Coinbase vs Gemini vs Kraken: Crypto, Fees, KYC Exchanges Difference

Today there are many digital currency exchanges and each of them has its own advantages and disadvantages. Some offer a wide range of different coins, but have a reputation for not being the safest. Others have only a few popular coins on the platform, but there is no doubt about their safety. Because of this, it is sometimes difficult to make the right decision. Let's look at Coinbase vs Gemini vs Kraken. We compare these exchanges by the main parameters and find out which one is better.


Gemini

Coinbase

KRAKEN

Type of exchange

Сentralized

Сentralized

Сentralized

Year founded

2017

 2012

2011

Registration country

Cayman Islands

United States

United States

Trust Score (Coingecko)

10

10

10

Cryptocurrencies / trading pairs

1458

524

609

Trading types

Spot, Futures, Margin trading, P2P

Spot, Futures, P2P

Spot, Futures, Margin trading, P2P

Fees

0.1%

(0.075%  option for BNB holder)

0% - 0.3%

0% - 0.26%

2FA

Yes

Yes

Yes

Mobile application

IOS, Android

IOS, Android

IOS, Android

Daily trading volume on Spot market

$13 265 105 972

$1 822 726 133

$564 410 233

Advantages and disadvantages of Coinbase

Pros:

  • Low commissions
  • User-friendly interface
  • Highly secure and regulated
  • Good reputation and high reliability
  • Support for fiat and buying with fiat money
  • Coinbase is a public company (IPO was held in 2021)

Cons:

  • KYC is required
  • No own token

Coinbase Review Summary 

90% Overall

We have analyzed key features of Coinbase based on 3 important criteria for choosing crypto exchange:

  • Trustworthy
  • Usability
  • Fees
    Based on researches and our own tests, we have made an independent rating.
90%
Trustworthy
89%
Usability
91%
Fees

Advantages and disadvantages of Gemini

Pros:

  • Good reputation and high reliability
  • Cryptocurrency, bank and direct payments are free 
  • User-friendly
  • The first 30 withdrawals in a month are free
  • Professional and quality services

Cons:

  • A lot of personal information is required to register

Gemini Review Summary 

86% Overall

We have analyzed key features of Gemini based on 3 important criteria for choosing crypto exchange:

  • Trustworthy
  • Usability
  • Fees
    Based on researches and our own tests, we have made an independent rating.
88%
Trustworthy
85%
Usability
84%
Fees

Advantages and disadvantages of Kraken

Pros:

  • Good reputation and high reliability
  • Has been working and developing since 2011
  • Quite high quality and responsive tech support
  • The bulk of client funds are placed in "cold" cryptocurrencies
  • It safely handled hacker attacks in 2012 - 2014

Cons:

  • The list of virtual currencies and fiat money accepted for listing is very rarely updated with new assets

Kraken Review Summary 

91% Overall

We have analyzed key features of Kraken based on 3 important criteria for choosing crypto exchange:

  • Trustworthy
  • Usability
  • Fees
    Based on researches and our own tests, we have made an independent rating.
90%
Trustworthy
89%
Usability
93%
Fees

About Coinbase exchange

Coinbase is a cryptocurrency exchange that was founded in June 2012. Its head office is located in San Francisco, California. The platform offers its users an electronic wallet and a platform for conducting transactions with various cryptocurrencies.

About Gemini Exchange

gemini

Gemini is a Bitcoin and Ether (Ethereum's main blockchain currency) exchange platform. It was founded by the Winklevoss twin brothers back in 2015. The name itself - Gemini - is a reference to the constellation and sign of the zodiac, which means a pair of twins. Not a bad name, is it?

The Winklevoss twins earned their fame in 2004 after they sued Mark Zuckerberg over Facebook. Tyler and Cameron claimed that Zuckerberg stole their idea for the popular social network. They received $65 million dollars in compensation.

About Kraken Exchange

Kraken cryptocurrency exchange has been steadily operating in the market for more than 7 years and has always been popular among investors, traders and exchange speculators. Now the project is steadily developing in the most demanded areas, improving the quality of its functions and services. The Kraken is available to ordinary coin holders, as well as to various companies, to operate digital coins. Any cryptocurrency market player, regardless of startup capital and experience, can succeed here.

