Crypto Invest

8 Ways You Can Buy USDT In Singapore

How To Buy USDT In Singapore

Last updated on September 21st, 2021

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

USDT is one of the stablecoins that are pegged to the USD.

If you are looking to buy a certain cryptocurrency, it will most probably have a trading pair with USDT.

However, not many platforms allow you to buy USDT from Singapore!

So how do you go about buying this stablecoin?

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!
Note: With the recent rulings by MAS on Binance (International), you are no longer able to purchase crypto from SGD on their platform. This means that both the P2P trading and purchasing crypto from a SGD credit card are currently unavailable.

How to buy USDT in Singapore

Here are 8 ways you can buy USDT in Singapore:

  1. Zipmex
  2. Tokenize
  3. Coinut
  4. AAX
  5. Crypto.com (App)
  6. Crypto.com (Exchange)
  7. Binance (P2P)
  8. Binance (Credit Card)

This is a summary of all of these methods:

PlatformType of
Transaction
Fees
ZipmexTrading0.2%
TokenizeTrading0.8% (Min $1)
CoinutTradingUp to 0.5%
AAXExchangeUp to 0.1%
Crypto.com
(App)
Instant BuyNone (But may have
large spread)
Crypto.com
(Exchange)
TradingUp to 0.16%
Binance
(P2P)
P2PFree
Binance
(Credit Card)
Instant Buy1%

And here is each method 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 USDT 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 USDT/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 USDT/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 USDT/SGD trading pair.

Zipmex Select USDT 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 USDT From SGD

You’ll also need to enter the following details:

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

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

Verdict

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

FeeAmount
Trading Fee0.2%
USDT Withdrawal Fee19 USDT
SGD Withdrawal Fee5 SGD

The trading fees on Zipmex are quite low!

However, the withdrawal fees are higher compared to other platforms.

This is a tradeoff that you may have to incur when trading on Zipmex.

Tokenize

Tokenize is a centralised exchange that is based in Singapore and Malaysia.

Their exchange allows you to trade 30 different currencies directly from SGD!

Tokenize Number Of Cryptocurrencies From SGD

Here’s how you can buy USDT on Tokenize:

  1. Deposit your funds
  2. Go to ‘Market’
  3. Select SGD/USDT as your trading pair
  4. Select the type of order and your trade amount
  5. Make the trade

#1 Deposit your funds

To start trading on Tokenize, you’ll need to deposit your SGD into your wallet first.

However, it can be a bit hard to navigate around Tokenize’s site. You’ll need to see go to the top right-hand corner which has your name, and select ‘Wallets‘.

Tokenize Wallets

After that, you’ll need to scroll down all the way to your Fiat Balance. You’ll see the amount of SGD and USD that you have with Tokenize.

Tokenize Fiat Balance

You’ll need to click on ‘Deposit’, and you can deposit your funds via 2 ways:

  1. Xfers Direct Transfer
  2. Swap from XSGD wallet
Tokenize Deposit Methods SGD

You’ll be asked to select the amount you want to deposit from your Xfers account, along with the fee.

Tokenize Deposit Via Xfers

You’ll be charged a 0.55% fee if you use Xfers Direct Charge.

Tokenize will deduct the balance from your Xfers account, and it will be credited into your SGD wallet.

#2 Go to ‘Market’

After making your deposit, you can start trading your SGD for crypto.

You’ll need to select ‘Market‘ from the dashboard.

Tokenize Market Dashboard

#3 Select SGD/USDT as your trading pair

You can select the SGD/USDT trading pair from the list below:

Tokenize SGD USDT Trading Pair

#4 Select the type of order and your trade amount

There are 2 types of orders you can make with Tokenize:

  1. Limit
  2. Market

Limit orders will allow you to determine the price of USDT that you wish to pay.

Tokenize Buy USDT Limit Order

This gives you more control over the price that you want to pay for each USDT.

Meanwhile, market orders will purchase USDT at the current market price.

Tokenize Buy USDT Market Order

If you use this method, you will be able to fill your order almost immediately.

However, what I don’t like about market orders is that you won’t be able to see the trading fee that you’ll need to pay beforehand.

Once you’ve decided the type of trade you wish to make, you can choose the quantity of USDT that you wish to buy.

#5 Make the trade

After you’ve confirmed your trade, your USDT will be credited into your wallet.

Verdict

Here are the fees that you’ll need to pay when trading on Tokenize:

Fee TypeAmount
Deposit Fees0.55%
Trading Fees0.8%,
minimum $1 SGD
Withdrawal Fee (SGD)0.55%
Withdrawal Fee (USDT)USDT 20

The trading fee is rather high, at 0.80%. However, it is still lower than other platforms like Coinhako.

