Using Gemini to buy Bitcoin

Updated: Oct 11

Gemini was one of the first Bitcoin exchanges to arrive in the market and to this date, remains one of the most trusted and secure among all Bitcoin exchanges. Gemini used to be my default exchange until Binance SG started in Singapore (which is cheaper and faster for Singaporeans). Therefore if you are based in Singapore and looking to buy Bitcoin, I would recommend Binance SG instead due to it's lower fees.


Remember that when buying Bitcoin, you do not have to buy an entire Bitcoin, you can simply buy a fraction of a Bitcoin - for example, if the price of Bitcoin is SGD10,000, you can buy 0.01btc with 100SGD.


However if Binance is not available in your country, Gemini remains a solid and secure option.


Buying Bitcoin on Gemini is generally an easy process, but depending on where you live and the bank you use, you may incur banking costs from wiring the money to Gemini (these are costs from your bank, not Gemini). Gemini itself does not have a deposit cost. The wiring process may also take up to a day or two to clear.

Here are the steps:


Part 1 - Creating your Gemini Account

  1. Begin to create an account on Gemini (using this referral link, we would both get 10USD in Bitcoin if you buy/sell at least $100 worth of crypto within 30 days of creating your account.

  2. Set-up your account and complete the verification process. KYC is a mandatory step for Gemini and unfortunately cannot be skipped.

Part 2 - Funding your Account

  1. Fund your account by manually adding your bank account as a payee - you will need your bank account / Bank SWIFT code.

  2. Once you have completed this, Gemini will provide you with the wiring details that you will input on your bank's wire transfer details

  3. Go to your bank's internet banking and initiate a wire transfer

  4. Input the details provided by Gemini into the payee details

  5. Make your transfer of the desired amount.

From my experience, it usually takes about 12 hours for the deposit to be reflected in your Gemini account.



 
  • Facebook
  • Twitter

©2020 by Everything About Bitcoin.