Crypto Invest

7 Ways You Can Buy USDC In Singapore

How To Buy USDC Singapore

Last updated on November 18th, 2021

This article contains affiliate links. You can read more about these links in my Editorial Guidelines.

Apart from USDT and UST, USDC is another stablecoin that can be found on the market. One of the more attractive things about this stablecoin is that you’re able to earn quite a high interest rate!

If you are looking to buy USDC in Singapore, there are actually quite a few ways to do so.

Disclaimer: This article is meant for information purposes only, and it is not intended to provide you with financial advice. You should always do your own research first, before making an investment decision!

How to buy USDC in Singapore

Here are 7 ways you can buy USDC in Singapore

  1. Zipmex
  2. Independent Reserve
  3. Crypto.com (USD Bank Transfer)
  4. Crypto.com (Buying USDC from another cryptocurrency)
  5. Luno (Instant Buy and Exchange)
  6. Buy USDT on XanPool and send over to a platform that supports TRC20
  7. Buy BTC on Gemini Active Trader and send it to OKEx

This is a summary of all the methods,

MethodType of
Transaction
Fees
ZipmexTrading0.2%
Independent ReserveTradingUp to 0.5%
Crypto.com (USD
Bank Transfer)
Bank TransferNone (But may have
large spread)
Crypto.com
(App)
Instant BuyNone (But may have
large spread)
LunoInstant Buy  and Trading0.75% (Instant Buy) and
up to 0.1% (Exchange)
XanPool to Exchange
with TRC20 (USDT)
Trading1.5% (XanPool) +
Up to 0.2% (Other Exchange)
Gemini to
OKEx (BTC)
TradingUp to 0.35% (Gemini Active Trader)
+ Up to 0.1% (OKEx)

and here is each one explained in-depth.

Zipmex

Zipmex is an exchange that was founded in Thailand.

It offers you the option to buy crypto directly from SGD, and charges rather low fees too!

Here’s what you need to do to buy USDC on Zipmex:

  1. Go to wallets and select SGD as the funds to deposit
  2. Fill in the details of your deposit into Zipmex
  3. Go to ‘Markets’ and select the USDC/SGD trading pair
  4. Enter the details of your trade

#1 Go to wallets and select SGD as the funds to deposit

You’ll need to deposit SGD into Zipmex first.

To do so, you’ll need to go to ‘Wallets‘,

Zipmex Select Wallets

and then select ‘Deposit‘.

Zipmex Select Deposit

You’ll need to select SGD as the currency you wish to deposit.

Zipmex Select SGD

#2 Fill in the details of your deposit into Zipmex

You are required to enter some details so that Zipmex can process your deposit.

Zipmex Deposit SGD Details

This includes:

  1. Deposit amount
  2. Account number
  3. The bank you’re depositing from

#3 Go to ‘Markets’ and select the USDC/SGD trading pair

After depositing SGD into Zipmex, you can start to use the trading platform.

You’ll need to go to ‘Markets’,

Zipmex Select Markets

which will bring you to the trading platform.

Zipmex Trading Platform

At the left-hand corner, you can select the USDC/SGD trading pair.

Zipmex USDC SGD Trading Pair

#4 Enter the details of your trade

The last thing you’ll need to do is to enter the details of your trade.

You are able to make 2 different types of orders:

  1. Market order
  2. Limit order
Zipmex Buy USDC

You’ll also need to enter the following details:

  1. The price that you’d like to buy 1 USDC at
  2. The amount of USDC you want to buy

When your trade is processed, USDC will be credited into your account.

Verdict

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

FeeAmount
Trading Fee0.2%
USDC Withdrawal Fee25 USDC
SGD Withdrawal Fee5 SGD

Although the trading fee is rather low at 0.2%, you will incur a rather high withdrawal fee (25 USDC) if you intend to send your stablecoin to another platform to earn interest.

Independent Reserve

Independent Reserve is an exchange that was founded in Australia. Furthermore, they have received approval from the MAS to operate a cryptocurrency exchange in Singapore.