If you intend to send your USDT to another platform, the fees are rather hefty too!

You’ll need to decide if paying these extra fees is worth it to gain access to a greater variety of currencies!

Coinut

Coinut is another exchange that is founded in Singapore, and allows you to buy USDT directly from your SGD.

However, it is not as well known as other exchanges.

Here’s what you need to do to purchase USDT on Coinut’s platform:

  1. Deposit your SGD via Xfers Direct
  2. Go to ‘Trade’
  3. Choose the quantity that you wish to buy
  4. Make the trade

#1 Deposit your SGD via Xfers Direct

You can deposit your SGD directly to Coinut via Xfers Direct.

Coinut Xfers Direct Deposit

However, you may want to take note that the minimum deposit is $100.

#2 Go to ‘Trade’

After depositing your money into Coinut, you can go to the trading platform.

Coinut SGD USDT Trading Pair

This is similar to Gemini’s Active Trader platform.

Don’t forget to set USDT/SGD as your trading pair!

#3 Choose the quantity that you wish to buy

On the same page, you can determine the ‘buy’ trade that you want to make. There are 2 types of trades:

  1. Limit
  2. Market

For limit orders, you are able to set the maximum price of USDT that you’re willing to pay for.

Coinut Buy USDT Limit Order

This gives you some control on the price that you buy your USDT at.

However for Market orders, you will just purchase USDT at the prevailing market rate.

Coinut Buy USDT Market Order

This helps you to fill your order right away.

As such, you have 2 different options to purchase USDT on Coinut.

#4 Make the trade

Once a seller has been found, your trade order will be executed.

The USDT will be credited into your Coinut portfolio.

Verdict

Here are the fees and minimum amounts for Coinut:

TypeAmount
Deposit Fee0.55%
Minimum $1 SGD
Trading FeeUp to 0.50%
Minimum Deposit$100
Withdrawal Fee (SGD)0.55%
Minimum $1 SGD
Withdrawal Fee (USDT)USDT 12

The trading fee for Coinut is rather low (up to 0.50%). However, you’ll need to consider both the:

  1. Minimum deposit
  2. Withdrawal fee

Moreover, the liquidity of the exchange seems rather low. I logged into the platform at 11pm, but the latest orders were carried out at 12pm!

Coinut USDT Poor Liquidity

If you use Coinut to trade, you may find it hard to fill your order. If you don’t want to wait for the right price, you may just want to use a market order.

AAX

Atom Asset Exchange (AAX) was founded in 2018, and is based in Hong Kong.

This exchange allows you to deposit SGD into your account. You are able to buy USDT directly from SGD!

Here’s what you need to do to buy USDT on AAX:

  1. Deposit SGD into AAX
  2. Go to the Exchange feature
  3. Select the amount of SGD you wish to exchange
  4. Make the exchange

#1 Deposit SGD into AAX

First, you’ll need to deposit SGD into your AAX account.

AAX Deposit SGD

You will need to deposit a minimum of $50 into your account. However, if you deposit less than $1.5k, you will incur a $35 deposit fee!

#2 Go to the Exchange feature

Once you have your SGD into your account, you’ll need to go to ‘Buy Crypto → Exchange‘.

AAX Go To Exchange Platform

The Exchange platform allows you to buy BTC or USDT from your SGD.

#3 Select the amount of SGD you wish to exchange

When you’re at the Exchange, you’ll need to enter the amount of SGD that you’d like to change to USDT.

AAX Exchange SGD to USDT

You would need to exchange a minimum of $10 into USDT.

#4 Make the exchange

After selecting ‘Get price’, you will be shown the amount of USDT you’ll receive from SGD.

AAX SGD USDT Get Price

AAX does not charge any fees for this conversion. However, the exchange rate may be slightly less favourable compared to the market rate.

After clicking ‘Exchange now’, the USDT will be credited into your account.

Verdict

Here are the fees and minimums when you’re trading on AAX:

Deposit Minimum$50
Deposit Fees$35 if deposit < $1500,
none if deposit ≥ $1500
Trading FeesUp to 0.1%
Withdrawal Minimum$150
Withdrawal Fees0.3% (Minimum $10)
Sending FeesDepends on currency

If you want to save on the deposit fees, you’ll have to deposit at least $1.5k into your AAX account each time!

The trading fees do not apply to exchanging between SGD and USDT. They only apply to the Spot platform, when you want to buy other altcoins from the USDT you have.

AAX may be one of the most efficient ways of buying USDT. Furthermore, they do have quite a large variety of currencies that you can trade from USDT on their platform!

AAX USDT Trading Pairs

The main drawback is the deposit fee that you’ll have to pay if you deposit less than $1.5k SGD. You’ll need to be a serious trader in crypto if you wish to use this platform!

Crypto.com (App)

Crypto.com is another platform that offers Xfers support. However, you are unable to buy USDT directly from your SGD!

Instead, you’ll need to make at least 2 trades to purchase USDT.

Here’s what you need to do:

  1. Go to Crypto Wallet
  2. Tap on ‘Buy USDT’
  3. Select your payment method
  4. Confirm the trade

#1 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‘.

#2 Tap on ‘Buy USDT’

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

Crypto.com Buy ADA

#3 Select your payment method

You cannot decide on the rate that you wish to buy USDT at. Instead, it will be done at the prevailing market rate.

There are 3 payment methods that you can use to buy USDT on Crypto.com:

1. Debit or credit card

You can use either a credit or debit card to purchase USDT directly.

Crypto.com App Buy USDT With Credit Card

This would probably the most efficient way of buying USDT. However, you will be charged a 3.5% fee if you’re from Singapore!

Due to this high fee, it may not be worth buying USDT using your credit or debit card.

2. Crypto wallet

If you have other cryptocurrencies in your crypto wallet, you can use this to trade for USDT.

Crypto.com App Buy USDT With Crypto Wallet

If you have any spare CRO or other currencies, you can trade them to USDT immediately!

3. Fiat wallet

The final way that you can buy USDT on Crypto.com is via a fiat wallet.

Crypto.com App Buy USDT With Fiat Wallet

Fiat money is government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it.

Investopedia

You can only buy USDT from either a EUR or AUD fiat account.

Unlike Coinhako, you are unable to purchase USDT via Xfers!

This is because there are only 8 cryptocurrencies that you can purchase from Xfers:

  1. BTC
  2. ETH
  3. BCH
  4. LTC
  5. XRP
  6. CRO
  7. BNB
  8. XSGD

If you want to buy USDT with SGD, here are the steps that you’ll need to do:

  1. Buy any of the 8 currencies above
  2. Purchase USDT using the crypto wallet (method 2)

However, you may incur a spread when trading via this method. Even though you are not charged any trading fees, you may still lose some money when you make both trades.

#5 Confirm the trade

When you confirm the details, Crypto.com will lock in the exchange rate for 15 seconds.

Once you confirm the trade, the USDT will be credited to your account.

Verdict

Here are the fees that you’ll incur with Crypto.com:

Type of FeeAmount
Deposit FeesNone
Trading FeesNone
Withdrawal Fee (SGD)0.4% per withdrawal (Xfers)
Withdrawal Fee (USDT)USDT 18

The fees when paying with Crypto.com seem to be lower! However the spreads can be quite high.

spread in trading is the difference between the buy (offer) and sell (bid) prices quoted for an asset.

IG Trading

Crypto.com does not disclose the spreads that they charge, so it is quite hard to tell for sure how much you’re losing.

When you make multiple trades on the Crypto.com app, you may lose some money due to the spread!

These costs can be hard to keep track, but it is something you’ll need to consider.

Crypto.com (Exchange)

If you are looking for a more cost effective way of buying other crypto using Crypto.com, you can consider using their exchange platform instead.

Crypto.com Exchange Platform 1

This platform is separate from the app, and you’ll need to create a separate account for it.

If you are interested in signing up for a Crypto.com Exchange account and stake at least 1,000 CRO, you can earn between $10-50 USD worth of CRO!

For this exchange, you aren’t able to trade your SGD for any of the currencies.

Instead, there are 3 main trading pairs that you can use:

  1. BTC
  2. USDT
  3. CRO
Crypto.com Exchange Trading Pairs

So how do you go about buying USDT on Crypto.com’s Exchange platform?

#1 Buy CRO or BTC directly from SGD

On the Crypto.com app, you can buy either CRO or BTC directly from your Xfers wallet.

Crypto.com Buy CRO Fiat Wallet

The crypto will be credited into your Crypto.com app wallet.

#2 Transfer your CRO to Crypto.com Exchange

After you have received your CRO or BTC, you will need to transfer it to the Crypto.com Exchange platform.

The transfer between the app and the exchange platforms is free.

On the currency’s page, you’ll need to go to ‘Transfer‘,

Crypto.com App Transfer To Exchange

click on ‘Withdraw‘,

Crypto.com App Withdraw

and then tap on ‘Crypto.com Exchange‘.

