Best Crypto Exchanges 2024: Kraken vs. Coinbase vs. Gemini - Fee Comparison

Cryptocurrencies are becoming increasingly popular as Bitcoin and other cryptos become popular in the mainstream.

For those hoping to buy and sell digital currencies, one of the easiest ways to make these transactions is to use a cryptocurrency exchange. Similar to a stock exchange, a cryptocurrency exchange is a place where you can trade your regular fiat currency (like U.S. dollars) for crypto coins, and vice versa. Typically you can also directly trade one type of cryptocurrency for another.

But how do you know which crypto exchange is the right one for you? Let’s compare three popular exchanges — Kraken vs. Coinbase vs. Gemini — so you can learn more about these services and make the smartest choice for you and your financial goals.

In this article

• Kraken vs. Coinbase vs. Gemini
• How does Kraken work?
• How does Coinbase work?
• How does Gemini work?
• What all three cryptocurrency exchanges excel at
• 3 important differences between Kraken vs. Coinbase vs. Gemini
• FAQs
• Bottom line

Kraken vs. Coinbase vs. Gemini

If you’re interested in investing money in cryptocurrencies, you can set up an account with an exchange to get started. Three of the more well-known cryptocurrency exchange platforms are Kraken, Coinbase, and Gemini.

Each of these exchanges offers access to trading with the major cryptocurrencies, as well as different alternative coins, but they also have different features and trading fees. Here’s a quick look at how Kraken vs. Coinbase vs. Gemini compare:

Mobile app Android, iOS Android, iOS Android, iOS Fees

• 0.9% for stablecoins
• 1.5% for other coins
• 0.5% for online banking

• 0.50% per trade
• 1.49% for Coinbase or bank account
• 3.99% for debit purchases

• 99 cents - $2.99, depending on order amount, up to $200
• 1.49% for orders of more than $200

Available cryptocurrencies

• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Dash (DASH)
• Dogecoin (DOGE)
• EOS (EOS)
• Ethereum (ETH)
• Ethereum Classic (ETC)
• Litecoin (LTC)
• Monero (XMR) 
• Tether (USDT)

*More than 50 coins available

• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Celo
• Dash (DASH)
  
• Dogecoin (DOGE)
  
• EOS (EOS)
• Ethereum (ETH)
• Ethereum Classic (ETC)
• Litecoin (LTC) 
• Tether (USDT)
  

*More than 50 coins available

• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Decentraland
• Dogecoin (DOGE)
• Ethereum (ETH)
• Litecoin (LTC)
• Zcash (ZEC) 

*More than 30 coins available

Buy/deposit methods Debit card, credit card, bank transfer Bank transfer, debit card, PayPal Bank transfer Sell/withdrawal methods Send to digital wallet; withdraw to bank account Send to digital wallet; withdraw to bank account Send to digital wallet; withdraw to bank account Order types Market, limit, stop Market, limit, stop Market, limit, stop Other features

• Margin trading
• Personalized over-the-counter service
• Futures

• Wallet
• Crypto card
• Business services

• Wallet
• Pay with crypto
• Earn interest on crypto balances

FDIC insured No Yes, for U.S. dollar amounts Yes, for U.S. dollar amounts Best for... Low fees Ease of trading Managing and using digital assets Visit Kraken Visit Coinbase Visit Gemini

How does Kraken work?

Kraken was founded in 2011 and is headquartered in San Francisco, California. This exchange is geared for more advanced cryptocurrency traders. The platform offers a variety of order types and access to more than 50 coins and fiat currency pairs. Access to margin accounts is one of the unique features, as well as over-the-counter services for those with larger positions.

Kraken charges a 0.9% fee when purchasing stablecoins, which are cryptocurrencies tied to other assets, like the U.S. dollar or gold. For other cryptocurrency purchases, there is a fee of 1.5%. However, there is also an additional online banking processing fee of 0.5% when you make your purchase.

It’s important to note that, though it’s possible to use a credit card or debit card to fund a Kraken purchase, only euro-denominated cards are accepted. USD transactions need to be fueled by bank purchases such as ACH or wire transfer.

Kraken works to be as secure as possible, keeping most deposits in various cold storage (not permanently connected to the internet) facilities in various locations. Additionally, Kraken employs encryption and surveillance to keep information and the platform as secure as possible.

Visit Kraken

... Or read our Kraken review.

How does Coinbase work?

Coinbase was founded in 2012 and is headquartered in San Francisco, California. Additionally, Coinbase recently went public, with shares of the company available on the NASDAQ. Coinbase is aimed at more mainstream traders and is heavily weighted toward those interested in Bitcoin and Ethereum. It’s intuitive to use, but the fees are a little higher than some other exchanges.

Coinbase fees are charged as the greater of a tiered flat fee or variable fees. For example, you can expect to pay at least 1.49% of the transaction with your bank account or wallet, or 3.99% with a debit card buy. Flat fees can range from 99 cents to $2.99, depending on the amount.

Coinbase claims that 98% of the deposits are stored offline, even though you can use wallet services from Coinbase. The exchange uses two-factor authentication and encryption best practices designed to help keep your account secure.

Coinbase also offers a more advanced platform known as Coinbase Pro, but we’re not including that service in this particular comparison. You can check out our Coinbase vs. Coinbase Pro comparison for more information.

Visit Coinbase

... Or read our Coinbase review.

How does Gemini work?

Gemini was founded in 2014 and is based in New York City, New York. Gemini, although an exchange, also offers a way to manage your digital assets. It’s possible to earn a yield on your stored digital assets and the company is slated to launch a credit card with crypto rewards this year. Plus, it’s even possible to use Gemini Pay, which allows you to pay with crypto assets at tens of thousands of retail locations in the U.S.

Gemini has fewer coins available on its exchange than Kraken or Coinbase, and fees are closer to what Coinbase charges. Gemini has a flat fee of 99 cents to $2.99, depending on the transaction size, and then charges a 1.49% fee on transactions above $200.

As with other exchanges, Gemini makes use of cold storage for assets, in order to protect them. Two-factor authentication, encryption, and certifications are all part of Gemini’s security protocols to protect accounts.

Visit Gemini

... Or read our Gemini review.

What all three cryptocurrency exchanges excel at

The best cryptocurrency exchanges offer access and security. All three of these exchanges offer access to major cryptocurrencies like Bitcoin and Ethereum. Additionally, all three have a high level of security and are relatively easy to use. With all these platforms it’s possible to place market, limit, and stop orders. It’s also relatively easy for cryptocurrency beginners to get started buying, selling, and storing with any of these platforms.

3 important differences between Kraken vs. Coinbase vs. Gemini

When comparing Kraken vs. Coinbase vs. Gemini, it’s important to understand some of the key differences. For the most part, the smartest choice for your crypto trading depends on your needs and preferences.

1. Trading volume

Coinbase is the largest U.S. cryptocurrency exchange, with a trading volume of nearly $1.5 billion as of July 16, 2021. On top of that, the exchange claims that it trades about $335 billion in a quarter. Kraken has a trading volume of nearly $960 million. Gemini has the smallest trading volume, at around $119 million.

This isn’t surprising, as Gemini has the smallest number of available coins. Kraken has the most coins available.