This post was written in collaboration with Gemini. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best recommendations and advice in order for you to make personal financial decisions with confidence. You can view our Editorial Guidelines here.
Does this sound like you? A Singapore crypto trader looking to switch to another crypto platform, or a new investor thinking of joining the cryptosphere.
With a slew of crypto exchanges available to us, exploring your options can take quite a fair bit of time. Other than looking at the usual stuff such as fees, cryptocurrencies available, minimum investment, you’ll likely be looking at other factors such as UX (user experience), ease of signing up and depositing your funds, security of the platform, and so on.
One of the platforms you’re likely looking at is Gemini, which expanded its crypto offering here in January 2021, by supporting the Singapore Dollar. The crypto trading platform also made its interest-earning programme, Gemini Earn®, available to Singapore users since April 2021.
Gemini also made the news for being SOC 1 Type 2 and SOC 2 Type 2 compliant, as well as ISO27001 certified — the world’s first cryptocurrency exchange and custodian to complete these exams that measure standards of financial operations and security compliance. It was also assessed by CryptoCompare as being a top-tier exchange, having received an AA rating and as the lowest risk exchange as of July 2020.
Before we go into the main features of the platform, let’s first have a look at some common pain points crypto traders face and how Gemini addresses them.
Addressing common pain points of crypto trading
Some of the key reasons that kept me from starting my investment journey was inertia. Those lengthy, complicated, roundabout processes just to sign up and fund my account can really deter new traders or people who are thinking of switching platforms. The same inertia can also make trading a chore, especially if you need to repeat a mundanely long process each time you want to make a trade or fund your account.
Pain Point #1
When the challenge lies with signing up, many new traders or potential platform switchers stop at the door…and just walk away.
If you do continue on… How many times have you filled up that Know Your Customer aka KYC form??? And you’ve input your details so many times that you even do it in your sleep.
These days, SingPass has made signing up for things easier — and Gemini is no exception. Integrated with MyInfo, those with a SingPass can quickly get a Gemini account after an accelerated auto-fill sign-up process.
Pain Point #2
Another constant headache many crypto traders face is probably the process of moving their paper money from the bank to the crypto exchange. Before they can even start putting their trading hat on, or getting their feet wet (for new traders), the process honestly requires a bit more effort as the paper money must first go through an external payments app before it can be moved to the crypto exchange.
In addition, by going through a third party payments platform, you probably need to pay a fee that’s upwards of 0.55% for every deposit or withdrawal made — that means less cash to fund your crypto trades too! It could be just 55 cents on a $100 transaction, but this all adds up especially if you’re intending to trade in crypto for the long-term.
Thankfully, Gemini allows free direct deposits of SGD from your bank account. What you need to do: Sign up, verify your identity once using Singpass, manually link your bank account to your Gemini wallet, and you can immediately start transferring SGD to and from your Gemini wallet.
With that, let’s explore the other features of the Gemini crypto exchange platform.
1. Gemini is a regulation-first crypto-native platform
Gemini operates under the supervision of the Monetary Authority of Singapore and has applied for a Major Payment Institution License pursuant to the regulations set forth in the Payment Services Act 2019.
It has duly notified MAS pursuant to the Payment Services (Exemption for Specified Period) Regulations 2019 under the Payment Service Act and been placed on the list of companies granted an exemption from holding a licence in Singapore.
In stark contrast, since Gemini’s inception, one of its key pillars has always been security. In other words, Gemini takes protecting your crypto and earning your trust very seriously. It’s the first cryptocurrency exchange and custodian to complete a SOC 1 Type 2 exam, an SOC 2 Type 2 Exam and earn an ISO 27001 certification. That’s quite kiasu of them, and we appreciate that.
2. Affordable fees
A trading platform’s fees are another important factor, since those fees eat into your returns.
In Gemini’s case, those fees are pocket-friendly. Those who trade via its ActiveTrader desktop/mobile browser enjoy even lower trading fees: Trades under $500,000 and placed via ActiveTrader are charged a fee from 0.25%. Depending on whether you’re buying or selling, you’ll either be charged a taker fee (0.35%) or a maker fee (0.25%). There’s also an auction fee, but that’s only for auction orders.
Gemini also offers a direct deposit service that we mentioned earlier, which is free to use for users to on-ramp (ie. buy crypto using fiat currencies like SGD).
When it comes with withdrawing your digital assets, that’s free up to a limit of 10 times per asset. For example, you’re able to withdraw BTC 10 times, ETH 10 times, LINK 10 times and so on.
Speaking of gas fees, Gemini tries to minimise them for users. For instance, it has partnered with Brave to offer a Gemini wallet that’s integrated with the Brave browser. Users who are earning Brave Attention Tokens (BAT) can transfer tokens directly into their Gemini wallets without having to pay gas fees. BAT tokens can also be sold on the Gemini platform or put to work on Gemini Earn.
3. Cryptocurrencies are carefully reviewed
Every single crypto is reviewed carefully before being listed — in short, the Gemini team places a heavy emphasis on each and every offering. Gemini currently lists more than 60 popular cryptocurrencies, with the Gemini team looking into factors such as the long-term potential of the cryptocurrency’s network depth (which affects supply and demand), tokenomics, transaction volume, combined Total Value Locked (TVL) of the projects, and more.
This list of 60+ carefully curated cryptocurrencies includes some of Singapore’s most popular cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), MakerDao (DAI) and Polygon (MATIC).
Bitcoin and Ethereum too mainstream for you? Well, Gemini is constantly updating its offerings and launching new tokens every month. Some of its latest launches include Luna, TerraUSD, Tezos and Axie Infinity. Do check the platform frequently for updates!
It’s a plus for crypto traders — having access to all the top cryptocurrencies is important if you want to diversify your investments and get in on the action when it comes to up-and-coming new tokens.
4. A closer look at Gemini’s key products
One unique aspect of Gemini is that the company offers multiple products rather than just one single platform. Here’s what its got:
1. Gemini Exchange
Gemini Exchange is where you’ll be doing your crypto market research and trading your currencies. You can place trades, manage your portfolio and all that jazz.
2. Gemini Mobile
We’re all glued to our phones, so you might as well make some money while staring at that screen, wherever you are. Gemini’s mobile app lets you access the crypto exchange and your wallet on your phone so you can trade on the go (or when lying in bed).
3. Gemini ActiveTrader
This is Gemini’s desktop and mobile browser platform, and will really help you take your trading to the next level. It lets you execute your trades in microseconds, queuing them in price-time priority order. The platform will execute the trades according to price, with multiple orders of the same price ordered based on the time they were entered.
ActiveTrader offers attractive dynamic fees based on gross trading volume, priced according to a dynamic maker-taker fee model.
The platform also offers trading pair selectors and deep order book visibility to help you maximise market opportunities. You can trade certain trading pairs every day including weekends and holidays.
4. Gemini Earn
This feature is exclusively available in the United States, Singapore, and Hong Kong to let Gemini’s users earn up to 7.55% APY on your crypto balance. Make those tokens work harder for you!
Get started with Gemini from $5
Whether you’re new to the crypto world or looking to switch trading platforms, Gemini is one of the most reputable and secure options out there. It is the world’s first cryptocurrency custodian and exchange to have completed SOC 1 Type 2 and SOC 2 Type 2 exams.
Start trading cryptocurrencies with Gemini from as little as $5. It’s also quick and easy to sign up as you can use your SingPass, and then deposit funds directly without needing to create a separate account with a third party payment platform such as Xfers.