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!
The process for transferring your crypto from BlockFi to Gemini can be completed through three steps:
These three steps will be described in detail in the paragraphs below!
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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:
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.
If this next part of the transfer is not performed correctly, there is potential that crypto could be lost during the process:
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.
Now that you have opened your Gemini account and copied your destination address, here's how to withdraw from BlockFi:
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.