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The dynamism of the cryptocurrency industry has allowed it to grow at a rapid pace, leading to the creation of thousands of cryptocurrencies and exchanges. But which are the best ones to go with? Leading crypto service comparison site, Cryptowisser, has released the most detailed crypto exchange comparison tool in the industry. We filter through them all and provide well-informed and precise comparisons between your favorite cryptocurrencies and exchanges, highlighting the key differences.
The first cryptocurrency transaction took place over a decade ago now, back in 2009. Since then the cryptocurrency industry has expanded and grown, leaving the crypto community demanding a means to trade these coins on an exchange. In this guide we’ll provide an in-depth comparison of two of the most popular exchanges in operation – Gemini vs Kraken.
First and foremost, we’ll look at the number of supported cryptocurrencies available through each exchange. One of the most recognisable features is the ability to trade your digital coins for fiat currencies, which is available through both of these platforms. There is a growing demand for exchanges offering these types of “fiat gateways.” Overall, Kraken supports 46 supported cryptocurrencies to Gemini’s 42. In terms of Bitcoin trading, Gemini is favorable as it lists only the most reliable currencies such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
One of the first things to address is the various exchange fees involved in any trade. The three relevant fees are the Taker fee, Maker fee, and Withdrawal fee. Kraken has significantly lower Taker (0.26%/1.99%) and Maker fees (0.16%/1.99%) than Gemini. This makes moving coins a much more frugal process when working with Kraken. Moreover, when users decide to withdraw their funds this process is also more economical to do so through Kraken, which offers withdrawals at a low rate of 0.0005BTC and Gemini at 0.001BTC. While both fees are very low, if a user is making a lot of trades, this low fee will eventually add up. Gemini has the higher trading fees, but if your trading volume is low this isn’t too much of an issue.
These two don’t feature any significant differences in this aspect of the services they offer. Both companies allow for Wire and Crypto deposits, but do not support Credit transfers.
Both exchanges are available to US players, which is where a good portion of the cryptocurrency community reside. Kraken has been in the industry slightly longer, founded nine years ago compared to Gemini’s six. The significant point worth highlighting is the fact Kraken offers additional derivative options to customers, while Gemini does not feature this. This is of little importance to many traders, but it’s worth noting.
Gemini or Kraken?
After a thorough analysis of these two, it’s clear that Kraken is the more comprehensive exchange platform. Inexpensive fees, trading with fiat currency, and the higher number of supported cryptocurrencies available at Kraken make it a very appealing choice. Moreover, the level of security available to customers is something that Kraken takes pride in promoting and rightly so, with security measures going beyond the usual 2FA and cold storage measures.
However, that’s not to dismiss Gemini, which is a very credible platform. If the focus is trading at a low volume and working with the most popular cryptocurrencies, Gemini is a great option.