Buying Bitcoin? Check out Gemini Exchange

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Many people want to invest and buy Bitcoin, and now is as good a time as ever before in the year 2021. But before we begin, I need to let you know that my viewpoints are biased as I am an investor of Bitcoin and Ethereum myself.

There are currently 2 camps when it comes to cryptocurrency, on one hand, we have the argument that cryptos are a scam and it will eventually disappear, that it is a bubble and it will burst, on the other hand, crypto advocates are pushing the crypto thesis suggesting that decentralisation is the future and with central bank’s unlimited money printing, crypto’s thesis is stronger than ever. For me, I believe that some exposure to cryptocurrency is necessary to hedge our portfolio against systemic risk and also inflation.

I personally will allocate 10% of my entire capital towards cryptocurrencies and currently I have an exposure of around 4.7% to crypto, which is still shy of the 10% target allocation. With Bitcoin hitting all time highs and crossing the $30k USD mark, I believe there is a lot more room for growth especially given Bitcoin’s tiny size if you compare it to the market cap of the stock market or gold supply.

Bitcoin’s market cap is currently sitting at $613 Billion at the time of writing and if we were to compare that to the market cap of gold, which is approximately 9-10 trillion, Bitcoin’s position as digital gold is still in its early stages and plenty more room to grow if institutional investors start to pour money into Bitcoin or even start to convert a part of their free cashflow into bitcoins, which will push Bitcoin’s demand even higher and the price to continue to surge.

So how exactly do you buy Bitcoin? You first need to find a brokerage for you to purchase Bitcoin or other cryptocurrencies.

When looking for the right crypto broker, a few things are very important for me. The broker needs to be:

  1. Safe and Secure (Clean Record and able to fend off hackers)
  2. Easy to Use (Modern UI and Simple To Understand Platform)
  3. Good Value (Low fees of transaction)

Click on the logo to sign up! (Get 10 USD in Bitcoin when you sign up and top up $100 USD!)

When it comes to crypto investing, it is of utmost importance to ensure that the exchange is safe and secure so that our digital currencies won’t just disappear into thin air never to be found again. Aside from security, a simple platform can simplify the sign up process and ensure great experience when using the app. and of course, the exchange need to be good value for money even for small investors looking to put in just a few hundred dollars.

Gemini Exchange

Gemini is a top-rated digital currency exchange and custodian started in 2015 by the Winklevoss twins. It is one of the best places to trade and store crypto, and according to Fortune and Bloomberg, the Chicago Board Options Exchange (CBOE) uses Gemini as the basis for the daily settlement for the bitcoin futures.

The Gemini exchange is based in New York. It’s quickly become one of the most respected cryptocurrency exchanges in the digital currency space. It also became the world’s first licensed Ether exchange in 2016.

Knowing that big institutions and renowned investors trust the Gemini platform, it puts an ease of mind for an investor especially in the cryptocurrency world, where hacking risk and loss of capital are prevalent across platforms such as Coinbase and Binance, both of which have been hacked before, causing billions of dollars in damage.

1. Safety and Security

Gemini is one of the largest and most reliable cryptocurrency exchanges in the world. It is a SOC 1 Type 1 and SOC 2 Type 2 certified crypto exchange and custodian with industry leading custody services. The exchange has never been hacked before since its inception and your cryptocurrencies are basically stored in a separate “Cold Storage” which makes it extremely secure.

It is one of the most secure hot wallets in the world if you intend to invest/trade large amount of fiat currencies.

In an announcement, Gemini now supports Singapore Dollar (SGD) purchases of crypto. You can now buy crypto using a debit card or deposit SGD into your Gemini account via FAST bank transfers!

Personally have been waiting for them to offer SGD for a very long time because the only other affordable option for Singaporeans is to either go through Binance.sg, Coinhako or Crypto.com.

But if you compare the overall security of the exchanges, Gemini will be the outright winner because of its clean track record of not getting hacked and attaining high security ratings which are difficult to achieve. You can read up more on it here.

Currently, I am using Binance.sg and Gemini for cryptocurrency investing and overall, I do find Gemini’s interface to be superior as it looks really clean, modern and secure.

