4 Steps To Sell Your Crypto In Singapore

Last updated on January 19th, 2022

You’ve made some great returns on your crypto portfolio, and are now looking for ways to cash out to SGD.

However, there are not many platforms that allow you to sell your currencies directly to SGD. This is especially if you own ‘rare’ altcoins like LUNA or GLM.

So how do you go about selling your crypto in Singapore?

Here’s what you need to know.

How to sell crypto in Singapore

Here are 4 steps you’ll need to sell your crypto in Singapore:

1. Find a platform that has a SGD trading pair with your cryptocurrency
2. Send your cryptocurrency to that exchange
3. Make a sell trade on the platform you’ve chosen
4. Withdraw your SGD to your Xfers or bank account

Find a platform that has a SGD trading pair with your cryptocurrency

Not all exchanges allow you to trade your cryptocurrency for SGD. There are a few exchanges like Binance or Huobi that do not support any fiat currencies at all.

As such, you’ll need to find a platform that has a SGD trading pair with the currency that you own.

For example, you may want to sell the BTC that you own. In this case, you’ll need to see if the platform offers a BTC/SGD trading pair.

For the common currencies like BTC, ETH or LTC, there shouldn’t be a problem in finding an exchange that allows you to directly sell it for SGD.

There are many platforms, such as:

1. Coinhako
2. Luno
3. Tokenize
4. Coinut
5. Binance Singapore
6. Gemini
7. Liquid

However for less common currencies like ADA, ZIL or DOGE, things may be a bit harder.

Not all platforms allow you to sell them directly to SGD!

Platforms with the most SGD trading pairs

The 3 platforms with the most SGD trading pairs are:

1. Coinhako (29)
2. Tokenize (30)
3. Gemini (24)

However, their fees can be rather expensive too:

Platform	Trading Fee	Withdrawal Fee
Coinhako	1%	$2 per withdrawal
Tokenize	0.8% – 1%, min. $1	0.55%
Gemini	From 1.49%	None

Even though Gemini’s interface and security is the best, their fees are really high!

Crypto.com’s Exchange platform is another possible option

Another way would be to use Crypto.com’s Exchange platform.

You can trade 48 different currencies for the Crypto.com token (CRO).

After that, you can transfer your CRO tokens to your Crypto.com app.

From there, you can sell your CRO tokens for SGD.

The SGD will be transferred to your Xfers wallet, which you can then transfer the funds to your bank account!

Here are the fees you’ll incur for this transfer:

1. Up to 0.16% trading fee
2. 0.4% withdrawal fee (to Xfers)

Depending on the amount that you’re selling, this may be slightly cheaper compared to the other 3 platforms!

Make a trade to BTC if you can’t find any suitable SGD trading pair

There are some currencies where you just can’t find a suitable trading pair for the currency that you own.

Some examples include LUNA and GLM.

In this case, you may want to consider trading your currency to BTC. This is because it is the most widely available cryptocurrency on the Singapore platforms.

You can do this by 2 methods:

Method	Platform
Trading Platform	Binance Huobi
Currency Exchange Platform	Changenow Changelly SwapNow

Binance and Huobi have a lot of trading pairs with BTC. No matter how ‘rare’ your currency is, you should be able to trade it to BTC.

Alternatively, you can try to use platforms that exchange your currency to BTC.

When you are sending your BTC to another platform, don’t forget to make sure that it has a SGD/BTC trading pair!

Consider these 2 fees when choosing a platform

Since there are so many platforms out there, which one should you choose?

If the currencies are quite common, then the main factor would be the fees you’ll incur.

There are 2 fees that you’ll need to take note of:

1. Selling fees
2. Withdrawal fees (to Xfers or bank account)

You should try to choose the platform that charges you the lowest fees for the currency that you’re selling!

Send your cryptocurrency to that exchange

Once you’ve decided on the platform you want to use, you can then send the currency that you own to that platform.

If your crypto is already on a platform that has a trading pair with SGD, you can skip this step.

For example, you may want to send BTC that you own in your Celsius account.

This means that you will need to send your BTC from Celsius to a platform like Luno.

Luno has one of the lowest fees when you want to trade between SGD and BTC (0.10%).

This means that you’ll need to go to the ‘Send‘ function on the Celsius app to begin sending your BTC.

However, you’ll need to know the destination that you’re sending to!

Most platforms will allow you to receive crypto into their wallet. Here is how Luno’s ‘Receive‘ function looks like.

The function should be similar for any exchange that you intend to use!

Things to take note when sending your crypto

Here are some things you’ll need to take note of when sending your crypto:

1. Make sure you’re sending the same currency as the wallet address (e.g. sending BTC to a BTC wallet)
2. Make sure you’ve copied the wallet code exactly

If you do not do either of these 2 steps correctly, your crypto will be lost forever!

It would be good to double check the wallet address you’re sending to, before making the transfer.

Take note of the withdrawal fees

Most platforms do not charge you any fees when you are receiving crypto.

However, you may incur some withdrawal fees when sending to that platform!

There are 2 main types of fee structures when sending crypto to another platform:

1. Fixed
2. Dynamic

For dynamic fees, it depends on the network’s traffic and demand. The higher the demand, the higher fees you’ll incur.

