Intro to Gemini – Low fees and great alternative to Coinbase!



hey guys Demetri here bringing you another video about my insights into the crypto world so today I just wanted to upload a quick video to show you an exchange that I've been using over the last few weeks called Gemini where I pay way lower fees for trading Kryptos so I just wanted to go over some of the caveats my experience and show you guys why I like this exchange better than coinbase so to start their fees are way lower the base rate of their fees 0.25% so 25 bytes per Satoshi and that's way lower than the base rate of one point four nine percent of coinbase which can go all the way up to four percent if you are using credit cards and for orders under $400 on coinbase that fee is even higher but on gemini no matter if you're buying $5 or $5,000 or even $50,000 worth of Bitcoin the fee will still be pointing to 5% to start and the fee can go all the way down to 0% based on your volume however these numbers are pretty high I wouldn't say you know the average Bitcoin or crypto currency trader would hit these numbers or especially somebody like me who does it as a hobby I don't think I'll be trading a thousand bitcoins in a 30 day basis that's you know a few million dollars there but if you are trading very high volumes you can pay even smaller fees which is nice but for most people it will be 0.25 percent which for me is great in terms of deposit and withdrawal fees there aren't any fees for depositing money from all the sources that they allow you to deposit from in terms of withdrawals you get up to ten free withdrawals of Bitcoin and aetherium per month after that you'd be paying point zero zero to Bitcoin for every withdrawal in that month and point zero zero one aetherium for aetherium withdrawals if you're withdrawing more than ten times I actually have not withdrawn that many times for all the holders out there you know that's not a concern so those are the fees let's actually buy some Bitcoin on Gemini's so I can show you just how low the fees are and then we're gonna compare that to coinbase so I'll show you first I'll buy some Bitcoin on Gemini and explain and show you exactly what I'm paying there and then I'll do try to do the same thing on coinbase and show you just how much more a decaying in feast so I have $17.25 on my Gemini accounts the dashboard is pretty straightforward I don't think anything needs to be explained here if you want to buy some Bitcoin you will just go in to buy buy BTC with USD and one thing I should have mentioned right away you can only work with Bitcoin and aetherium on Gemini so if these if those are your two main Kryptos in your portfolio then I highly recommend using Gemini's alright so I'll do a regular just a market border so it grabs the price it locks it in for a bit based on how much bitcoins I want to buy I have seventeen dollars and 25 cents and as you can see right here I'll be getting a seventeen dollars and 21 cents worth of Bitcoin after a four cent fee so let's click buy and see what happens alright so market order has been placed but as you can already see I have the Bitcoin in my account there it is right there point zero zero one eight three five four nine Bitcoin if I go to the dashboard I should be able to see that as well and as you can see that's how much Bitcoin I have and they show you the account value in u.s. dollars based on how much Bitcoin you have and the current Bitcoin price and you can already see and you can also see your transaction history on the bottom of the dashboard as you can see this is the market order that I just completed to show you guys how this works and you'll see some other recent trades by other people on the right to the right of the price graph and historical data so you saw that I paid four cents to buy seventeen dollars and 21 cents worth of Bitcoin let's see how much I would actually be paying on the coin base to do the same thing so I'm gonna go to buy and sell select Bitcoin use my checking account and say seventeen dollars and twenty five cents which is what I had on Gemini if I were to do it on coinbase I would pay I would get fifteen dollars and seventy six cents worth of Bitcoin because I'll pay field one dollar and forty nine cents that's almost ten percent of what I'm spending for a total of seventeen dollars and twenty five cents so um the other thing to note here is I would only get it's on Saturday March 3rd that's in a week and you know that's or a little less than a week but still that's a long time to wait to get my Bitcoin if the price goes up you know and I'm happy to sell it or if I just want to trade it for another crypto I won't be able to do that for a whole week so this is a huge bummer for me with coinbase all right so the last thing that I wanted to show you I think is one of the biggest pros about Gemini and it has to do around them giving you a credit when you deposit funds from your checking account so let me show you exactly what I'm talking about so when you transfer funds into Gemini with a bank transfer and I'll use my checking account as an example let's say I wanted to deposit 20 bucks into Gemini I click review deposit and they tell me that you authorizes Gemini to withdraw $20 from your checking account that's fine but then they say your deposit will be credited to your Gemini account and will be available for trading immediately and it should fully clear into your German account within 4 to 5 business days so what does this mean it basically means that while your funds are being cleared with the bank that Gemini will still give you the credit of the amount that you're trying to deposit to start trading right away so if I click confirm and I have the money in my account I can buy Bitcoin right away and I think that's a huge Pro that's not available on coinbase and a lot of other exchanges so that's it for today I just wanted to show you guys an alternative to coinbase and help you save on some fees so I really hope you found that helpful if you did please feel free to like the video and subscribe to my channel until next time happy investing

5 thoughts on “Intro to Gemini – Low fees and great alternative to Coinbase!”

  1. If I wire transfer a deposit in for let's say $2500, can I buy bitcoin instantly and then transfer it to binance, or do I have to wait for an eternity like I do with coinbase?

Leave a Reply

Your email address will not be published. Required fields are marked *