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With the release of Gemini Earn in February 2021, Gemini crypto users are able to stake eligible cryptocurrencies like Bitcoin, Ethereum, and Bitcoin Cash to earn interest rates up to 7% APY with daily compounding interest with the ability to withdraw at any given notice.
The fact that you can earn interest on top of your current investments in crypto is simply game-changing for crypto holders. Previously, only a very limited amount of programs offered such rewards as Crypto.com and Celsius. Now, with the release of Gemini Earn, Gemini now joins the fray as one of the more reputable programs offering high yield interest rates of up to 7% APY on popular crypto and altcoins.
What is Gemini?
Gemini is a New York trust company regulated by the New York State Department of Financial Services (NYSDFS). Gemini is subject to capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the NYSDFS and the New York Banking Law. Gemini is also a fiduciary and Qualified Custodian.
In other words, Gemini is closely affiliated with the same institutions working for big equity stock exchanges, which is a plus for security and assurance that customers’ crypto money is safe and secure with Gemini, a USA based company.
Gemini benefits and perks
Gemini offers many crypto products and is even slated to release the very first crypto credit card within mid 2021 with up to 3% back on purchases. This feat alone is unheard of in the cryptocurrency space and is also a reason why cryptocurrency users should start familiarizing themselves with the Gemini platform.
Gemini Exchange is very user friendly and even offers mobile app support.
Gemini fees
The fees for buying and selling on Gemini Mobile and Web are typically 1.49% of your entire cryptocurrency buy or sell order. However, Gemini offers a new product called Gemini ActiveTrader where the fee starts at a simple 0.25%.
Follow this step-by-step process to take advantage of the 0.25% fee versus and enable Gemini ActiveTrader to lower your transaction fees on the Gemini platform. For more details of their various other product fees, click here.
How to enable Gemini ActiveTrader?
- The first step is to sign-in to your Gemini account.
- On the top right, select Account -> Settings -> Exchange – > Activate Gemini ActiveTrader. See screenshot below.
My recommendation is to avoid the high 1.49% fees and to avoid Gemini web and mobile apps altogether. Only use Gemini ActiveTrader to take advantage of the 0.25% rates once signing up for a Gemini account.
How to get started with Gemini Earn
- Getting started with Gemini Earn is simply a breeze. After you have already set-up Gemini ActiveTrader to take advantage of the low 0.25% transaction fee as opposed to the regular 1.49%, the next step is to deposit money into your account.
- Gemini uses Plaid to link bank accounts to their exchange, which supports instant deposit – meaning you can trade right away without waiting to have your funds settle within 5 days from your bank.
- Once you have funded your Gemini account, select Gemini Earn and start viewing the eligible cryptocurrencies and altcoins that can net your extra APY interest rates that compound daily.
- After determining which currency you want to obtain to partake in Gemini Earn, simply navigate to Gemini ActiveTrader and start converting your native currency (USD) to the desired cryptocurrency.
- Convert said cryptocurrency into the Crypto Earn platform and start staking it to start earning interest on your cryptocurrency investments right away. You are officially done.
Gemini Earn review and final thoughts
Unlike many other programs, Gemini doesn’t require you to stake your cryptocurrency for a fixed number of days, weeks, or months, which means partaking in Gemini Earn is very flexible. You are able to withdraw at any given moment and for the time the crypto is partaking in the program, are able to net interest rates up to 7% APY compounding daily. In my eyes, flexibility is a very powerful benefit in the crypto space.
With the soon to be released Gemini crypto credit card, the future is bright for crypto and may pay dividends to start getting familiar with the Gemini platform – or should I say, may start paying crypto (pun intended).
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