Kraken vs Gemini vs BYDFI - Full Comparison [April 2024]

This article will compare the features, fees, applications, and security of Kraken vs Gemini vs BYDFI in order to determine which one offers the most value. But, first, let’s look at a quick summary of all three exchanges.

Features	Kraken	BYDFI	Gemini
Founded in	2011	2019	2015
Country	US	Singapore	US
Fiat Deposit	Yes	Yes	Yes
No. of coins	120+	100+	70+
Transaction Fee	0.26%	0.05%	1.49%
2FA	Yes	Yes	Yes
Live Chat Support	Yes	Yes	NA
Mobile App	Yes	Yes	Yes

Table of Contents

What is Kraken?

Kraken is a renowned cryptocurrency exchange that has been in existence for nearly a decade. It offers advanced trading tools like margin, stop orders, and crypto short sales. Kraken also has high liquidity, making it simpler to buy and sell. Furthermore, it encourages users to practice strong security practices.

Also, read Kraken Review – Best Crypto Exchange in the USA?

What is BYDFI?

BYDFI was founded in Singapore in the year 2019. The platform is fast, simple, and easy to use with many features and tools. Further, the exchange platform provides flexible layouts, allowing traders to customize their charts to their trading needs.

BYDFI’s platform is perfect for new traders since it does not overwhelm them with intricate features and options.

VISIT BYDFI

Also, read BYDFI Copy Trading – An Ultimate Guide

What is Gemini?

Gemini was founded in 2015 as a cryptocurrency trading platform that appealed to both new investors and experienced traders, offering a variety of alternatives for buying and selling cryptocurrencies.

The exchange provides a learning opportunity for new traders and a portfolio of unique products that may add value for seasoned investors.

VISIT GEMINI

Also, read Gemini vs BlockFi – How to Earn more Interest Rates?

Coins Supported: Kraken vs Gemini vs BYDFI

Kraken: It has 127 cryptocurrencies available to trade.
BYDFI: It has more than 400 crypto-USDT pairs available for spot trading
Gemini: It offers over 70 cryptocurrencies to trade.

Withdrawal: Kraken vs Gemini vs BYDFI

Kraken: Its fees range from 0% to 0.26 percent of the order’s total cost (value). Kraken may charge a deposit and withdrawal fee, depending on the currency and deposit method you choose.

BYDFI: BYDFI’s current transaction fee is 0.05%. It doesn’t charge any fees for deposits in fiat or cryptocurrencies. Users, on the other hand, are charged for withdrawals. The following are the withdrawal fees:

ERC20 – 10USDT
BSC – 1USDT
TRC20 – 1USDT

Gemini charges a 0.50 percent convenience fee, a transaction fee ranging from $0.99 to $2.99, and a 1.49 percent transaction fee for trades above $200. Gemini charges a deposit fee based on the deposit mode and does not impose fees for fiat currency withdrawals from your account.

Deposits: Kraken vs Gemini vs BYDFI

Kraken: Kraken accepts bank transfer (ACH), Fedwire, SWIFT, wire transfer, Apple Pay, Google Pay, SEPA, debit/credit card (excluding United States), bank transfer (OSKO), PayID, FPS/BACS, CHAPS, SIC, and cryptocurrency.
Gemini: It takes only bank transfers (ACH), debit cards, wire transfers, and cryptocurrency.
BYDFI: It takes electronic fund transfers, Visa/Mastercard credit, debit cards, and cash deposits (limited to certain areas).

Security: Gemini vs Kraken vs BYDFI

Kraken: It has 2FA (Google Authenticator and Yubikey), Email confirmations for withdrawals with self-serve account lock, SSL Encryption, PGP Signed, and encrypted email.
BYDFI: It uses 2FA, KYC verification and also keeps digital user assets in offline deep cold storage wallets. Furthermore, this platform is licensed and controlled by the AUSTRAC of Australia, the ACRA of Singapore, the MTR of Estonia, and the MSB of the United States by the Financial Crimes Enforcement Network.
Gemini: Gemini was the first cryptocurrency exchange and custodian to complete a SOC 1 Type 2 exam, SOC 2 Type 2 exam, and earn an ISO 27001 certification. Support for hardware security keys provides a more secure 2FA experience for account access.

Customer Support: Gemini vs Kraken vs BYDFI

Kraken: Kraken employs hundreds of full-time, dedicated Client Engagement crypto and financial professionals that are well-versed in all of their products and services. 24/7 live chat and support are available.
Gemini: It provides email and call support but doesn’t have the live chat option.
BYDFI: Users can contact customer support via live chat, message, and email.

Mobile App: Gemini vs Kraken vs BYDFI

Kraken: Android and iOS apps are available in all regions except Crimea, Donetsk, Luhansk, Cuba, Iran, Japan, North Korea, and Syria. It enables customers to trade on the move from their devices with a simple interface. The app is reviewed with 4.5 ratings.

Gemini: Gemini is available as a free app for iOS and Android. The app has all of the same functionality as the desktop site. Both app versions have scored 4.8 out of 5 stars from users.

BYDFI: With its Android app, the rating for BYDFI is low comparatively at 3.9.

Pros and Cons: Kraken vs Gemini vs BYDFI

Kraken

Pros	Cons
A wide range of digital assets is available.	Not available in all U.S. states.High fee for beginners.
Options like staking, margin, and future trading are offered.
Kraken is available in most US states and the

BYDFI

Pros	Cons
It has the quickest trading engine, with 1 million transactions per second.	Fiat currency deposit is only supported in Vietnam, Mainland China, and Indonesia.
Low trading fee.

Gemini

Pros	Cons
Available in all U.S. states.	Fees are higher than those charged by several other cryptocurrency exchanges.
Insurance available for the Gemini	No margin trading or short selling is available.
Wallet Gemini Earn offers up to 7.4% APY on your cryptocurrency holdings.	Customer support is only available via email.

Kraken vs Gemini vs BYDFI: Conclusion

The range of functionality offered by a cryptocurrency exchange is a significant consideration when choosing one. Each of the three exchanges has a unique set of features.

Kraken is a good choice for crypto investment if you have some experience and are looking for more complex trading alternatives. It is the most popular crypto exchange, with advanced features such as staking and futures trading, and margin trading. However, BYDFI and Gemini are ideal options if you are a beginner due to their low fees.

BYDFI

GEMINI

KRAKEN