Nexo and Celsius Network: The Best Place to Earn High Interest on Your Crypto Assets

Finally made the leap of faith and made your first crypto investment? If your answer is yes, congratulations on becoming a fellow HODL-er and having diamond hands through the volatility ahead. While you HODL, wouldn’t it be great if you can earn compound interest on your idle assets? That is exactly what today’s topic is about.

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For those that have yet to own any crypto, you can check out my post here to learn more about Bitcoin and Ethereum (the 2 most popular crypto asset right now) or another post here to learn more about cryptocurrency and why you need to invest in them.

Introduction

What exactly is Nexo and Celsius Network? In layman terms, they are simply a crypto based savings account (works similarly like your bank account) where interest is generated on idle assets on a daily/weekly compounding basis.

Nexo’s Interface (Homepage)

Let’s first talk about Nexo, where it has both a web and app interface. Nexo is where I park my Bitcoin and Ethereum in. Why? Because I am getting interest on a daily basis which sums up to 6% APY (Annual Percentage Yield), meaning I get 6% compound interest every year in Bitcoin and Ethereum even before any capital appreciation of the underlying asset.

That is way more than any other traditional bank interest rate/bond yield/endowments/fixed deposits right now. Heck, that is more than the returns of some individuals’ investment portfolio.

With inflation at 2% over the long run, we need higher yields to hedge inflation and the current traditional financial products don’t even have a guarantee for that. 0.05% is the norm for most bank accounts and just how are you supposed to retire when your cold hard cash is devaluing by the minute?

Extracted from my Nexo App

I am earning 6% APY as I am holding 10% in Nexo token which qualifies me as a platinum tier Nexo customer + additional 1% optional interest by locking my asset for 1 month.

Since I am parking my crypto for HODL (long term holding) anyways, I realised it would be a waste to simply rely on the value of the asset going up over time. The compound interest from Nexo will boost and accelerate my returns even faster compared to if I just let my assets sit idle.

Benefits of Nexo:

  1. Free crypto transfers every month (1 for basic users and up to 5 for higher tier)
  2. No minimum transfer or custodian cost
  3. No lock up period at all
  4. No fees at all
  5. BitGo as custodian (layman: huge crypto backer to ensure our assets are safe and insured)
  6. Crypto assets are stored in a separate cold storage and not as a hot wallet on Nexo public network
  7. SOC compliant and military grade bank vaults to store crypto asset (basically means your crypto is so safe just like money you deposit in a bank)
  8. Nexo Exchange (You can swap different crypto for 0 fees on Nexo!)
Daily Interest for Crypto. Extracted from my own Nexo account

However, just like BlockFi or any other crypto savings account, these are not MAS licensed since crypto is really novel and the government literally has no control over it since it is decentralised and not owned by any single entity/group or organisation.

If you are someone who only trust MAS licensed products, I’m sorry to disappoint but there are no alternative options out there for such a great product at the moment and I doubt traditional finance will be able to offer something half as good.

I have been using Nexo for more than half a year now, and interest are credited on a daily basis the moment it is deposited into the Nexo account. (yes. sweet compounding interest in Bitcoin, Ethereum and more on a daily basis).

How to transfer your crypto into Nexo

Below, I will highlight the steps to take to safely deposit your precious crypto assets into Nexo.

  1. Create a crypto exchange account (To buy/Sell) + Nexo (savings account)
  2. Buy your crypto on an exchange (I use Gemini Active Trader as each buy/sell is 0.35% per transaction)
  3. Transfer the crypto through the blockchain (Copy&Paste the address for transfers between the exchange and Nexo)
  4. Wait for your crypto to be deposited and congrats on achieving daily compound interest!

Gemini Exchange

Exchange wise, I highly recommend Gemini and its my personal exchange of choice since they have 10 free crypto-crypto transfers every month and also extremely low trading fees (0.35%) for Gemini Active Trader. You can read up on Gemini in greater details in a post I wrote here.

