Kraken 與 Gemini：比較這些加密貨幣交易所

Crypto platforms differ across a number of important areas such as regulation, product breadth (spot, margin, futures, staking, tokenized assets), fee design, asset coverage, security practices (cold storage, audits, certifications), and customer support. It’s important to take all these variables into consideration before deciding where to trade.

Both Kraken and Gemini are well established platforms with institutional-grade security and a range of advanced trading products, however their histories and track records differ. This Kraken vs. Gemini article explores both exchanges in depth to help you decide which venue is most suitable for you.

Kraken 於 2011 年在美國成立，是加密貨幣業界最早成立且最具規模的品牌之一。交易所於 Bitcoin 推出後不足兩年便正式成立，憑藉對安全、營運透明度及優質用戶體驗的高度重視，贏得全球認可。

目前，Kraken 為超過 190 個國家的逾 1,500 萬名客戶提供服務。Kraken 的產品由面向個人投資者的旗艦 Kraken 平台，以至透過 Kraken Pro 平台及 Kraken Desktop app 為進階及機構交易者提供的強大一站式交易平台，涵蓋多個範疇。

Kraken 的機構服務套件涵蓋現貨、槓桿、期貨市場、質押及場外交易，服務合資格客戶。Kraken 亦透過 Kraken 學習中心 大力投資教育，支援新手及經驗豐富的交易者。

Kraken 總部位於懷俄明州，並透過定期發布 Proof of Reserves 強調其對問責的承諾。這項做法早於 2014 年便由 Kraken 引入業界。Kraken 亦是首間在 Bloomberg Terminal 上市的加密貨幣交易所，有助於連繫傳統金融與數位資產。

憑藉在美國、加拿大、英國、歐盟等主要市場取得的監管牌照，以及協助處理 Mt. Gox 債權人申索等案件的經驗，Kraken 建立了穩定並符合規例的營運聲譽，成為尋求安全且持久的加密貨幣交易所人士信賴的平台。

Founded in 2014 by Cameron and Tyler Winklevoss, Gemini is a US-based cryptocurrency exchange headquartered in New York and known for its strong emphasis on regulatory compliance and security.

From its inception, Gemini has positioned itself as a “regulated-first” platform, operating under New York State Department of Financial Services (NYDFS) oversight and targeting institutional and risk-averse retail users.

Gemini offers spot trading for a curated selection of cryptocurrencies, along with staking, custody, and institutional services. Its retail platform is designed for simplicity, while ActiveTrader provides more advanced order types and lower fees for experienced traders. Gemini also operates a qualified custody business and provides services to funds, corporates, and ETFs.

Gemini’s is well-regarded for its regulatory credibility and institutional trust, particularly in the US market. The exchange has historically taken a conservative approach to asset listings and product expansion, which appeals to compliance-focused users and institutions.

With this conservative approach, however, Gemini’s offering is very limited (both in scope and in available regions) as compared to its offshore competitors. While it remains a trusted platform for regulated crypto access, it is generally overlooked by active traders seeking more features, more assets or derivatives.

Kraken has been operating since 2011, making it one of the earliest global exchanges. Its long history across multiple market cycles reassures clients looking for a proven track record.

Kraken is consistently ranked among the most trusted exchanges by independent research firms and mainstream finance outlets.

Kraken has never reported a breach of client funds in over a decade of operations

Kraken holds regulatory licenses across the U.S., UK, EU, and other key markets. Gemini, by contrast, has been placed on the UK FCA warning list for operating without authorization.

Kraken’s certifications (ISO/IEC 27001, SOC 2 Type II) and recurring third-party Proof-of-Reserves audits offer peace of mind

Kraken 的生態系旨在支援各種交易風格及不同經驗程度的用戶。你可以透過簡潔易用的流動 app 隨時隨地進行交易，或使用 Kraken Pro 的進階工具，包括詳細圖表、自定義訂單類型及即時市場數據。

平台支援所有用戶進行現貨交易；符合資格的地區亦可進行槓桿交易（槓桿最高達 5 倍）及期貨合約（槓桿最高達 50 倍）。機構及高淨值客戶可以透過 Kraken 的場外交易櫃枱及 Kraken Prime 服務使用更多服務。