Crypto.com App Transfer To Crypto.com Exchange

After selecting the amount, the CRO will be deposited in your Exchange account.

Crypto.com Transfer Funds To Exchange

#3 Select CRO/USDT as your trading pair

On the Exchange platform, you’ll need to go to ‘Spot‘,

Crypto.com Exchange Spot 1

and select CRO/USDT as the trading pair.

Crypto.com Exchange CRO USDT Trading Pair

If you want to trade using BTC, you can use the BTC/USDT trading pair too.

#4 Select the amount and make the trade

You can choose between 4 different types of trades on Crypto.com Exchange:

  1. Limit
  2. Market
  3. Stop Limit
  4. Stop Loss
Crypto.com Exchange Buy USDT From CRO

After selecting the price and the amount that you wish to buy, you can make the trade.

One thing I do not like about Crypto.com’s Exchange platform is that you are unable to see the fee that you’ll incur.

Verdict

Is this process really worth all the hassle? Why not just make the trade between CRO and USDT in the app?

Here is the price of 1 USDT in CRO in the Crypto.com app,

Crypto.com App Buy USDT From CRO Rate

compared to the prevailing market rate on the Exchange platform at around the same time.

Crypto.com Exchange Buy USDT From CRO Rate

This amounts to 1 USDT : 4.77 CRO.

You are paying about an additional 0.07 CRO for every USDT that you buy on the app.

While this may seem very little, it will become significant if you are trading a large sum of money!

Moreover, you are able to select the price that you want to buy your USDT at with a Limit order. This means that the amount that you pay may be even lower!

The trading fees start from between 0.10% to 0.16%.

Crypto.com Exchange Fees

If you are looking to buy USDT frequently, this method may be slightly more cost effective compared to buying via the app!

Binance (P2P)

Another way that you can buy USDT directly from SGD is by using the Binance P2P platform.

Binance P2P Platform Buy USDT

On this platform, you will be transferring your SGD to one of the advertisers on the platform. In return, Binance will facilitate the transfer of USDT from the advertiser to you.

You can transfer your SGD to the advertiser via a variety of methods, such as:

  1. Bank transfer
  2. PayNow
  3. PayLah
  4. Google Pay

Verdict

Binance’s P2P platform allows you to buy USDT directly from SGD with an advertiser on the platform.

You are not charged any fees when you use the Binance P2P platform.

Furthermore, you can use USDT to trade for other altcoins on Binance’s platform!

However, trading crypto via a P2P platform can be rather risky. There may be some scammers lurking around the platform.

Binance has tried to curb these scammers by placing requirements that you need to meet before you can advertise on their platform.

Nevertheless, you’ll still need to be very careful when trading on this platform.

I would suggest only trading a small amount each time. In this way, you will not be largely affected if the advertiser truly turns out to be a scammer!

Binance (Credit Card)

If you don’t want to use the P2P platform, you can choose to buy USDT on Binance using your credit or debit card.

Binance Buy USDT Singapore Credit Debit Card

However, you will incur a 1% credit card fee for every purchase.

Verdict

The fee for buying USDT using a credit or debit card is 1%, which is slightly higher than Tokenize.

However, Tokenize charges a minimum withdrawal fee of 20 USDT.

If you are looking to use USDT to trade for ‘rarer’ altcoins on Binance, then you can consider this method.

This is because most cryptocurrencies on Binance will have a USDT trading pair.

Binance USDT Trading Pair

Compared to other methods, buying USDT directly from Binance may help you to save on the hefty USDT sending fees!

Conclusion

Buying stablecoins directly from SGD is much harder compared to other currencies.

If you want to buy USDT, there are 4 main methods to buy it directly from SGD:

  1. Zipmex
  2. Tokenize
  3. Coinut
  4. Binance (via credit / debit card)

You’ll have to make at least 2 different trades if you use Crypto.com!

If you are looking to trade USDT for other currencies, then Binance may be the best way to do it.

Although the fee is much higher at 1%, you will save on the sending fees which are quite high for both those platforms that support SGD.

👉🏻 Referral Deals

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

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.

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.

Coinut Referral (Receive 37 DAI worth $49 SGD)

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

You will be able to receive 37 DAI upon signing up!

Coinut Referral

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 37 DAI in your account.

Crypto.com Referral (Get $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.

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!

Crypto.com Exchange Referral

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.

Binance Referral (Receive 5% off your trading fees)

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

You will be able to receive 5% off all of your trading fees on Binance!


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