2. Ease of Use

Gemini comes in both web and mobile format, and above you can see the mobile interface. The exchange offer access to 5 fiats currencies (including SGD) and 13 different cryptocurrencies including Bitcoin, Ethereum, Chainlink, Z Cash, Dai (Stablecoin) and more.

The exchange also support recurring buys such as daily, weekly, twice monthly and monthly orders, so you basically can dollar cost average into the crypto of your choice and simply HODL.

The platform is really very simple and beginner friendly so you will be familiar with it once you register your account.

3. Good Value

When it comes to fees, this is where things get tricky, because fees are usually written in fine prints. For Gemini, fees based on my own experience is around 1.4% every time I buy crypto, for comparison, Binance.SG fees are 0.6%, but in exchange for heightened security and mobile app access, I don’t mind the higher fee associated with Gemini if you compare to Binance.SG. For detailed fees description, you can read more on Gemini’s website here.

Do note for all SGD based crypto exchanges such as Gemini, Binance.SG, Coinhako, Crypto.com, they are all linked by the same Xfers account with a transaction limit of S$30,000 annually, beyond this amount, you either have to find someone to deal OTC/P2P or trade in USD denomination.

If you are not planning to invest more than $30,000 or have less than that amount, then it should not be a problem.

Gemini is good value compared to other crypto exchanges as they do not have complicated maker and taker fees, coupled with their world class security, the fees are tough to beat if you compare to global brokers such as Binance.com, Coinbase, Kraken and more.

How to fund Gemini account?

To make SGD deposits on Gemini, you need to first add a SGD bank account as a funding source once you sign up and verified your account. Next, follow the steps here:

  1. Head over to Gemini and click on Account settings, then locate the ‘Funding Sources’ tab.
  2. Click on ‘Get Started’ under Manually Link Bank Account and then select SGD as the funding source currency.
  3. In the deposit screen or Transfer tab, select your bank account, amount to transfer and receive your FAST deposit instructions.

You will receive a set of bank account instructions to facilitate SGD deposits, simply follow the steps, key in your details and done!

Make a FAST deposit from your bank account approved as a funding source, remember to include the reference code given. First-time FAST transfers may take up to 48 hours to get credited while mandatory verifications are being conducted.

Withdrawals

To make a withdrawal, simply go to the withdrawal tab, select SGD and select the linked bank account and click on ‘Request Withdrawal.’

Your withdrawal should be reflected within one business day in your linked bank account.

If you are still unsure, you can follow the deposit instructions here!

Conclusion

Gemini launching SGD deposits, withdrawals and crypto trading and investing is an absolute gem for Singapore investors looking for an easy fiat on and off-ramp for cryptocurrencies.

The exchange is world famous for its security and the popularity of Gemini globally meant that it is a reliable and renowned platform trusted by high net worth individuals, institutional investors and companies worldwide.

Gemini Referral Code

For those who are interested to sign up with Gemini and invest into Bitcoin and more, you can click on this referral link here and receive US$10 in Bitcoin after you top up at least US$100 on Gemini!

Overall Rating: 9.5/10

Security Rating

Rating: 5 out of 5.

Ease of Use

Rating: 5 out of 5.

Value for Money

Rating: 4.5 out of 5.

If the fees were to be slightly lower, it would have gotten a 10/10, but again, this is simply nitpicking because the security that comes with Gemini is extremely top-notch and industry leading, giving investors a peace of mind knowing their crypto holdings are safe.

Author: Investing Beanstock

Writer @Investing Beanstock www.yhlens.com

22 thoughts on “Buying Bitcoin? Check out Gemini Exchange”

  1. Very good review, thank you for that. What are Gemini’s SGD withdrawal limits on a daily and/or monthly basis?

    Like

      1. I had a recent email exchange with Xfers and they specified the daily limit is 10 k but there is no monthly limit. However, please note they are not dealing with Coinhako anymore when it comes to withdrawal. At the moment Coinhako offers direct bank account withdrawal with 100 k monthly limit

        Liked by 1 person

      2. I see! Thanks for the info! Did no know they are not dealing with Coinhako anymore since they have yet to update their information.

