Sunday, 24 December 2017

Step by step guide for buying Bitcoin and Ether in Gemini

If you do not know anything about Cryptocurrency (MAS frequently calls it virtual currency in their press statements), I would suggest that you check out MAS' press statements and Sleepdevil's blog as he has a comprehensive explanation about this in this blog and has more than 7 posts on this topic.  I have learnt a great deal on this and also how to purchase Cryptocurrency in Gemini and Binance * from him as he practically taught me everything on a step by step basis. 

Knowing how hard this can be, I have appended below a step by step guide on how you can buy Bitcoin (BTC) and Ether  (ETH) in Gemini. Pl read on only after you know about Cryptocurrency, so that you know what you are signing up for.

Step by step guide for buying Bitcoin and Ether in Gemini

1. Register an account with Gemini. You will need to provide your full name, email address and create password. Do remember to use your full name as it is required for verification and when you do wire transfer, it has to match the name against the name in the bank account which you are using to remit money.

2. Submit documents for verification. For Non-US Applicants, you need to submit proof of your address. It must display your name, residential address and is not dated more than 90 days from the date of submission. Bank account statements are not acceptable

Based on my experience in early Dec 17,  I was verified only after 8 calendar days due to a surge in applications. If there is such a surge there is no point writing in to them to chase them as they will not reply. So the least you can do is to ensure that you have submitted the right documents.

3. Transfer funds into your Gemini account. You can only transfer USD funds into the account. Select "Transfer Funds", "Deposit into Exchange and click on "USD (Wire Transfer)". 

4. Provide your bank account details and indicate the amount of USD you want to deposit. I used my POSB (DBS also can) bank account which does not charge any fees for same day overseas transfer.

If you are using DBS or POSB bank, the Swift Number is "DBSSSGSG". (you can check out other bank's swift number by using google search engine.

As for Deposit Amount, indicate the amount of USD you want to transfer.  Thereafter, click "Next". An Instructions Page will appear showing details including the clearing code (known as "Receiving Bank ABA routing number"). The same instructions will be sent to your email.

5. Login to your POSB ibanking account. Select "Transfer" and click on "DBS Remit and Overseas Transfer".

6. Indicate the amount of USD you want to transfer in your ibanking. Select "United States" and the exchange rate is shown. Input the amount of USD you wish to transfer. To prevent delay in depositing USD into your Gemini account, this amount should be the same as what you have indicated in Step 4.

Thereafter click "Start a Transfer".

7. Indicate the details in your ibanking as per what you have received in Step 4.





































You can fill in as per what is in the screenshot above. But do note this is only accurate as of 24 Dec 17. You need to check whether the details have changed with each transfer (in late Nov/early Dec, the clearing code was changed to "322286803"". Those who did not notice this and used the old clearing code had to wait for the funds to be refunded to their bank account. This took several business days and when the refund came typically it resulted in a slight loss due to difference in forex rate.). So please be very careful when inputting the details.

Also, pl remember to indicate the unique reference give to you under "Payment Details for Recipient" (circled in red). If this is not indicated correctly, the funds will not be transferred.

8. Sit back and relax. Now the hard part is over. After a short while you will receive an email from POSB/DBS informing you that your request is completed. This does not mean that you have received funds in Gemini. It actually means that your request to transfer the funds have been sent from DBS to the receiving bank.

Do note, in DBS website, it is stated that the cut off time for same day transfer to United States is 8:00AM-5:00PM. You will receive an email notification once your fund has been deposited into Gemini.

My personal experience of the date and time when I received the funds in Gemini after initiating the transfer:
Transferred funds in POSB bank
Receive Funds in Gemini
19-Dec
9:17 PM
21-Dec
3:14 AM
20-Dec
11:41 AM
21-Dec
12:00 AM
21-Dec
10:11 PM
22-Dec
10:49 PM

9. Now you are ready to buy Bitcoin or Ether. Select "Buy" and click either "BTCUSD"or "ETHUSD". Do note there is a 0.25% trading fee for each purchase and sale.


I hope this will be helpful. Steps are accurate as 24 Dec 17. I will not be responsible if Gemini or the banks change any of the procedures or if there are changes in the details to be keyed in. Hence, pl do your own checks too. This is not a buy call for anyone to go into cryptocurrency trading/investment. Also, pl invest only with the amount of money which you can afford to loss. My investment in cryptocurrency is only around 1.5% of my investment portfolio.

Once again, credit goes to Sleepdevil for his patience in teaching me! Thanks Sleepdevil. 

*referral link for Binance

4 comments:

  1. Hi MIM,

    Thank you very much. I’m flattered haha!
    I’m glad I managed to help :) All the best to you in your crypto-journey!

    ReplyDelete
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    ReplyDelete
  3. Are you thinking about investing in Bitcoin?
    Then you need to read the information contained in this report.
    There is a paradigm shift coming that is going to make Bitcoin look like old news.
    Something so new and transformative that it may revolutionize the global economy.
    Yes, Bitcoin is STILL an incredible opportunity.
    But it’s just the beginning.
    These new coins could deliver even bigger gains and profit.
    Follow the link below to learn how.
    https://cryptocrusher.net?45164c4c

    ReplyDelete