3 Ways To Withdraw From Huobi To A Singapore Bank Account

Last updated on March 29th, 2022

With Huobi intending to ban all Singaporean users from trading on their platform from 31st March 2022, you may be looking for ways to cash out your crypto for SGD.

This is rather different from MAS’ ban on Binance, since you are still able to use their platform. However, Huobi will be permanently shutting down your account!

It would be best to find an exit route to withdraw the cryptocurrencies you own on this platform, and here are some strategies that you can use.

Does Huobi support SGD?

Huobi does not allow you to make fiat deposits of SGD onto their platform. However, you are still able to sell 7 cryptocurrencies to SGD via the P2P Market, when you make a trade with a potential buyer on the platform.

If you intend to make a fiat deposit to Huobi, you are only able to do so using these 5 fiat currencies:

1. EUR
2. RUB
3. GBP
4. UAH
5. KZT

Since SGD is not one of the supported currencies on Huobi, you are unable to transfer SGD to their platform.

However, it is still possible for you to sell your crypto for SGD using Huobi’s P2P Market.

How to withdraw from Huobi to a Singapore bank account

Here are 3 ways to withdraw your crypto from Huobi to a bank account in Singapore

1. P2P Market
2. Withdraw USDT to Liquid via TRC20 and withdraw SGD via StraitsX
3. Withdraw XRP / XLM / LTC / BCH to a crypto exchange in Singapore that supports a SGD trading pair

The processes are somewhat similar to how you can withdraw from Binance, and here is each method explained in-depth:

P2P Market

You are able to use Huobi’s P2P Market to sell your cryptocurrencies directly to SGD.

This is similar to other P2P markets that are found in Binance and OKEx.

To enter the Huobi P2P platform, you’ll need to go to ‘Buy Crypto‘ and then ‘P2P Market‘.

Since you are selling a cryptocurrency, you’ll need to be looking at the Sell tab, and not the Buy tab!

If you choose the Quick Sell option, you will sell your cryptocurrency at the ‘lowest price’ that is offered on the P2P platform.

However, this means that you can’t choose the buyer that you’re selling from!

If you want more control over the amount that you can buy or sell, you’ll need to head to the P2P Market. Currently, you are able to sell these 7 currencies directly to SGD:

1. USDT
2. BTC
3. ETH
4. HT
5. EOS
6. HUSD
7. XRP
8. LTC

When you are making a P2P trade, you are trading your cryptocurrencies with someone who is willing to pay SGD for it.

You are able to view the sellers that have listed their ads on the P2P platform. Some of the details you may want to take note of include:

1. The exchange rate between the cryptocurrency and SGD (e.g. 1.36 SGD for 1 USDT)
2. The available amount of cryptocurrency that you are able to sell to the buyer
3. The minimum and maximum limits that you are able to sell to the buyer
4. The different payment methods that the buyer will transfer the SGD to you

The rates between SGD and the crypto that you’re selling may not be that favourable compared to the current market rates!

Some of the payment methods that you can receive SGD from the buyer include:

1. Bank Card
2. Google Pay
3. PayNow

Once you have chosen a seller, you can proceed by clicking the ‘Sell‘ button.

If you have not done so, you’ll need to add a payment method to your Huobi account.

You will need to enter the amount of your cryptocurrency that you wish to sell for SGD.

After that, the buyer will need to transfer you SGD within 15 minutes of your sell order.

Once the buyer has transferred the money to you via your preferred method, you will need to confirm that you have received the funds from him / her.

After this confirmation, your cryptocurrencies will be transferred to the buyer’s Huobi account. You can view more about the P2P process on Huobi’s website.

Verdict

Huobi does not charge any fees for using their P2P platform. This will help you to save on the transaction fees that you may incur!

However, there are quite a few drawbacks with this method:

1. You can’t control the conversion rates between the crypto and SGD
2. The amount of crypto that you can sell depends on the limits that are set by the buyer
3. There may still be scammers that are present on the platform

#1 You can’t control the conversion rates between the crypto and SGD

The rate at which you can sell your crypto to SGD may usually be less favourable compared to the actual market rate.

For example, the market rate for HT to SGD may be $13.19.

However, these were the rates that were advertised on the platform.

This means for the same amount of HT that you are selling, you will receive less SGD compared to the market rate!

As such, the rate at which you sell your crypto will depend on the demand for that crypto. If there is less demand for that particular currency, you may be selling it at a less favourable rate.

If you are intending to sell the ‘Big 3’ currencies (BTC, ETH and USDT), there should be fewer problems.

