Kraken vs Gemini: Which Exchange Is Best For Buying Bitcoin in 2020?

The Best Crypto Exchange

will determined over this Kraken vs Gemini review, which in turn will help you buy or sell crypto. Both websites not only let you buy and sell crypto but you can trade crypto. Fees in trading are reasonable compared to other exchanges. In this review, we will list the fees on deposit and withdrawals, verification, trading platforms, security features, etc.

Kraken Review

Kraken exchange operates since 2011 with a large capital of the crypto market. Currently, more than 4 million users are registered in Kraken. The exchange has a daily volume of more than $200 million USD. Bitcoin is the most exchanged crypto, followed by other cryptocurrencies like Ethereum, Litecoin, etc. 

With Kraken, you can buy and sell cryptocurrencies like Bitcoin, Ripple, Ethereum, etc. To buy and sell crypto you can use different payment methods such as bank transfer, debit card, credit card, etc. Payment methods are limited for some countries so you’ll have to use different payment methods.

Kraken also allows you to trade major cryptocurrencies on its trading platform. You can trade crypto with a leverage of up to 5x and low trading fees. Besides trading, you can exchange your crypto for another crypto. The exchange process is quick and fees are low to exchange.

To use the Kraken exchange website, you’ll need to verify your account. When you verify the account, you’ll unlock more features and limits. The verification gives you more limits to deposit on a daily basis. You will have a higher limit to withdraw crypto on a daily basis. Besides deposit and withdrawal limits, you will unlock trading features that can be beneficial in crypto trading.

Gemini Review

Gemini exchange was founded in 2014 by Tyler Winklevoss and Cameron Winklevoss. In 2016, Gemini was licensed as ether exchange and Zcash exchange. With Gemini, you can buy and sell cryptocurrencies like Bitcoin, Ethereum, Zcash, Litecoin, etc.

Besides that it allows you to buy and sell crypto through its website, Gemini allows you to buy and sell crypto through the mobile apps. To buy and sell crypto, you can use the mobile app of Gemini on Apple Store, Google Play Store, and Galaxy Store.

To send or receive crypto funds from other wallet address, you use the Gemini wallet. The wallet supports major crypto coins and you can scan QR code to receive and send payments with crypto. The mobile app it’s simple to use and ideal for beginners in the crypto industry. Exchanging crypto is possible with the Gemini wallet too.

With the Gemini exchange, you can trade major crypto coins on the trading platforms. The platforms are very advanced as it offers a professional-level experience. Advanced charting, multiple order types, block trading, etc, are available on the trading platform. Besides desktop trading, the platform can be used to trade crypto on mobile devices too.

Supported Countries

Kraken Supported Countries

Kraken exchange can be used in most of the countries. But there are restrictions on some countries. And to use more payment methods, you’ll have to upgrade the level. Because some countries cannot use payment methods such as bank transfer without verifying the account first. 

Kraken exchange cannot be used in these countries:

Afghanistan, Cuba, Guinea-Bissau, Iran, Iraq, Japan, North Korea, and Tajikistan.

Gemini Supported Countries

Gemini exchange is available in most of the US states. The following states from the United States can use the Gemini exchange:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C and West Virginia.

The following international countries can use the Gemini exchange:

Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Chile, Croatia, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Finland, Greece, Hong Kong, Hungary, Iceland, India, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Myanmar, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Singapore, Slovakia, Slovenia, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Turkey, United Kingdom, and Vietnam.

Buy and Sell Crypto

Kraken Buy and Sell Crypto

Buying and selling crypto on Kraken is similar to Gemini, but you’ll have to verify your account first. The verification is required and without verification, you cannot buy or sell crypto. 

Follow the steps below to buy Bitcoin on Kraken.

1. Sign up for a Kraken account. Provide an email address, choose a username, and pick a strong, secure password.

2. Verify your account with “Starter” verification, so you can buy BTC with other cryptocurrencies. All you need to do is provide your name, date of birth, country, and phone number. If you’d like to use fiat currencies, like USD or EUR, you’ll need to provide additional support documents verifying your identity. For more information, see our verification levels documentation.

3. Deposit fiat or cryptocurrency. To deposit crypto, just create a deposit address and send the funds to this address. Funding your account with fiat currencies for trading can be done in a number of ways, including SWIFT, SEPA, and domestic wire transfers. The option you select will be based on your location and preference.