Celsius Network

The next one would be Celsius, or what we call Celsius Wallet, which operates as a web interface and also an app interface just like Nexo.

Celsius Network App Interface taken from my own account

It works just like Nexo but 1 thing which Celsius really stands out is their interest rates for stablecoins like USDT, USDC, DAI and more. It’s the best place to park Stablecoins which are basically spare cash and the interest ranges from 10.51% up to 13.3%!

Just like Nexo, they also don’t charge any withdrawal fees so your money won’t be locked up if you just want to try out 🙂

I personally park DOT (Polkadot) and DAI (Stablecoin) on Celsius as it offers the highest interest rates with ease and convenience.

Benefits of Celsius

  1. Similar as Nexo mentioned above
  2. Stablecoins interest absolutely crushes Nexo

Verdict: Park BTC/ETH in Nexo and stablecoins on Celsius

Question: How the heck do they pay such high interest? Is it a Ponzi scheme?

To the paranoid and skeptical ones: No, this is not a Ponzi.

In layman terms, they are doing whatever our traditional banks like DBS or OCBC are doing: Lending out deposits for higher interest to lenders and other organisations by charging interest on the loaned assets.

Instead of taking majority of the profits from the lending activities, they share more of the pie with the HODL-ers like us which translates to higher interest which is sustainable, but ultimately once demand catches up and more users pile on such saving accounts, interest will eventually start to fall (which is why I was reluctant to share this great product since you guys will start using and my interest might slowly drop… Kidding!)

You can check out articles here to see how interest is generated and more info on the platform:

  1. Celsius Network Interest Rates, Explained
  2. The Five Ws and How of the Nexo Exchange

Going forward, I will continue to buy my crypto through Gemini or Coinhako depending on which crypto I am buying, once done, I will transfer them via the blockchain and deposit them into either Nexo or Celsius depending on the asset bought, rinse and repeat and see my asset grow over time.

Conclusion

For BTC and ETH: Bank — Buy via Xfers (no fee)–> Gemini –> Nexo (interest 4%-6%)

For USD Stablecoins: Bank –Buy via Xfers (small fee)–> Coinhako –> Celsius Network (interest ~10.51%)

If you are interested to use the platform I am using to buy crypto, do sign up using my referral links for some sweet bonus!

Referral Links (Click and Sign Up)

Gemini Exchange: Deposits and buy US$100 or more crypto on Gemini and you will earn US$10 in BTC.

Coinhako Exchange: You can create an account by clicking the link and then enter promo code: COINGECKO when doing a buy/sell and enjoy 20% trading fees discount!

Celsius Network: Earn US$30 in DAI (USD Stablecoin) for free with your first transfer of US$200 or more in any crypto asset and wait for 1 month.

Nexo: No referral events at the moment 😦 Just sign up and enjoy this great product!

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Disclaimer: 

The content here is for informational purposes only and should NOT be taken as legal, business, tax, or investment advice. It does NOT constitute an offer or solicitation to purchase any investment or a recommendation to buy or sell a security. In fact, the content is not directed to any investor or potential investor and may not be used to evaluate or make any investment.

Do note that this is not financial advice. If you are in doubt as to the action you should take, please consult your stock broker or financial advisor. (Or contact me!)

Why You Should Diversify Into Crypto and My Strategy Ahead

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I am not going to lie, but I have been putting more time and energy researching deeply into the cryptocurrency space and why I feel everyone should too. Crypto has been the buzzword of 2021 so far with Bitcoin and Ethereum breaking all-time-highs almost on a daily basis.

Adapted from Ark’s Big Idea 2021

Bitcoin is not the only thing there is when it comes to crypto, you have your alt coins such as Ethereum, Cardano, Polkadot, Binance Coin and also your Stablecoins such as USDT (Tether), USDC (USD Coin), Dai (Decentralised Stablecoin). In short, stablecoins are usually pegged to a currency (such as USD) and aims to be “stable” and act as cash but in crypto form.

