The Ultimate Guide To Investing With Gemini

Last updated on November 3rd, 2021

You’ve just created your account on Gemini.

However, how do you go about funding and withdrawing money from this crypto platform?

If you are a Singaporean and are looking to trade on Gemini using SGD, you are in luck!

Here’s a guide on how you can do so:

Does Gemini support SGD?

Gemini allows you to link your Xfers account to the platform, which allows you to transfer SGD directly from your bank account into Gemini.

How to deposit your funds to Gemini

Here’s how you can deposit SGD into Gemini as a Singaporean:

1. Create a Xfers account
2. Link your Xfers account with Gemini
3. Go to ‘Transfer → Deposit into Gemini’
4. Select SGD as your currency
5. Select FAST transfer
6. Select your linked Xfers account
7. Enter your deposit amount
8. Receive instructions to send to Xfers
9. Send your funds to Xfers with the unique deposit code

#1 Create a Xfers account

If you want to deposit SGD into Gemini, you will need to create an Xfers account first.

Xfers acts as the middleman between Gemini and your bank account.

Once you send your money to Xfers, they will credit your funds into your Gemini account!

#2 Link your Xfers account with Gemini

When you are signing up for an account with Gemini, you will be asked to link your Xfers account.

This allows Xfers to directly fund your account.

#3 Go to ‘Transfer → Deposit into Gemini’

On the top right hand corner, you’ll need to go to ‘Transfer → Deposit into Gemini‘.

#4 Select SGD as your currency

You’ll need to select SGD as your currency.

If you want to deposit SGD, you can just select it from the dropdown menu.

#5 Select FAST transfer

You’ll need to select FAST to transfer the money to Gemini.

#6 Select your linked Xfers account

After linking your Xfers account with Gemini, your linked bank account should appear here.

#7 Enter your deposit amount

You’ll need to enter the amount that you wish to deposit into Gemini.

#8 Receive instructions to send to Xfers

Gemini will give you instructions on how to deposit your funds, including:

1. The type of transfer (FAST)
2. The amount to transfer
3. Xfer’s bank account information
4. Your unique deposit code

The most important thing to include is your unique deposit code.

This will help Xfers to match the transfer request to your bank transfer!

If you do not put the code in your transfer, it may take longer than usual before you can receive your funds in Gemini!

#9 Send your funds to Xfers with the unique deposit code

After adding the Xfers account as your payee in your online banking platform, you can transfer the funds to them.

Don’t forget to transfer the same amount as you put in previously!

You should receive an email to confirm your deposit after it has been processed.

How to buy crypto on Gemini

Here are the 2 ways that you buy crypto on Gemini’s platform:

1. Gemini Exchange
2. Gemini Active Trader

Here are the steps you’ll need to buy from Gemini Exchange via their mobile app:

1. Select the cryptocurrency you wish to purchase
2. Click on ‘Buy’
3. Select one-time purchase
4. Select the amount you wish to purchase
5. Review the order
6. Confirm the order and receive your crypto

#1 Select the cryptocurrency you wish to purchase

You can select from 38 different currencies from the Gemini app.

#2 Click on ‘Buy’

After selecting your currency, you will be brought to the currency’s page.

You will need to select the Buy button.

#3 Select one-time purchase

If you are looking to make a one-off payment, you’ll need to select the option here.

#4 Select the amount you wish to purchase

You’ll need to select the amount of crypto that you wish to purchase.

There is no minimum to purchase, but you’ll incur quite a substantial fee for small amounts.

#5 Review the order

Before making the trade, you’ll be able to see the details of your purchase.

The amount that you’ve previously entered is inclusive of the purchase fees.

#6 Confirm the order and receive your crypto

After you’ve swiped to confirm, your order will be processed and the crypto will be transferred to your portfolio.

You can check out my guide on Gemini’s Active Trader to find out more about how to use that platform instead.

How to set a recurring buy on Gemini

You are able to set a recurring buy on Gemini’s platform too. Here are the steps you’ll need to do:

1. Select the cryptocurrency you wish to purchase
2. Click on ‘Buy’
3. Select ‘Recurring’
4. Select the frequency and date
5. Select the amount
6. Select your payment method
7. Swipe to confirm

#1 Select the cryptocurrency you wish to purchase

You can select from 38 different currencies from the Gemini app.

