How To Transfer From BlockFi To Gemini 2022

Crypto investors could be making the switch from BlockFi to Gemini for a number of reasons. 

Although BlockFi has a fantastic platform that offers interest-earning accounts and fee-free trading, some investors are switching to Gemini for its exceptional security features and ease of use. 

One of the greatest highlights for Gemini’s security features is that a majority of your crypto is kept offline in a cold storage system.

This is one of the safest ways to hold crypto as it limits risk to cryptocurrency hackers. 

Whatever the reason may be for wanting to transfer from BlockFi to Gemini, we will show you how to execute this transfer step-by-step!

How To Transfer From BlockFi To Gemini

The process for transferring your crypto from BlockFi to Gemini can be completed through three steps:

1. Open and verify your Gemini account
2. Prepare your Gemini account for the crypto deposit
3. Instruct your BlockFi wallet to initiate the transfer

These three steps will be described in detail in the paragraphs below!

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1. Open A Gemini Account

Gemini enables cryptocurrency investors to buy, sell, and trade cryptocurrency.

This trading platform is one of the few cryptocurrency trading platforms that has never been hacked. This means that Gemini’s security precautions are working. 

Gemini has also built a reputation as an investing platform with a simple user interface and features that enable crypto investors to succeed. 

As with any crypto trading platform, Gemini does charge platform fees.

Since crypto fees are often complex and vary from crypto to crypto, the list of fees can be found on the official Gemini website.

The process to open a new Gemini account is straightforward and can be completed by following the below steps:

1. Sign up for a Gemini account by clicking here!
2. Create your account sign in. This is completed by providing your name and email address and then by creating an account password. 
3. Verify your email address by following on-screen prompts.
4. Set up 2FA (2 factor authentication) by providing your home address and phone number. You will also be asked to verify your phone number during this step.  
5. Add a bank account or skip this step by clicking the “I’ll do this later” button in the top right of the platform. 
6. Verify your identity by providing your legal name, address, date of birth, and social security number. This step is for user verification as well as for tax purposes. 
7. Upload required documents to finalize the account setup. You can either upload a picture of your passport or a picture of your driver's license. 

After completing the above steps and uploading the required documentation, you will then submit your verification information for review. 

According to the Gemini website, verification typically takes 2-3 business days to complete. If the process is taking any longer you can contact customer support for help. 

2. Locate Your Gemini Wallet Address

If this next part of the transfer is not performed correctly, there is potential that crypto could be lost during the process:

1. ​There is a “Transfer” button that you will click in the top right corner of your newly formed Gemini account.
2. From that point, click the section “Deposit into Gemini” to proceed. 
3. You will use the dropdown menu to select the specific crypto that you are planning on transferring over to Gemini from BlockFi.
4. You will then copy the unique deposit address for your account and that specific crypto.

Each type of cryptocurrency out there has a unique wallet address. You cannot send two different types of cryptocurrency to the same address.

You can only send Bitcoin to a Bitcoin Wallet, for example. If you sent Ethereum there, it would be lost forever.

For more information, check out the full transfer guide offered by Gemini.

3. Withdraw Crypto From BlockFi

Now that you have opened your Gemini account and copied your destination address, here's how to withdraw from BlockFi:

1. Open your BlockFi dashboard and and click “Withdraw."
2. Select the cryptocurrency and amount that you want to transfer.
3. Under the “Select Wallet” section use the dropdown and select “New Wallet."
4. Paste your unique Gemini deposit address into the “New Wallet” space (make sure the cryptocurrency you are transferring is the same on both platforms or you can lose your funds).
5. Click “Review Withdrawal."
6. Once you have reviewed the transfer, click “Confirm” to initiate the process.
7. For security purposes, you may need to verify the transaction on your 2FA (2 factor authentication) device.
8. The final step is to patiently wait as your funds are transferring (confirmation time varies depending on network traffic and the crypto blockchain).

You may want to send a small amount first as a test, however keep in mind BlockFi only offers 1 free withdrawal per month. After that, you will pay fees.

All withdrawal requests are processed on business days only between 12pm and 8pm EST, so you may have to sit tight before your crypto arrives in Gemini.