Here’s how you can buy USDC on their platform:

  1. Deposit SGD into your account
  2. Go to Buy/Sell and select the USDC/SGD trading pair
  3. Go to Trade to make a Limit Order
  4. Select the amount you want to buy in either SGD or USDC

#1 Deposit SGD into your account

You’ll need to deposit SGD into your account if you want to make a trade. This can be done by going to the ‘Accounts‘ tab, and selecting SGD as the currency you wish to deposit.

Independent Reserve Select SGD

If you have a bank account that is linked to Xfers, the details will already be shown in Independent Reserve.

You will be shown the details of the bank account to transfer your SGD to.

Independent Reserve Deposit SGD Details

You will be charged a 0.55% fee for each deposit you make.

#2 Go to Buy/Sell and select the USDC/SGD trading pair

After depositing SGD into Independent Reserve, you will need to select the USDC/SGD trading pair. This can be done by going to ‘Buy/Sell’, and then selecting ‘Buy USDC‘.

Independent Reserve USDC Trading Pair

You will be brought to a page that allows you to make a Market Order.

Independent Reserve USDC Market Order

#3 Go to Trade to make a Limit Order

If you wish to make a Limit Order, you’ll need to select the ‘Trade‘ tab, which gives you more options.

Independent Reserve USDC Trade Tab

You can choose to make a Market Order from this tab as well.

#4 Select the amount you want to buy in either SGD or USDC

The last thing you’ll need to do is to select the amount of SGD or USDC that you wish to buy. If you are placing a Limit Order, you will need to enter your limit price as well.

You will be able to view the amount of SGD that you’ll be using, as well as the fees that you incur.

Independent Reserve USDC Limit Order 2

Independent Reserve charges a 0.5% fee for each trade that you make.

Once the trade has been completed, USDC will be credited to your account.

Verdict

Here is a summary of the fees that Independent Reserve charges you:

FeeAmount
Deposit Fee (SGD)0.55%
Trading Fee0.5%
Withdrawal Fee (SGD)0.55%
Withdrawal Fee (USDC)12 USDC

Compared to some crypto exchanges in Singapore, the fees on Independent Reserve are slightly lower.

Crypto.com (USD Bank Transfer)

Crypto.com allows you to deposit USD via SWIFT into your Crypto.com App or Exchange. You will be able to receive USDC at a 1:1 exchange rate!

To do so, you’ll need to go to the ‘USDC Bank Transfer‘ on the Crypto.com App,

Crypto.com App USDC Bank Transfer

and then enter the bank details of the account that you’re depositing from. Crypto.com will approve this bank account if the account holder’s name is the same as your Crypto.com account.

Crypto.com USDC Verified

You can consider using DBS Remit to transfer your USD to Crypto.com, as they do not charge any fees.

Don’t forget to add in the unique code that is given to you by Crypto.com!

Crypto.com USDC Code

One thing to note is that Crypto.com does not accept any deposits from third-party payment processors, such as Wise.

The minimum deposit you can make is 500 USD, and it will take up to 3 days before your deposit is processed.

Afterwards, you will receive USDC in your Crypto.com App.

Crypto.com USDC Deposit Received

Verdict

If you have any USD (minimum $500) that you wish to use to buy cryptocurrencies, this is a method that you can use to receive USDC.

However, if you’re thinking of exchanging SGD to USD via the banks, you may lose some money due to the spread that is charged by the banks.

One way to circumvent this is to transfer SGD to platforms with lower spreads, such as:

  1. Tiger Brokers
  2. moomoo (powered by FUTU SG)
  3. Interactive Brokers

After converting your SGD to USDT, you can withdraw it back to your Multi-Currency account on DBS, before sending it to Crypto.com via DBS Remit.

This method may help you to save some fees!

Crypto.com (StraitsX)

Alternatively, you can buy USDC via SGD. You can deposit SGD to your StraitsX account and buy USDC from there.

Here’s what you need to do:

#1 Connect your StraitsX wallet to Crypto.com

To start using StraitsX on Crypto.com, you’ll need to connect your StraitsX wallet.

This can be done by going to the Settings menu at the top left hand corner,

Crypto.com App Select Settings

and then tapping on ‘StraitsX Account‘.

Crypto.com Link StraitsX

From there, you can link your StraitsX account to Crypto.com.

#2 Go to Crypto Wallet

You’ll need to access your crypto wallet on the Crypto.com app.

Crypto.com Crypto Wallet

This can be done by tapping on the central icon and going to ‘Crypto Wallet‘.

If you don’t have any USDC in your Crypto.com wallet, you’ll need to scroll down to find the currency.

You can use the search function to find USDC, as there are quite a lot of currencies available on the app!

Crypto.com App Use Search Function

#3 Tap on ‘Buy USDC’

You will be on the USDC price page. You’ll need to tap on ‘Buy USDC‘ to make the trade.

Crypto.com Buy USDC

#4 Select ‘Fiat Wallet’

You’ll need to select ‘Fiat Wallet’ at the Buy menu, which is at the top right corner.

Crypto.com Buy USDC Fiat Wallet

#5 Select the amount of USDC you wish to buy

After that, you’ll need to select the amount of USDC that you wish to buy.

Once you confirm the trade, USDC will be credited into your wallet.

Verdict

The Crypto.com App does not charge you any fees when you are making trades on their platform. However, you still may lose some of your value when you’re making these 2 trades!

This is due to the poor spreads that are found on the Crypto.com App.

Furthermore, Crypto.com will charge you 25 USDC when you are transferring this coin via the ERC20 network. This withdrawal fee is quite high as well.

Luno

Luno offers you an easy way to purchase USDC from SGD.

Luno Buy USDC

You are able to transfer your funds via Xfers to your SGD cash wallet in Luno to make the trade.

Xfers Account

Xfers acts as a middleman between the crypto exchange and your bank account.

Here are the steps to buy USDC on Luno:

  1. Tap on ‘Buy’ on the USDC wallet page
  2. Transfer money from Xfers to Luno
  3. Select how much USDC you wish to buy

#1 Tap on ‘Buy’ on the USDC wallet page

When you’re on the USDC wallet page, you’ll need to tap on the ‘Buy‘ option.

Luno Buy USDC

You can select to purchase USDC from other cryptocurrencies, or from SGD.

Luno Buy USDC 2

#2 Transfer money from Xfers to Luno

If you wish to buy USDC from SGD, you’ll need to transfer your SGD from your Xfers account first.

Luno Deposit SGD From Xfers

#3 Select how much USDC you wish to buy

After transferring SGD via Xfers, you will be able to choose the quantity of USDC to make a purchase. Since you’re buying with the Instant Buy function, you will receive USDC at the current market rate.

Verdict

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

Type of FeeAmount
Deposit FeesNone
Trading Fees
(Instant Buy)
0.75%
Withdrawal
Fee USDC
Depends
on network

Luno’s Instant Buy fees are lower than Coinhako‘s at 0.75%.

Luno also has an Exchange platform, where the fees are much cheaper at 0.10%.

Luno Exchange Trading Fee

However, the exchange only has BTC/SGD as their SGD trading pair.

If you want to buy USDC on Luno’s Exchange platform, here’s what you need to do:

  1. Buy BTC from SGD (BTC/SGD trading pair)
  2. Buy USDC from BTC (BTC/USDC trading pair)
Luno Exchange BTCUSDC Trading Pair

This is slightly more troublesome compared to Instant Buy. However, the fees that you pay will definitely be cheaper!

USDC will be withdrawn on the ERC20 network on Luno

If you intend to withdraw USDC from Luno, you will be using the ERC20 network. Since this is on the Ethereum blockchain, the withdrawal fees can be quite high (depending on the congestion)

As such, it may not be the most cost-effective method to buy USDC on Luno if you want to withdraw to another platform.

Buy USDT on XanPool and send over to a platform that supports TRC20

Compared to USDT, there are fewer exchange platforms that allow you to buy USDC. However, it is possible for you to deposit USDT into an exchange and trade it for USDC.

