5 Ways You Can Buy DeFiChain In Singapore

Last updated on September 21st, 2021

You may be looking to stake DeFiChain (DFI) on Cake DeFi, as you can earn really high staking rewards!

However, there are not many exchanges that allow you to buy DeFiChain.

None of them allow you to buy DFI directly from SGD too!

Here are some methods that you can consider:

How to buy DeFiChain in Singapore

Here are 5 ways that you can buy DeFiChain in Singapore:

1. Cake DeFi (Swap BTC or ETH)
2. Bittrex
3. KuCoin
4. LATOKEN
5. Bitrue

Here is a summary of all of these methods that you can use:

Platform	Trading Fee	DFI Withdrawal Fee
Cake DeFi	None (but exchange rate may be less favourable)	0.2 DFI
Bittrex	Up to 0.35%	0.1 DFI
KuCoin	Up to 0.1%	1 DFI
LATOKEN	Up to 0.49%	6 DFI
Bitrue	0.28%	1 DFI

All of these exchanges do not support SGD

All of the exchanges listed do not allow you to deposit SGD into their exchanges.

This means that you’ll have to buy a cryptocurrency from one exchange, and then send it to these exchanges.

The currency that you can buy is Bitcoin or Ethereum. This is because they would have the most number of trading pairs.

However, you’ll need to consider the withdrawal fees that you’ll incur when sending your crypto on the blockchain.

Depending on the fees, it can be really hefty!

You can consider using Gemini’s Active Trader, which charges a rather low 0.35% trading fee. You are able to purchase either BTC or ETH from Gemini.

After that, you can send your BTC or ETH to any of the exchanges below. You will not be charged any withdrawal fees for up to 10 withdrawals per month.

Cake DeFi (Swap BTC or ETH)

You are able to buy DeFiChain (DFI) directly on Cake DeFi! You will need to swap your BTC or ETH for DFI.

However, the exchange rate may be less favourable compared to the prevailing market rate!

Here’s what you need to do to buy DeFiChain on Cake DeFi:

1. Deposit BTC or ETH into Cake DeFi
2. Go to ‘Wallets → Swap‘
3. Select the amount of BTC or ETH you want to use to swap to DFI
4. Complete the swap

#1 Deposit BTC or ETH into Cake DeFi

Cake DeFi does not support SGD. The only way you can buy DFI is by swapping your BTC or ETH on the platform.

Cake DeFi also does not allow you to buy BTC or ETH directly from the platform if you’re from Singapore. As such, you’ll need to transfer these currencies from another platform into Cake DeFi.

You’ll need to go to the Assets page, and then click on ‘Deposit‘.

You will be brought to a page that will give you the address you need to deposit into.

If you wish to deposit ETH into Cake DeFi, you will incur a $10 fee for your first deposit.

#2 Go to ‘Wallets → Swap’

Once you’ve successfully deposited your BTC or ETH, you’ll need to go to the Swap function for DFI.

#3 Select the amount of BTC or ETH you want to use to swap to DFI

You’ll need to select the amount of BTC or ETH to buy DFI.

#4 Complete the swap

Once you’ve completed the swap, DFI will be credited into your account.

You can start using the staking feature to earn high yields on your DFI!

Verdict

Cake DeFi does not charge you any fees for making this swap.

However, you may lose a bit from the spread!

This was Cake DeFi’s exchange rate between DFI and BTC,

and here was the market price according to 3 Commas.

The difference may seem little, but you can lose some value when you’re exchanging a large amount of BTC!

Furthermore, Cake DeFi only offers a limited supply of DFI available for sale.

You will be unable to buy DFI on Cake DeFi if there are none that are available for sale.

If you intend to buy DFI to stake on Cake DeFi, you can consider buying DFI on the platform directly.

Although the exchange rate is much less favourable, this is a much more convenient method!

Bittrex

Bittrex was founded in 2014 and is headquartered in the USA.

They are one of the few exchanges that allows you to buy DFI on their platform.

Furthermore, they have the highest trading volume among all the other exchanges!

Here’s what you need to do to buy DFI on Bittrex:

1. Deposit BTC or USDT into Bittrex
2. Go to the ‘Markets’ tab and search for DFI
3. Enter the details of your trade
4. Execute the trade

#1 Deposit BTC or USDT into Bittrex

Bittrex does not support SGD on their platform. As such, you’ll need to deposit BTC or USDT into their platform.

