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 one of the safest and most secure crypto wallets available to retail users today. The wallet app utilizes state-of-the-art MPC technology, three-factor authentication with biometric login and transaction confirmation for an extra layer of security. With Zengo, you don’t need to remember any difficult seed phrases as your face is used to generate a truly unique and secure seed to access your digital assets!
With Zengo’s non-custodial wallet, you are in complete control of your own private keys without having to worry about security or losing access to your funds. Furthermore, our fiat on-ramp service allows you to easily diversify and grow your crypto portfolio by purchasing your crypto of choice with fiat currency. Aside from that, you can also take part in our savings program.
If you ever need any assistance with your Zengo wallet, you can contact our real human customer support staff at any time, even on weekends and holidays. Alternatively, you can check out our Help page to see if your question has already been answered.
With Zengo, you can easily send crypto to other wallets or ‘’cash out’’ to fiat whenever you want. To send crypto to other wallets, tap on the ‘’Actions’’ button located in the main menu followed by ‘’Send’’. Now, simply fill in the amount of crypto you want to send, paste the receiving address or scan the QR code, and verify the transaction.
Rather cash out your crypto earnings to fiat? No problem! Simply tap on the ‘’Actions’’ button, and then on the ‘’Sell’’ button. As of writing this guide, you can sell your digital assets for Euros, British Pounds, and/or United States Dollars.
Note that you have to connect your bank account to your Zengo wallet prior to requesting a fiat withdrawal and that it may take a few days for your funds to arrive.
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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