Crypto Invest

How To Withdraw From Blockfi In Singapore

Blockfi Withdrawal Singapore

While you are continuing to earn interest on your cryptocurrencies with your Blockfi account, you may be deciding to cash out your crypto back to SGD.

Since Blockfi does not support direct SGD withdrawals to your bank account, the 2 methods would be to either withdraw a cryptocurrency or USD from Blockfi.

Here’s a guide to help you get started:

How to withdraw from Blockfi in Singapore

Here are 4 steps to withdraw from Blockfi in Singapore:

  1. Select a platform that supports crypto-SGD trading pairs
  2. Copy the deposit address from the platform of your choice
  3. Select the currency that you wish to withdraw on Blockfi
  4. Enter the transaction details and review the withdrawal

And here is each step explained further:

Select a platform that supports crypto-SGD trading pairs

Since Blockfi does not support SGD on their platform, you will need to send your cryptocurrency to a platform that you can sell it for SGD.

There are a few crypto exchanges that you can consider sending your crypto to:

  1. Zipmex
  2. Gemini
  3. Luno
  4. Coinhako
  5. Coinut
  6. Tokenize
  7. Crypto.com (App)
  8. Independent Reserve
  9. XanPool

Here are the fees that you’ll incur when trading on each platform:

PlatformTrading FeeSGD
Withdrawal Fee
Zipmex0.2%SGD 5
GeminiFrom 1.49% (Exchange)
Up to 0.35% (Active Trader)
None
Luno0.75% (Instant Sell) None (StraitsX)
$2 (Bank
Transfer)
Coinhako1%SGD 2
CoinutUp to 0.5%0.55%
(Min SGD 1)
Tokenize0.8% – 1%
(Min SGD 1)
0.55%
Crypto.com
(App)
None (but spread
may be high)
0.4%
Independent
Reserve
Up to 0.5%0.55%
XanPool1.5%None

You’ll need to consider the currencies that each platform supports too! For example, some of the platforms may not support USDT, such as Luno.

Copy the deposit address from the platform of your choice

After you have selected which platform you will be withdrawing to, you can proceed to copy the deposit address from that platform.

For example, I am copying the deposit address from my Gemini account for Bitcoin.

Gemini Deposit BTC Address

Select the currency that you wish to withdraw on Blockfi

After you have copied the deposit address, the next step would be to go to ‘Withdraw‘ on Blockfi’s platform,

Blockfi Select Withdraw

and then select which cryptocurrency you would like to withdraw.

Blockfi Select Currency To Withdraw

Enter the transaction details and review the withdrawal

The next step will be to enter how much of the cryptocurrency you wish to withdraw.

Blockfi Review Withdrawal

You may also want to take note of the minimum withdrawal you will need to make for the cryptocurrency.

After that, you will be asked to review the withdrawal details before you confirm the withdrawal.

Blockfi Review Withdrawal Terms

Sell your cryptocurrency for SGD and withdraw from the platform

After you have received the cryptocurrency in the platform of your choice, you can sell it off for SGD. You can view my guides on how you can withdraw SGD from the different platforms, including:

  1. Coinhako
  2. Crypto.com
  3. Gemini

What are the fees for withdrawing from Blockfi?

Blockfi offers one free crypto withdrawal per calendar month. This helps to reduce the fees that you’ll incur, as some withdrawal fees can be rather high!

As such, you should try to only perform one withdrawal a month, to take advantage of this free withdrawal.

Withdraw SGD From Crypto.com (FASTE...
Withdraw SGD From Crypto.com (FASTEST WAY)
Can I withdraw USD from Blockfi to a Singapore bank account?

It is possible to withdraw USD from Blockfi to a Singapore bank account. However, the minimum to withdraw is $5,000 USD, and you will incur a $30 withdrawal fee from Blockfi.

Blockfi allows you to withdraw a few stablecoins as USD to your bank account in a 1:1 ratio. Some of these stablecoins include:

However, you are unable to withdraw DAI or USDT to your bank account.

It may not be advisable to withdraw USD from Blockfi, because:

  1. The minimum to withdraw is $5,000 USD
  2. Blockfi charges you a $30 withdrawal fee
  3. Your bank may charge an incoming transfer fee

For example, DBS charges a $10 incoming fee for any incoming foreign currencies from a foreign account.

Due to the high amount of fees that are being charged, it would only make sense if you are intending to withdraw a large sum of money from Blockfi.

If you still wish to withdraw USD, don’t forget to withdraw it to a Multi-Currency Account. Otherwise, the USD will be exchanged for SGD, which will be done at the bank’s exchange rate.

You can view my guides on exchanging and then withdrawing USD using Tiger Brokers to obtain a more favourable exchange rate.

Conclusion

If you intend to withdraw your cryptocurrencies from Blockfi, the best way would be to withdraw a cryptocurrency and then sell it back to SGD on another platform that supports SGD trading pairs.

Furthermore, it would be best to only make one withdrawal a month to take advantage of the free withdrawal that Blockfi offers.

While it is possible for you to withdraw USD from the platform, the fees are rather high and would only make sense if you are intending to withdraw a large sum of money!

👉🏻 Referral Deals

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

Liquid Referral (10% trading fee rebate for the first month)

If you are interested in signing up for a Liquid account, you can use my referral link and use the referral code ‘Op-p4Wt6863107‘.

You are able to receive a 10% discount on your trading fees for your first month with Liquid!

Liquid Referral

Here’s what you need to do:

  1. Sign up for a Liquid account
  2. Make any trades on Liquid’s platform
  3. Receive a 10% discount for each trade you make in the first month

Zipmex Referral (Receive ~ $10 SGD worth of ZMT tokens)

If you are interested in signing up for a Zipmex account, you can use my referral link. You can earn 2.5 ZMT (worth ~ $10 SGD) when you lock up at least 250 ZMT tokens using ZipLock.

Here’s what you need to do:

  1. Sign up for a Zipmex account and complete your KYC
  2. Buy ≥ 250 ZMT from SGD using the trading platform
  3. Lock up your ZMT tokens in ZipLock
  4. Receive 2.5 ZMT tokens

You will be able to earn 16% APY on the ZMT that you’ve locked up!

Zipmex ZipLock ZMT Rate

Your ZMT tokens will need to be locked up for a minimum of 90 days.

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!

Gemini Referral

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

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!

Luno Referral

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!

Coinut Referral (Receive 73 USDT worth $97 SGD)

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

You will be able to receive 73 USDT upon signing up!

Coinut Referral New

Here’s what you’ll need to do:

  1. Sign up for a Coinut account and complete your KYC assessment
  2. Trade ≥ $100 USD worth of crypto using a Market Order (using SGD) within 180 days of registering your account

Once you’ve completed the 2 steps, you’ll receive 73 USDT 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)!

Tokenize Referral May 2021

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.

Crypto.com Referral

Here’s what you’ll need to do:

  1. Sign up for a Crypto.com account
  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.


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