Comparative analysis of Coinbase vs Gemini vs Kraken exchanges

Available features

Coinbase offers: 

  • Loans secured in bitcoins and annual interest rate up to 8%
  • Own learning platform
  • Rewards, bonuses
  • Demo-account
  • NFT-market

Gemini offers:

  • Investment program with a high annual interest rate
  • A lot of training materials (including video lectures)
  • Gemini Pay allows you to pay with cryptocurrency in stores

Kraken ofrers:

  • There is an option of margin trading
  • The best security measures have been implemented
  • The trading platform provides registered clients with the opportunity to study expert opinions, analyze quotes and watch online charts of prices of cryptocurrency pairs on the professional resource TradingView.

Available countries

Coinbase, Gemini and Kraken exchanges are available in more than 100 countries. These exchanges do not provide trading services in sanctioned countries. 

Payment methods

You can fund your Coinbase, Gemini and Kraken account with a bank card, PayPal or cryptocurrency.

Card Support

All types of bank cards from supported countries are available on Coinbase, Gemini and Kraken.

Available Cryptos and Tokens

Coinbase currently supports 533 trading pairs and 219 coins. 

Gemini supports 132 trading pairs.

Kraken supports 631 trading pairs.

Regulation

Coinbase is regulated in the United States and also seeks licenses in other states where this is possible. Coinbase is currently licensed to conduct money transfers in most U.S. jurisdictions.

Most of Coinbase's remittance licenses cover U.S. dollar wallets and transfers. In some states, money transfer licenses also cover cryptocurrency wallets and transfers within the platform. Other states do not require a digital money transfer license.

Coinbase is also registered as a money services business with FinCEN.

There is no information about the Gemini regulation and the corresponding license.

Kraken is regulated by FinCEN (USA), registration number 31000176593851. In Canada, the platform is regulated by FINTRAC, registration number M19343731.

In the UK, the services are represented by CryptoFacilities Ltd, registration number 757895, regulated by the FCA. Australia - legal entity Bit Trade Pty Limited (ABN 42 163 237 634, ACN 163 237 634), regulator AUSTRAC, Australian Reporting and Analysis Centre. Japan - legal entity Payward Asia, K. K., registration number 00022, regulator The Director-General of the Kanto Local Finance Bureau.

In the UAE the financial services are provided by Payward MENA Holding Limited registered in Abu Dhabi and supervised by the Financial Services Regulatory Authority (Financial Services Authorization Number 190008).

For users from other countries the contract is concluded with Payward Trading Ltd registered in British Virgin Islands. For Kraken Futures, the data controller is Payward Pte. Ltd. or Payward Global Trading Pte. Ltd, registered in Singapore (regulator Monetary Authority of Singapore (MAS), regulatory framework Payment Services Act (PSA).

Interface

The interface of the exchanges is quite convenient and clear. Any user can immediately understand all the functions. Do not worry, if you do not understand something, you can always see the training and tips.

Verification (KYC)

To gain access to trading on Coinbase, you must be verified on the exchange. To be verified on Coinbase, you need to go to the settings and enter your personal data in the "Personal Details" section. Then you need to attach one of the documents, proving your identity: passport or driver's license, as well as your photo with the document.

On Gemini after adding your bank account, you will need to verify your identity. This will include providing various forms of documentation. This is the standard for the "know your customer" procedure and compliance with various regulations, but it often discourages many customers.

Kraken has good security measures, so the identity verification process here is particularly difficult for traders. The project implements a holistic concept, spelled out in the international standards of identification of online customers (Know Your Customer). There is a comprehensive examination of the identity of the investor or crypto trader who comes to work at the site.

Verification on Kraken is multi-level - 5 stages in total. Successful completion of each stage brings more freedom to use the options, features and services of the crypto exchange.

Account deposit

Exchanges offer the following options for funding the account:

  • Crediting a fiat account with a card or payment system
  • Purchase from a card
  • Direct transfer of cryptocurrency to the exchange address

Comparison of Trading Fees

Coinbase:

  • Trading commissions at Coinbase depend on the volume of trade, but also on the type of assets (trading in stabelcoins is much cheaper).
  • Spot market - 0.04%/0.06% (maker/stacker)
  • Spot market (some pairs with stabelcoins) - 0 %/0.01 % (maker/staker)

Gemini:

  • Taker: 0.10% - 0.25%
  • Maker: 0% - 0.25%

Kraken:

  • Spot - Percentage of the order to be opened. From 0% to 0.16% for market makers and from 0.10% to 0.26% for takers
  • Margin trading - Its average value for all assets is 0.01-0.02% of the total amount of the opened order. This percentage is deducted every 4 hours as long as the trade is active

Account security

On Coinbase the level of protection is as follows: Password, Confirmation by SMS, 2FA, Hardware keys. It is possible to configure at what amount of money is sent the exchange will ask for two-factor authentication.

