Crypto Invest

Tokenize – Trade And Earn Crypto From SGD (Review)

Tokenize review

Tokenize is one of the crypto exchanges that allow you to buy cryptocurrencies directly from SGD.

In fact, they allow you to trade quite a number of currencies with SGD!

Here’s how this exchange works and whether it is suitable for you:

Tokenize review

Tokenize offers many crypto trading pairs with SGD, allowing you to buy these currencies directly. The fees may be rather high for a basic membership. However, if you upgrade to the premium membership (by paying 160 TKX), the fees are rather competitive with other platforms.

Here is an in-depth review of this platform:

What is Tokenize?

Tokenize is a digital exchange that was launched in 2018 in both Singapore and Malaysia. This exchange allows you to buy a variety of cryptocurrencies using either SGD or USD.

You are able to buy and sell crypto on Tokenize’s trading platform,

Tokenize Trading Platform

as well as earn interest on your crypto with Tokenize Earn.

Tokenize Earn Rates June 2021

One of Tokenize’s strong points is that it allows you to buy over 40+ cryptocurrencies directly from SGD. Some of these currencies are the usual ones like BTC or ETH.

However, Tokenize also allows you to buy other ‘rare’ altcoins that are not found in other exchanges.

This includes:

  1. SUSHI
  2. KSM
  3. THETA
  4. 1INCH
  5. UMA
  6. LUNA

You can place either limit orders or market orders on the platform.

Tokenize BUy LUNA Limit Order

You can see the fee that you’ll be paying when you make a limit order. However, this is not found when you are making a market order.

If you are looking to diversify your crypto portfolio with these altcoins, Tokenize is a platform you can consider. You are able to buy these currencies directly, instead of having to make multiple trades!

One thing you may also want to note is the trading volume of some of these currencies.

Tokenize Trading Volume

Some of these volumes are rather low, which means that you may not be able to buy or sell your crypto at the intended price.

How do I deposit SGD into Tokenize?

Here are 4 steps to deposit SGD into Tokenize:

  1. Go to ‘Wallets’
  2. Scroll down to ‘Fiat Balance’ and click on ‘Deposit’
  3. Select a transfer method (Xfers Direct or Bank transfer)
  4. Enter the necessary details for your deposit

To start trading on Tokenize, you’ll need to deposit your SGD into your wallet. 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
  3. Deposit via Bank (only for Premium and Platinum members)
Tokenize Deposit Methods Premium

For Xfers Direct, you’ll be depositing your funds directly from your Xfers account.

Tokenize Deposit Via Xfers

You’ll be charged a 0.55% fee if you deposit via Xfers.

However, if you are a Premium or Platinum member, you are able to deposit your funds via Bank Transfer.

Tokenize Bank Transfer Premium Platinum

You are not charged any fees when depositing via a bank transfer. However, you’ll need to deposit at least $10,000 per transaction.

Fees for Tokenize

Here are some of the fees that you’ll be charged when using Tokenize to trade crypto:

Deposit fees

Here are the deposit fees for fiat currencies:

TypeFeeMinimum
Deposit
SGD (Basic)0.55%$20
SGD (Premium
/ Platinum)
None$10,000
USDNone$10,000

While you are not charged any deposit fees for SGD / USD bank transfers, you’ll need to deposit at least $10,000.

Trading fees

Here are the trading fees, based on the different membership tiers:

TierFiat-CryptoCrypto-Crypto
Normal0.80%0.25%
Premium0.50%0.20%
Platinum0.10%0.10%

The fiat-crypto fees are charged when you are buying a cryptocurrency from either SGD or USD.

You may want to take note that Tokenize charges a minimum of $1 SGD per trade. This may make trading small volumes of crypto per trade rather hefty!

In comparison, Tokenize has comparable trading fees with Coinhako. However, Luno has much lower fees if you are using the Exchange platform.

If you want to lower your fees further, you can choose to use TKX to pay for your fees. This will give you a 30% discount on your trading fee.

Tokenize TKX Trading Fee Discount

Withdrawal fees

Here are the SGD withdrawal fees that you’ll be charged, depending on your membership tier:

TierFeeMinimum
Normal0.55%None
PremiumNone$100 if trading
volume < $1,000
PlatinumNone$100 if trading
volume < $1,000

If you are a Premium or Platinum member, you’ll need to trade at least $1,000 worth of crypto from fiat to not incur any fees.

