Kraken and Gemini both are well-established crypto exchanges based in the US and backed by the prominent entities. Both of them are considered as an ideal platform to start crypto trading for the beginner as well as advanced traders. Though both of them have their own cons and pros from various perspectives of investors, traders or common people who are just getting into crypto space. Let’s compare Kraken vs Gemini to examine how distinctive they are?
Kraken vs Gemini: Funding method
Gemini: Geminin allows their users to transfer the funds via bank account (ACH), wire transfer and cryptocurrency. You will be asked for personal information and ID proof in order to start using Gemini. The main advantage of Gemini is that once you have requested to fund you Gemini wallet you can start trading right away even before funds are approved.
Kraken: Kraken uses the different approach of verification tier for users to fund their accounts. For instance, tier 1 users can only use cryptocurrencies to deposit and withdraw funds from their account. They are allowed to trade in crypto as well as fiat money.
Tier 2 & 3 users require to send their identity and other proof and are allowed to make bank deposits and wire transfer to withdraw the funds. The fund limits are increased according to tier level.
Kraken Vs Gemini : Supported cryptocurrencies
Gemini: Gemini is currently offering bitcoin and Ethereum only and has no plan to start offering altcoins at least for now.
Kraken: Kraken has a quite an impressive list of altcoins. If you are more into altcoins trading and investing Kraken can be an ideal platform. Currently, Kraken supports
- Bitcoin Cash
- Ethereum Classic
- Stellar Lumens
Kraken vs Gemini : Fund security
Gemini: Gemini is a step ahead when it comes to funding security as the majority of funds are stored in cold storage and USD deposits are secured with FDIC insurance up to $250,000 per depositor. The cold storage and other wallets are also protected with 2-factor authentication and multi-signature technology embedded in hardware security modules (HSMs).
Kraken: funds deposited on Kraken are not secured with FDIC insurance but the majority of their assets are stored in highly-encrypted cold storage wallet with 2-factor authentication and multi-signature technology.
Kraken vs gemini: Transfer limits
Gemini: There is no limit when depositing with cryptocurrencies and wire transfer per day. But you can only deposit $500 per day via Bank transfer and it can take up to 4-5 days to be approved. The withdrawal limit is $10,000 per day.
Kraken: Kraken will allow you to make higher deposits and withdrawals of $25,000 per day when you provide sufficient proof of identity, the source of income and residence. Deposits take 1-5 business days to be approved.
Gemini: Gemini was launched in 2015 by Tyler and Cameron Winklevoss as first U.S. licensed exchange for Bitcoin and Ethereum. Gemini is registered as a trust meaning your money is backed by the U.S. government up to an extent.
Kraken: operated by Payward, Inc and backed by top-tier investors Kraken has become a popular crypto exchange across the globe.
Beginner friendly : Kraken vs gemini
Gemini: Gemini is an ideal platform who are just getting started with crypto and want to get their hands on bitcoin and Ether. UI of the site is quite simple yet highly intuitive to new users.
Kraken: Kraken is made for advanced users with the number of other coins. Their website is neat and clean though number users have found few minor bugs.
Gemini and Kraken, both of them are quite a strong competitive and depending on your needs you can use any of these platforms. Gemini beats the Kraken when it comes to fund security, but Kraken leaves the Gemini behind when it comes to altcoins. If you are new in crypto sphere Gemini is for you and if you are intended to explore altcoins Kraken is for you.