4. Start buying crypto! Once your fiat or cryptocurrency hits your account, you’re ready to start buying bitcoin. With your Kraken account, you’ll also have access to our charting tools, 24-hour global client support, advanced order types, and leveraged trading.

To sell Bitcoin on Kraken, follow the steps below:

1. Sign up for a Kraken account. You’ll need a username, email address, and a strong password.

2. Verify your Kraken account. Kraken requires you to provide your name, birth date, country of residence, and phone number. If you own BTC, providing this information should allow you to deposit and sell it today. If you want to sell BTC for fiat currency (e.g. Euro or GBP), you’ll need to provide details including your identification and proof-of-residence documents. 

3. Send BTC to your Kraken address. If you want to sell some or all of your BTC for another crypto asset (like BCH or LTC), start by generating a deposit address in your Kraken account and sending your BTC to that new address. Depositing your crypto to Kraken is as easy as transferring it to any Bitcoin address. When you send your BTC to the deposit address, your bitcoin wallet will generate a transaction with an ID and broadcast this transaction to the Bitcoin network. Transactions are confirmed by the network in batches called blocks, on average every 10 minutes.

4. Start selling bitcoin! Once your account is funded, you’ll be able to sell your BTC. Next, open the New Order page, fill out our order form, and click SELL. You can also check our charts to pick the right time to trade.

Gemini Buy and Sell Crypto

To buy and sell crypto with Gemini is quick and easy. You can buy and sell crypto through the Gemini website or you can use mobile devices with iOS, Android, and Galaxy Store.

To buy crypto via Gemini website, follow the steps below:

1. First, you’ll have to create an account on the Gemini website.
2. Select a digital asset from the left side of your home page. 
3. Select “Buy” and select if you would like to make a single buy (Once) or Recurring buy. 
4. Click “Next” to input the order amount. Click “Review Order” to move to the confirmation screen. 
5. Once reviewed, click “Place Order” for your order to immediately execute.

To sell crypto via Gemini website, follow these steps:

1. Select a digital asset from the left side of your home page. 
2. Confirm that “Sell” is selected. 
3. Click “Next” and input the order amount. 
4. Click “Review Order” to move to the confirmation screen. 
5. Once reviewed, click “Place Order” for your order to immediately execute.

To buy crypto via mobile app, follow the steps below:

1. Tap on the “Market” tab at the bottom left of your screen. 
2. Tap on the digital asset you would like to buy. 
3. Tap on “Buy” to begin your trade. 
4. Select if you would like to make a Single buy or Recurring buy. 
5. Enter the amount you want to buy and tap “Review Order” at the bottom of the screen. 
6. Review your trade on the next screen and “Swipe to confirm” for your order to immediately execute.

To sell crypto via mobile app, follow the steps below:

1. Tap on the “Market” tab at the bottom left of your screen. 
2. Tap on the digital asset you would like to buy or sell. 
3. Tap on “Sell” to begin your trade. 
4. Enter the amount of the digital asset you want to sell and tap “Review Order” at the bottom of the screen. 
5. Review your trade on the next screen and “Swipe to confirm” for your order to immediately execute.

Crypto Trading

Kraken Crypto Trading

Kraken trading platform offers leverage of up to 5x to open short (sell) and long (buy) positions. You can trade major cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Stellar, etc. The full list of available cryptocurrencies can be found here:

The trading platform it’s friendly to use on its website and mobile app. You can analyze the crypto charts with advanced trading tools. Kinane has low fees in trading that start from 0.02% per position.

Gemini Crypto Trading

As we mentioned at the beginning of the article, you can trade crypto with Gemini. The trading platform uses a modern design and the user-interface is very easy to use. All of your orders are executed in microseconds and you can open limit order pending order, etc. You can trade major cryptocurrencies such as BTC/USD, ETH/USD, LTC/USD, etc. 

The trading platform can be accessed from the menu panel by clicking the “Active trader” menu. You can also trade crypto with the trading platform on the mobile app. The trading platform it’s available on Apple Store, Google Play Store, and Galaxy Store.

Deposit & Withdrawal

Kraken Deposit & Withdrawal

Kraken supports many payment methods to deposit or withdraw. Fees apply for both deposit and withdrawal payments. The following payment method can be used to deposit or withdraw funds from your Kraken account:

• Cryptocurrency
• Fedwire 
• SWIFT Bank Transfer 
• Silvergate Exchange 
• In-person cash/debit (Canada Post) 
• Domestic wire transfer 
• InterFIN FPS/BACS (Clear Junction) 
• CHAPS (Clear Junction) 
• SIC (Bank Frick)

To learn more about fees and processing time, click here.

