A Beginner’s Guide to Using Gemini

Cryptocurrency isn’t new anymore. Large corporations, banks and even governments have started introducing it into their investment strategies, and many people firmly believe that it will be the future of finance! 

So, if you haven’t already added crypto to your investment portfolio, now might be a good time to do so. 

In this guide, I will walk you through the process of making your first crypto investment on the Gemini exchange. Gemini is one of the most beginner-friendly exchanges to opt for, which is important for a smooth and stress-free experience! 

By the end of this guide, you will understand how to use Gemini to make your first crypto investment and understand the next steps to take to buy crypto today. 

What’s Gemini, Anyway?

Gemini is a well-known crypto exchange that’s super popular in the UK and beyond. Founded by the Winklevoss twins, Gemini is known for its user-friendly design and strong security features. It’s perfect for beginners who want to dip a toe into the world of crypto without getting overwhelmed.

Why I Like Gemini

Here is a brief overview of why I personally like Gemini as a crypto exchange:

• Easy to use: The app and website are really slick and intuitive.
• Prioritise regulation and user safety: Gemini is regulated by the New York State Department of Financial Services, and it takes security seriously, which is great news if you’re worried about hackers.
• Variety of coins: From big names like Bitcoin and Ethereum to smaller altcoins, Gemini has a good range of digital assets for you to choose from.

How to Make Your First Crypto Investment on Gemini

Now that you know a little bit more about Gemini, let’s take a look at how to use the exchange to invest in crypto.

Step 1: Sign up for an account

First things first, head to the Gemini website or download the app. You’ll need to create an account using your email and a secure password. 

You will be asked to verify your email address and complete KYC verification to comply with local regulations. 

The entire process shouldn’t take more than 30 minutes, but I recommend doing this at a time when you aren’t juggling a million tasks at once! 

The KYC verification process for UK investors has recently been updated by the FCA. Now, you will need to complete an enforced 24-hour cooldown period after signing up. After this, you will only need to complete light KYC.

However, you will need to complete full KYC to withdraw any funds. This will include uploading two forms of ID. 

Step 2: Fund your account

Once you have created your account, you will be able to access the Gemini dashboard. Spend a few moments familiarising yourself with everything, and then head to the ‘deposit’ option. 

Here, you will be able to add funds to your account. Gemini offers several deposit options, including bank transfers (ACH, wire, FAST, SEPA, FPS), debit cards, mobile wallets (Google Pay, Apple Pay), and third-party services like PayPal.

I recommend starting with the minimum deposit and always using a secure and private wifi connection when you are handling payments. Gemini doesn’t have a minimum deposit, which means that you can get started from as little as £1!

Step 3: Explore coins

The next step is to choose your first crypto investment by exploring the different coins that are available on Gemini. 

If this is your first time buying crypto, I would stick to the big names such as Bitcoin or Ethereum. These are typically less volatile than smaller cryptocurrencies however, there is still risk involved! 

Here are 5 types of crypto that I would include in my portfolio.

Step 4: Place an order

Once you have found a crypto that you would like to invest in, you will need to choose an order type. 

I suggest choosing a ‘one-time’ order for your first investment to test the waters. But, when you’re comfortable with crypto investing, you can set up a recurring order to gradually add more crypto to your portfolio in a more passive way. 

Next, you will need to enter the amount of crypto that you would like to buy. Again, I recommend starting with a small amount to familiarise yourself with the process. Don’t invest more money than you can afford to lose!

Once you have filled out the details, hit ‘buy’ to confirm your order. Your crypto will appear in your Gemini portfolio after a few minutes. 

How to Choose Your First Crypto Investment

Now that you know how to make your first crypto investment, let’s talk about how to choose what to invest in. 

Start with large caps

If you’re new to crypto, you might want to stick with the heavyweights: Bitcoin (BTC) and Ethereum (ETH). These two are the OGs of the crypto world, with the biggest track records and loads of information out there to help you understand how they work.

These cryptos have large market caps- the total value of all coins that are available. This means that these coins are less vulnerable to liquidity issues and market volatility. 

‘Small cap’ cryptos may experience larger price swings which increases the chances of losing money on your investment!

Think about the risks

Crypto can be a wild ride, so make sure you’re comfortable with the ups and downs. If you’re only planning to invest a small amount, it’s easier to ride out the bumps.

Only invest with money that you can afford to lose (money that you don’t need!)

Don’t feel rushed

It’s totally okay to take your time and learn as you go. You don’t need to go all-in on your first day! Start small, see how it feels, and build from there.

The best time to invest is when you feel confident. 

Final thoughts

Making your first crypto investment is a lot easier if you use a reliable, user-friendly crypto exchange such as Gemini. 

You can create your free account today through the Gemini website or mobile app and get started from as little as £1. 

After reading this guide, I recommend taking some time to familiarise yourself with Gemini- paying attention to fees and user requirements so that you don’t run into any surprises! 

Are you interested in learning more about investing? Why not sign up to the MoneyMagpie bi-weekly Investing Newsletter? It’s free and you can unsubscribe at any time if you find it isn’t for you.

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence. When investing your capital is at risk.