#2 The amount of crypto that you can sell depends on the limits that are set by the buyer

Each buyer will place a certain amount of limits on the maximum and minimum amount that you can buy on the P2P platform.

For example, a buyer may only want to buy between $400 to $20,000 SGD worth of that cryptocurrency.

If you only have $100 SGD worth of that cryptocurrency, you will not be able to sell it to the buyer!

#3 There may be scammers that are present on the platform

Huobi tries to reduce the number of scammers on their website by showing users who are verified on the P2P platform.

However, there may always be people who may be scammers that are lurking on the platform!

If you intend to use the P2P platform, I would suggest trading small amounts of your crypto for SGD each time. Once you’re sure that you can trust the buyer, you can start selling larger amounts of your crypto to him/her.

Withdrawing crypto from Huobi to an exchange that has SGD trading pairs

If P2P trading is not for you, there is another possible way to sell your cryptocurrency for SGD. However, this requires you to transfer your cryptocurrency to a crypto exchange that supports SGD trading pairs.

This is because Huobi does not allow you to make deposits or withdrawals of SGD from their platform.

To withdraw your cryptocurrencies to another platform, you will need to go to your Exchange account,

and then select the cryptocurrency that you wish to withdraw.

You are required to enter a few things on this page:

1. The address that you intend to withdraw your cryptocurrencies to
2. The network that you are using to withdraw your cryptocurrency

Here are 2 ways that you can consider when transferring your cryptocurrencies from Huobi to another platform:

Withdraw USDT to Liquid via TRC20 and withdraw SGD via StraitsX

USDT is one of the most established stablecoins in the world. Almost all of the cryptocurrencies that are on Huobi’s platform will have a trading pair with USDT.

For USDT, you may notice that there are quite a few networks that you can use to withdraw your crypto:

1. ERC20
2. TRC20
3. HECO
4. OMNI
5. ALGO
6. SOL

The ERC20 network has the highest withdrawal fees at 25 USDT! However, most crypto exchanges in Singapore only accept USDT deposits via the ERC20 network.

If you are withdrawing via the Ethereum (ERC20) network, the fees are usually rather high since the ERC20 network is usually quite congested.

If you intend to transfer and sell USDT to SGD, I would recommend sending your cryptocurrencies using the TRC20 network. This is because:

1. The fee for TRC20 is only 1 USDT (compared to 25 USDT on ERC20)
2. Liquid accepts USDT deposits via the TRC20 network, and has StraitsX support too

The best exchange that you want to sell your USDT will be via Liquid. This is because it supports TRC20 deposits,

and you are able to sell USDT directly to SGD on the platform too.

After that, you are able to withdraw your SGD directly to your StraitsX account!

You can’t deposit USDT via the TRC20 network on XanPool

XanPool is another platform where you can sell crypto for SGD. Although you can send USDT via the TRC20 network after you have bought it from SGD, you can’t receive USDT via this network.

Instead, you can only deposit USDT via the ERC20 network.

If you withdraw USDT via the ERC20 network instead of the TRC20 network, your fees will be much higher!

Verdict

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

Type	Amount
Trading fees	Up to 0.30%
SGD Withdrawal Fees (StraitsX)	0.55% (Min $4, Max $30)
Withdrawal Fees (Bank Transfer)	$15 SGD + $30 USD

If you withdraw via StraitsX, the fees are lower compared to a direct bank transfer!

This method is suitable if the cryptocurrency that you own does not have an SGD trading pair on the platform of your choice.

As such, you will only need to:

1. Make a trade from the crypto that you own to USDT
2. Sell USDT for SGD
3. Transfer SGD to your bank account via StraitsX

Withdraw XRP / XLM / LTC / BCH to a crypto exchange in Singapore that supports a SGD trading pair

If you are intending to withdraw BTC or ETH from Huobi, the fees are actually rather high:

Currency	Withdrawal Fee
BTC	0.0005 BTC
ETH	0.004 ETH

As such, it is not recommended for you to withdraw BTC or ETH from Huobi due to these high fees!

Apart from withdrawing USDT via the TRC20 network, there are other cryptocurrencies that you can withdraw from Huobi with low withdrawal fees. This includes:

Currency	Withdrawal Fee
XRP	0.25 XRP
BCH	0.001 BCH
XLM	0.02 XLM
LTC	0.001 LTC

The withdrawal fees for all of these currencies are less than 1 SGD!

If you are holding another cryptocurrency such as ADA or SOL, you will need to make 2 trades to receive either of these 4 currencies.