除交易外，Kraken 亦提供加密貨幣質押，涵蓋超過 21 種資產；獎勵最高可達 17% 年化收益率，實際數額視乎代幣及網絡狀況而定。你可以直接透過平台質押 以太坊（ETH）、Solana (SOL) 及 Cardano (ADA) 等資產，賺取被動收益。

Kraken 亦透過 Krak 支援全球數碼支付。這項功能讓你可以免交易手續費發送加密貨幣或現金。

2024 年，Kraken 推出建基於 Optimism 的 SuperChain 的 Ink Layer-2 網絡，為中心化交易所與熱門 DeFi 協議之間提供順暢的連接。

如果你希望加深金融知識，Kraken 學習中心提供各類教育資源，涵蓋由區塊鏈基礎至進階交易策略的內容。

Trading flexibility: Users can trade on Gemini’s streamlined mobile app or use the Gemini ActiveTrader interface for advanced charting, multiple order types, auctions, and fast execution speeds.

User-friendly investing: Gemini provides recurring buys and price alerts, making it easy to automate investments and track performance without constant monitoring.

Spot, margin, and derivatives: Spot trading is available to all clients, while select users outside the U.S. can access Gemini Foundation, offering perpetual futures with leverage. Margin trading is supported in certain regions up to 5x.

Institutional services: Gemini Custody offers SOC-certified, insured cold storage, while Gemini Prime provides block trading, clearing, and settlement for institutions.

Consumer finance products: The Gemini Credit Card allows users to earn crypto rewards on everyday purchases, while Gemini Pay enables retail crypto spending with partners in the U.S.

Staking and yield: Gemini supports ETH staking and offers Gemini Earn (availability varies by jurisdiction), allowing users to generate yield on select assets.

Global payments: With integrations for ACH, wire, SEPA, debit/credit cards, PayPal, and Apple Pay, Gemini offers diverse fiat on- and off-ramps for users worldwide.

Stablecoin innovation: Gemini issues the Gemini Dollar (GUSD), a fully regulated USD-backed stablecoin, widely used across DeFi and trading platforms.

Education: Gemini Cryptopedia provides an extensive knowledge base covering crypto basics, DeFi concepts, and advanced trading strategies.

NFT marketplace: With Nifty Gateway (a Gemini subsidiary), users can buy, sell, and manage NFTs, positioning Gemini within the digital collectibles ecosystem.

Kraken offers a broader, more innovative product suite than Gemini. Beyond core spot and margin trading, it provides futures for U.S. users, stock and ETF investing, advanced staking, no-fee payments, and emerging services like AI-driven automation, DeFi integration, ICO access and access to proprietary funding.

Kraken offers clients more tools, markets, and opportunities in a single platform. This breadth and pace of innovation are why many choose Kraken over Gemini.

客戶可在 Kraken 使用超過 600 種加密貨幣，包括 Bitcoin (BTC) 和 XRP (XRP) 等主要加密貨幣，以及各種山寨幣，從迷因幣到流動性質押代幣，一應俱全。

你亦可直接在 Kraken 應用程式交易超過 11,000 隻免佣金 ETF 及股票。合資格地區的客戶亦可投資xStocks，即這些股票的代幣化版本。
Kraken 支援以 10 種主要法定貨幣提款及充值，讓全球客戶可以快速便捷地為帳戶存入資金。

支援的法定貨幣包括：

• USD（美元）

• CAD（加拿大元）

• GBP（英鎊）

• EUR（歐元）

• JPY（日圓）

• AUD（澳元）

• CHF（瑞士法郎）

• ARS（阿根廷披索）

• MXN（墨西哥披索）

• BRL（巴西雷亞爾）

Kraken 亦支援 15 種穩定幣，包括 Tether (USDT)、USDC 及 USDG。

Gemini offers trading in more than 100 cryptocurrencies and 200+ markets across a broad mix of categories.

For equity exposure, Gemini provides tokenized U.S. stocks through its dShares™ program. These tokens are backed 1:1 by the underlying equities and include leading companies such as Apple, Amazon, Nvidia, Microsoft, and Tesla, as well as ETFs like the S&P 500 (SPY). Access is currently limited to eligible non-U.S. markets.

Gemini has paid particular attention to stablecoins, issuing its own regulated Gemini Dollar (GUSD) while also supporting others including USDC, USDT, and DAI.