Gemini is one of the top exchanges when it comes to security and its services are used by many large investors from the U.S. Gemini offers a high-end market based on NYC trust company standards, Deloitte approved compliance, with an emphasis on offering you peace of mind with security measures. Gemini has the SOC 1 Type 2 certification and the SOC 2 Type 2 certification and is certificated for ISO 27001 guidelines

Kraken's servers are housed in secure facilities, the data is encrypted, and the systems are isolated from each other. In addition, information is duplicated in real time and backups are performed every day. DDoS protection measures include Cloudfare, and all employees are thoroughly vetted by the security service.

Two-factor identification is available for logging into an account, sponsoring other users, trading, and those activities that can be performed using the API. Protection against leakage of user information: Attempts to recover a username or password will not expose any information, including the fact that the account exists. PGP/GPG protection keys are used for encryption of e-mail and e-mail signature, all account information is encrypted, and there is an option to enable a ban on changing settings in order to minimize damage if the account is hacked.

Passive earn on exchanges

Coinbase has Ethereum 2.0, Tezos, Cosmos, Solana, Algorand, Cardano cryptocurrency stacking feature with yields up to 6% p.a. (varies).

Gemini Earn is a percentage cryptocurrency account feature on the Gemini Cryptocurrency Exchange. Gemini Earn allows users to transfer funds to an "Earn" account and earn up to 7.40% APY on BTC, ETH, Stablecoin and other altcoins.
Gemini Earn allows users to earn up to 7.40% APY on 50+ cryptocurrencies including BTC at 1.65%, ETH at 2.05%, 7.40% on DAI, GUSD and more.

Staking on Kraken gives you the power to earn rewards on your cash and crypto holdings. Start staking in just a couple of clicks and automatically earn rewards twice a week. Instantly unstake at any time with no penalties.

Which to choose - Coinbase or Gemini or Kraken

Choosing from these three exchanges is hard to single out anyone in particular. These exchangers have great functionality and many similarities. Coinbase and Gemini are more reliable. While Kraken offers lower commissions.

Disclaimer:

NFTs trading entails a high level of risk and is not suited for all investors. You should carefully evaluate your investment objectives, degree of experience, and risk appetite before deciding to trade cryptocurrencies. You should not invest money that you cannot afford to lose because there is a chance that you will lose some or all of your initial investment.

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

FAQs

Does Kraken have lower fees than Coinbase?

Kraken is a cryptocurrency exchange that offers lower fees than Coinbase.

Kraken charges 0.26% for trading fees, compared to the 0.3% charged by Coinbase. Kraken also offers a fee structure that allows market makers to trade without paying any trading fees at all.

On the other hand, Coinbase offers more advanced features and has a higher level of security than Kraken.

Is there anything better than Coinbase?

For some people, the answer is no because they feel that Coinbase does everything they need them to do. For others, the answer might be no because they want to diversify their assets and have access to a wider range of cryptocurrencies and tokens.

Is Kraken more safe than Coinbase?

With the recent news of Coinbase being hacked, people are wondering if Kraken is a safer option. Kraken is a well-known cryptocurrency exchange that has been around since 2011.

Kraken is more safe than Coinbase because it doesn't hold customer funds in any type of wallet on its servers. It uses cold storage to store cryptocurrencies, and the company says it has never been hacked.

In contrast, Coinbase stores customer funds in a digital wallet on its servers. The company holds about $8 billion worth of cryptocurrencies and $150 billion worth of digital assets overall.

Is Gemini better than Coinbase?

Gemini and Coinbase are two of the most popular cryptocurrency exchanges, and both have their pros and cons. Here's a quick rundown of each:

Gemini is a US-based exchange founded by the Winklevoss twins. It is one of the most regulated exchanges in operation, which makes it attractive to those who value security. Gemini also offers unique features like block trading and advanced order types, which can be appealing to more experienced traders. However, its fees are relatively high compared to other exchanges, and it doesn't offer as many coins as some others.

Coinbase is another US-based exchange with a slightly different focus. Coinbase allows you to buy directly with fiat currencies.

Conclusion

Choosing an exchange is always a complicated process. Try to determine for yourself what you would like to see on the exchange and what parameters are key for you. This will help you quickly weed out unnecessary candidates and find the exchange for you.

Disclaimer:

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

Other Exchanges comparison

Jack Evans


I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.

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