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The Monetary Authority of Singapore (MAS) requires us to provide this risk warning to you as a customer of a digital payment token (DPT) service provider.
Before you pay your DPT service provider any money or DPT, you should be aware of the following.
1. Whether your DPT service provider is licensed by MAS to provide DPT services or not, please note that this does not mean you will be able to recover all the money or DPTs you paid to your DPT service provider if your DPT service provider business fails.
2. You should not transact in the DPT if you are not familiar with this DPT. Transacting in DPTs may not be suitable for you if you are not familiar with the technology that DPT services are provided.
3. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
Gemini is an online cryptocurrency exchange headquartered in New York City, co-founded by the Winklevoss twins, Cameron Winklevoss and Tyler Winklevoss.
Gemini is an online cryptocurrency exchange – meaning it helps buyers match sellers on the platform. Gemini comes in 3 versions – a regular website exchange, a pro version called ActiveTrader, and a mobile app.
Gemini has an easy-to-user interface that's suitable for beginners, and an array of features such as Gemini Earn, credit card, and Pay for daily use. For pro crypto traders, Gemini has an ActiveTrader with higher performance and lower fees.
Gemini offers a cold storage for your crypto keys called the Gemini Custody. Even though it's cold storage, Gemini allows you to still actively trade your offline assets. Security features include biometric assess, and multi-layered account security.
If you have idle balance that you intend to hold short-term and not active trade them, you can enrol init the Gemini Earn programme to earn interest up to 8.0% APY (annual percentage yield) on your idle balance. Gemini Earn offers instant withdrawal with no fees, and is available in Singapore.
Gemini also comes with a Mastercard credit card for users to earn cash back on dining (3%), groceries (2%), and other purchases (1%). Rewards earned are instantly reflected in your Gemini account, and security features include app-only access to your card number and details.
A common drawback about Gemini that most users complain about is the limited number of coins and tokens available for trade. As of October 2021, there are 8 coins and 44 ERC-20 tokens available for trade.
Gemini has relatively higher fees than other online crypto exchange platforms at 1.49% (of order value) for all mobile and web orders equivalent to, or above S$250. You'll find the lowest fees over at the pro Gemini ActiveTrader platform from 0.35% maker and taker fees.
One of the most common complaints you'll see floating around the internet about Gemini is the slow (or lack of) customer support. Users who wrote in to customer support reportedly received generic replies repeatedly. A raised ticket may take up to weeks before it's resolved.
If you are using Gemini from Singapore, there are four ways you can fund your Gemini account: by depositing cryptocurrency coins that you already own, debit card, your Xfers account, or via a FAST bank transfer (first deposit takes 48 hours).
To deposit SGD into your Gemini account, you'll have to link or create an Xfers account (if you are new to Xfers, an account will be automatically created for you on the Gemini app). Once your Xfers and bank account has been verified, you'll receive a unique SGD bank account number (Gemini's) – add that as a new recipient in your bank account so you can transfer your funds to your Gemini account (through Xfers).
If you hold any of the crypto coins or tokens that Gemini supports, you'll be able to deposit them to your Gemini account. Go to the "Deposit" section on your Gemini account, and select the crypto that wanted to transfer to your Gemini account. Get the deposit address, and copy and paste it into your other wallet's withdrawal page.
You can also key in your Mastercard or Visa debit cards to directly make trades up to $1,000 every 24 hours. You'll be able to add your debit card to your account under the "Funding" section.
Click on "Login" to create an account. You'll be prompted to key in personal details such as a password, and set up 2FA (two factor authentication) login.
You'll then have to wait for a verification email from Gemini. Verify your email address, and login again. Then, you'll be prompted to verify your identity via SingPass.
Once that's done, you'll be automatically led to your login homepage where you'll see an overview of the popular coins and an empty portfolio. Click on the option to "Add Payment Method". You will see options to link your bank account, or debit card in SGD.
First, you'll need to create a Gemini account on the website. The process will take 5 to 10 minutes. Next, you'll need to add a payment method to be able to purchase crypto coins such as Bitcoin, Ethereum, Litecoin.
If you're in Singapore, click on "Manually link bank account" to link your Singapore bank account via your mobile number registered with Xfers (or create a new Xfers account if you're new). You'll then be able to key in and register your local bank account, and you'll be given a unique Xfers SGD Gemini account number and prompted to make a FAST deposit. You may see your deposit updated on your Gemini account anytime in a couple of minutes or up to 48 hours for verification.
Once your deposit has been verified, you'll receive an email notification. After that, you'll be able to click into your coin of choice, choose your order type, "Buy", set your one-time or recurring order, and key in the amount (in SGD) that you'd like to buy. Once that's done, you can click "Continue" to read any agreements, view your final order ticket, and complete the order. You'll then receive an email of confirmation detailing your order. You will also be able to see your purchased coins in your portfolio.