How to Withdraw Crypto from Gemini and Consolidate Your Portfolio

Gemini has announced it will be shutting down operations in multiple countries to focus on its US operations. This means that their customers will be required to shift their funds off the Gemini exchange in affected regions.

If you have been affected, you may want to cash out of Gemini or move your crypto from Gemini to a personal wallet or to another exchange.

Managing cryptocurrency across several exchanges can get messy. It helps to understand how withdrawals work.

Fiat withdrawals require you to sell your crypto for cash first, then send that cash to a verified bank account. Generally, this conversion may constitute a taxable event, whereas transfers of cryptocurrency between accounts on exchanges registered under the same legal name may not trigger tax liability (however you should check this with your tax advisor or accountant, as this does not constitute tax advice).

Transferring crypto means copying your CoinJar receiving address, then pasting it into the withdrawal form on Gemini.

Choosing the correct blockchain network is crucial. A wrong choice can lead to permanent loss of funds and we have provided examples later in this article.

If you have built up balances on an exchange and now want to move them to CoinJar, you can send a standard blockchain transaction from one wallet to another.

A helpful way to think about it is like sending an email. You need the recipient address (your CoinJar wallet), you enter it on the sending platform (Gemini), then the network delivers the funds.

How to withdraw crypto from Gemini to CoinJar

Below is a step-by-step guide on how to move funds off Gemini and on to CoinJar:

1. Get your CoinJar address: In CoinJar, go to Deposit, select the asset you want to receive, choose your preferred network (e.g., for ETH you can select Ethereum, Arbitrum One, or Optimism) and copy the wallet address for that network. (In Ireland, CoinJar only supports ETH over ERC20).

2. Open Gemini:

Follow these instructions to withdraw crypto from your Gemini account:

Here are the steps.

Once processed, your funds will appear in your CoinJar account after the required number of network confirmations.

How to withdraw fiat currency to your bank account

If your aim is not to move crypto between exchanges but to cash out into fiat, the steps are different.

You generally cannot send fiat currency such as AUD, USD or GBP from one exchange directly to another. You usually need to withdraw fiat to a bank account in your name.

Withdrawing fiat from Gemini

There are detailed instructions on how to withdraw fiat from Gemini on the Gemini support website.

Once processed, the funds should arrive in your bank account according to Gemini and bank processing times.

Real-life examples

Looking at a few common situations can make the process clearer.

The Ethereum transfer

You hold 0.5 ETH on Gemini and want to move it to CoinJar for long-term storage. In CoinJar, you select Ethereum in the Deposit section and see you can choose from three networks: Ethereum, Arbitrum One, or Optimism.

You decide to use Arbitrum One to save on network fees. You copy the Arbitrum receiving address from CoinJar and paste it into the Gemini withdrawal form. When Gemini asks you to select a network, you choose "Arbitrum" to match.

The transaction confirms on the Arbitrum network, and within a few minutes, the 0.5 ETH appears in your CoinJar account.

Selling Crypto for Fiat

You decide to move the value of 5 ETH from Gemini to your bank account. You cannot send ETH directly to a bank, so you first sell the 5 ETH for fiat on Gemini.

After the sale, you withdraw the fiat to your bank account.

Security risks and red flags

Transferring funds is a sensitive moment. Once a crypto transaction is confirmed, it is generally irreversible. There is no central body you can call to cancel it.

Keep an eye out for these common issues.

• Network mismatches: The most frequent mistake is copying a receiving address for one network but then selecting a different network when sending. For example, if you copy your CoinJar Ethereum network receiving address but then select Arbitrum One on Gemini when sending, the funds will not arrive. CoinJar generates separate receiving addresses for each network (Ethereum, Arbitrum One, and Optimism). The network you select in CoinJar when copying the address must match the network you select on Gemini when sending. Double-check both before confirming the transaction.

• Address poisoning: Scammers may send a tiny amount of crypto to an address that looks almost identical to yours. They hope that when you later copy an address from your recent activity, you grab their address instead of your own. Always check the full address, or at least compare the first four and last four characters carefully.

• Test transactions: If you are moving a large amount, consider sending a small test amount first, for example $10 worth of the asset. Once it appears safely in CoinJar, you can send the rest. You will pay two network fees, but it significantly reduces the risk of expensive mistakes.

Using 2FA on all your exchange accounts and email, and never sharing your security codes, adds another important layer of protection.

Summary

For crypto transfers, accuracy is everything. Always confirm the correct destination address and double-check that the network you choose on the sending exchange matches what CoinJar supports for that asset.

If you are cashing out, remember that selling your crypto into fiat may be a taxable event. You may need to report gains or losses at the end of the financial year, so keep records of your trades and withdrawals.

By taking your time, reviewing each step, and using small test transactions for larger moves, you can manage your portfolio more safely and with greater confidence.