        So I would assume Gemini will have a similar daily limit of 10k and no monthly limit. Of course the best is to clarify with Gemini and their customer service have been really amazing.

        Good luck with your investments!

        Like

  2. thanks for the info. I only just got into bitcoin for a small amount via crypto.com and find it easy to use. but I will consider Gemini for the added security it provides. crypto.com is nice in that it does not have fees to buy, but the exact fee for selling is not very clear to me. it seems a bit above 1%

    Like

    1. Welcome! With crypto.com, I assume you are using it together with the MCO card? Also, if you are planning to go big on crypto, Gemini is truly The Best Bet because their security is unmatched. You can try out with just 100 USD and get the bonus 10ISD in Bitcoin too 🙂

      Once you use the app you will never feel like switching again and also knowing the crypto is stored in a separate place away from the main net which can be prone to hackers

      Cheers!

      Like

      1. Have not checked out the MCO card yet, just simple bank transfer to get money onto and out of the app. I won’t be able to go big on crypto yet, still setting up my emergency fund and switching jobs soon. Once my income is stable again I will be able to invest more.

        Liked by 1 person

      2. Goodluck. Keep a close watch on Bitcoin and Ethereum, they have much more room for growth, adopt a disciplined dollar cost averaging approach would be optimal. All the best

        Like

  3. Hi, since now it can fund SGP for Gemini. Will it better to fund with SGD and let it convert by Gemini. Or use funs it with USD instead? Can you share what your current way of doing so that it more cost effective… Thks.

    Like

  4. Hello! I have not started investing in bitcoin, but thought I should allocate a small % into it. Thanks for introducing Gemini. May I check what’s the cold storage and hot wallet you refer in your article? Does it come along when we buy crypto using Gemini?

    Transaction limit of S$30,000 annually, does it mean I can purchase S$30,000 worth of bitcoin? So if I were to split into 2 batches to buy (say 25k and 5k), can I still buy with the remaining 5k if the value of bitcoin go beyond $30,000 for the first batch?

    Deposit SGD and exchange to USD in the platform before purchasing bitcoin? How’s the exchange rate?

    Much thanks!!!

    Like

    1. Hello Christin! Cold storage refers to how Gemini will put your crypto in a separately held space outside of the Hot Wallet which refers to the Gemini Exchange. No action need to be done on your part and all these are just FYI to better understand why Gemini is a safer option compared to other exchanges.

      Yes, you can purchase S$30,000 worth of crypto and you are correct. The 30k only refers to the fiat currency you put in and not the crypto’s value as it appreciates.

      You don’t need to exchange to USD on the platform since Gemini accepts SGD now. So you can simply use SGD to purchase Bitcoins. Cheers!

      Like

  5. I’ve used your referral code and started my Gemini account. Do you have to declare this as a foreign account in Singapore? for tax purposes I mean. I am trying to find an IBAN number linked to it, so I can declare it in Belgium, but can’t seem to find one. (only the account number where you make deposits, but I am unsure whether that is a number for my personal account or a general Gemini account.) Do you have any idea whether there is an IBAN number linked to your account?
    thanks for the review and the referral

    Like

    1. I don’t think you have to do that. And I’m not sure if there is an IBAN number linked to my account. For myself, I only included my Singapore based Tax identification number. Hope this helps and cheers to your crypto investment!

      Liked by 1 person

  6. Hi Bean,

    I am keen to sign up the Gemini using your referral code!
    Quick question is that I notice there is Gemini active trade platform, is this the same as the Gemini mobile/web? Does the referral code still applies?

    I notice that fees are much lower on active trade than mobile – let me know if I am wrong on this!

    Thanks,
    Joel

    Liked by 1 person

    1. Hello Joel,

      Yes you are correct! Gemini active trader is the one I am using and it has lower fees of 0.35% per trade. And the referral code still applies.

      One thing to note: when you trade on mobile it will be Simple UI, so you either have to do your buy/sell through desktop/laptop or safari/chrome on your mobile, and make sure it’s configured to Active Trader and not Simple UI.

      Hope this helps!

      Like

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