken may be more secured with many regulators to guarantee the safety and deal with legal issues. Even so, it does not mean that Gemini can be totally underestimated in this aspect.
Trading Condition of Gemini and Kraken
After talking about safety and regulation in trading, next point is about trading condition. When it is guaranteed that both of them are safe for crypto trading, traders need to see deeper into the trading condition. In the end, it is about details that will give them convenience and even benefits in trading. It can be about minimum deposit, available platforms, and other aspects. As for the aspect of minimum deposit, Gemini has better position compared to Kraken. Gemini only charges $1 as the minimum deposit. Meanwhile, Kraken has minimum deposit of $10. These two are still considered low in term of the minimum limit and it is very beneficial especially for the beginners or new traders. At least, they do not need to accumulate their funds first before trading in the crypto exchanges. As for the trading platform, both Kraken and Gemini has web trading platform and mobile platform. However, Kraken can be considered better in this aspect because this cryptocurrency exchange has Mobile Pro app that offers better user experiences and more features for its mobile platform. In addition to the minimum deposit and trading platforms, it is necessary to check the number of markets. In this case, Kraken can provide up to 474 markets. Meanwhile, Gemini has fewer markets and it does not reach half of the Kraken’s market. Related to the market, both Gemini and Kraken offer more than 90 coins, but Kraken is slightly better because it currently offers 98 markets.
Fees of Kraken and Gemini
Fees become other things to compare when traders want to choose the cryptocurrency exchanges. The seasoned and advanced traders may pay less attention to this aspect because the fees are not high enough compared to the profits that they can gain. However, most beginners have great attention to fees because they still have limited funds and it is better if they can save their money by choosing the platform with lower fees. In this case, trading fees become first attention. It is fee that should be paid for every transaction that is successful. The fees are counted in percentage and Gemini has quite high trading fees compared to Kraken. Trading fee in Gemini can reach 1.49% and it can be higher if traders use debit card. Moreover, there are more fees that will be charged, such as the flat convenience fees. Meanwhile, Kraken has better offer in term of trading fee because its range of fees is only around 0% up to 0.16%. It will be different when it talks about non-trading fee. Even, Gemini does not charge any fee for bank transfer withdrawal. On the other hands, Kraken has higher non-trading fees.
In general, Kraken and Gemini are quite similar in many aspects. Of course, both of them are trusted and secured cryptocurrency exchanges, even for the Bitcoin exchanges and altcoins exchanges. They are very popular and thus many people try to see differences between them. However, it can be said that Kraken is still quite better than Gemini. In term of fees, Gemini has complicated mechanism and structure to calculate the fee. There are some fees that will be charged and each of them has different conditions. Meanwhile, Kraken makes it simpler although some parts of fee are slightly higher than the ones offered by Gemini. Moreover, Kraken is considered more convenient to access for both professionals and beginners with those analytical tools and even educational supports.