how to buy usdt in singapore

How to Buy USDT in Singapore: Check Out These 11 Platforms

Stable coins were among the leading digital assets in 2021, with an 8.24 percent market share of the entire crypto market. Stable coins like USDT are popular because of their non-volatility as opposed to other cryptocurrencies, which are highly volatile.

They are stable because they are pegged to fiat currencies like the US dollar. Their stability and non-volatility make them a perfect choice for investors interested in crypto but afraid of market volatility and uncertainty. You can exchange them for highly volatile crypto like Ethereum and Solana.

In May 2022, Tether was the third largest cryptocurrency after Bitcoin (BTC) and Ethereum (ETH). With a capitalization of almost $83 billion, it is the largest stable coin in the market. In April 2022, Tether made up two-thirds of Bitcoin cryptocurrency exchanges.

For more options on cryptocurrency investment check out Crypto ETF alternatives.

What is USDT?

Tether (USDT) is a cryptocurrency with a value meant to mirror the value of the US dollar. The idea was to create stable digital cash in the form of stable coins. Tether converts money into digital currency to anchor or tether the value of the coin to the price of national currencies like the US dollar, the Euro, and the Yen.

Tether is owned by iFinex, the Hong Kong-registered company that also owns BitFinex. It was launched in July 2014 and was named RealCoin before rebranding to Tether in November 2014. The crypto stable coin started trading in February 2015.

Initially, Tether USDT only supported the Bitcoin blockchain. But now, it supports Bitcoin’s Omni and Liquid protocols and Ethereum, TnON, Solana, Algorand, EOS, OMG Network, and Bitcoin Cash (SLP) blockchains.

 

11 Ways You Can Buy USDT

Here are 11 ways you can buy USDT in Singapore:

1. Liquid

Liquid is a cryptocurrency exchange based in Japan. It helps you transfer SGD through bank transfer and StraitsX. It also has a direct SGD/USDT trading pair.

Here’s how to buy Tether from SGD through the Liquid platform:

1. Deposit funds through bank transfer or StraitsX.

2. Go to ‘Spot Trading.’ Spot trading has fewer risks involved compared to options like Margin.

3. Select USDT/SGD as your trading pair.

4. Choose the amount to trade USDT. First, choose the type of order you need between Limit, Market, Stop, and Stop Limit. Then enter the amount of SGD/USDT you want to trade.

5. Make your trade. When you complete the transaction, you receive your USDT in your portfolio.

With Liquid, you will incur these fees:

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

 

To withdraw USDT from the trading platform, you will incur 15 USDT for the ERC-20 network, but there are no fees for the TRC-20 network. Network exchanges that support TRC20 are AAX, Huobi, FTX, Gate.io, and Poloniex.

When depositing to a TRC-20 address, remember to double-check the wallet address details. ERC-20 and TRC-20 tokens have different deposit addresses. If you send USDT to an ERC-20 deposit address instead of a TRC-20 address, you may lose your USDT.

2. XanPool

XanPool is a crypto exchange platform that lets you buy cryptocurrency from SGD. You can deposit SGD to XanPool through PayNow, and they transfer the cryptocurrency to you.

Here’s how to buy Tether in Singapore using the trading platform:

1. Sign in and go to ‘Account’ and select ‘Xchange.’ Choose USDT as the cryptocurrency you want to buy from SGD(Singapore dollar).

2. Select the amount of SGD to pay for the USDT (maximum of SGD $1,000).

3. Choose where you want to deposit your USDT.

4. Review the fees and complete trading.

XanPool lets you make crypto purchases from fiat currencies, but because it is not a crypto exchanges platform, it does not allow you to trade crypto to crypto. To buy crypto with USDT, you have to transfer your USDT to a platform for crypto exchanges. There are two options to deposit USDT; My Wallet or OKEx.

