Step-by-step Crypto On-ramp through Gemini guide
This article is meant for Singaporeans or a Singapore based person to on-ramp fiat to crypto through Gemini. I will share some pro-tips to make the process even more cost efficient. Disclaimer: This is not a paid article by Gemini in case you are wondering. If you found it useful, please support me through the use of my referral link to set up Gemini account, Tiger Trade account, MooMoo account or USmart account
Updated 23rd May 2023
Gemini is a digital asset exchange platform founded in 2014 by twin brothers Cameron and Tyler Winklevoss. The exchange is based in New York City and is regulated by the New York State Department of Financial Services (NYDFS). Gemini allows users to buy, sell, and store cryptocurrencies, including Bitcoin, Ethereum, and others.
With the closure of Silvergate Bank and some digital asset exchanges, on-ramp to digital asset are increasingly difficult. Gemini remained one of my trusted and cost efficient on-ramp channel to deposit fiat and exchange for crytocurrencies such as Bitcoin or Ethereum. Gemini on-ramp is done through international wire transfer of USD. So apart from having a Gemini account, you will need a multi-currency bank account to exchange SGD with USD. The multi-currency bank account will also be needed to remit USD to Gemini bank account.
Pro-tip: Use an exchange app instead of the multi-currency bank account to exchange SGD for USD to enjoy better forex rate
I found Tiger Trade app to have very good forex rates and use it regularly to exchange my SGD for USD. Feel free to compare the forex rates with other exchanges such as MooMoo or Usmart. If you decide to directly exchange your SGD with USD in your multi-currency bank account, you can skip steps 7 and 8 of the guide.
Pro-tip: Use DBS My Account as the multi-currency account since DBS offers free remittance of USD (IMPORTANT!). My Account does not require a minimum balance to be maintained. You can consider using DBS Multiplier account as well if you already have it.
Take note that Gemini on-ramp method uses international wire transfer. This means that the transfer could only be completed during banking days and hours. Bear in mind that the transfer might take a day or two depending on when you process it. No completion of transfer on weekends and bank holidays. I have personally confirmed that I received my deposit on Gemini at around 9 pm (SGT) same day after sending USD from my bank app at 6 pm (SGT) on a normal working day.
For this guide, I’ll use the Gemini app, Tiger Trade app and DBS app on mobile to demonstrate the process. There should little difference between the use of mobile or web app for the 3 companies. Here is the step-by-step guide:
- At the Home screen of Gemini app, tap on the “Account” icon (in red box) at the top right hand corner, which brings u to the Account page
2. Tap on the “Deposit cash” option, which brings you to a page that allows you to select the deposit method
3. Select the “Wire transfer” option
4. You will now be at a page with details needed to deposit USD to Gemini. Gemini will also send you an email with these same details at this moment. You will need these details in your bank app for successful wire transfer
5. Head to your bank app to add overseas recipient.
- Select Location -> United States
- Select Currency -> USD
- Enter Bank Details -> JPMorgan Chase Bank, N.A. (ignore clearing code)
- Enter account no. -> Account number from Gemini USD deposit instructions
- Enter recipient’s full name -> Beneficiary name (Gemini Trust Company LLC) from Gemini USD deposit instructions
- Full address -> Beneficiary address (315 Park Ave South, 18th FI, New York, NY 10010) from Gemini USD deposit instructions
- In The City Of -> New York
6. Confirm the new overseas recipient
7. Now we need to exchange some SGD for USD. Head to the Tiger Trading app.
- Tap the “Profile” icon at the bottom right hand corner
- Tap the “Tiger Account” icon on the top left hand corner to go to your Tiger Account page
- Scroll to the bottom and tap the “Deposit” icon
- Choose your preferred deposit method to add SGD into your Tiger Trade account
- Go back to your Tiger Account page
- Tap “Prime — Securities” link
- Tap “Cash — Convert” link
- Enter account password and 2-step verification to reach the currency conversion page
- Enter the amount of SGD to convert to USD
- Confirm the swap and you now have USD in your account. The USD you have just swapped will not be available for withdrawal for 1 day, a rule by Tiger Trade to discourage using their forex swap for personal use. Do plan the swap ahead of time.
8. Transfer your USD to your multi-currency account
- Tap the “Profile” icon at the bottom right hand corner
- Tap the “Tiger Account” icon on the top left hand corner to go to your Tiger Account page
- Scroll to the bottom and tap the “Withdraw” icon
- Select USD as the currency, input the amount you wish to withdraw and select your multi-currency bank account
- Submit the withdrawal request. You should receive an email from Tiger Trade on the withdrawal request within 5–10 minutes. After the request, the funds might take a couple of hours to reach your bank account.
9. Once the funds arrive in your bank account, you will need to send it to the Gemini account. Go to your bank account app and tap the “Pay & Transfer” icon at the bottom of the app
10. Tap “Overseas Recipients” link and select Gemini Trust recipient that you have added in Step 5
11. Select your multi-currency account (USD) as your Fund Source. Make sure it says that you are sending USD
- Enter the amount of USD that you are depositing to Gemini
- Head back to Gemini app USD deposit instructions and copy your unique Reference code (don’t use the one displayed here, it is unique to me)
- Paste the Reference code in the “Comments for bank/recipient (optional)” section. It is important that you add the Reference code for Gemini to identify that the deposit belongs to you. So make sure you get this step correct!
- Tap “Next” and then confirm the transfer
12. You should receive some notification from DBS bank on the transfer being executed. The actual duration of transfer will depend on the opening day and hours of the Gemini bank in the States. When successfully transferred, you should receive an email notification of the deposit from Gemini.
13. In the Gemini app, tap on the “Portfolio” icon near the bottom to view your account balance. The new deposit should now be updated in your trading balance
14. Congratulations, you now have USD in your account to purchase your preferred cryptocurrency. To purchase cryptocurrency, simply tap the “Market” icon near the bottom of the app, search and select the cryptocurrency of your choice and trade away!
Bonus pro-tip: Use the Gemini ActiveTrader to save on fees. Read it here.
And that is how you crypto on-ramp your money into your Gemini account. Do you have another way to on-ramp your money? Share it with us in the comments. If you have found this useful, consider using my referral link to set up your accounts. Don’t feel like using Gemini exchange? Read my step-by-step guide on how to on-ramp using Coinbase.
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Set up Tiger Trade account (Referral code: 1EApe1 )— We both get cash and/or stocks!
Set up MooMoo account (Referral code: YA6Y3VLM ) — We both get cash and/or stocks!
Set up USmart account (Referral code: uf7n )— We both get cash and/or stocks!
Off ramp guide:
