Whether you’ve traded millions worth of digital assets or just bought your first few dollars worths of crypto, at one point, you simply want to cash in and withdraw your money to a safe and secure cryptocurrency wallet before swapping them for fiat currencies.
In this how-to withdraw money from Gemini Guide, we will take you by the hand and guide you in the process of withdrawing your digital assets from Gemini without making any mistakes and how to secure them on the most modern and advanced cryptocurrency wallet available to date.
We highly recommend you set up your ZenGo wallet app before withdrawing funds from your Gemini account. This makes the whole process a lot easier and leaves as little room for error as possible.
ZenGo is a next-generation Web3-ready non-custodial wallet that makes use of industry-leading MPC technology to ensure your cryptocurrency holdings are under lock and key in the most optimal way. ZenGo is safer and more secure than hardware wallets and centralized cryptocurrency exchanges because of its guaranteed account recovery, no private key vulnerability, and built-in Web3 firewall.
You can easily check whether the funds you’ve just sent have arrived yet by opening the ZenGo wallet app and checking the main balance page. Here you can see the main balance of your account. If you want to see more detailed information regarding the latest transactions, simply click the ‘History’ Button at the bottom of the screen to gain access to a complete overview, showing you the most recent updates regarding deposits and withdrawals, including any (miner) fees paid.
ZenGo is the most comprehensive Web3-ready non-custodial cryptocurrency wallet available to retail users to date. It uses biometric key phrases instead of traditional mnemonic ones, and the app allows its users to easily buy, store, and trade both cryptocurrencies and NFTs via its fiat onramp and Web3 DeFi gateway services.
ZenGo is next level when it comes to security in the digital asset space. Forget about 12 or 24-word seed phrases that you have to write down somewhere and just make use of modern technology instead! ZenGo utilizes biometric facial recognition software and MPC technology to ensure only you can access and recover access to your digital asset holdings.
ZenGo allows its users to be in full control of their digital assets and allocate their capital as they see fit. With ZenGo’s fiat onramp services, you can easily buy crypto with various available payment methods and expand your digital holdings whilst staying in total control of your own private keys at the same time.
Tired of endlessly chatting with bots? ZenGo provides real human customer support, every single day of the week, all year round, even during the holidays.
The ZenGo wallet app makes it easy to send crypto to other external wallets. If you wish to do so, log into the app, tap on the ‘Actions’ button in the main menu, and then tap ‘Send.’ Select the cryptocurrency that you would like to send from the drop-down menu, enter the amount, paste the receiving address, and verify the process using ZenGo’s facial recognition.
You can also convert your crypto to fiat instead. In that case, tap the ‘Actions’ button, followed by the ‘Sell’ button. Your next step will be to sell your crypto of choice for fiat (GBP, USD, or EUR). Choose the fiat currency you want and proceed with the transaction. Now you just have to wait for your bank account to receive the funds.
We frequently receive questions from our visitors on how to withdraw money from Gemini. For the completeness of this guide, we addressed them in the FAQ section below.
Gemini is a cryptocurrency exchange and custodian that allows its users to buy, sell, and store digital assets. It was founded in 2014 by the famous Winklevoss brothers, who are well-known within the cryptocurrency community. Apart from offering trading and cryptocurrency storage services, users can also participate in ‘staking programs’ that allow them to generate a passive income by delegating their digital assets to projects that utilize the Proof-of-Stake consensus mechanism.
The key difference between Gemini and ZenGo is that ZenGo is a Web3-ready non-custodial wallet that allows its users to be in control of their own private keys. Whilst Gemini is a crypto exchange platform that also offers custodial cryptocurrency storage services. As a custodial service, Gemini maintains control over the private keys rather than the users themselves. If Gemini becomes insolvent for any reason, it can ‘freeze’ clients’ assets and halt withdrawals whilst ZenGo users can always access their funds.
Gemini charges its users $125 per withdrawal from Gemini Custody to Gemini Exchange. In the case of crypto withdrawals, users pay a dynamic or flat fee. Dynamic fees apply to Ethereum and ERC-20 tokens (except Gemini dollar GUSD) and are based on current Ethereum gas fees whilst flat fees vary on a per-token basis and can be seen here.
Your Gemini withdrawals limit is dependent on your account type. Gemini makes a clear distinction between custody clients and traders, with $100,000 being the standard daily withdrawal limit for retail Gemini users.
Most Gemini cryptocurrency withdrawal requests are processed within 2 to 3 hours (depending on the crypto asset), but they may take up to 48 hours in rare cases. Fiat withdrawals are processed within an average of 3 business days, according to Gemini.
Crypto can be withdrawn to fiat on Gemini by adding a bank account to your Gemini account, verifying this via Plaid, selling cryptocurrency for the desired fiat currency, and then withdrawing this cryptocurrency to the connected bank account.
The main problems that occur when withdrawing money from Gemini are that you accidentally send it to the wrong address or that your fiat bank transfer gets rejected for some reason. Additionally, there may be certain withdrawal restrictions as well as holds that may be applied to withdrawals.
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