#2 Click on ‘Buy’

After selecting your currency, you will be brought to the currency’s page.

You will need to select the Buy button.

#3 Select ‘Recurring’

You’ll need to select ‘Recurring’ on this page.

#4 Select the frequency and date

You can set how frequent you want to purchase the crypto.

#5 Select the amount

You’ll need to select the amount you wish to purchase for each recurring buy.

#6 Select your payment method

If you have cash already deposited into your Gemini account, you are able to use that to make the purchase.

The other option is to use a debit card for your purchase.

For any purchases that you make with a debit card, it will cost 3.49%. This is really hefty and it is not recommended that you use this method!

Do remember to top up enough money to Gemini before the day of your recurring buys!

#7 Swipe to confirm

You’ll be asked to review the order, as well as the fees that you’ll incur.

After doing so, you will be able purchasing crypto from your recurring buy.

One thing you may want to take note is that the recurring buy option is not available on Gemini’s Active Trader platform.

The fees your incur

Trading on Gemini’s platform can be pretty expensive.

Here are the fees based on your trade amount:

Trade Amount (SGD)	Trading Fee (SGD)
≤ $15.00	$1.50
> $15.00 but ≤ $35.00	$2.00
> $35.00 but ≤ $70.00	$2.75
> $70.00 but ≤ $250.00	$4.00
> $250.00	1.49% of your Web Order value

The fees can be really hefty, especially if you are trading less than $250 each time!

You may want to consider other crypto exchanges that offer you a cheaper rate:

1. Coinhako
2. Luno

Moreover, you can consider using Gemini’s Active Trader platform which greatly reduces your fees to 0.4% per trade.

How to withdraw from Gemini in Singapore

Here are the 6 steps that you’ll need to withdraw your SGD from the Gemini app:

1. Go to profile
2. Go to ‘Withdraw from Gemini’
3. Select the currency to withdraw
4. Select the amount and destination
5. Review the transaction
6. Approve via Authy

#1 Go to profile

On the homepage, you’ll need to go to the profile icon.

#2 Go to ‘Withdraw from Gemini’

You’ll need to scroll down and select ‘Withdraw from Gemini‘.

#3 Select the currency to withdraw

You’ll need to select the currency you wish to withdraw from Gemini.

#4 Select the amount and destination

You’ll need to select the amount you wish to withdraw and where you want to withdraw it to.

#5 Review the transaction

You will be asked to review the transaction, before swiping to confirm it.

#6 Approve via Authy

After swiping to confirm, you’ll be asked to approve your transaction via Authy. This is the 2FA authenticator that Gemini uses.

Your funds should be credited back into your account within one business day.

Your funds will be sent directly to your account. This is much faster compared to Crypto.com which only sends your funds to Xfers.

After that, you’ll still need to transfer your funds from Xfers back to your bank account!

Can I convert SGD to USD on Gemini?

Gemini currently does not allow you to convert SGD to USD on their platform. If you wish to trade on Gemini using USD, you will need to send over the funds via wire transfer to Gemini’s account.

There are certain cryptocurrencies on Gemini Active Trader that only have a USD trading pair. If you want to buy these currencies, you can only use USD.

Since Gemini does not allow you to convert SGD to USD, the only way to trade in USD is to send your funds over via wire transfer.

Conclusion

With Xfers support, it is really easy to transfer your SGD between your bank account and Gemini.

However, if you want to trade with lower fees, you may want to consider Gemini’s Active Trader platform instead.

👉🏻 Referral Deals

If you are interested in signing up for any of the products mentioned above, you can check them out below!

Gemini Referral (Earn $10 USD in BTC)

If you are interested in signing up for a Gemini account, you can use my referral link.

You will be able to receive $10 USD in BTC!

Here’s what you need to do:

1. Register for a Gemini account
2. Trade ≥ USD $100 or equivalent on Gemini’s platform
3. Receive USD $10 worth of BTC in your account

Are you passionate about personal finance and want to earn some flexible income?