Since both USDT and USDC are stablecoins, each USDC and USDT coin should be equal to 1 USD. However, due to the spread on different exchanges, you may receive less USDC due to the spread.

If you use are using the ERC20 network to transfer USDT, the withdrawal fees are rather high. It can amount to up to 40 USDT for a single withdrawal!

However, if you use the TRC20 network to send USDT, such transfers are much cheaper due to the lower congestion.

XanPool even allows you to withdraw USDT for free via the TRC20 network!

The main thing you’ll need to make sure of is that the exchange you’re sending to accepts the TRC20 version of USDT.

Huobi Choose TRC20 For USDT

Here are 4 exchanges that accept the TRC20 version of USDT, and has a USDT/USDC trading pair:

PlatformTrading FeeUSDC Withdrawal
Fee (ERC20)
AAXUp to 0.1%5.86 USDC
HuobiUp to 0.2%2 USDC
Gate.ioUp to 0.2%2 USDC
OKExUp to 0.1%

Although Huobi and Gate.io have higher trading fees, they have much cheaper USDC withdrawal fees.

Buy BTC on Gemini Active Trader and send it to OKEX

If you do not want to use XanPool due to its higher fees, an alternative would be to buy BTC using Gemini’s Active Trader platform.

Gemini Active Trader Buy BTC From SGD

After buying BTC on Gemini, you can withdraw it to OKEx. Here are a few reasons for this method:

  1. The trading fees on Gemini Active Trader are rather low (up to 0.35%)
  2. Gemini has up to 10 free withdrawals per month
  3. OKEx is the one of the few platforms that has the USDC/BTC trading pair

In this way, you are able to save some fees along the way!

After depositing your BTC into OKEx, you can use the USDC/BTC trading pair to buy USDC from BTC.

OKEx USDC BTC Trading Pair

Conclusion

Compared to USDT, there are fewer options for you to buy USDC in Singapore. This is because USDT is the more widely used stablecoin!

If you are looking to buy USDC to send it to another platform to earn higher interest, one thing you’ll need to take note of is the withdrawal fee on the platform.

Since USDC uses the ERC20 network, the withdrawal fees can be rather high!

👉🏻 Referral Deals

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

Crypto.com Referral (Get up to $45 USD worth of CRO)

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

Here’s how you can get up to $45 USD worth of CRO in your Crypto Wallet:

TaskCRO Reward
Stake enough CRO to unlock a Ruby
Steel Crypto.com Visa Card or higher
USD $25
Spend a minimum of USD 100
for your first transaction
with the Crypto.com Visa Card
USD $10
Buy/sell a total of USD 500 of crypto
in the Crypto.com App within
30 days after you pass KYC
USD $10

You will need to stake enough CRO (in the equivalent amount in your home currency) to unlock a Ruby Steel card or higher.

You can read more about the referral program on Crypto.com’s website, and the additional referral bonuses here.

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.

Luno Referral (Earn SGD $5 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 $5 worth in Bitcoin!

Luno Referral

Here’s what you need to do:

  1. Sign up for a Luno Account
  2. Deposit and buy ≥ SGD $100 of BTC via Instant Buy
  3. Receive SGD $5 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 $100 SGD worth of BTC, which only incurs you a $0.75 fee. The $5 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!

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

OKEx Referral (Receive USD $10 of BTC)

If you are interested in signing up for an OKEx account, you can use my referral link. If you make a crypto purchase of ≥ $100 USD via Buy / Sell, we will both receive USD $10 worth of BTC.

Here’s what you need to do:

  1. Sign up for an OKEx account
  2. Go to Buy/Sell to buy crypto from a variety of methods (e.g. Credit Card or PayNow)
  3. Buy ≥ $100 USD worth of crypto
  4. Receive $10 USD worth of BTC in your OKEx account

If you use OKEx’s Buy/Sell feature, you will be buying your crypto from a 3rd-party payment provider.

OKEx Credit Card Payment Providers

The fees may vary, but the $10 USD credit should be able to help to pay for your trading fees!


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