On November 11th 2022, the FTX cryptocurrency exchange announced a bankruptcy filing. This guide was written prior to the filing, which may impact user withdrawals and deposits. Please refer to the official FTX website for more information.
FTX is a popular crypto platform that offers members access to over 300 cryptocurrencies.
The company is based in the Bahamas, and its platform is available worldwide. However, due to US regulations, the full platform is not available in the United States. Instead, FTX has a unique platform available to US citizens, though this version of FTX is highly limited.
With this in mind, US investors may want to move their cryptocurrency to a different platform without limitations.
In this article, we cover all the steps required to transfer from FTX to Gemini. Let's jump right in!
Transferring crypto assets is actually a fairly simple process as it is stored in digital wallets.
In order to transfer from FTX to Gemini, follow the steps below:
Each of these three steps have a few important nuances - let's review them now in more detail.
Gemini is a top cryptocurrency platform that offers members the ability to buy, store, and sell cryptocurrency. The platform supports over 50 coins!
Because cryptocurrency is held digitally, it is often the target of hacking. Gemini is actually one of the few platforms to have never been hacked. Security is a top concern for the company.
Creating an account with Gemini is pretty simple. You can create your new Gemini account with the steps below:
After submitting your application, your account will go through verification. This can take as long as 2-3 business days, though it is often completed much sooner.
Now that you have opened and verified your Gemini account, it is time to locate your crypto wallet address.
Each crypto has a unique wallet address, so it is imperative that you copy the correct one. For example, if you want to transfer Bitcoin, but you use an Ethereum wallet, then you could lose your crypto forever.
Follow the steps below to locate the desired crypto wallet:
Now that you have a Gemini account and you have located the correct wallet address, you are ready to initiate the transfer.
Before we jump into those steps, there are a few things to be aware of.
First, in order to send crypto out of FTX, you will need to set up your account with 2FA through Google Authenticate. Both iPhone and Android users can download the Google Authenticate app.
Second, when you transfer crypto from one platform to another, there are typically fees involved. This is true when transferring from FTX to Gemini. You can view applicable fees on the FTX withdrawal fee page. FTX pays a majority of fees for their members, though for withdrawals, you will pay a small fee for every transfer.
After you have clicked "Withdraw," you can check on the status of the transfer by clicking on the "Withdrawals" tab within the wallet page on FTX.US.
Once the transfer is confirmed, you will receive an email informing you of the finished withdrawal.
Moving crypto from FTX to Gemini is an easy process. After creating an account with Gemini and verifying your account, you can easily initiate a transfer.
This process is completed by copying the wallet address for the desired crypto in Gemini and then pasting it into FTX's platform.
If you want to learn more about Gemini, be sure to read our complete review.