Every crypto asset has their own value propositions and own fundamentals as to why people would want to invest or trade in them. The Bitcoin thesis is probably one of the most popular, due to its popularity and insane run up since the 2017 price reset.

For those interested to invest into crypto, I highly recommend you checking out my exchange of choice and my review of it here: Gemini

Gemini Referral Code

Click on this referral link here and receive US$10 in Bitcoin after you top up at least US$100 on Gemini!

Is crypto really a speculation bubble waiting to be popped? Personally, I beg to differ. Here’s why:

Crypto Savings Account and Yield Farming

Do you know you can earn interest on your idle crypto assets such as Bitcoin, Ether, Litecoin and more? You can also earn crazy high yields on your Stablecoins with potential up to 100% interest rate per annum! How much interest is your bank giving you?

Personally, I am still researching more into yield farming but due to the complex nature of the DeFi space, I have yet to dabble in yield farming so I am sticking to crypto savings account for now.

The ones I am personally using are Nexo Wallet (for my Bitcoin and Ethereum) and Celsius Network (for my stablecoin, Dai)

Nexo Wallet

Once I purchased the crypto, I will transfer the assets over to Nexo and Celsius respectively to earn interest on my assets and the best thing about it is that it compounds, even when I am doing nothing. I will not dive into details on how the 2 platforms work but essentially, how they generate such high interest rates is the same as how a bank works: They lend your assets out to institutions and charge them a higher fee for lending the crypto asset, and in return give you interest as reward for putting your assets on their platform. (essentially how a traditional bank works)

Celsius Interest Rates (Aug 2020)

Why am I confident in the 2 platforms? Even though they are not MAS regulated, Nexo is a regulated entity in the EU while Celsius is also a highly established player in the field. Both feature high levels of security with Nexo having around the same security sophistication of Gemini and bank grade security for our crypto assets. Hopefully 1 day I will elaborate further on them.

To sum up though, I am earning 5.5% APY on my Bitcoin and Ethereum through Nexo (by holding <10% in NEXO Tokens) and 12.5% APY on my Dai stablecoin through Celsius.

If you are interested to deposit into the savings accounts, I have a referral code for Celsius below.

Celsius Referral Code: 199285483c

Earn $30 USD in Bitcoins when you join Celsius Network and make a first transfer of $200 USD or more using the referral code at the time of signup!

(Bitcoin reward will be unlocked 30 days after the initial transfer)

Risk Reward Ratio is Huge

Crypto’s upside is really unlimited when you think about it. At the time of writing, Bitcoin’s return year to date is 90.23% while Ethereum’s return year to date is 170.69%, that’s insane. That is some crazy returns in the matter of less than 2 months.

My crypto gains thus far amounts to 140+% gain since my first investment into the asset class back in late 2020. I am still dollar cost averaging every month into the asset class as well. As of now, I am still holding on to just Bitcoin and Ethereum, but a few alt coins are showing extremely compelling value propositions and I just can’t ignore it anymore.

My crypto returns has already far surpassed my equities (stocks) and I will be focusing on this asset class in the near future. I am thinking of taking profit from my Equity100 portfolio and redeploying the profits into crypto too.

Ark’s Research on Bitcoin

Shown above, it is clear that by diversifying into crypto or Bitcoin in particular, you essentially reduce your risk but increase your returns potential due to how Bitcoin has basically zero correlations to the stock market.

The more uncorrelated the asset classes the better, that is what diversification is supposed to be.

The thesis for Bitcoin has never been stronger. As more traditional investments dabble into Bitcoin, we will see even greater adoption and soon acceptance of Bitcoin as a legitimate asset class. Only time will tell.

Bitcoin has been on a rising trend over the years and the diagram above gives a visual representation of what might happen to Bitcoin’s price going forward. Don’t just blindly trust it though, as due diligence is still needed and every person’s risk tolerance is different.

