In this post, we are going to look at the best options for depositing funds at Gemini without paying a lot of fees and in different ways.
Gemini allows its users to buy in an easy and simple way, using their credit card and without having to do many operations to deposit funds. In Gemini, you can directly buy cryptocurrencies with your payment method, or deposit funds with your currency, to later use them to buy cryptocurrencies.
Let’s take a look at the different ways Gemini allows you to deposit funds, as well as send cryptocurrencies from another exchange or wallet to Gemini, either to keep them safer, sell them and withdraw money to your bank account or exchange it for another cryptocurrency.
Where to buy cryptocurrencies in Gemini
The first way to deposit funds is to directly buy a cryptocurrency with your payment method, usually your credit card, and thus have funds already directly in the cryptocurrency you want.
In order to buy cryptocurrencies in Gemini, you can do it directly with your payment method that you have indicated. When you create your account, you will be asked for a payment method where you can add a credit or debit card to buy cryptocurrencies. If you did not add it, in your profile, you can go to payment method, and add the information to be able to start buying and selling cryptocurrencies on Gemini.
With the payment method indicated, it is as simple as clicking on the cryptocurrency you want to buy in the desktop version, the app operation is very similar. In the buy part, it will first ask you what type of purchase, if it is a one-time purchase, every day, every week, every two weeks or every month. This is a way to buy an asset every so often, and thus buy both when it has a lower price, and when it has a higher price. To avoid entering at the time when the price of this cryptocurrency is at its highest.
Once you have selected this, usually you will select in single purchase, the next thing is to indicate the quantity. You will be able to see different price options, and you can click on customize to indicate a specific number that is not in these options. Also, remember that the amount you indicate is in the currency you have indicated, whether it is euros if you live in Europe or dollars if you are in America.
The last step is to click on continue and select the payment method, which is by default the one you indicated when you created your account. If you select the method you will be able to see all the information such as card payment fees and the platform’s commission.
Click on confirm, and confirm the transaction with your bank if verification is required using the app or with an SMS. With the purchase done, you will be able to see in your balance the amount you have and in your assets the cryptocurrency you have purchased.
If you go to your assets, and click on transfer, you will see a button to deposit in gemini. This is the other way we have to deposit in Gemini, instead of cryptocurrencies, deposit our currency on the platform. Here, you will be able to deposit using bank transfer or credit or debit card, which usually takes between 1 to 3 business days to arrive and have the balance in your account.
You will be able to see all the information to make the deposit and it is very important that the name of the account that you make the transfer has the same name as your account. So other people will not be able to make a transfer to your account so that you have balance.
We must select the currency we want to deposit in currency, whether euros, dollars or pounds, add a payment method if we do not have it, and select it. Follow the instructions to make the payment, either by bank transfer or with your card, and once the operation is executed we will be able to see our currency in the Gemini account.
Please note that it may take a few days for the bank transfer to reflect the balance.
From Binance to Gemini
Now let’s see how to deposit funds by sending it from another Exchange, in this case Binance as it is the most used one. Although the operation is the same if you use another Exchange to send cryptocurrencies to Gemini. The same happens with wallets like metamask, where the operation is very similar to send cryptocurrencies to your Gemini account. With that said, let’s get started.
Binance also allows you to deposit with a credit card and buy many different cryptocurrencies. We will focus on how you can send cryptocurrencies, and not the whole process of depositing and buying within Binance. If you want to know how it’s done in more detail, you can find a guide on our page.
If you don’t have an account with binance, you can create your account just below.
With the cryptocurrency we want to send in the binance balance, for example, with Bitcoin, we will go to wallet and spot wallet.
Here, the first thing we must indicate the Gemini address where to deposit Bitcoin. To find out the address, go to Gemini and click on transfer, and deposit into gemini. Here, in currency we will indicate the cryptocurrency we want to receive and copy the address, in this case Bitcoin. Copy the address and paste it into binance. Select the same network as indicated in Gemini, in case of Bitcoin, the Bitcoin network. Indicate the amount you want to send and confirm the transaction with your email and mobile codes. You will see the commission, which in the case of the BTC network, is not very high. Above all, when you copy the address in Gemini, look at the network it indicates to select the same in Binance.
With this, after a few minutes you should be able to see your cryptocurrencies sent in your Gemini main account balance. You will now have funds to use in Gemini to buy any of the cryptocurrencies on the platform.
Always make sure to see which network is the address that Gemini uses to receive, and indicate the same on Binance or use the same network if you are using a wallet such as metamask, to avoid losing your funds. If you can, send a small amount first to check that it arrives without problems.
I hope this has helped you to be able to deposit funds in Gemini, without paying high fees. If you don’t have an account with either exchange, you can create your account below.