This is because Bittrex only offers BTC or USDT trading pairs on their platform.

You will need to go to ‘Holdings‘,

and then search for BTC or USDT to deposit these currencies.

You will be given a wallet address that you can send your crypto to.

Do remember to double check the wallet address before sending your crypto!

#2 Go to the ‘Markets’ tab and search for DFI

Once you have deposited your BTC or USDT into Bittrex, you can start buying DFI from these currencies.

You’ll need to go to the ‘Markets’ tab,

and then search for DFI.

You will see the available trading pairs for DFI.

#3 Enter the details of your trade

Once you have selected the trading pair, you will be directed to Bittrex’s trading platform.

It can seem quite overwhelming, but you’ll need to enter the details of your trade on the right-hand side.

There are 6 different order types that you can make:

1. Limit
2. Market
3. Stop Limit
4. Trailing
5. OCO
6. Ladder Limit

You’ll also need to include these details:

1. The price of BTC that you wish to buy 1 DFI at
2. The amount of DFI you wish to buy

#4 Execute the trade

After you’ve placed the order, it will go into Bittrex’s order book.

Once your trade has been completed, DFI will be credited into your account.

Verdict

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

Fee	Amount
Trading Fees	Up to 0.35%
DFI Withdrawal Fee	0.1 DFI

The main advantage that Bittrex has is that it has a really low withdrawal fee of 0.1 DFI. Furthermore, it offers the highest volume of trades compared to the other exchanges that list DFI.

With higher trading volume, there is a higher chance that you’ll be able to buy DFI at your intended price!

KuCoin

KuCoin is another exchange that you can use to buy DeFiChain. However, you will need to transfer a cryptocurrency from another platform first.

This is because KuCoin does not support any fiat currencies!

How to buy DeFiChain on KuCoin

Here’s what you need to do to buy DeFiChain on KuCoin:

1. Send your crypto to the KuCoin Main Account
2. Transfer your crypto to the Trading Account
3. Find a suitable trading pair
4. Select the price and quantity to buy DFI

#1 Send your crypto to the KuCoin Main Account

KuCoin does not support any fiat currencies. To fund your KuCoin account, you will need to send a cryptocurrency from another platform.

KuCoin only supports 2 trading pairs with DeFiChain: DFI/USDT and DFI/BTC.

As such, you will need to deposit either BTC or USDT into your KuCoin account!

To deposit either coin into KuCoin, you will need to go to ‘Deposit‘.

You can use the dropdown menu to select either BTC or USDT.

From there, you will be given a deposit address to send your crypto to.

If you are copying the address manually, you may want to double check that it is the correct address!

#2 Transfer your crypto to the Trading Account

When you deposit your BTC into your KuCoin account, it will be transferred to your Main Account.

If you wish to trade your BTC to DFI, you will need to transfer it to your Trading Account!

#3 Find a suitable trading pair

After you’ve transferred your crypto to your Trading Account, you can go to KuCoin’s Spot Exchange.

The exchange may seem to be rather overwhelming.

You will need to go to the top left hand corner to select a DFI trading pair.

#4 Select the price and quantity to buy DFI

After you’ve selected your DFI trading pair, you can proceed to make the order.

KuCoin allows you to make 4 different orders:

1. Limit
2. Market
3. Stop Limit
4. Stop Market

The last 2 things you’ll need to do is to:

1. Select the price of USDT or BTC that you’d like to buy DFI at
2. The amount of DFI that you wish to buy

When your trade is completed, DFI will be credited into your account.

Verdict

Here are the fees that you’ll incur when buying and sending DFI on KuCoin:

Fee	Amount
Trading Fees	Up to 0.1%
DFI Withdrawal Fee	1 DFI

The trading fees are similar to Binance.

KuCoin has lower trading fees compared to Bittrex. However, the DFI withdrawal fee is slightly higher at 1 DFI!

LATOKEN

LATOKEN is a cryptocurrency exchange that is based in London.

Here’s how you can buy DFI on this platform:

1. Deposit USDT, BTC or ETH into LATOKEN
2. Find a suitable DFI trading pair on LATOKEN
3. Enter the details of the trade
4. Execute the trade

#1 Deposit USDT, BTC or ETH into LATOKEN

LATOKEN does not support SGD on their platform.

