Kraken vs Gemini Exchange Review (UPDATED 2018): Are They Safe?| VKOOL

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Comparing Kraken vs Gemini

Kraken and Gemini are cryptocurrency marketplaces that are somewhat similar, though there are different in their fees and offered cryptocurrency.

With Gemini you’re limited to Ethereum and Bitcoin, though they do offer competitive rates. Kraken offers many different types of alt coins.

We’ll explain in full detail what you can expect from these 2 major marketplaces.

 

Key Details of Kraken vs Gemini

Gemini is a slightly newer company that began in 2015, and Kraken has been around since 2011. They offer the same coins as Gemini with BTC and ETH, though they offer many other alt coins which are lesser known.

Gemini is based out of New York and Kraken is out of California. With Gemini you can deposit using a bank wire or transfer, or trade crypto. Kraken only offers bank wires and cryptocurrency deposits.

How to Fund

There are different tier levels with Kraken and the basic form is to provide a phone number, date of birth, country of origin, and a full name in order to deposit and withdrawal. If you want to despot and withdraw a lot more funds, than you have to upload some sort of ID.

Gemini offers many other options including a wire transfer, ACH bank transfer, or the ability to trade cryptocurrency as long as it’s ETH or BTC.

Usability

The advanced tools on Kraken make it easy to set up different kinds of orders, such as making a purchase only for a certain fixed price. You can also simplify your search by clicking on Simple, or if you’re seasoned then you can click Intermediate or Advanced.

You can also submit the crypto you’re looking to get and see an updated price for the fiat you’re looking to exchange it for.

Gemini is a bit simpler and it’s much more suited for beginning traders who may not know how to deal with the intricacies of trading cryptocurrency. You can still use their chart and view updated market information as soon as you set up an account. This allows you to look at comparisons to view what the value is of different cryptocurrencies.

Fees for Trading

Gemini uses a dynamic trading calculator that expends on the volume you had in a full 30 day period. for example, if you trade less than 20, 00 ETH or 1,000 BTC, than you pay 0.23% as a taker, or 0.20% as a maker. There is an auction fee of 0.20%.

If you do much larger trades than for makers it would be 0% for 100,000 ETH or more, or if it’s 5,000 BTC or more, than it’s 0.10%.

Kraken is dependent on the volume as well. If there is a volume cap of 50,000 or less, than makers pay 0.16% and takers pay 0.26%.

Offered Cryptocurrency

With Gemini you can only makes trades for Ethereum and Bitcoin. Kraken offers many different types of alt coins like Dogecoin, Tether, Monero, Ripple, Dash, Gnosis, and Ethereum Classic, as well as major coins like Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

For people interested in alt coins than it would be preferable to use Kraken, though with Gemini they do make it easy to make purchases of the 2 major crypto coins.

Limitations

You’re limited to $25,000 withdrawal or deposit in Kraken as a daily measure. If you want to deposit and withdraw more than this requires additional identification as a safety measure. This also can take upwards of 5 days for a deposit to be approved.

With Gemini the amount varies on your method. With an ACH transfer you’re, limited to $500 daily, or withdrawing $10,000 daily. No deposit limit is set on cryptocurrency transfer or a wire transfer.

Company Security

Gemini is much newer and they were sated by the Winklevoss twins as a way to make major cryptocurrency transactions seamless. They have also had a major stake in cryptocurrency in general, especially with Bitcoin.

Kraken is based out of California and they have secured major funds from the Blockchain Capital group. Both of these companies have gained major popularity as a source for cryptocurrency.

Storage

You can take advantage of the FDIC insurance provided by Gemini up to $250,000. Keep in mind this is only for USD deposit, not for cryptocurrency itself.

Kraken offers a wallet with cold storage that is fully encrypted for any new deposit. It’s still highly suggested to never keep your funds in any marketplace in order to create selection from where you purchased your crypto, to where you store it.

Consumer Support

A simple to understand FAQ section is provide for each website where you can get the specifics behind how to begin, as well as any other additional inquires. Much like other cryptocurrency sites there can be a few days of delay for answered questions, which is why they have a fully outlined FAQ section.

