Disclaimer: At MoneySmart.sg, we strive to keep our information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products and services are presented without warranty. Additionally, this site may be compensated through third party advertisers. However, the results of our comparison tools which are not marked as sponsored are always based on objective analysis first.
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.
1.49% (of order value) for mobile and web orders above S$250, from 0.35% maker and taker fees on Gemini ActiveTrader
Free for crypto deposits and bank wire transfers, 3.49% for debit card transfer deposits
10 free withdrawals per calendar month, after which withdrawal fees will be charged. Withdrawal fees vary from coin to coin – 0.001 BTC for Bitcoin, 0.01 LINK for Chainlink, 0.001 ETH for Ethereum, 0.002 LTC for Litecoin, and more.
0.35% taker and 0.1% maker fee (for 30-day trading volume below US$1 million)
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.
When you make an order for a crypto coin or token on Gemini, you will see an option to submit your purchased crypto to the Gemini Earn programme to generate interest. Gemini Earn is a staking programme which allows users to hold their cryptocurrencies in a cold storage for a fixed period of time to earn rewards and interest. You could liken it to a "fixed deposit" scheme in a traditional bank.
When you trade crypto on Gemini, your coins and tokens will go to your Gemini hot wallet by default. Given that these are places where you keep your keys and coins – at least until you find the right cold wallet or offline wallet for yourself – you'd want to know how secure Gemini's hot and cold wallets are. Gemini states that their wallets' security are continually upgraded to support newer coins. It's also reportedly insured against digital theft.
Gemini Custody is an offline cold storage operated by Gemini. There are several security features of the custody programme, including 2FA (two factor authentication) for logins, whitelisting withdrawal addresses beforehand to prevent illegitimate hacks, limiting login attempts, hashed and encrypted password and information, and hardware security keys. As of 11 May 2021, Gemini announced that there were over US$30 billion worth of crypto kept in their Custody.
Gemini Clearing is basically an electronic clearing (settlement and transfer of funds) system for off-system trades. Off-chain transactions basically include coins that don't leave the deposit address it's been sent to, examples may include you passing on your private keys to a family member or friend on a piece of paper, or the internal transactions that occur within Gemini's own storage and ledger of coins and tokens (e.g. when you transfer 1 LTC from your Gemini account to your friend's Gemini account).
ActiveTrader is Gemini's version of a higher performance interface with more detailed charts (that means its interface is more complex), and lower fees as compared to the basic Gemini Exchange or mobile app. If you're using Gemini Exchange, you can switch your trading interface to ActiveTrader for free from your "Account" settings.
If you prefer a simplified and easy-to-use interface on your mobile, you'll be able to download Gemini on the Apple App Store, Google Play store, and Galaxy Store. However, do note that fees are higher when you make purchases on the mobile app.
Gemini Pay is the payment mobile app of your Gemini Wallet. Gemini users based in the US with the Gemini Pay app downloaded on their phones will be able to spend their crypto (BTC, GUSD, TH, LTC, ZEC, or BCH) at retail stores. Gemini Pay is not available in Singapore.