THREAD: Buying crypto in Singapore.
If you are interested to get into crypto & not sure where to start, look here. Feel free to tag your friends who are also interested. As always:
Do your own research
Be aware of risks
Not your keys not your coin!
Let's go 🧵👇🇸🇬
If you are interested to get into crypto & not sure where to start, look here. Feel free to tag your friends who are also interested. As always:
Do your own research
Be aware of risks
Not your keys not your coin!
Let's go 🧵👇🇸🇬
2/
First we need to define 2 things.
1) Fiat on/off-ramp
2) Crypto exchanges
Fiat refers to $$, USD or SGD. To get exposure to crypto, you can buy a financial product (e.g. CFDs/ futures), which are available on popular brokerages.
This thread will focus on spot tokens.
First we need to define 2 things.
1) Fiat on/off-ramp
2) Crypto exchanges
Fiat refers to $$, USD or SGD. To get exposure to crypto, you can buy a financial product (e.g. CFDs/ futures), which are available on popular brokerages.
This thread will focus on spot tokens.
3/
What are spot tokens? These are actual tokens you own yourself, and can freely transfer them anywhere and to anyone.
Ok, so which are the recommended exchanges for SGD/USD>crypto?
What are spot tokens? These are actual tokens you own yourself, and can freely transfer them anywhere and to anyone.
Ok, so which are the recommended exchanges for SGD/USD>crypto?
4/
In Singapore there's a solution called @xfers. It's a payment processing gateway. Some on-ramp (fiat>crypto) exchanges do not offer direct FAST transfers from your bank accounts. Instead, they integrate with Xfers.
xfers.com/sg/straitsx
In Singapore there's a solution called @xfers. It's a payment processing gateway. Some on-ramp (fiat>crypto) exchanges do not offer direct FAST transfers from your bank accounts. Instead, they integrate with Xfers.
xfers.com/sg/straitsx
5/
The Xfers Wallet is regarded as a Widely Accepted Stored Value Facility under Singapore law. In partnership with Xfers, an approved bank has undertaken to be fully liable for the stored value.
xfers.com/sg-blog/going-…
Should alleviate concerns on regulation.
The Xfers Wallet is regarded as a Widely Accepted Stored Value Facility under Singapore law. In partnership with Xfers, an approved bank has undertaken to be fully liable for the stored value.
xfers.com/sg-blog/going-…
Should alleviate concerns on regulation.
6/
Many on-ramps have integrations with xfers. As such, you would use xfers to deposit money, either via credit card or FAST transfer. The integration on the exchange side would 'read' your deposit, and you can 'shift' funds from Xfers to exchanges with click of button.
Many on-ramps have integrations with xfers. As such, you would use xfers to deposit money, either via credit card or FAST transfer. The integration on the exchange side would 'read' your deposit, and you can 'shift' funds from Xfers to exchanges with click of button.
7/
Disclaimer, I have not used xfers in quite a long time (pre 2019), and hence I need to do verification. You need to be fully verified so you can transfer SGD to exchanges to trade crypto.
Not sure how long it takes, but its a necessary step.
Disclaimer, I have not used xfers in quite a long time (pre 2019), and hence I need to do verification. You need to be fully verified so you can transfer SGD to exchanges to trade crypto.
Not sure how long it takes, but its a necessary step.
8/
Once the verification (aka kyc) is done, you can connect your xfers account on your exchange, if they support it.
OK so we've covered 1 method of loading money into a wallet - Xfers.
Next one, transfers direct to exchanges.
Once the verification (aka kyc) is done, you can connect your xfers account on your exchange, if they support it.
OK so we've covered 1 method of loading money into a wallet - Xfers.
Next one, transfers direct to exchanges.
9/
This requires finding exchanges that support FAST trasnfers (default inter-bank trf in SG) or wire trf. That's usually the 2 ways exchanges can receive $.
Exchanges usually have their main bank (w which to recieve $); funds team would monitor & debit cust accs accordingly.
This requires finding exchanges that support FAST trasnfers (default inter-bank trf in SG) or wire trf. That's usually the 2 ways exchanges can receive $.
Exchanges usually have their main bank (w which to recieve $); funds team would monitor & debit cust accs accordingly.
10/
Of course, for people who have not done wire transfers (via SWIFT) before (like me), FAST transfers are preferred as it's quite user friendly to do so.
In summary, 2 main ways to send $ to exchanges:
Xfers ($ > wallet > exchange)
FAST/SWIFT ($ > exchange)
Of course, for people who have not done wire transfers (via SWIFT) before (like me), FAST transfers are preferred as it's quite user friendly to do so.
In summary, 2 main ways to send $ to exchanges:
Xfers ($ > wallet > exchange)
FAST/SWIFT ($ > exchange)
11/
SWIFT may charge processing fees depending on banks, but from my knowledge, FAST and Xfers do not charge fees.
Which exchange to buy from? Depends.
blog.seedly.sg/how-to-buy-bit…
blog.moneysmart.sg/invest/best-cr…
SWIFT may charge processing fees depending on banks, but from my knowledge, FAST and Xfers do not charge fees.
Which exchange to buy from? Depends.
blog.seedly.sg/how-to-buy-bit…
blog.moneysmart.sg/invest/best-cr…
12/
For me personally, I've used Coinhako as that was what I used a few years before (habit). No reason for you to try others (Gemini/Hako/Coinbase). DYOR!