Kraken allows you to send a direct message to the company where you get a ticket to wait your turn to be responded. You can also submit a similar request to Gemini where someone from the company will get back to you. Both have a Reddit page though it appears that the Gemini page is not actually operated or frequented by anyone representing the company.

Kraken vs Bittrex

Bittrex provides strictly trading of cryptocurrency, so you must already have crypt on you to exchange. You have access to many alt coins, with over 190 different options currently available. They also made it clear they will soon allow USD deposits, so not only is there trading, but also direct purchases of many kinds of crypto.

Kraken vs Gatehub

You can examine market updates and take advantage of the free Gatehub wallet. You can also provide a direct form of payment to other people using the Ripple network. This allows you to make a direct conversion to fiat currency. It’s difficult to compare these two companies, since Gatehub does not offer any purchases of cryptocurrency they are instead a kind of smart crypto wallet.

Kraken vs Bitstamp

Bitstamp in an example of a specialized trading site where you can get a hold of BCH, ETH, LTC, and BTC. You can use your USD to get direct access to aforementioned coins. They are based out of Europe and they have been around since 2011. Though they do offer storage on their website, it’s best for safety reasons to store your funds elsewhere.

Gemini vs Coinbase

Coinbase is in the ranking for the easiest cryptocurrency marketplace. All you have to do is create an account for free by providing an email, full name, and password for your account. You can use your credit or debit card, as well as make a direct wire transfer from your bank account. This allows people the opportunity to get major crypto coins like BTC, LTC, BCH, and ETH.

Gemini vs GDAX

GDAX offers people the opportunity to purchase cryptocurrency using a bank transfer or direct deposit with a credit or debit card. You can purchase many kinds of crypto including Litecoin, Bitcoin, Bitcoin Cash, and Ethereum. They are owned by another major cryptocurrency website named Coinbase. More tools are offered on GDAX however, as well as the ability to look at current market trends.

Kraken vs Gemini FAQ

  1. Is there a Kraken app?
    There are a few free apps offered though for safety we advise only using the official version.
  2. What are the Kraken fees?
    This varies depending on the volume and whether you’re taker or maker. To read the full outline we recommend visiting their official website.
  3. Where can I find the Kraken login?
    Go to their official website where you will see the login information on the top right hand corner.
  4. Does Kraken offer Ripple?
    Yes they do, and you can read the current value of it there as well.
  5. Is there a Kraken Wiki page?
    Yes, they have a great detail of the company history, what they’re planning to do, and other important facts.
  6. What is a common Kraken review?
    People often said that it was quick and easy to get a hold of crypto.
  7. Where is the Kraken Reddit page?
    Here it is: https://www.reddit.com/r/Kraken/
  8. Where is the Gemini log in page?
    The official website top right hand corner has the log in.
  9. Does Gemini offer Ethereum?
    They do and the market value varies daily.
  10. What are the total Gemini fees?
    This varies on different factors but you can read all about the trading fees on their official website.
  11. What is a common Gemini review?
    People generally said that transactions were timely sand easy to do.
  12. Is there a Gemini exchange mobile app?
    No, not at this time.
  13. Is Gemini exchange down?
    The official website appears fully operational.
  14. Where is the official Gemini exchange phone number?
    It is: (866) 240-5113.
  15. What is the Gemini crypto Reddit page?
    They do not have an official page, only an un-official Reddit page.

Summary

For many kinds of alt coins Kraken has a lot of different options, if you want major coins than Gemini might be a better marketplace as their fees are competitive. With Gemini you are limited to Bitcoin and Ethereum, but they are a trusted marketplace where you can provide direct USD deposits.

With Kraken the fees are also variable depending on the specific volume you’re trading at within a given period. Both offer a lot of resources to look at that the marketplace are like, and they have updated rates. If the goal is to get more alt coins than you won’t be able to do so on Gemini, but they are a trusted source for ETH and BTC.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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