(For Singaporeans) A Step-by-Step Guide to convert your SGD into USDT on Binance
If you’re a Singaporean looking to start buying/investing in Crypto, you must have faced this problem before: you are unable to get your cash onto Binance (the go-to exchange for most people here).
This is because you cannot actually use the ‘Credit card/Debit card’ function to fund your account on Binance if you are in Singapore.
If you only want to use your credit/debit card to purchase Crypto, there is always Coinhako. However, do take note that Coinhako has a much smaller range of Coins and Tokens that you can choose from (20 trading pairs), as compared to Binance (500 trading pairs). Also, Coinhako charges a whopping 1% fee for every transaction you make on their platform, whilst Binance only charges a 0.1% spot trading fee.
If you are in Singapore — how then, do you get your cash onto Binance so that you can start purchasing Crypto?
8-Step Process to get your Money onto Binance
STEP 1
Go to https://www.binance.com/en. Create an account with them, then log in (this part should be easy. If you struggle with it, do drop us a message so that we can help!)
STEP 2
Once logged in, hover your mouse over the ‘Buy Crypto (USD)’ Tab in the Navigation bar, and click on ‘P2P Trading’ (use the image guide below)
You should end up on a page like this:
STEP 3
Click on the Dropdown bar under ‘Fiat’, then type in ‘sgd’ into the typing-space. The ‘SGD’ option should then appear in the list (as in the image below)
Click on this ‘SGD’ option. You will be rerouted to a page with P2P Merchants based in Singapore, that should look like this:
STEP 4
Now, there are 4 things you will need to consider before choosing your merchant:
- The minimum-maximum purchase amount (how much do you want to exchange?)
- Transfer method (do you want to do a bank transfer, paynow, wechat, cash deposit to bank etc.?)
- Exchange rate (are you comfortable with the exchange rate?)
- Number of orders and order completion (even though a smaller number of orders and lower percentage of order-completion does not mean that the merchant isn’t trustworthy, it may be better to choose one with a higher completion rate just for your ease of mind)
(Use the image guide below)
PS. If you want recommendations for reliable/good merchants, do drop us a message. We’ll be happy to provide you with some suggestions!
STEP 5
Once you have chosen your merchant, click on the green ‘Buy USDT’ button on the rightmost column. It should take you into a page like this:
STEP 6
Most merchants, if not all, will provide a phone number under the ‘Terms and Conditions’ section on the left, that you can either WhatsApp/call, to initiate a Know Your Customer (KYC) process with them. Please proceed to do so.
Through the WhatsApp/call, they will also then provide you with the next steps to take, in order for you to complete the purchase. Just follow their instructions!
This step should differ from person to person, depending on the instructions for payment that your chosen merchant has provided you with. Some may ask you to paynow them after the KYC process has been completed, whilst others may ask for a bank transfer.
STEP 7
After the KYC process has been completed, the merchant will usually ask you (if you haven’t already done so) to input the amount, in SGD, you want to exchange to USDT in the text field provided (as pointed out by the arrow in the figure below). Once you have done so, click on the ‘Buy USDT’ button (the ‘Buy USDT’ button will un-mute after you type in the amount you want to exchange that is within the merchant’s limits).
This should then bring you into a screen like this:
At this point, it is important to note that if you have not already done your KYC process and/or contacted the merchant via WhatsApp/WeChat/a call or whatever other communications platforms, please DO NOT transfer the money.
Circle back to, and complete, Step 6 first.
STEP 8
Once you have done your KYC, and have transferred your money (in SGD) to the merchant, click on the ‘Transferred, Next’ button.
After 2–3 minutes, you should then get a notification on the website that the merchant has released your USDT to you.
The conversion process is complete, and you can now purchase the Coin/Token of your choice!
PS. Most, if not all, of the P2P merchants listed on the Binance site are legitimate and trustworthy. On the off-chance that they are not, however, do not worry as Binance has mechanisms in place that will ensure you do not lose any money in this conversion process.
We hope that this guide has been helpful to you. If you want more guides on any other operations/processes, do let us know in the Comments Section below, and Fincade will be more than happy to oblige!