Fiat support includes direct U.S. dollar funding as well as global on-ramps through ACH, wire transfers, SEPA, debit/credit cards, PayPal, and Apple Pay, enabling broad access for customers worldwide.

With operations in over 60 countries, Gemini supports a curated but diversified range of digital assets.

Kraken appeals to clients who value breadth, regulation, and reliability in asset support. While Gemini maintains a respectable list of crypto assets and tokenized stocks, Kraken delivers a far wider selection; over 500 cryptocurrencies, 1,200 market pairs, and deep support for derivatives including fully compliant U.S. perpetual futures. This makes Kraken a stronger choice for active traders who want both variety and access to legacy market products like stocks and ETFs.

Kraken also distinguishes itself through its highly regulated fiat infrastructure. With direct support for ten major fiat currencies, robust banking rails, and deep liquidity in fiat-crypto markets, it makes it easier for people all over the world to get exposure to digital assets.

Ultimately, clients choose Kraken over Gemini because it combines a larger, regulated asset ecosystem with stronger fiat connectivity, making it a more versatile and institution-ready platform for those who want everything in one place.

Kraken 的交易量分級手續費模式分層清晰且透明，兼顧專業交易者及一般投資者的需要。

掛單手續費由 0.25% 起，吃單手續費為 0.40%；高交易量的個人及機構亦可享有折扣。訂閱 Kraken+ 後，合資格客戶在每月交易量達到指定上限前，更可完全免除這些手續費。

大部分加密貨幣及法定貨幣充值均可免費，惟部分充值方式及特定資產可能例外。Kraken 亦透過在交易確認前顯示所有手續費，進一步提升透明度，讓客戶事先清楚了解相關手續費，避免面對高昂的意外費用。

Gemini’s fee structure is tiered and depends on the product you use. On the ActiveTrader platform, maker fees start at 0.20% and can fall to 0.00% for high-volume traders, while taker fees start at 0.40% and decrease to as low as 0.03%. For derivatives trading through Gemini Foundation, fees begin at 0.02% (maker) and 0.07% (taker), with discounts for larger volumes.

Deposits are generally free for both crypto and U.S. bank transfers (ACH), while fiat via wire transfer may carry standard bank charges and card or third-party processors may add fees. Withdrawals are charged per asset: crypto withdrawals reflect network fees and are shown at the time of confirmation, while U.S. wire withdrawals carry a fixed $25 fee.

Overall, Gemini’s pricing is transparent, with fees clearly displayed before order or transfer confirmation, making it straightforward for both casual investors and professional traders to understand their costs.

Kraken generally offers lower and more competitive trading fees than Gemini. On Kraken Pro, maker and taker fees start at 0.25% and 0.40% and fall sharply for higher volumes, with futures priced as low as 0.02%-0.05%. Gemini’s ActiveTrader begins at similar levels but reduces more slowly, and its derivatives carry higher entry-level taker fees.

Kraken also provides stronger fiat integration, with multiple currencies supported and flexible banking rails, while Gemini often relies on stablecoin pairs and fixed costs like $25 per U.S. wire withdrawal.

Kraken 廣泛被視為業內最安全的加密貨幣平台之一。自成立以來，Kraken 從未發生導致客戶資金損失的保安事故，這是少數其他交易所能夠作出的保證。客戶可享有多層帳戶保障，包括使用密碼金鑰的雙重認證、PGP 電郵加密、設有範圍限制的細緻 API 金鑰權限、可設定的帳戶逾時、即時監察可疑活動、提幣白名單及主密鑰設定。

Kraken 於 2014 年率先推出儲備證明，並持續透過定期及可由獨立人士驗證的審計引領業界。這項加密程序讓客戶可以隨時親自查閱其帳戶餘額如何由真實資產作為支持。Kraken 亦持有 ISO/IEC 27001:2013 認證，符合 SOC 2 Type 2 審計要求，並營運一項穩健的公開漏洞獎勵計畫。

Gemini operates as a full-reserve exchange and custodian, meaning customer funds are segregated and held 1:1 under New York trust licensing and fiduciary obligations. It holds SOC 1 Type 2 and SOC 2 Type 2 certifications, and maintains ISO/IEC 27001 (information security) accreditation.