Binance news here for your info.
todayonline.com/mas-warns-inve…
For me personally, I've used Coinhako as that was what I used a few years before (habit). No reason for you to try others (Gemini/Hako/Coinbase). DYOR!
Binance news here for your info.
todayonline.com/mas-warns-inve…
13/
I generally am OK w fees from fiat on-ramps & have observed that 1% is average; users should also think abt fiat OFF-RAMP. How do you cash out your $$ to bank? Can't call it profit if you can't spend it.
This is where xfers & places which support FAST withdrawals are useful
I generally am OK w fees from fiat on-ramps & have observed that 1% is average; users should also think abt fiat OFF-RAMP. How do you cash out your $$ to bank? Can't call it profit if you can't spend it.
This is where xfers & places which support FAST withdrawals are useful
14/
All in all, I can give all the recommendations in the world, but nothing beats trying it yourself. Try the exchange interface. Are there alot of crypto tokens? Do you need to change to USD? What are the withdrawal options. All free to sign up.
Don't have referral links.
All in all, I can give all the recommendations in the world, but nothing beats trying it yourself. Try the exchange interface. Are there alot of crypto tokens? Do you need to change to USD? What are the withdrawal options. All free to sign up.
Don't have referral links.
15/
Ok checkpoint:
1) Xfers or (SWIFT/FAST) = deposit methods
2) On where to buy crypto; based on own preferences; some may have diff criteria besides fees like UI/UX, token selection, withdrawal options.
Onto the next part: crypto exchanges.
Ok checkpoint:
1) Xfers or (SWIFT/FAST) = deposit methods
2) On where to buy crypto; based on own preferences; some may have diff criteria besides fees like UI/UX, token selection, withdrawal options.
Onto the next part: crypto exchanges.
16/
These are the full fledged exchanges, offering anything from staking/lending and many many other features. Generally these don't have SGD deposits or the process has alot of friction (only wire trf aka SWIFT).
However, super low fees vs on-ramps & much more tokens to trade.
These are the full fledged exchanges, offering anything from staking/lending and many many other features. Generally these don't have SGD deposits or the process has alot of friction (only wire trf aka SWIFT).
However, super low fees vs on-ramps & much more tokens to trade.
17/
My recommendation (if you ask me) will be FTX. Mainly because i'm biased, but I've also found it to be a better UI/UX than say Binance (tho not sure how regulations will complicate things). Coinbase has ridic. fees but its pro service seems to be better.
My recommendation (if you ask me) will be FTX. Mainly because i'm biased, but I've also found it to be a better UI/UX than say Binance (tho not sure how regulations will complicate things). Coinbase has ridic. fees but its pro service seems to be better.
18/
Found article that discusses it. Generally, have more than 1 exchange as not all coins are available.
singsaver.com.sg/blog/best-cryp…
Found article that discusses it. Generally, have more than 1 exchange as not all coins are available.
singsaver.com.sg/blog/best-cryp…
19/
Fees for:
Binance (VIP 0)
binance.com/en/fee/schedule
FTX (Tier 1)
help.ftx.com/hc/en-us/artic…
CB pro
help.coinbase.com/en/pro/trading…
Gemini
gemini.com/fees/activetra…
Generally, if you place a limit order (market maker) your fees are lower. Eyeballing across, think FTX is lower.
Fees for:
Binance (VIP 0)
binance.com/en/fee/schedule
FTX (Tier 1)
help.ftx.com/hc/en-us/artic…
CB pro
help.coinbase.com/en/pro/trading…
Gemini
gemini.com/fees/activetra…
Generally, if you place a limit order (market maker) your fees are lower. Eyeballing across, think FTX is lower.
20/
I don't plan to use other exchanges. I only have FTX & Binance (does not seem to block me tho I am fully verified KYC Singaporean). I prefer FTX, though again, its based on your own criteria. Can get 5% fee discount using my ref link.
ftx.com/#a=joeykokbin
I don't plan to use other exchanges. I only have FTX & Binance (does not seem to block me tho I am fully verified KYC Singaporean). I prefer FTX, though again, its based on your own criteria. Can get 5% fee discount using my ref link.
ftx.com/#a=joeykokbin
21/
Note: there's a limit on withdrawal if you aren't fully verified. Up to you if you want to submit your personal data to those exchange.
If you're looking to hold long-term on big-cap coins, fiat on-ramps should sufficiently do the job well.
Note: there's a limit on withdrawal if you aren't fully verified. Up to you if you want to submit your personal data to those exchange.
If you're looking to hold long-term on big-cap coins, fiat on-ramps should sufficiently do the job well.
22/
If you're looking for a hardware wallet, the best 2 in business (for retail like us) is likely Trezor and Ledger.
This is good; since coins on the exchanges can be lost in event of a hack (very unlikely to lose funds but a tail risk).
If you're looking for a hardware wallet, the best 2 in business (for retail like us) is likely Trezor and Ledger.
This is good; since coins on the exchanges can be lost in event of a hack (very unlikely to lose funds but a tail risk).
23/
I apologise for the messy thoughts, but this is how i would approach crypto. If you have any further detailed questions, my DMs are open. As always:
DYOR
Always be wary of RISK
Crypto can ruin you financially more than it will make you wealthy
Due diligence is v important
I apologise for the messy thoughts, but this is how i would approach crypto. If you have any further detailed questions, my DMs are open. As always:
DYOR
Always be wary of RISK
Crypto can ruin you financially more than it will make you wealthy
Due diligence is v important
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