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Kraken Vs Gemini
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Kraken Vs Gemini

Choosing a crypto exchange platform might seem like a daunting task. Both Kraken and Gemini make solid cases for the best online exchange for beginners because of their security and entry-level interface. By going over the essentials of what makes these platforms recommendable, you will be able to make an informed decision and opt for one over the other according to your intentions and investor profile. Keep reading and find out how Kraken vs Gemini fare in fundamental categories, including fees, security, and ease of use, among a few others.

About Kraken

Created in 2011, this American company established in San Francisco is now a major crypto exchange platform that allows its users to buy, sell, and trade all kinds of altcoins.

Kraken offers different types of services. From basic trading capabilities suited even for the most novice of investors up to margin accounts or futures trading, which have a higher degree of risk and fit investors with a different profile.

Kraken's different platforms and benefits, including low fees and top-notch security, make it one of the most appealing crypto exchanges in the business.

About Gemini

Gemini is a company owned by the Winklevoss twin brothers (where the company's name comes from). The platform was launched in 2015, and it currently works as an exchange platform that allows you to buy, sell, and safely store crypto.

It supports over 40 currencies, including the platform's own coin, the Gemini Dollar, which constitutes a stable coin, unlike most other altcoins on the market.

Gemini offers clients different types of interfaces and services. With separate sub-platforms, the platform guarantees a swift experience for every level of investor, from beginners all the way up to high-volume traders.

Kraken vs Gemini: Fees

The fee structure is one of the main focus areas that set the two platforms apart. By being so different, it can turn out to be one of the deciding factors for beginners when choosing which platform they want to enroll in.

Gemini opts for a complex fee structure that will fluctuate according to your moved amounts. Until you reach the $200 threshold, the fee will be flat, structured by tiers. Any sum above $200 will make you incur a 1.49% fee. As you become more and more comfortable trading and moving larger amounts, Gemini has the perfect option that allows you to take advantage of a maker-taker structure.

Unlike other exchange platforms, Gemini doesn't take a commission for deposits. You can choose whether to top up your account via a bank transfer or a wire transfer, and either way, Gemini won't take a cut.

Kraken implements a maker-taker fee structure right off the bat. With this system, Kraken users can access lower commissions as soon as they create their accounts. Depending on the trading amounts, the fees can range between 0% and 0.26%, which is incredibly low.

As far as deposits and withdrawals, Kraken has numerous options for every currency you want to put into the platform or withdraw. There are free options and paid methods.

Kraken vs Gemini: Available Coins

Kraken and Gemini both offer a rich multitude of cryptocurrencies. Kraken however offers nearly 100, while Gemini settles for 50. It should be noted that both platforms are constantly updating their available coins and introducing new altcoins for investors to trade.

Both platforms provide the users with the most popular cryptos on the market, including BTC, ETH, and LTC, among many others.

Crypto Wallet

Gemini's wallet is a standard digital wallet that will allow you to store your funds safely. It includes insurance if the platform is hacked or suffers a breach; that isn't something a lot of the competition can say.

Kraken's wallet is also a standard wallet. The platform clearly states they're not a hot wallet service.

Security

Security is one of the key aspects every user wants their exchange platform to excel in. Peace of mind when selecting and using an online platform like Gemini or Kraken is paramount.

Both services rank among the best in the business for security. Gemini, for instance, enforces strict security measures that include two-factor authentication, keeping their assets in cold storage, and even insurance on your wallet funds in case a breach were to happen.

Kraken also implements safety standards that mimic Gemini's. For one, more than 95% of the assets are locked in cold storage, away from possible online hacks.

Both platforms are regulated by top-tier authorities in the countries where they run their operations.

Ease of Use

Kraken and Gemini pride themselves on being easily comprehended by even the most novice investors.

Here the difference isn't too obvious since people will adapt to a specific interface easier than others, and vice versa. If we were to give the edge to one platform over the other, Gemini would get the nod. Kraken's security steps when opening an account might deter beginners and feel overly complicated to someone looking for a quick start.

Other Features

Gemini offers you the chance to try their NFT marketplace. With this innovative sub-platform, Gemini allows you to buy and sell NFTs just as you would trade any coin.

Kraken includes staking in its offering. When you have funds in your wallet, Kraken allows you to receive up to 20% interest depending on the currency you hold inside your Kraken wallet.

Conclusion

Choosing between Gemini vs Kraken is not an easy task. Both platforms are an excellent fit for most investors with any experience level.

Not sure that any of the two platforms are a good fit for you? This is why we created our comprehensive comparison tool: to help you find the platform that best covers all your needs.

All you have to do is answer a few simple questions, and our algorithm will show you which is the best crypto exchange for you. Try it now!

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