Gemini Exchange Guide – buy, sell and withdraw crypto using SGD

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 dashboard

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.

Gemini dashboard
Gemini Exchange (simple version)
ActiveTrader Performance
Gemini ActiveTrader for professionals

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.

Supported fiat and cryptocurrencies

They also support recurring buys such as daily, weekly, twice monthly and monthly orders.

Recurring buys

You can also create price alerts on your favourite cryptocurrencies and get notified when they reach your target price levels.

Price alert on Gemini

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.

Find funding sources

Click on Get Started under Manually Link Bank Account and then select SGD as the funding source currency.

Select funding source currency
Enter your mobile phone number

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.

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.

Withdrawing funds from Gemini

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

Overall thoughts

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.

Use this exclusive link to receive US$10 in Bitcoin after you buy or sell US$100 worth of crypto on Gemini.

    1. I think personally Gemini has advantages of better custody solutions. But trading wise both would be similar and Coinhako might be cheaper depending on your trade volume.

  1. There is no trading pairs for SGD. What is the point?
    Is there any way to convert the SGD we deposited into Gemini already, to USD? So we can trade on Active Trader. Please reply.

    1. You can buy using SGD without ActiveTrader. I don’t think there are any exchanges with proper SGD trading pairs for crypto. And currently I believe Gemini doesn’t have a currency swap feature within

      1. In that case how do we buy the usd pairs? Do we need to convert sgd to usd using our local Sgt banks first then make the transfer? Appreciate any advice. Thanks!

        1. DBS and Stanchart would automatically do the conversion for you, if you don’t already have USD in your multicurrency account.

  2. That’s awesome news! Since I have been using since 2017-2018. Tho I did have Coinbase, Coinhako but not using those at the moment. Haven’t done any drawing! But it’s great that, Gemini makes it easier at least.

  3. Thank you so much for the article! It says on the Gemini website that the crypto withdrawal fee is $125 leh. What’s up with that?

    1. Hello Francis, withdrawals of crypto should be free at least 10 times a month. I think the $125 fee is for withdrawals from Gemini Custody, which is an institutional grade custody solution for your crypto. You can withdraw to your cold wallet for custody too (it’s free).

  4. Hi Derrick, do you have any experience depositing USD into Gemini? The set-up seems different from depositing SGD (E.g. it requires us to have a SWIFT code or IBAN number). And local banks like DBS seem to charge a hefty fee for making wire transfers in USD (e.g. DBS remit charges ~$20)

    1. Hey Rebecca, I’ve never deposited USD into Gemini. I believe DBS Remit should be free now as I’ve used them for USD transfers. You can also try SC Remit which is also free. As long as it comes from a bank account under your name it should be fine.

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