You will be charged an admin fee of $100 if you do not have enough trading volume!

If you want to withdraw a cryptocurrency to another wallet, you will need to pay a fee which depends on the currency. Tokenize may not allow you to send out certain currencies, so it’s something you’ll need to take note of!

How does Tokenize Earn work?

Tokenize Earn allows you to earn interest on 31 different cryptocurrencies. There is a minimum deposit you are required to place for each currency, and you will need to lock up your funds for a minimum of 30 days.

Tokenize Earn is somewhat similar to Crypto.com Earn, where you’ll need to have a minimum deposit as well as a lock-up period.

However, Tokenize Earn has a shorter lock-up period than Crypto.com Earn (3 months).

You are able to earn interest on a variety of cryptocurrencies, even including:

  1. DOGE
  2. LUNA
  3. SOL
  4. DOT
  5. AAVE
  6. XSGD
Tokenize Earn Rates June 2021

The interest is paid out at the beginning of every month. You can choose to compound your interest to grow your assets even faster!

Tokenize Earn Compound Growth

Tokenize lends out your crypto to trusted institutional and corporate borrowers.

Your funds will usually be over-collaterised, but that may not be the case for all loans.

Tokenize has implemented some risk management measures to ensure that your loans are secure and safe.

However, you should not view Tokenize Earn as a savings account!

What is TKX staking?

Tokenize allows you to stake TKX tokens on their platform, which means you are ‘locking up’ your tokens for a certain amount of time. If you stake at least 100 TKX on Tokenize Earn, you will be able to earn higher interest rates for the different cryptocurrencies.

Tokenize Earn 100 TKX Staked June 2021

What is Tokenize Dual Earn?

Tokenize Dual Earn allows you to earn interest on your TKX tokens, as well as another cryptocurrency by locking both tokens up for 60 days. You will earn simple interest from this program, and it will not be compounded.

Tokenize Dual Earn allows you to loan out a crypto pair. You will need to loan out TKX with another currency, such as:

  1. LINK
  2. BTC
  3. ETH
  4. LTC
  5. XRP

Both of your currencies will earn the current advertised rate, which is at 10%.

Tokenize Dual Earn Rates June 2021

Your funds will be locked up for 60 days, and you will receive the interest as simple interest.

What are the benefits I will receive when signing up for Tokenize Premium?

When you upgrade to a Premium membership on Tokenize, you will be able to perform bank deposits with no fees, lower trading fees and flexible withdrawals from Crypto Earn. You will need to pay 160 TKX per year for the membership.

If you are a frequent trader of crypto, you may want to consider signing up for the Premium membership. You are able to reduce the fees that you pay for transferring money, as well as trading on the platform.

To upgrade your membership, you will need to go to ‘Settings → Membership‘.

Tokenize Membership Upgrade Tier

Is Tokenize regulated by the MAS?

Although Tokenize is currently not licensed under the MAS, they are following the same Know-Your-Customer (KYC) and Anti-Money Laundering (AML) requirements that are set out by them.

Tokenize aims to comply with the Payment Services Act that MAS aims to use to regulate digital exchanges. They are currently being exempted by the MAS, which still allows them to continue operating digital payment services in Singapore.

Is Tokenize safe?

Tokenize uses a cold wallet from Bitgo to custodise your assets, while being backed by the Digital Asset insurance coverage being offered by Bitgo. Tokenize also aims to comply with strict security requirements that are set out by the MAS.

This makes Tokenize rather secure and you can have some reassurance that your assets are safe with them.

Verdict

Should you choose to buy crypto with Tokenize? If you are looking to buy ‘rare’ altcoins directly from SGD, then Tokenize provides a wide variety of them.

The rates are comparable with Coinhako, and Tokenize allows you to place limit orders which Coinhako does not.

However for certain currencies, the trading volume may be quite low on Tokenize. This means that you may not be able to buy or sell the currency at your intended price.

If you just want to buy other currencies like BTC or ETH, there are other platforms which offer lower fees.

Tokenize Earn can be something for you to consider as well, especially if you intend to buy and hold certain cryptocurrencies.

Overall, Tokenize is a strong contender for you to buy certain cryptocurrencies directly from SGD!

👉🏻 Referral Deals

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

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.


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