With ‘My Wallet,’ you can deposit the USDT to a wallet that accepts ERC-20 or TRC-20. With a TRC-20 network, the deposit is free, but with the ERC-20 network, there is a mining transaction fee for the miners processing the transfer.

The fee can be as high as $50, making it a costly option. With the OKEx option, you link your XanPool account with your OKEx trading account. This option is free, and your USDT is deposited directly into your OKEx account.

After choosing the method of depositing your USDT, review the fees you will be paying to XanPool. XanPool charges about 1.5%. This fee is different from the ERC-20 mining fees making XanPool costlier compared to other cryptocurrency exchanges.

3. FTX

FTX is a trading platform based in California. They have one of the cheapest trading fees for crypto trading.

Here’s how to buy Tether in Singapore using the crypto exchange platform:

1. Deposit USD Into FTX

Although FTX supports the Singapore dollar, it does not have SGD trading pairs with crypto. You have to deposit USD into FTX instead. Go to ‘Wallet’ to deposit funds.

2. Select a Trading Pair

Under the ‘Spot’ option, select the USD/USDT trading pair. There is also a ‘Futures’ option, but it can be complicated unless you are an experienced trader.

3. Enter Details of Your Order

FTX has a few options to pick your order from; Limit, Market, Stop Market, Stop Limit, Trailing Stop, Take Profit, and Take Profit Limit. Select order type and choose the amount of USDT you want to buy. You will receive your USDT when your order is processed.

FTX is the best platform to use if you want to reduce costs. It charges up to 0.07% for trading fees, which is one of the cheapest fees you will incur for spot trading.

4. Zipmex

Zipmex is a crypto exchange that was founded in Thailand. It has low trading fees and lets you make crypto purchases directly from SGD (Singapore dollar).

Here’s how to buy Tether from the trading platform:

1. Click on the ‘Wallets’ tab and choose SGD as the currency to deposit.

2. Fill in the bank details of your deposit. Enter the deposit amount, bank account number, and the bank you’re depositing from.

3. Click on the ‘Markets’ tab and select USDT/SGD trading pair.

4. Enter details of your trade

You can choose between the Market order and the Limit order. Then enter the limit price to buy 1 USDT and the amount of USDT. Your USDT will be credited into your account after the trade is complete.

With 0.2% trading fees, Zipmex charges are pretty low. However, with 25 USDT and 5 SGD withdrawal fees, Zipmex has high withdrawal fees compared to other cryptocurrency platforms.

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5. Coinut

Coinut is a cryptocurrency exchange that was founded in Singapore. It’s not very popular, but it lets you purchase USDT directly from SGD.

Here’s how to buy Tether on the Coinut exchange platform:

1. Deposit SGD

You can use Xfers direct to deposit SGD directly to your Coinut account. The minimum amount to deposit is $100.

2. Go to ‘Trade’

Go to the trading platform and select the USDT/SGD trading pair.

3. Select the Amount to Buy

Choose between the Limit and Market trade options to purchase USDT. With Limit orders, you can set the maximum price of USDT that you will buy, giving you control over the price. With Market orders, you buy Tether at the current market prices, which gets your orders fulfilled immediately without waiting.

4. Make Your Trade

Your USDT is credited into your account when the trade is complete.

Here are Coinut Fees:

Type Amount
Minimum Deposit $100
Deposit Fee 0.55% (Minimum SGD $1)
Trading Fees Up to 0.50%
Withdrawal Fee (SGD) 0.55% (Minimum SGD $1)
Withdrawal Fee (USDT)

38 USDT (ERC-20)

10 USDT (OMNI)

 

Their trading fees are low, but their withdrawal fees are high, especially for the ERC-20 network. There is also a minimum deposit and a deposit fee. You can adjust your Trading order or just go with the Market order if you don’t want to wait.

6. Independent Reserve

Independent reserve is a cryptocurrency exchange platform that was founded in Australia. The MAS also approves the independent reserve to operate cryptocurrency exchanges in Singapore.

