How is the cryptocurrency withdrawal amount calculated on Gemini?

Modified on Thu, 14 Sep 2023 at 08:44 PM

First, we calculate the percentage of your available cryptocurrency balance, you would like to withdraw from Gemini. For example, if your schedule is setup to withdraw 50% of your BTC from Gemini, and your available balance is 1 BTC, the result in this case would be 0.5 BTC.

Then we calculate the fee that Gemini would charge for this exchange. Gemini charges flat fees for some cryptocurrencies and dynamic fees for Ethereum and ERC-20 tokens. You can read more about Gemini fees here.

So continuing from the example above, the fee to transfer any BTC amount at the time of writing is 0.0001 BTC.

At this point we subtract the applicable fee from the amount you're trying to transfer based on your schedule. From the example above the formula would be 0.5 - 0.0001 = 0.4999

Now we would initiated a transfer of 0.4999 BTC from your Gemini account to the destination address you provided. With the 0.0001 BTC fee, the total amount subtracted from your available BTC balance on Gemini will be 0.5 BTC.

So we include the fee in the calculation to make sure we get as close to the percentage you selected as possible. This is more nuanced with ETH and ERC-20 tokens, but we fetch the latest gas fees at the time of the withdrawal.

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