Best Crypto Broker in the Market? My Humble Review of Gemini

Following on my previous article on Ethereum being a solid choice to add onto your Crypto portfolio. I am writing about Gemini, my choice of broker to buy/sell cryptocurrency.

Why Gemini

Based in New York, USA, Gemini is a regulated cryptocurrency exchange, wallet, and custodian with a “security-first” mentality broker which is regulated by the New York State Department of Financial Services (NYSDFS).

You may also have heard of the co-founders – the Winklevoss twins, made famous by the Social Network movie which portrays Facebook cofounding.

A quick search on google reveals that their Singapore office is located at Shenton Way.

I was first drawn to Gemini when I heard about it on the Seedly Personal Finance Festival 2021. Their APAC Head, Jeremy Ng, was speaking on the future of Cryptocurrency. I like what I saw then but procrastinated on opening an account due to the numerous crypto brokers in the market (Binance SG/Intl, Coinhako etc).

I next chanced upon it again on Heartland Boy’s blogpost which spurred me to research further. Lo and behold, after feasting on many articles written by other fellow bloggers, I saw the case for Gemini to be my choice of crypto broker.

What I like about Gemini

The user interface is minimalistic and good. I have seen other brokers where the front-page is convoluted and full of information that it appears messy and hard to navigate.

Thankfully, Gemini’s interface is clean and crisp.

The mobile app is excellent to navigate around and I like that it is very responsive and offers an easy tracker of the current crypto prices.

The mobile app is excellent to navigate around and I like that it is very responsive and offers an easy tracker of the current crypto prices.

In terms of Trading Fees, Gemini’s are pretty competitive if you are not using the Basic Version (more details on how to switch to ActiveTrader below).

The Basic Version charges the following (which is hefty in my opinion if you are trading small amount):

By switching to ActiveTrader, you will only incur 0.35% worth of trading fees, regardless of the amount you are buying.

It is effortless and cost free to switch from the Basic to ActiveTrader, just go onto your account settings and locate the trading interface option. From there, select ActiveTrader and you are done.

Note that if you have not utilised a trading platform before, it can be slightly daunting. However, once you play around with the interface, it should not be of any concern.

Note that if you have not utilised a trading platform before, it can be slightly daunting. However, once you play around with the interface, it should not be of any concern.

Lastly, I really like the SGD function on Gemini. Instead of transferring USD into the brokerage platform and then incurring a conversion fee, I like how I can transfer in SGD and purchase ETH or BTC with the currency.

I mentioned about how currency conversion fees can eat into one’s profits in the long run and how big a factor it plays in choosing a broker. Thus, I am thankful that Gemini allows ETH-SGD and BTC-SGD pairing to be purchased.

What I dislike about Gemini

I do not think there is a perfect broker out there. As always, there will be shortfalls in every brokerage platform.

Gemini’s flaws come in the form of their mobile app not offering ActiveTrader mode – which means you will incur higher commission fees if you decide to trade via the mobile app. This reduces the convenience and makes it a “pricier” process if my intention is to trade on the go.

A solution to this would be to use your mobile browser which allows you to use the ActiveTrader platform but it defeats the purpose of having the Gemini application on my phone then.

In terms of support, I raised a support ticket with regards to verifying my identity. Till date, there has been no response yet from the support team.

A quick check on Gemini’s subreddit also shows that many are complaining about the lack of support/slow responses. I attribute this to the huge influx of new Crypto sign ups they are getting and will monitor this aspect closely.

Account Opening Process

The whole process was simple and quick. I like that I could use myInfo via Singpass to assist in the account opening process.

Note: There have been feedbacks that some users’ account are taking a while to be verified, mine took 2 working days in total. I know of others who took up to 2 weeks while some were approved right away.

I found a small hack which could help if your account is stuck on the verifying identity step for over a day.

Head onto to this page and upload a copy of your NRIC (front and back). Some users have feedback that upon doing so, their account was verified almost immediately.

Linking your Bank Account

Before you can deposit cash into your account, you will have to link your bank account with Gemini.

1. Select the “Manually Link Bank Account” option below circled in green.

2. Select your funding source currency – I chose SGD but you can go with USD/EUR/HKD etc.

2. Select your funding source currency – I chose SGD but you can go with USD/EUR/HKD etc.

3. Enter bank account details held in your name and ta-dah, its linked now.

You can start depositing money in to make your crypto purchase.

Cash Depositing/Withdrawing Process

The process here is simple – in fact it is more intuitive and quicker than some of the traditional brokers who take days.

To deposit SGD, all you have to do is to navigate to the Transfer Funds page and select SGD as your choice of currency to deposit. Once that is done, you will be able to view Gemini’s bank account information.

Navigate to your personal I-Banking client and transfer in SGD to the Gemini account as you would to any merchant. Viola! You are all set.

Navigate to your personal I-Banking client and transfer in SGD to the Gemini account as you would to any merchant. Viola! You are all set.

Note: Based on my experience, average waiting time is around 5-20 mins for the money to be transferred.

To withdraw, the process is similar. One would have to navigate to the Transfer Funds page and select “Withdraw from Gemini”.

Select the currency you are looking to withdraw, the bank account you would like to withdraw to and the amount. Once done, sit tight and wait for your money to be credited.

Conclusion

Gemini is currently running a promotion where new users who signs up via a referral link and buys or sells USD$100 on the exchange within 30 days of creating their account, both the referrer and the new user will be credited with USD$10 worth of bitcoin.

It has been nearly a week since I have been on the Gemini platform. While I did blog about my gripes earlier in the article, I believe that this is the best crypto broker currently for many new to the cryptocurrency markets.

I like what I have been seeing of the platform and intend to use it for the foreseeable future. I am still learning about the platform so seasoned users of Gemini or users of other crypto brokerages, please feel free to share your tips in the comment box below!

Some may ask why the decision to go into crypto now when it is at an all time high? My reason is that after doing my research on Ethereum, I like what I read and am content to expose a small percentage of my portfolio to it. This will be money which I do not need anytime in the near future.

Here’s my referral link which you can use to sign up for Gemini. That will get you $10 in BTC when you trade at least $100. Pretty good way to start your crypto investing journey eh.

Disclaimer: This article contains affiliate links which goes towards ensuring the sustainability of this blog. This article is only for information and not financial advice and has no regards to any person’s investment and financial needs. This is not a sponsored post and all opinions expressed here are of the author.

This article first appeared on https://dollartriumph.com