gemini crypto 101

Crypto 101: The ultimate guide to Gemini

Tyler and Cameron Winklevoss may have given up on the Facebook lawsuit after a bitter contest with Mark Zukerberg, but that didn’t stop them from creating one of the biggest crypto exchanges in the world today. In 2013, the Winklevoss twins announced the concept of Gemini to the public and released it after two years.

In essence, Gemini is a crypto trading platform that offers services such as trading, selling, and storing digital assets for users. It has a variety of digital assets from Bitcoin to Ethereum on its portfolio.

Gemini takes pride in its vision and mission of providing ‘Security, Liquidity, and Trust’. Initially, the exchange was made to cater to two of the biggest assets in the crypto space which is Bitcoin and Ether. However, they expanded their service to other tokens over the years.

Unlike other crypto exchanges who want to bypass regulations, Gemini fully embraces working with financial institutions which boosts its appeal to users and investors. In addition, it is also the first exchange in the United States to receive a licence to trade Ether and Bitcoin tokens.

Gemini is an exchange that boasts an uncomplicated interface that can be easily navigated by first-time and long-term investors. Aside from this, Gemini also has relatively cheaper prices compared to other platforms.

Usually, their fees range from 0.00% to 0.25%, which is a big difference for people who trade on a daily basis. Furthermore, signing up is easy because the process doesn’t have an exhausting stream of authentication.

How to make a Gemini account

  1. Go to the Gemini website and click the ‘Open a personal account’ button. Once done, input your name, email address, phone number and then provide a password. Click on ‘Create account’.
  2. Once you’re done logging your personal details, they will send you an authentication code that will verify your account. After this, you can now proceed to a three-step verification process that will link your account to your devices.
  3. You can link your Gemini account to your phone by providing your number. It makes receiving codes easier. Additionally, you can also use two-factor authentication to add an extra layer of security to your account.
  4. After logging your account into your phone, you can link your Gemini account to your bank for a streamlined payment processing. All you need to do is use your existing credentials. Your Gemini account should have the same name and password as your bank. If you don’t want to link your bank, you can always opt for a wire transfer.
  5. After linking your accounts and devices, you’ll be asked to send valid documents such as IDs to confirm your identity and address.

How to deposit and withdraw your funds in your Gemini account

There are several ways to deposit your funds in Gemini. Here are some of the methods you can use to load your account:

ACH deposit

The ACH method is only available for traders in the United States. It’s easy and instantly loads your funds to your account. On the other hand, withdrawing funds from your Gemini account takes about 4 to 5 business days.

Wire transfers

Wire transfer is one of the easiest ways to deposit funds to your account. Once you load your account, you can easily begin trading. Additionally, if you made your deposits before 3 PM, you can start your trading the next day without worrying about holdbacks on withdrawals.

Ethereum or Bitcoin wallet

Aside from fiat money, you can also use Ether and Bitcoin to finance your Gemini account. All you need to do is click the ‘Deposit ETH’ or ‘Deposit BTC’ and the site will instantly give you the address where you can send your funds.

If you’re using an Ether or Bitcoin wallet on your phone, you can make a deposit by scanning the QR code to execute the transaction. For web wallet users, just copy the address and input it to begin trading.

Withdrawing your funds from your Gemini account is easy. All you need to do is click the ‘Withdraw BTC’ or ‘Withdraw ETH’ button and input your address to start the transaction.

How to trade on Gemini

Gemini’s trading interface is easy to use. If you want to start trading, all you need to do is click the ‘Buy’ button located on the menu bar. After that, select the cryptocurrency you want to buy. Here are the following assets available on the exchange:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Uniswap
  • Chainlink
  • Aave
  • Filecon
  • Maker
  • Bitcoin cash
  • Curve DAO token
  • UMA
  • Balancer
  • Compound
  • Synthetix
  • Orchid
  • Ren
  • Zcash
  • Kyber Network
  • Amp
  • DAI
  • Decentraland
  • OX
  • Basic Attention Token
  • PAX Gold
  • Storj.

You can use the display above the page to see how much funds you have. It will be displayed in both fiat and cryptocurrency. Meanwhile, if you want to sell your cryptos, the process is similar. All you have to do is click the ‘Sell’ button and indicate the amount you want to sell on the marketplace.

Why you should use Gemini exchange

Good customer service

One of the reasons why Gemini is popular among crypto traders is its good customer service. It provides an instant and reliable trading system to its platform users. First-time traders can even easily send inquiries using the Gemini exchange.

Fast transactions

Transactions on the Gemini exchange are done in a matter of minutes up to an hour. However, the overall transaction time will depend on the type of cryptocurrency you’re trading. Different cryptocurrencies vary in their processing time, so you have to be wary of this.

Account deletion upon request

Users who don’t want to continue using the exchange anymore have the option to delete their accounts. You can do so by submitting a request. Upon receiving the request, the site will process the deletion of all your transactions.

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