As such, you’ll need to send a cryptocurrency over instead.

LATOKEN offers 3 different trading pairs with DFI:

1. DFI/USDT
2. DFI/BTC
3. DFI/ETH

I would prefer to use USDT as LATOKEN does not charge any deposit fees only for USDT.

To deposit any of these currencies, you’ll need to go to ‘Deposit‘.

You will be able to obtain the address that you’ll need to send to.

#2 Find a suitable DFI trading pair on LATOKEN

Once you’ve deposited your crypto into LATOKEN, you can start trading it.

You’ll need to go to ‘Exchange‘,

and search DFI in the search bar.

After selecting your preferred trading pair, you can click on ‘Trade‘.

#3 Enter the details of the trade

You will be brought to LATOKEN’s trading platform.

On the right hand side of the platform, you will be able to enter the details of your trade.

For LATOKEN, you can only make a market or limit order.

You will need to include:

1. The price you want to buy 1 DFI at
2. The amount of DFI you want to buy

#4 Execute the trade

Once your order has been successfully processed, DFI will be credited into your account.

Verdict

Here are the fees that you’ll incur with LATOKEN:

Fee	Amount
Deposit Fees	1% (all currencies except for USDT)
Trading Fees	Up to 0.49%
DFI Withdrawal Fee	6 DFI

If you are intending to use LATOKEN, then you should only deposit USDT into the platform.

The 1% deposit fee is really hefty for all other tokens!

LATOKEN is not really a favourable platform to buy DFI on. This is because the trading and withdrawal fees are much higher!

Furthermore, I do not really like the user interface of this platform.

Bitrue

Bitrue is an exchange platform that is based in the US, Europe and Asia Pacific.

Here’s how you can buy DFI on Bitrue:

1. Deposit BTC or USDT into Bitrue
2. Select a suitable trading pair with DFI
3. Insert the details of the trade
4. Execute the trade

#1 Deposit BTC or USDT into Bitrue

Bitrue does not support SGD, so you’ll need to deposit a cryptocurrency into the exchange.

You should be depositing BTC or USDT as Bitrue only has a DFI trading pair with these 2 currencies.

You’ll need to go to ‘Assets → Deposit‘,

and then select the currency you wish to deposit in.

You will be given a deposit address to send your crypto to.

#2 Select a suitable trading pair with DFI

Once you’ve deposited your crypto into Bitrue, you’ll need to go to Exchange,

which will bring you to the trading platform.

You will need to select the DFI trading pair with either USDT or BTC.

#3 Insert the details of the trade

You are able to make 3 different order types on Bitrue:

1. Limit
2. Market
3. Trigger Order

You’ll also need to select:

1. The price that you’ll pay for 1 DFI
2. The amount of DFI you want to buy

#4 Execute the trade

Once the order has been executed, DFI will be credited into your Bitrue account.

Verdict

Here are the fees that you’ll incur when trading with Bitrue:

Fee	Amount
Trading Fees	0.28%
DFI Withdrawal Fee	1 DFI

Bitrue’s trading and withdrawal fees are slightly higher compared to KuCoin or Bittrex.

I would still prefer to buy DFI from those platforms first, before using Bitrue!

Conclusion

There are not many crypto exchanges that allow you to buy DFI.

The most convenient way would be to buy DFI from Cake DeFi directly.

However, Cake DeFi has its limitations, as:

1. The exchange rate is not so favourable
2. The supply of DFI that you can buy depends on the available supply

If you prefer to buy DFI on an exchange, I would consider either KuCoin or Bittrex.

The other 2 exchanges charge fees that are much higher, so I do not think that they are really worth it!

👉🏻 Referral Deals

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

Cake DeFi Referral (Receive $30 USD worth of DFI tokens)

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

After making your first deposit of ≥ $50 USD worth of crypto, you will be able to earn $30 USD worth of DFI tokens!

Here’s what you’ll need to do:

1. Sign up for a Cake DeFi account
2. Make a deposit of ≥ $50 USD worth of crypto into your Cake DeFi wallet
3. Receive $30 USD worth of DFI tokens ($20 base + $10 referral bonus)

Your DFI tokens should be credited to you on the following Monday.

The DFI tokens that you earn will be locked up for 180 days in the Confectionery program. You will be able to earn the base APY for staking DFI tokens.

Even though your DFI is being locked up, you are still able to earn rewards on it!

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