Strategy Going Forward

At the point of writing, crypto takes up roughly 13% of my entire portfolio (consisting DIY Portfolio, Syfe Equity100 and Crypto holdings).

I will be recycling a portion of my funds from Equity100 and redeploying it back into crypto. The reason being is simple: My Equity100 saw a huge run up in overall returns. I am overweight on equities currently and I hope to rebalance the allocation towards 25% crypto and 75% into equities.

Going forward I may be diversifying into other alt coins, and on my watchlist are the following:

  1. Cardano (ADA)
  2. Polka Dot (DOT)
  3. Binance Coin (BNB)

These 3 picks are all part of the top 10 cryptos by market cap so you can sort of call them the “blue chips” of the crypto world. While these alt coins may not overtake Bitcoin, their value proposition is incredibly compelling especially the case of Polka Dot. I leave it up to you to do up your own due diligence and to further understand the asset class before dabbling in it.

Also, I urge all readers with less than 1 year of investment experience to stay away from crypto first, because the volatility of the asset class is insane and may not be suitable for beginners. A daily upswing or downswing of 30%-60% is possible, thus, I urge readers to take note of the risk involved with such an asset class as well even though the upside and returns may seem unlimited.

As of now, I will be deploying into crypto on a monthly, dollar cost basis and buy into them slowly but surely. While my cash lie around not invested, I will covert them into Dai to earn interest in Celsius first. When I want to deploy them, I will transfer them back to Nexo and exchange Dai for Bitcoin or whichever coin I wish to invest into.

Also, for those not informed, Bitcoin has hit the US$56,000+ while Ethereum officially broke the US$2000 mark! I do expect to see a pullback soon but the dip will probably be bought back just as quickly. I will focus on accumulating them slowly over time and won’t be planning to sell them any time soon.

As always, I use StocksCafe to keep track of all my investments (include Robo) + research on stocks. You can also view my portfolio as well as many others so you can compare your own performance with other investors. If you are interested in signing up, you can use my referral link to sign up and access premium features for 1 extra month for new users. (3 months)

Have a great weekend and good luck investing! Stay safe and healthy always!

Disclaimer: 

The content here is for informational purposes only and should NOT be taken as legal, business, tax, or investment advice. It does NOT constitute an offer or solicitation to purchase any investment or a recommendation to buy or sell a security. In fact, the content is not directed to any investor or potential investor and may not be used to evaluate or make any investment.

Do note that this is not financial advice. If you are in doubt as to the action you should take, please consult your stock broker or financial advisor. (Or contact me!)

Why You Should Invest Into Bitcoin And Ethereum (2021)

Bitcoin had an insane run in 2020. With the halving event in 2020, and as more and more retail and institutional investors alike pile into the world of cryptocurrency, the investment thesis for the alternative asset class has seen a surge in demand and interest more so than ever.


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Most people that are not invested or simply do not understand Bitcoin would think that it is currently a bubble and that it will crash once again just like in 2017. While hindsight bias cloud our better judgement, it is better if you can understand why people are investing into Bitcoin and just what is so valuable about it.

Backstory

Bitcoin first started trading back in 2009 when a mysterious figure known as Satoshi Nakamoto created the blockchain and the Bitcoin ecosystem. Back then, you could buy one of the new digital tokens for less than 1 cent. Prices steadily rose , albeit with some volatility over the years and in January 2021, Bitcoin hit an all-time high of nearly $42,000 USD.

Ethereum on the other hand, debuted in 2015 at less than $3 and soared to more than $1,400 by 2018. At the time of this writing, Ethereum trades at slightly more than $1,700 USD.

Although they’re the two biggest cryptocurrencies by market capitalization, Bitcoin and Ethereum are totally different animals, developed for different reasons and with different internal dynamics, and hence, the purpose of the 2 coins are very different which is something you need to keep in mind.

