Kraken vs. Gemini: Which Is Right for You?

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Kraken and Gemini are two solid, regulated, and secure cryptocurrency exchanges from noteworthy founders. Jesse Powell launched Kraken after witnessing the Mt. Gox security breach that left many investors with virtually nothing and no one to repay them. In Kraken, he created a highly regulated and extremely secure crypto exchange in the wake of Mt. Gox. Then we have Gemini, which was founded by the Winklevoss twins, who have been infamous for claiming that Mark Zuckerberg stole their idea for Facebook. But since then, they have used their resources to invest in cryptocurrency and eventually launch their own exchange in Gemini (which of course is symbolized by twins, on brand for the Winklevii). We have compared these two powerhouse exchanges side by side so you can see how they stack up, and you can read our full Kraken versus Gemini review below to find out.

Kraken vs. Gemini: At a glance

Offer	Kraken	Gemini Exchange
Rating	Rating image, 4.00 out of 5 stars. 4.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Commissions	0.0% - 0.40% maker-taker fees (Kraken Pro)	$0.99-$2.99 orders under $200, 1.49% for orders over $200 (default), 0% - 0.40% (Gemini ActiveTrader)
Next Steps	Open Account for Kraken Read Full Review	Open Account for Gemini Exchange Read Full Review

Kraken vs. Gemini: Fees

Kraken's fees are going to be relatively high if you're planning on using a credit card. You will be charged 3.75% of your deposit in processing fees, plus $0.25. There is also a 0.9% fee for stablecoins and 1.5% for any other crypto or FX pair. In total, you could be looking at up to 5% in fees alone! Which is on the high end for almost any exchange.

If you upgrade to Kraken Pro, however, the fees are much more reasonable. Kraken employs a maker/taker fee schedule incentivized by lower fees for higher volume trades. The maker fees range from 0.16% to 0.00% (meaning you don't pay anything in maker fees at a certain volume). And the taker fees range from 0.26% to 0.10%, which is very reasonable.

Both of these exchanges have major strengths, but you do pay for these features in fees. With Gemini, fees are set at a certain amount based on the order amount and the type of currency being used. Gemini also charges a convenience fee included in the price as a markup of around 0.5% more than the quoted price. For an order using U.S. dollars, the transaction fee can range from $0.99 for an order of $10 or less, and up to $2.99 for orders between $50 and $200. Orders beyond this range are charged 1.49% of the order value in transaction fees.

So let's compare trading $100 worth of Bitcoin (BTC) on the two platforms. With Kraken (and not using Kraken Pro, not trading in stablecoins, or FX pairs), the fee is going to be 3.75% plus $0.25. So the $100 in BTC is going to cost you $104. Gemini takes a different path but in this case you wind up with a similar result. If you place an order for $100 worth of Bitcoin, Gemini would charge you a $2.99 flat fee, along with their convenience fee of $0.50, total fees landing at $3.49, and the total cost to you with your BTC would be $103.49. Both of these are high fees, but they each offer a chance at lowering them. With Kraken you can upgrade to Kraken Pro. And with Gemini, if you put in over $200 the transaction fee percentage is much lower and more palatable.

Kraken vs. Gemini: Cryptos available

Kraken is one of the original crypto exchanges, and it offers over 160 coins and tokens, including mainstream ones like Bitcoin, Ethereum, Cardano, Solana and Dogecoin, as well as many lesser-known coins. It also offers staking for many of these big coins, including Ethereum, Cardano, and Solana.

Gemini gives users the ability to trade just over 70 cryptocurrencies, which at a glance may seem like very few when compared to Kraken's larger selection. But investors who want to focus on a few select cryptocurrencies may not bat an eye. If that's the case, you will still want to confirm the coins you want are available on Gemini. Although it offers exchanging of many top currencies, it's missing a few desirable ones, some of the most obvious being Binance USD, BNB, Solana (SOL), Avalanche, and XRP, which are all in the top 15 most valuable cryptocurrencies.

Kraken vs. Gemini: Wallets

Kraken has stated that it is a crypto exchange, not a wallet service. Users can deposit funds into the corporate wallet for safekeeping while their funds are being bought, sold, or used for staking. But it does not supply users with a personal Kraken wallet.

When funds are deposited, they are moved to cold storage and hot wallets, which is typical for crypto exchanges. When funds are withdrawn, that transaction is handled by the hot wallet rather than the deposit address, so the sending address for withdrawals on Kraken is different from the deposit address.

Kraken does recommend and support popular hardware wallets Trezor and Ledger.

Gemini does have its own wallet, and encourages users to store their assets with Gemini Wallet. This will be the most seamless way on this platform of storing cryptocurrency.

Its wallet offers both hot and cold storage for all of the cryptocurrencies supported by Gemini Exchange. Since it's regulated by the New York State Department of Financial Services (NYSDFS), investors have hot wallet insurance in the event of a hack. But users also have the option of cold storage, which significantly lowers any chance of a breach in the first place.

Kraken vs. Gemini: Security

Security is a top concern for most cryptocurrency investors. It is also a top concern for both of these exchanges. So before we break down the details, we will say that both of these exchanges are good choices for security.

Kraken has what many crypto exchanges do, standard two-factor authentication (2FA). But it also boasts several other innovative security features such as a global settings time lock, configurable account timeout, and SSL encryption. It also has "safe-coin storage," where 95% of all deposits are kept in offline, air-gapped, geographically distributed, cold storage. That means all the funds are not in one place. And it maintains full reserves so users can always withdraw immediately on demand. Kraken also keeps its servers in secure cages with 24/7 surveillance, live armed guards, and video monitors. All of the sensitive information is encrypted, and all accounts are strictly monitored. Many of these features are "next-level" for cryptocurrency security, and set Kraken apart in this arena.

But Gemini also has security as a top priority. Gemini also uses 2FA and address whitelisting to help prevent unauthorized access. And, notably, Gemini provides insurance for both digital and fiat currencies kept in hot storage on users' accounts. Gemini is committed to regulating its service as a way to prove to investors that their money will be kept safe. But before you go running over, keep in mind that Gemini will not cover losses from unauthorized access to a user account. So if someone else gains access to a user's account, their funds may not be eligible for reimbursement. This is why it is of the utmost importance to guard your private keys and not share your information with anyone.

Both of these exchanges have taken measures to be regulated and insured. This should be a relief for investors who want to know that everything is being done by the book, and that in the event of a breach, the company will do what they can to return your money.

Final take

Kraken is a great option for those who want a variety of coins and excellent security features. Investors can be assured that they are trading on a highly regulated exchange that takes many security measures to keep funds safe. But note that this peace of mind comes at a rather high cost in transaction fees if you're not using Kraken Pro.

Gemini is an ideal place for a beginner or veteran investor to find a niche in the crypto sphere. It has fewer coins, but it focuses on being user-friendly and accessible to those who may not be as familiar with crypto. And of course, being regulated and insured is a bonus. The fees are not low, but many find it worth it for all that it offers.

Want to see more options? Check out our list of best cryptocurrency exchanges and apps and see what's available.

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Kraken vs. Gemini: Which Crypto Exchange Is Right for You?