These fees will eat into your returns, so you should consider them as an additional cost too!

Make a sell trade on the platform you’ve chosen

Once you’ve received your crypto on the platform that supports SGD, it’s time to sell your crypto for SGD.

There are 2 main ways that you can sell your crypto:

1. Instant sell
2. Making a trade on the exchange platform

Transaction	Platforms
Instant Sell	Crypto.com (App) Coinhako Binance Singapore
Trading Platform	Coinut Tokenize Liquid
Both	Gemini Luno

When you make an instant sell, it will be done at the prevailing market exchange rate between your currency and SGD.

However for trading, you’ll need to wait for your order to fill before you can receive your SGD.

The instant sell feature is usually more costly than trading

When you use the instant sell feature, it usually costs more compared to the trading fees that you’ll incur .

Even though instant sell may be more convenient, you will incur higher fees!

Withdraw your SGD to your Xfers or bank account

The final step will be to withdraw your SGD from the platform to either Xfers or directly to your bank account:

Withdrawal Method	Platform(s)
Xfers	Luno Gemini Binance Singapore Tokenize
Bank Account	Coinut Liquid
Both	Coinhako

If you are transferring to Xfers, you usually will incur lower fees compared to withdrawing to your bank account.

However, it is slightly more troublesome as you’ll need to make another transfer from Xfers back to your bank account!

At the end of this step, you’ve finally sold your crypto for SGD and received the profits!

Conclusion

Compared to other fiat currencies like USD, the methods that you can sell crypto for SGD are more limited.

You may have also bought your tokens on Coinbase, but now you are unable to withdraw them as Coinbase no longer supports Xfers.

Nevertheless, there are still quite a few platforms that allow you to do so.

In the end, the platform that you choose to use depends on a few factors:

1. The availability of the SGD trading pair
2. The fees you’ll incur (sending, selling and withdrawal)
3. The ease of transferring your SGD to your Xfers wallet or bank account

👉🏻 Referral Deals

If you are interested in signing up for any of the products mentioned above, you can check them out below!

Luno Referral (Earn SGD $30 in Bitcoin)

If you are interested in signing up for a Luno account, you can use the referral code ‘T5N74J‘ or my referral link to sign up for an account.

You’ll be able to earn SGD $30 worth in Bitcoin!

Here’s what you need to do:

1. Sign up for a Luno Account
2. Deposit and buy ≥ SGD $200 of BTC via Instant Buy
3. Receive SGD $30 in Bitcoin

You will need to purchase BTC using the Instant Buy function. The fees that you incur will be 0.75%.

It would be best to buy only $200 SGD worth of BTC, which only incurs you a $1.50 fee. The $30 SGD bonus will be able to offset the fee!

Gemini Referral (Earn $10 USD in BTC)

If you are interested in signing up for a Gemini account, you can use my referral link.

You will be able to receive $10 USD in BTC!

Here’s what you need to do:

1. Register for a Gemini account
2. Trade ≥ USD $100 or equivalent on Gemini’s platform
3. Receive USD $10 worth of BTC in your account

Tokenize Referral (Get 5 TKX worth ~ $25 SGD)

If you are interested in signing up for a Tokenize account, you can use my referral link.

You will be able to receive 5 TKX in your account (worth ~$25 SGD)!

Here’s what you need to do:

1. Sign up for a Tokenize account
2. Trade at least $1000 USD worth of crypto
3. Receive 5 TKX in your Tokenize wallet

You can view details of this referral program on Tokenize’s website.

Receive a further SGD $50 worth of TKX when you upgrade to Premium

You are able to receive another SGD $50 worth of TKX if you upgrade to the Premium or Platinum membership of Tokenize.

You will need to pay 160 TKX to upgrade your membership to the Premium tier.

Once you have upgraded your membership tier, you will receive the TKX bonus!

You can view more information about this promotion on Tokenize’s website as well.

Crypto.com Referral (Get up to $25 USD worth of CRO)

If you are interested in signing up for Crypto.com, you can use my referral link and enter the code ‘x2kfzusxq6‘.

We will both receive $25 USD worth of CRO in our Crypto Wallet.

Here’s what you’ll need to do:

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2. Enter my referral code: ‘x2kfzusxq6‘
3. Stake enough CRO to unlock a Ruby Steel card or higher

The amount of CRO that you need to stake depends on the card you wish to get, and the currency you are staking in.

You can read more about the referral program on Crypto.com’s website.

Crypto.com Exchange Referral (Earn $10 USD- $50 USD in CRO)

If you are interested in creating a Crypto.com Exchange account, you can use my referral link and enter the code “x2kfzusxq6“.

Depending on the amount of CRO you stake on the Crypto.com Exchange, you are able to earn between USD $10 to USD $50!

Here are the amounts that you’ll need to stake to receive the bonuses:

Amount of CRO Staked	Referral Bonus You Receive
1,000 – 4,999 CRO	$10
≥ 5,000 CRO	$50

If you’ve already signed up for the Crypto.com app, you can still sign up for this bonus! This is because the Crypto.com App and Exchange are 2 different platforms.

You can read more about this referral program on Crypto.com’s website.

Are you passionate about personal finance and want to earn some flexible income?