Here is an example of the trades you’ll need to make:

1. ADA to USDT (you can also choose BTC or ETH)
2. USDT to XLM / XRP / LTC / BCH

The exchange that you’re depositing to needs to have a SGD trading pair for that cryptocurrency

There are a few crypto exchanges that you can consider sending your crypto to:

1. Zipmex
2. Gemini
3. Luno
4. Coinhako
5. Coinut
6. Tokenize
7. Crypto.com (App)
8. Independent Reserve
9. XanPool

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

Platform	Trading Fee	SGD Withdrawal Fee
Zipmex	0.2%	SGD 5
Gemini	From 1.49% (Exchange) Up to 0.35% (Active Trader)	None
Luno	0.75% (Instant Sell)	None (StraitsX) $2 (Bank Transfer)
Coinhako	1%	SGD 2
Coinut	Up to 0.5%	0.55% (Min SGD 1)
Tokenize	0.8% – 1% (Min SGD 1)	0.55%
Crypto.com (App)	None (but spread may be high)	0.4%
Independent Reserve	Up to 0.5%	0.55%
XanPool	1.5%	None

You’ll need to consider the currencies that each platform supports too! For example, some of the platforms may not support XRP, such as Gemini.

As such, the exchange that you ultimately choose to use may depend on:

• The fees that you’ll need to pay (trading fees and withdrawal fees)
• Whether the platform has a trading pair for the cryptocurrency that you wish to sell

For both Luno and Gemini, there are 2 ways that you can sell your crypto:

1. Instant Sell
2. Trading platform

You should use either trading platform instead of the Instant Buy feature to sell off your crypto. This is because both trading platforms charge lower fees!

Withdrawing SGD from that platform to your bank account

There are some ways that you can withdraw SGD from an exchange to your bank account:

1. StraitsX
2. Direct Bank Transfer
3. PayNow

For most platforms in Singapore, they will have StraitsX support. This means that you can withdraw SGD from the platform to your StraitsX account, before withdrawing to your bank account.

Some platforms like Luno and Coinhako allow you to directly withdraw your funds from the platform to your bank account. This may incur extra withdrawal fees, so it’s something you may want to take note of.

XanPool allows you to sell cryptocurrency directly and receive SGD instantly via PayNow. However, the fees that you pay with XanPool are much higher compared to the other platforms.

Depending on the platform that you use, there may be different methods of withdrawing the funds back to your bank account!

Verdict

If you are not comfortable with the risks involved in P2P trading, this method may be more appropriate for you. However, it may be more complicated since there are many more steps involved.

Whenever you’re withdrawing cryptocurrencies from one platform to another, it will be good to always double-check all the details before pressing ‘Confirm’!

Some things to take note when you are withdrawing your cryptocurrency to another platform

When you are sending your cryptocurrency to the other exchange, here are some things you’ll need to take note of:

1. The withdrawal address is copied accurately
2. The exchange that you’re withdrawing to supports the network that you’re withdrawing on

You may lose your crypto if you make these errors:

1. The withdrawal address is missing a letter or a number
2. You send your crypto over via the wrong network (e.g. sending USDT via TRC20 to an exchange that only supports ERC20)

It may be best for you to double-check all the details before making the withdrawal!

If you are interested in finding out how to make a withdrawal, you can check out my guide on withdrawing from Huobi to Coinhako.

Conclusion

With the impending ban of Huobi in Singapore, it will be good to withdraw all of your crypto assets from the platform before your access to Huobi becomes restricted.

While P2P trading is a much simpler way of selling your crypto to SGD, it does have its limitations and risks.

Transferring your crypto to a platform with a SGD trading pair and then selling it for SGD may be the safer way.

Ultimately, these are the 3 main methods that you can use to withdraw your crypto from Huobi to a Singapore bank, especially if you are intending to cash out your profits.

Instead, you can consider staking your crypto or earning interest on your crypto if you are intending to hold them for the long run!

👉🏻 Referral Deals

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

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!

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

Luno Referral (Earn SGD $30 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 $30 worth in Bitcoin!

Here’s what you need to do:

1. Sign up for a Luno Account
2. Deposit and buy ≥ SGD $200 of BTC via Instant Buy
3. Receive SGD $30 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 $200 SGD worth of BTC, which only incurs you a $1.50 fee. The $30 SGD bonus will be able to offset the fee!

Coinut Referral (Receive 73 USDT worth $97 SGD)

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

You will be able to receive 73 USDT upon signing up!

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 73 USDT in your account.

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)!

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.

Crypto.com Referral (Get up to $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.

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.

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