The King of Crypto

Bitcoin is the largest cryptocurrency by market-cap, and for a very good reason. Bitcoin is also known as digital gold due to its limited supply of 21 million in circulation. At the point of writing, there are around 18.3 million Bitcoins already in circulation, which means there are around 2.7 million Bitcoin left before all the Bitcoin are out in the open.

Due to it’s algorithm parameters, Bitcoin goes through halving every 4 years, which basically means that the number of blocks (of Bitcoin) that miners get rewarded with will reduce by half every 4 years, making it harder and harder to mine Bitcoin the longer the time drags. At the point of writing, one block mined takes 10 minutes on average through its Proof-of-Work model and at the point of writing, yields 6.25 Bitcoin as reward for the miner every time he successfully mine a block. (It will become 3.125 Bitcoin/Block in 2024 and 1.5626 Bitcoin/Block in 2028 so on and so fourth.)

By 2040, it is estimated that the entire 21 million worth of Bitcoin will be in circulation and no more Bitcoin can be mined or created. Hence, the fundamental value of where Bitcoin derives its value is due to the scarcity of it. Just like physical gold which becomes more and more difficult to mine over time, the value of Bitcoin depends on many factors such as the global interest rate environments, the demand of Bitcoin, the regulatory environment, fiscal action by central banks etc.

As mentioned by Ark Invest CEO Cathie Wood, their research shows that if all S&P 500 companies were to allocate 1% of their cash to Bitcoin, its price could increase by approximately $40,000! (At the point of writing, Bitcoin is valued at around $37,000 per coin).

As more institutions and big fund houses adopt Bitcoin into their balance sheets, we could see increased demand for Bitcoin (and therefore price increases) in the near future.

Couple that rising demand with Bitcoin halving every 4 years and the unlimited money printing by Central Banks all over the world, the Bitcoin thesis is becoming stronger and better each day. Whether you are a skeptic of Bitcoin or not, the fact is Bitcoin is here to stay and it’s growth will keep on getting better as it becomes harder to mine and more institutional participation.

The King of Altcoins

Ether, the native currency of the Ethereum chain, is also known as an alternative coin (altcoin) which basically refers to any cryptocurrency that is not Bitcoin.

To put it simply, Ethereum is a decentralized, open-source blockchain featuring smart contract functionality. It is the second largest cryptocurrency by market cap, and is the most actively used blockchain which uses the ERC-20 token.

Ethereum is interesting because its goal is not to become digital gold like Bitcoin, but to become programmable money which basically created decentralised finance (DeFi) and utilised for many initial coin offerings.

Simply put, the Ethereum blockchain is a platform for many other crypto projects to build decentralised apps (dApps) and to build on many other blockchain and more initial coin offerings, using Ethereum’s ERC-20 token standard. In order to send ERC-20 tokens , users have to pay Ether for all transactions, which is what makes Ether so powerful.

Since late 2020, Ethereum has started implementing a series of upgrades called Ethereum 2.0, which includes a transition towards proof of stake (from proof of work) and an increase in transaction throughput using sharding.

2021 will be the year of Cryptocurrencies

In 2021, we have already seen Bitcoin and Ethereum breaking their previous all time highs and for a very good reason. As the global money supply increases due to unlimited money printing by central banks, investors are becoming more afraid of the inherent risk of inflation which would be imminent in the future. Money printing do not come without long term side effects.

Aside from money printing, the low interest rate environment meant that cash is trash, which meant that investors, be it retail or institutional, will be desperately looking for inflation hedges, and because a huge amount has already been allocated to the equities market, cryptocurrencies as an alternative asset class will be able to diversify systemic risk and improve overall Sharpe ratio for many investment portfolios out there.

