How to Trade Cryptos on Gemini Exchange?
Gemini is a regulated cryptocurrency exchange platform and custodian where investors can buy, sell and store cryptos. The platform has an easy to understand interface for first-time users, but it also has incorporated advanced features for experienced traders.
This crypto-coin exchange was founded in 2014 by the Winklevoss twins, who are most known for suing Mark Zuckerberg over who had ownership rights on Facebook in 2008.
Gemini is different in the sense that it is licensed by the New York State Department, becoming the first exchange in the world to be licensed for ether and the first one in the US to be licensed for bitcoin trading. By being regulated, the exchange has an upper hand when it comes to its competitors.
The platform’s fees for both sender and receiver of the transactions vary between 0.00% to 0.25%, which is determined by a 30-day trading volume, with hardcore traders receiving smaller fees.
If you’re a beginner trader, prices might be higher for you, but the charges are not so high in comparison to other exchanges. Gemini features an easy sign-up process and a user-friendly trading interface which simplifies things for new traders.
In our article, we will be presenting the step by step process of trading cryptocurrencies on the Gemini exchange.
How to Start an Account
The registration process on Gemini.com is quite simple.
- First, access the homepage and click on Open a Personal Account.
- 2. You will then be asked to provide your full name, email address, and create a password, after which you have to click on Create My Account.
- 3. Verify your email for an Activation Code, copy and paste it into tab opened previously.
4. Select Submit.
The three-step identity verification process
- You will be required to link your cell phone number up with your account, so you can receive your login verification codes easier.
- You will then have to link your bank account using the online banking login details. The bank account must have the same name as the new Gemini account name.
- You will then have to submit documentation that attests to your identity and address, such as a copy of a bank-issued document.
How to Make Deposits
After the sign-up process is completed, you can now send funds to your account.
Click on Transfer Funds which can be found in the main menu bar.
Gemini features a number of options in which you can deposit funds into your account:
1.With a bank account:
ACH deposits are available to US users only. ACH deposits are advantageous if you want to trade fast, as these deposits are almost instant. However, the funds will be temporarily held when they will be withdrawn- usually, it takes 4-5 business days.
Wiring a deposit lets you start trading and withdrawing the funds have been received by the exchange. Deposits made before 3:00 pm will be available for trading the next business day with no holdings when withdrawing.
3.With a personal BTC/ETH wallet:
Deposits with bitcoin or ether involve the same process for both cryptocurrencies. Just select Deposit BTC or Deposit ETH, and a deposit address will be generated for you.
If you own a mobile device wallet, you can start a transfer from your external wallet and scan the QR code given to you by Gemini. Otherwise, just copy the bitcoin or Ethereum address and paste them when your external wallet requires it in order to send cryptos.
The transfer has to be executed from your individual wallet, not from the one on Gemini.
Withdrawals are just as easy, just select Withdraw BTC or Withdraw ETH and enter the address of your wallet to complete the process.
Each Gemini account features a wallet for fund storage on the exchange.
Once you completed the process of funding your Gemini account, you can start trading.
Gemini features a simple yet professional design which enables any user to get the grasp of how trading works on this exchange very fast.
Click on the Buy button located in the main menu bar, and select which cryptocurrency you want to buy, and then specify with which currency (USD, BTC or ETH) you want to make the purchase.
Before you make and confirm the purchase, you can see how much you will be charged for the buy and the total sum of USD, BTC or ETH which will be withdrawn from your account once the transaction becomes finalized.
Finally, click the Buy button.
Selling involves the exact same process. Just select Sell and enter the amount you want to unload. It then shows you how much currency will be credited in exchange.
We hope our guide has been of help if you were seeking to start trading cryptos on the Gemini exchange.