Since due to craze among people about crypto currencies and crypto digital assets, thousands of cryptocurrencies have sprouted up. To facilitate trade of these cryptocurrencies, many Crypto exchanges have also appeared to capitalize on the opportunity.
In earlier part, we explained briefly about the one of the leading crypto exchanges like Binance and Coinbase. In this part of Educational series, today we will try to explain in brief what Kraken Digital Asset Exchange and Gemini are. They are some of the leading crypto exchanges in the crypto world.
KRAKEN DIGITAL ASSET EXCHANGE
Kraken Digital Asset Exchange was founded in 2011 by Jesse Powell. It is again one of the top exchange based in San Francisco, which is regulated by FinCEN there. Since it is well in conformity with the regulations of the State, it is considered as a secure and reliable platform for advanced investors. Although it is not available to the residents of Washington and New York, Kraken is working in Canada and UK also under all applicable regulations
Kraken offers trading of all leading cryptocurrencies and pairs to its users. It also provides margin trading and Futures trading. The investors at Kraken can buy or exchange cryptocurrency via Kraken Pro version. Easy availability of educational material and various tools on the platform help the users to carve their portfolio as per their desire. The transaction fee at Kraken is 1.5% per trade for FX pair or crypto other than stable coins, and it is 0.9% per trade for stablecoins. The investors may get a discount on account of big volumes. Kraken is the first and only exchange to display proof of reserves (PoR) for investors’ assets worth $19 billions.
GEMINI
Gemini was set up in 2015 by Tyler and Cameron Winklevoss. Gemini presented not only a trading platform but also a learning hub that catered to the requirements of both, the newcomers and the expert traders. It is an advanced exchange with over 70 types of products, all the necessary tools and technologies needed to build the strategies for crypto investment and trading. A few functionalities – Gemini Earn, Gemini Pay, Gemini Wallet, and more have scaled up the value to this platform.
Although Gemini doesn’t have volume and traffic like it’s competitors Coinbase or Kraken, yet it is one of the favourites due to its enhanced security features and complete compliance with the regulatory authorities of New York – New York State Department of Financial Services (NYSDFS). Gemini is the first exchange to claim compliance with SOC 1 Type 2 and SOC 2 Type 2. The highlight of the exchange is that it is available for people of all the states of US alongwith 60 other countries.
All crypto held by the Gemini exchange wallet are insured by well reputed insurance companies and a major part of assets held in offline cold storage which is regarded as the safest way to safeguard cryptocurrency from hackers.
The only downside to the platform is the high convenience and transaction fee per transaction. The convenience fee, which is about 0.5% is added to a transaction fee ranging from a fixed amount of $0.99 per transaction to 1.49%. The transaction fee varies according to the quantum of trade. Active Trader Service by Gemini is an avenue for experienced and advanced investors. This platform is a bit complex but it is economical to use it.
The security that comes with investments via Gemini make it justifiable for traders in spite of the high transaction fees.
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