As the combined market cap of crypto assets cross the 1 trillion mark, it signifies the significance of this asset class as a viable option for institutional investors. Square, Microstrategy and Paypal led the charge into the asset class as they started reporting a part of their cash allocation as Bitcoin under their balance sheet and buying Bitcoin aggressively and offering Bitcoin exchanges for their customers. As more institutions swap Bitcoin for cash, we could see further rise in the price of Bitcoin in the future as well.

While some may argue that the current price is a bubble, they may be right or may be wrong, but bubbles can grow for a very long time and you are better off riding the wave than the miss the opportunity of a lifetime. Every minute wasted is millions worth in opportunity cost, so think wisely and think rationally.

Where To Buy Bitcoin and Ethereum?

Now you may ask, just where is the best place for us retail investors to buy Bitcoin or Ethereum?

Gemini Exchange

I have used many different platforms such as Binance.SG and Binance Global, and I find that for both of the exchanges, there are certain things I dislike about both. Firstly, SG has very limited options and only offers a desktop platform with many technical issues such as Xfers having difficulty processing our money or other problems. Binance Global is extremely confusing for beginner crypto investors, and although both have pretty low fiat to crypto fees of around 0.6%-1%, when I want to send my crypto over to a crypto savings account, they took another bite off my holdings which amounts easily to around 0.001 BTC or more per transaction (which is hefty!)

Gemini, on the other hand, offers best in class security with high levels of protection and best in class custodian which puts you crypto assets in a separate Cold Storage encrypted by multiple signatures and having one of the highest security in the crypto field. You can read more about Gemini in my post here.

If you value security above all else like me, Gemini is one of the best exchange out there. They have not been hacked before since its inception, compared to Binance/Coinbase or any other platforms which are susceptible to hackers.

Fiat to crypto fees are much more significant at 1.49% + convenience fees but you get 10 free crypto to crypto transfers every month which I find particularly attractive. Let me explain why.

After purchasing Bitcoin/Ethereum, I will transfer my crypto assets over to Nexo.IO, which is a crypto savings and lending platform with high levels of security and a similar Cold Storage custodian with industry renowned BitGo. By putting my idle assets in Nexo, I effectively get 5% per annum (compounded daily) on my Bitcoin and Ethereum just by buying and holding.

As the value of my crypto asset increases, it is boosted by the daily accrued interest which is amazing. There are no fees at all when it comes to depositing or withdrawing from the Nexo wallet. All you need to do is to send the crypto asset from Gemini to Nexo and vice versa.

You can read up more about Nexo here.

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!

Conclusion

Cryptocurrency is here to stay and this time it is different. Whether you want to call it a speculation or investment, it is totally up to you and your level of understanding of the asset class. If you understand the thesis behind it, you can go long term, ignore the short term volatility and noises, and simplying HODL until Bitcoin breaks new highs and more institutions take part.

Understand the risk of the asset class as well, such as regulatory risks and the difference between a hot and cold wallet, the level of security of different wallets. The post today merely scratched the surface of what Bitcoin and Ethereum actually is, and there are more complicated concepts and jargons at play here, so please do your own due diligence when it comes to investing and research properly before putting money into any asset.

For now, I will be allocating 10% of my assets into Bitcoin and Ethereum and depending on the future trend and environment, I may increase or decrease the allocation accordingly. It is definitely worth it to diversify into crypto as they have 0 correlation to the stock market and I think the thesis as an inflation hedge is extremely strong on Bitcoin especially, which is why I feel that in the long run, Bitcoin will be a good hedge against inflation and of course, the capital appreciation that comes along with it. 😉

Happy investing and all the best!

Disclaimer: 

The content here is for informational purposes only and should NOT be taken as legal, business, tax, or investment advice. It does NOT constitute an offer or solicitation to purchase any investment or a recommendation to buy or sell a security. In fact, the content is not directed to any investor or potential investor and may not be used to evaluate or make any investment.

Do note that this is not financial advice. If you are in doubt as to the action you should take, please consult your stock broker or financial advisor. (Or contact me!)

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.