Gemini is one of the top cryptocurrency exchanges worldwide and the largest name among the USA exchanges. With Gemini, you enjoy tons of features that make buying, selling, and trading crypto super easy. Among those features, there is the Gemini Earn.
With this, you get to earn interest on your crypto holdings up to 7.40% APY. However, there are lots of people who are unaware of how Gemini Earn works.
To help you out with that, I am going to share a Gemini Earn Review with you. So you can learn about the service in a better way and get started with it easily.
So here we go:
What is Gemini Earn?
Gemini Earn is a crypto lending program. Through this program, you can choose to lend your crypto to certain institutional borrowers and earn interest on your crypto.
Gemini Earn has partnered with lending programs. This way, you will get to lend your crypto to certain trusted institutional borrowers and earn interest on your crypto.
This is a great program for anyone who is looking to hold their coins for a really long time and earn interest. Gemini Earn allows you to earn up to 8.05% APY on your crypto, including stablecoins.
Moreover, on the Gemini platform, you can view your combined trading balance and earn balance. Also, the interest you have earned. Gemini Earn pays interests on a daily basis, and it will start accruing at 4 P.M ET.
Getting started with Gemini Earn is also pretty simple and easy. All you have to do is purchase any of your preferred crypto coins and transfer them to the Gemini Earn to start earning interest on your holdings.
Furthermore, there is an on-site calculator too on Gemini’s website, which you can use to calculate how much you could be earning over a span of time.
How to Earn Interest with Gemini Earn?
Getting started with Gemini Earn is extremely easy. You can purchase any amount of crypto and transfer it to Gemini Earn instantly to start earning interest.
The good part of Gemini Earn is that you are allowed to redeem and move your crypto back to your trading account at any time with the interest you have earned. It doesn’t really have a holding period like most other crypto lending platforms.
To start earning interest on your crypto holdings, you can follow this tutorial:
- At first, make sure you have a Gemini account and complete your KYC.
- Next, navigate to the Earn Tab located at the top left of your Window.
- On the Earn page, you will see all the cryptos available in Earn and their corresponding APYs.
- Next, choose your preferred crypto and click on the Earn button next to it.
- After that, you will see the option of transferring funds or buying funds. In case of buying new crypto, you have to create a one time or recurring order. For transferring balance, select how much you would like to transfer and click on continue.
- Next, you have to select a funding source and confirm your action.
Gemini Earn vs Competitors
Gemini Earn is definitely one of the attractive programs to earn interest in your crypto holdings. But it is not the only platform out there.
There are two other similar programs, BlockFi and Celsius. As per The Money Mongers research, both BlockFi and Celsius Network offers there users attractive APYs and other features.
BlockFi offers a tiered interest structure for major coins like BTC and ETH. Also, it offers you 8.6% APY for the GUSD and similar stable coins.
On the other hand, on Gemini Earn, you get to earn a fixed 2.05% APY for BTC and ETH and varying interest rates for 30+ Altcoins and Stablecoins.
Also, Celsius offers varying APY rates for users in the USA and international users who would like to earn interest in CEL tokens. For instance, users in the USA get to earn 6.20% APY on the first two BTC and then 3.51% APY. In comparison, the international users get to earn 3.51% APY.
Plus, international users can choose to get paid in CEL (not available for users in the US). This way, international users can earn 4.40% APY on BTC.
Moreover, Celsius offers interest on stablecoins like PAX, GUSD, and USDC at up to 8.88%. This APY can go up to 11.21% if it’s paid in CEL, which is only available for international users.
Top Perks Of Using Gemini Earn
There is no fixed requirement of how much you can deposit in Gemini Earn and start earning interests. For instance, the minimum quantity of BTC you can buy and deposit is 0.00001. Also, other tokens have similarly same investment requirements. So even if you have $100 to invest, you will earn interest on it.
Moreover, the new Gemini users earn a bonus of $150 in Bitcoin when investing at least $1,000 within 30 days. Also, to know how much you can earn, you will find an onsite calculator on Gemini’s website.
Advanced trading platform
There is also an easy to use desktop trading platform which offers a great trading experience. You can enjoy features like recurring buys, sell and converting your digital currency. There is also the ActiveTrader platform that is designed to be a professional-quality trading system. It includes the ability to place multiple order types (such as market or limit orders), features advanced charting tools, and more.
Gemini Earn is definitely one of the top features that set Gemini Exchange apart from its competitors. It allows customers to earn interest in their crypto holdings. The interest rates vary from time to time. But still, it offers better interest rates than most of its competitors.
There is also the Gemini Pay feature in its mobile app. You can use this feature to pay for goods and services with your crypto tokens. Currency, Gemini Pay is available at 30,000 retail locations in the U.S. Plus, you can pay by scanning a QR code.
How Much Gemini Earn Charges?
You should also know that Gemini Earn is not really a free service. Instead, Gemini Earn charges an agent fee on each token you earn. The rate you receive on a given token is a net of this fee. This means that Gemini’s charges are already subtracted from the interest rates they advertise. However, the agent fee may change at any time. But if that ever happens, Gemini will notify you about it.
Gemini is also said to launch their credit card. Although, there hasn’t been any announcement when Gemini actually plans to launch it. However, the waitlist is open for USA customers. So if you live in the USA, you can apply for this credit card with no annual fee. Also, the Gemini credit card offers great rewards. Plus, you can choose to earn rewards in BTC or other crypto coins of your choice.
So that was all about Gemini Earn Review. Overall, it is a pretty great way to earn interest on your crypto holdings that are sitting idle. It pays you good interest rates, and it is extremely easy to use. Plus, there is no minimum holding time limit like most other services. So make sure to do proper research before starting to use the service.