Binance.com is down for Singaporeans; what can you do now? (A detailed guide)
I am sure that most of you must have heard the news by now: Binance.com will be shuttering most of its services to Singaporeans.
What now?
Here are a few options (with detailed instructions on how to execute them) that you can pick from:
1. Transfer your tokens out from Binance to other Centralized Exchanges (CEXs)
Once you are in your Binance app/webpage, go to your Spot wallet, and click the ‘Withdraw’ tab.
At this point, there are 2 things that you must very carefully check for: the network type (BEP20, ERC20, TRC20 etc.), and also your account’s address (of the other exchange that you want to send your coins to).
The network type depends on the token itself, and the address can be obtained from your account on the other exchange. Please ensure that you choose the same options on BOTH Binance and the other exchange!
Once you are sure of the network type and address, key in (or scan the QR code) the address that you want to send your funds to, choose the right network type, then click withdraw! Take note that this step should take place on the Binance app/webpage (meaning you are keying in all these on Binance).
This is essentially how you can transfer out to any other exchanges; you just need your account address in that other exchange, plus the network type of your particular coin(s).
Now that you are familiar with this, you can try transferring your coins out to alternative staking platforms such as Celsius and Hodlnaut, where you can earn a yield on certain tokens. For example, you can easily earn more than 5% staking ETH or DOT on these platforms!
If you have no idea which other CEX to use, please head over to this comparison chart (localized to the Singaporean context) that we have done up for you, for a better idea:
2. Transfer your coins out from Binance to a Hot Wallet
Alternatively, you can transfer your coins from Binance into a hot wallet like Metamask. In fact, that is the hot wallet we suggest you transfer your coins into, especially if you are a beginner.
However, before you can even fund your Metamask wallet, you first need to set it up. Here is how you can do so:
Step 1: Go to https://metamask.io/
Step 2: Before you can create a new MetaMask wallet, you need to install the MetaMask extension first. The extension is compatible with Chrome, Firefox, Brave and Opera browsers. Let’s proceed with the assumption that we are using a Chrome browser, so click on the ‘Chrome’ option
Step 3: You will be directed to the Chrome webstore upon doing so. Click Add to Chrome > Click Add Extension.
Step 4: Create an account with MetaMask. Click on the Metamask extension at the top right of your Chrome browser. You will be asked to create a new password. Create a strong password, confirm it, and click ‘Create’.
Step 5: Accept the Terms of Use, Privacy Notice, and Phishing Warning.
Step 6: Click Reveal secret words. MetaMask will generate a secret backup phrase (12 words seed phrase) for you. Save these seed words as a file, or copy them to a safe place and click Next. Please do not lose or give away your seed phrase!
Step 7: Verify your secret phrase by selecting the previously generated phrase. When done, click Confirm. Your MetaMask wallet is now set up and ready to use!
Now that you have your Metamask wallet set up, time to fund it!
These are the steps to do so:
Step 1: If you want to add any tokens to your MetaMask wallet, click on ‘Add Token’ from the main dashboard.
Step 2: Search for the token in the search bar, then click on the matching search result that pops up (in this case, Brickblock [BBK]).
Step 3: Click on ‘Details’ under your account name. This will show you your Ethereum address. This is the address where you will send your Tokens to.
Step 4: Navigate to the ‘Send’ functionality of the exchange that you are using (for eg., Binance), or a wallet that is holding your Tokens. We will proceed with the Jaxx wallet, but this step is the exact same one if you are transferring from an exchange too. Paste your MetaMask Ethereum address into the recipient field.
Step 5: Click ‘Send’ and confirm the transaction. Your Tokens will be sent to your MetaMask wallet, where you can view your new balance (in this case, 5000 BBK Tokens). There you go, your first transfer of tokens into your MetaMask wallet!
Now that you have transferred your coins into your Metamask, you can dive fully into the DeFi Space, and start using Decentralized Exchanges (DEXs) like Uniswap and Pancakeswap, Raydium, DyDx etc. to buy new coins/swap your old ones for new ones!
You can even participate in Yield Farming (we will create another guide for this in future).
3. Cash out your crypto holdings entirely
For those who want to cash out your crypto entirely — congratulations, you got the easiest job of all!
Simply sell all your positions, convert them back to USDT, and look for a trusted P2P merchant to cash out your USDT!
If you need any recommendations for good P2P merchants, do contact us over at our Telegram Chat: https://t.me/fincadesg
In fact, if you need any more help/advice at all, feel free to contact us there too!
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