This Step-by-Step Guide to Gemini shows how to use Gemini to buy and sell cryptocurrency. We show how to create an account, deposit U.S. dollars, buy bitcoin, ethereum, or zcash, and withdraw cryptocurrency on the Gemini cryptocurrency exchange. Gemini is one of our favorite ways to buy cryptocurrency with U.S. dollars. Gemini’s user interface is fast and simple. It offers lower fees and more features than Coinbase. Yet, it is not as complicated as a full-scale trading interface. Key features of Gemini include 1.00% trading fees, free withdrawals, and instant access to funds from bank transfers. Let’s get started!
The first step is to create a Gemini account. You need your name, email address, a new password, identification documents, and bank account information to open a Gemini account. To start, choose “open a personal account” from the Gemini homepage. Then enter your full name, email address, and password. Press Create My Account to continue.
Gemini provides a step-by-step registration process. You must set up two factor authentication on your phone, add a bank account, verify your identity, and upload your identity documents. Follow each step to complete your registration process. It may take Gemini several days to verify your identity.
The Gemini Dashboard is displayed when you log into your account. This dashboard shows your account balances, the value of your account in U.S. dollars, the amounts you have available to trade, the weekly and 24 hour history of the bitcoin price, and the most recent trades on Gemini.
You need to make a deposit into your account before you can buy cryptocurrency. You can deposit U.S. dollars in two ways:
- Wire Transfer. The benefit of a wire transfer is that there is no limit on the amount you may deposit and it will clear your bank account in 1-2 days. The transfer time of 1-2 days matters because you need the deposit to clear your bank account before you can transfer cryptocurrency from Gemini to anywhere else. However, you can immediately buy cryptocurrency after initiating a wire transfer. Your bank will probably charge you a fee of around $15 – $30 for the wire transfer.
- ACH bank transfer. The benefit of an ACH bank transfer is that it’s absolutely free. However, there is a $500 daily and $15,000 monthly limit on ACH bank transfers and its takes 4-5 days to clear your bank account. Unlike other exchanges, you can immediately buy cryptocurrency after initiating an ACH bank transfer.
In this guide, we will show you how to deposit into your Gemini account with an ACH bank transfer. Go to Transfer Funds –> Deposit Into Exchange –> USD (Bank Transfer).
Choose a funding source and deposit amount for your deposit. The bank accounts you linked to Gemini during account creation will be listed under the funding source drop-down menu. If your bank account is not listed, you can always link new bank accounts to Gemini from the bank settings option under your user settings or you may choose “manage bank accounts” from the deposit screen.Select review deposition to finalize and confirm the deposit. The U.S. dollars in your Gemini account are FDIC insured just like a normal bank account in the United States.
Gemini usually asks for confirmation on every transaction. This allows you to review the transaction details one more time before proceeding. Here, we are transferring $50.00 from a checking account to Gemini via an ACH bank transfer. Press confirm to finalize the deposit.
Gemini currently supports buying bitcoin, ethereum, and zcash. Gemini has said that it will also support litecoin and bitcoin cash in the near future. This guide will show how to buy ethereum with U.S. dollars on Gemini, but the process is the same for each cryptocurrency on Gemini. Navigate to the buy menu and choose the cryptocurrency you want to buy.
Gemini’s trading interface is extremely simple. It shows the last price, 24 hour price range, 24 hour price change, the bid-ask spread, and an order book. A depth chart is available by selecting the chart button in the upper right under the options for order book display. There are also tabs to purchase cryptocurrency with Gemini’s auction and block trade features, which are advanced features that this guide will not cover.
The drop-down titled currency pair in the upper right allows you to switch the cryptocurrency to trade. We selected ETHUSD because we want to buy ethereum with U.S. dollars.
Gemini includes five order types: market, limit, maker-or-cancel, immediate-or-cancel, and auction-only limit. Market orders and limit orders are all that most investors need to know. A market order is filled immediately at the the best available price on the order book. A limit order is set at a specific price and sits on the order book until filled at the specified price. For example, if the price of bitcoin is $8,000.00, you can set a limit order to buy bitcoin for $7,000 that will be filled if the price of bitcoin falls to $7,000.
There are three fields to complete for a limit order: price, quantity, and total amount. First, enter the amount of U.S. dollars you want to invest in ethereum into the field titled total. Next, enter the price you are willing to pay per an ethereum. Gemini will automatically calculate the quantity, it’s 1.00% transaction fee, and the total cost. For example, we entered $207.03 to spend at a price of $709.39/ETH. Gemini calculated the automatically calculated the rest of the order. Select buy to finalize the limit order.
The order book will immediately display your limit order after you select the buy button. For example, Gemini immediately displayed our order for 0.418697 ETH at a price of $709.39/ETH.
To place a market order, selected the the market order type and enter the total amount of U.S. dollars you want to spend. Gemini will do the rest by calculating the market price, quantity purchased, fee, and total order price. Select buy to finalize and confirm your market order.
The last important feature to understand with Gemini is how to withdraw funds. You may want to withdraw cryptocurrency to another cryptocurrency exchange or a hardware wallet, desktop wallet, or mobile wallet. Your first 10 withdrawals from Gemini each month are free. Go to Transfer Funds –> Withdraw From Exchange –> ETH in the top menu of Gemini to withdraw ETH. Remember, you cannot withdraw cryptocurrency purchased with a bank transfer until that bank transfer clears your bank account.
Type the amount of cryptocurrency to withdraw in the withdrawal amount field. You can also select the “max” button next to the withdrawal amount field to withdraw all of your holdings in the selected cryptocurrency. Gemini will automatically calculate and display the approximate U.S. dollar value of your withdrawal.
Copy the cryptocurrency address from your other exchange or wallet. Then paste that cryptocurrency address into the destination Address box on Gemini’s withdraw page. Select review withdrawal to finalize and confirm the withdrawal.
You Are Ready To Get Started With Gemini.