Clients benefit from a suite of layered protections:

• Mandatory 2FA (including support for hardware security keys such as YubiKey)
• Withdrawal address allowlisting to restrict withdrawals to preapproved addresses
• Withdrawal protection, which enforces a 7-day waiting period for funds sent to newly added addresses
• Email confirmation for sensitive account changes
• Device whitelisting, session limits, and risk monitoring for suspicious activity
• Cryptographic controls and encryption of data in transit and at rest
• Segregated custody of fiat and crypto assets in accounts separate from Gemini’s operating funds

Gemini publicly states it has never lost client funds due to custodial breach, and its Trust Center provides ongoing transparency into its reserve metrics. For its stablecoin product, GUSD, Gemini publishes monthly third-party audit reports confirming 1:1 backing in cash and high-liquidity assets.

Kraken is often preferred by clients who value security assurance and transparency. Unlike Gemini, which relies on external attestations and a trust-chartered structure, Kraken pioneered exchange-wide proof-of-reserves audits back in 2014 and continues to perform them regularly, allowing clients to verify that assets are backed 1:1 in real time.

In addition, Kraken’s security labs team, ISO/IEC 27001 and SOC 2 certifications, and layered account controls (like PGP email encryption and granular API permissions) reinforce its reputation as one of the most hardened platforms in the industry.

While both exchanges have strong custody practices, Kraken’s long record without client-fund losses, its proactive auditing, and its reputation for security innovation make it the platform of choice for users who demand maximum transparency and institutional-grade safeguards.

Kraken 以回應迅速且專業的客戶服務見稱，提供多個客服渠道以滿足不同用戶的需要。客戶可以使用真人客服提供的 24/7 線上客服、透過電郵提交請求，或在特定情況下直接致電與客服專員交談。

Kraken 的多語言客服團隊可以使用十多種語言為用戶提供協助，讓公司更有效地服務全球客戶群。

交易所亦在客戶滿意度方面獲得高度評價，並在 Customer Centricity World Series 中獲選為「最佳 AI 客戶體驗應用獎（歐洲）」得主。Kraken 專注於清晰度、同理心及解決問題的速度，持續令其客戶體驗在競爭激烈的市場中脫穎而出。

Gemini focuses on structured, ticket-based assistance designed around compliance and transparency. The exchange provides support primarily through its Help Center and email ticketing system, which routes requests to dedicated teams depending on the issue type. While Gemini does not offer general phone or live chat support, customers with the Gemini Credit Card have access to a dedicated 24/7 phone line for card-related matters.

The Help Center includes detailed guides for account setup, security, trading, and compliance, making it straightforward for users to self-serve common issues. Support is available in multiple languages, and Gemini maintains a public status page to keep users informed of platform incidents or outages in real time.

For security-sensitive requests, Gemini enforces strict verification steps to protect accounts, including mandatory 2FA and withdrawal allowlisting. Institutions benefit from direct relationships with Gemini’s account managers and custody specialists, while retail clients receive consistent responses via email with clear next steps.

Kraken appeals to clients who value breadth, regulation, and reliability in asset support. While Gemini maintains a respectable list of crypto assets and tokenized stocks, Kraken delivers a far wider selection; over 500 cryptocurrencies, 1,200 market pairs, and deep support for derivatives including fully compliant U.S. perpetual futures. This makes Kraken a stronger choice for active traders who want both variety and access to legacy market products like stocks and ETFs.

Kraken also distinguishes itself through its highly regulated fiat infrastructure. With direct support for ten major fiat currencies, robust banking rails, and deep liquidity in fiat-crypto markets, it makes it easier for people all over the world to get exposure to digital assets.

Ultimately, clients choose Kraken over Gemini because it combines a larger, regulated asset ecosystem with stronger fiat connectivity, making it a more versatile and institution-ready platform for those who want everything in one place.

Clients tend to choose Kraken over Gemini for its much wider range of assets, deeper markets (including regulated futures and margin trading), and stronger fiat support across multiple currencies. Kraken also provides real-time proof-of-reserves audits, an unmatched security record, and award-winning 24/7 multilingual support; advantages that make it the more compelling choice for traders and institutions seeking breadth, transparency, and reliability.