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|Year of foundation||2011||2014|
|Languages||English, Japanese, Chinese, German, Spanish, Russian, Greek, Ukrainian, Turkish, French, Italian, Portuguese, and two types of Korean||English|
Depositing and Withdrawing Funds
Users of all of these exchanges can deposit fiat money via bank transfer. Unfortunately, this is the only option available to Kraken customers.
Gemini has a wider range of options, as it allows deposits not only via bank transfer, but also via debit/credit card – probably the most convenient way to fund financial accounts. Gemini accepts payments from MasterCard, VISA and American Express cards. Another option is to use ACH transfers (only available to US customers).
Trading Volumes and Traded Pairs
Kraken’s trading volume reaches nearly $70 million. Kraken offers a wider range of currencies. Supported cryptocurrencies include
- Bitcoin Cash
- Basic Attention Token
- Ethereum Classic
- Multi Collateral DAI
- PAX Gold.
The total number of supported cryptocurrencies is 30. In addition to cryptocurrencies, Kraken supports 5 fiat currencies (US dollar, sterling, euro, Canadian dollar and Japanese yen).
Gemini has a lower trading volume of just under $2 million. Gemini only supports 6 cryptocurrencies:
- Bitcoin Cash
- the company’s stabelcoin known as Gemini dollar (GUSD), which is only available to users from South Korea. Moreover, the platform supports U.S. dollars.
Gemini provides nice terms, although they do charge 0.5% for placing orders. Cryptocurrency withdrawals are the most expensive for Gemini users. Overall, Kraken collects the lowest fees, although competitors provide cheaper bank transfers.
Kraken is considered a secure cryptocurrency exchange. It has never been hacked, although there are cases where carefree users are hacked or phished and lose their money. The exchange could have required its users to set up two-factor authentication before using the platform to avoid these problems, but Kraken has not. In addition, the platform has a record of performance issues caused by DDoS attacks and an inability to maintain stable performance with a large number of traders. Users are advised to protect their accounts with 2fa. All data stored on the exchange is encrypted.
Gemini is a licensed exchange. Since it cooperates with the New York City Department of Financial Services (NYDFS), users’ funds are insured. This is why Gemini is one of the most secure cryptocurrency platforms. Nevertheless, according to some online reports, trading takes place offline during high traffic times. Of course, the user experience suffers from such a problem.
Pros and Cons
Kraken is the most democratic platform of the three. It has relatively low fees. There are some negative reports online. This means that the support team is not fast enough, but apparently the platform continues to do its job. Gemini is geared toward institutional and active traders. It charges higher fees, but provides better security in return.
I have been studying cryptocurrency for over 5 years. I have accounts in every exchange and I test everything on myself.
I want this market to be more understandable for everyone.