After depositing SGD to FTX, you may have realised that you can’t buy any cryptocurrencies with SGD on the Spot Market!
If you wish to buy any cryptocurrencies on FTX, the best way would be to convert your SGD to USD, which has trading pairs with most of the cryptocurrencies.
Here’s what you need to know:
How to convert SGD to USD on FTX
Here are 3 steps you’ll need to convert SGD to USD on FTX:
- Select SGD from ‘Wallet’ on FTX
- Select ‘Convert’
- View the conversion rate and confirm the transaction
And here is each step explained in-depth:
#1 Select SGD from ‘Wallet’ on FTX
On FTX, you’ll need to go to ‘Wallet‘,
and then search for SGD.
After that, you’ll need to click on ‘Convert‘, and this will bring you to a page where you can convert SGD into another currency on FTX.
The default currency that you’ll be converting to is USD. However, you are able to convert SGD to any currency that is supported on FTX.
This includes other cryptocurrencies, such as:
Essentially, you are placing a market order. While this allows you to instantly trade your SGD for a cryptocurrency, the rate at which you do so may be less favourable.
View the conversion rate and confirm the transaction
After selecting the amount of SGD that you want to convert to USD, you will be shown the exchange rate that FTX uses for the conversion.
FTX currently does not charge any fees for making these currency conversions.
You will also be able to view the estimated amount of USD you will receive from this conversion.
After clicking on ‘Convert‘, the converted USD will be deposited into your USD balance.
How is the rate for converting SGD to USD on FTX?
When compared to the current market rate, the rate offered to you by FTX for a SGD to USD conversion differed by 11 pips (0.73068827 vs 0.72948965). While this may seem like a small difference, it may be significant if you are exchanging a large amount of SGD.
When I compared the rate on xe.com with the one that FTX offers, it is actually pretty similar.
To put this in perspective, had I made the same conversion of SGD to USD with xe.com, I would receive $19.58 in USD. This is only 3 cents more than the amount that I received on FTX!
FTX’s exchange rate is slightly better compared to other platforms
Here’s a comparison of FTX’s exchange rate with other similar platforms which provide SGD to USD conversions:
When compared to other platforms, the rate for FTX is actually pretty good!
The problems with depositing SGD to FTX
While it may be advantageous to exchange SGD to USD on FTX due to the better exchange rates, you will incur fees when depositing SGD to FTX.
This is because you will be remitting SGD to a foreign bank, and you will incur transfer fees when sending from local banks such as DBS or OCBC.
Currently, here’s the most optimal way of depositing from Singapore to FTX:
- Exchange SGD to USD on Tiger Brokers or moomoo
- Withdraw USD to your DBS Multi-Currency Account
- Use DBS Remit to deposit USD to FTX
FTX provides a rather competitive exchange rate when converting from SGD to USD.
However, since you will incur a remittance fee when depositing SGD to FTX, it will still be better to send USD to FTX from your bank account.
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