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Gemini Exchange is a digital currency exchange and custodian started in 2014 by Cameron and Tyler Winklevoss. 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.
Gemini has several cryptocurrency related products including exchange, custody, stablecoin issuance, clearing, and Gemini Pay (US only).
Gemini is one of the largest and most reliable cryptocurrency exchanges. It is a SOC 1 Type 1 and SOC 2 Type 2 certified crypto exchange and custodian with industry leading custody services.
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.
Trading on Gemini
Gemini Exchange comes in two forms: a simple version and a more advanced version called ActiveTrader, which comes with advanced charting, multiple order types, auctions, and block trading.
To trade on Gemini, you simply create an account, complete identity verification and place a trade on its platform using the order form.
Supported fiat & cryptocurrencies on Gemini
Gemini supports 5 fiats and 13 cryptocurrencies in Singapore.
They also support recurring buys such as daily, weekly, twice monthly and monthly orders.
You can also create price alerts on your favourite cryptocurrencies and get notified when they reach your target price levels.
To make SGD deposits on Gemini, you need to first add a SGD bank account as a funding source.
Add SGD account as a funding source
Head over to Gemini and click on Account settings then locate the Funding Sources tab.
Click on Get Started under Manually Link Bank Account and then select SGD as the funding source currency.
Obtain deposit instructions
Ensure that you have linked your bank account with Gemini. There is a new unique bank account number for each Gemini account for SGD deposits from 4 May 2021.
In the deposit screen, accessible also via the Transfer tab, select your bank account, amount to transfer and receive your FAST deposit instructions.
From your bank, add a new payee with the unique account number assigned to you and make a FAST deposit from your bank account (up to $20K). All SGD transfers are handled by Xfers.
FAST transfers sent from newly linked bank accounts may take up to 48 hours to get credited while mandatory verifications are being conducted.
Withdrawing funds from Gemini
In the past, it is difficult to find an good fiat-offramp for SGD. Gemini changes this with its SGD FAST withdrawals.
Under the Transfer tab, locate Withdraw from Gemini.
Select the currency to withdraw, in this case SGD.
Select your linked bank account, and how much you wish to withdraw from Gemini, then click on Request Withdrawal.
Your withdrawal should be reflected within one business day in your linked bank account.
Gemini launching SGD deposits, withdrawals and crypto trading is good news for Singapore investors looking for an easy fiat on and off-ramp for cryptocurrencies.