The full list of supported cryptocurrencies to deposit and fees can be found here.

Gemini Deposit & Withdrawal

The only option to deposit or withdraw on the Gemini exchange is with Bank Transfer (ACH). You can also deposit or withdraw funds to your crypto wallet. There are no other options available like Debit or Credit Card, Skrill, PayPal, etc. Payments can take at least 4-5 days to be processed. 

Fees apply for the crypto deposit and withdraw, more details can be found here.

Gemini does not charge any fees for deposit or withdrawal with ACH Bank Transfer. However, your bank can charge any fees. The minimum amount you can deposit must be at least $10. The deposit or payment that you make, should be under your name. Payment transaction that does not hold your name, will be returned and this can take up to 10 days.

Trading Fees 

Kraken Trading Fees 

30- Day Volume	Maker	Taker
$0 – $50,000	0.16%	0.26%
$50,001 – $100,000	0.14%	0.24%
$100,001 – $250,000	0.12%	0.22%
$250,001 – $500,000	0.10%	0.20%
$500,001 – $1,000,000	0.08%	0.18%
$1,000,001 – $2,500,000	0.06%	0.16%
$2,500,001 – $5,000,000	0.04%	0.14%
$5,000,001 – $10,000,000	0.02%	0.12%
$10,000,000+	0.00%	0.10%

Gemini Trading Fees 

30-Day TradingVolume in (USD Notional)	Taker Fee	Maker Fee	Auction Fee
0	0.35%	0.25%	0.25%
≥ $500,000	0.25%	0.15%	0.20%
≥ $2,500,000	0.25%	0.15%	0.10%
≥ $5,000,000	0.15%	0.10%	0.10%
≥ $10,000,000	0.15%	0.10%	0.00%
≥ $15,000,000	0.10%	0.00%	0.00%
≥ $50,000,000	0.075%	0.00%	0.00%
≥ $100,000,000	0.05%	0.00%	0.00%
≥ $250,000,000	0.04%	0.00%	0.00%
≥ $500,000,000	0.03%	0.00%	0.00%

Verification

Kraken Verification

Kraken verification system is automatic, so you will get a response very quickly. However, some additional documents can be required which can take more than 1 day for a response. The following documents are required to verify your account:

Valid Government Issued ID Document

• Passport 
• Drivers license 
• National identity card (front + back)

For US clients, only US govt.-issued IDs are accepted for USD funding.

Proof of Residence Document

• Bank statement 
• Credit card statement 
• Utility bill (water, electricity, gas, internet, phone) 
• Payroll statement -or- Official salary document from the employer 
• Insurance statement 
• Tax document 
• Residence certificate

Valid SSN (Social Security Number) or ITIN (Individual Taxpayer Identification Number) (US clients only)

Face Photo (German, South African, and US Clients)

• Residents in Germany, South Africa, or the USA 
• Funding with a German, South African, or US bank

Gemini Verification

You can verify your identity through Gemini’s website or via the mobile app. The verification process can take between 2-5 business days.

For U.S users, the following document is required:

• Proof of identity — your valid state-issued ID, driver’s license, passport, or passport card.

If you’re from the international countries, then you must submit the following documents:

• Proof of identity — your passport from your country of citizenship; national ID and/or driver’s license from your country of residence as registered with Gemini. 

• Proof of address — Gemini may also require a full-page scan of either a bank statement, utility, cable, or cell phone bill for service of your home address (e.g., electric, gas, or water).
  
• The document must display your name, current residential address, and must be dated no later than 90 days prior to the date of submission.

Summary

Kraken offers more crypto to buy and trade than Gemini. When it comes to payment methods for deposit and withdrawal, both support cryptocurrencies. But Kraken besides crypto deposit and withdrawal, it offers other payments compared to Gemini that offers only Bank Transfer (ACH).

Kraken does charge fees for both deposit and withdrawal. Gemini does not charge any fee with Bank Transfer. The fees on trading are similar as both offer low fees in the trading platform.

In general, we can recommend both websites to exchange, trade, or buy and sell crypto. We hope you enjoyed this Kraken vs Gemini review and if you wanted, we recommend reading our Kraken vs Binance review as well.

Get Started At Kraken Here or Get Started At Gemini Here!