Here’s how to buy Tether on the independent reserve:

1. Deposit SGD Into Your Account

On the independent reserve platform, go to the ‘Accounts’ tab and choose SGD as the currency to deposit. You will be shown your bank account details and charged 0.55% to deposit funds.

2. Go to ‘Buy/Sell’

Go to ‘Buy/Sell on the independent reserve platform and select ‘buy USDT,’ then choose the USDT/SGD trading pair.

3. Go to ‘Trade’

Select the ‘Trade’ tab to make a Limit Order or a Market Order.

4. Choose the Amount to Buy

Choose the USDT amount you want to buy. With the Limit order, you can enter your limit price. Preview the SGD amount that will make the purchase and the fees incurred. When the trade is complete, your USDT is credited to your account.

Independent reserve has low fees with a trading fee of 0.5% and an SGD fee of 0.55% for both deposits and withdrawals.

7. Crypto.com (App)

Crypto.com has Xfers support, but you cannot make USDT purchases directly from SGD. Also, with this exchange platform, you must complete at least two trades before you can purchase USDT.

Here’s how to buy Tether on the trading platform:

1. Sign in and from the main menu, go to your Crypto Wallet.

2. Select ‘buy USDT’ to make the trade.

3. Choose your payment method.

4. Confirm your trade.

After you double-check and confirm the details, Crypto.com locks the exchange rate for 15 seconds, and your USDT is credited to your account.

Crypto.com has low fees because they do not charge deposit and transaction fees. Their SGD withdrawal fee is 0.4% per withdrawal, and the USDT withdrawal fee is USDT 18. However, their spreads can be high, and you can lose some funds as you make your trades. Crypto.com does not disclose its spread charges, so you will not know how much you will lose.

The rate of buying USDT is made on current market prices, so you cannot choose your rate. You can pay with:

Credit/Debit Card

With a credit/debit card, there is a 3.5% fee if you are from Singapore, which is relatively high.

Crypto Wallet

You can use other cryptocurrencies from your crypto wallet to trade them for USDT.

Fiat Wallet

You can only buy Tether with a EUR or AUD fiat account. You can purchase only eight cryptocurrencies from Xfers: BTC, ETH, BCH, LTC, XRP, CRO, BNB, and XSGD. Buy one of these cryptocurrencies, then purchase USDT using the Crypto Wallet mentioned above.

8. Crypto.com (Exchange)

You can alternatively buy cryptocurrency from the Crypto.com trading interface instead of the app, but you will need a separate account. The platform has three main trading pairs: BTC, USDT, and CRO.

Here’s how to buy Tether in Singapore on Crypto.com’s Exchange platform:

1. Buy CRO or BTC

On the Crypto.com app, buy CRO or BTC directly from your Xfers personal Wallet.

2. Transfer your CRO/BTC to Crypto.com Exchange

When you receive the purchased CRO/BTC in the app, transfer it to the Crypto.com Exchange platform. This is free.

Go to ‘Transfer’ on the currency’s page, select ‘Withdraw,’ then click on ‘Crypto Exchange.’ The CRO/BTC is deposited into your Exchange account.

3. Select Your Trading Pair

Go to ‘Spot’ on the Exchange platform and choose your trading pair, either CRO/USDT trading pair or BTC/USDT trading pair.

4. Choose the Amount and Make a Trade

There are four trades on Crypto.com Exchange: Limit, Market, Stop Limit and Stop Loss. Choose a USDT price and the amount you want to buy to complete your trade and receive your USDT.

Crypto.com Exchange charges up to 0.4% for each trade which may make it costly compared to the Crypto.com app, whose spreads may not reach this high.

9. Remitano (P2P)

Remitano is a P2P platform that lets you buy Tether from SGD. The platform is straightforward, but its rates can be considerably high.

Here’s how to buy Tether in Singapore using Remitano’s Exchange platform:

1. Sign in and Go to the Homepage

Select ‘Choose another coin’ and select ‘USDT.’ You will be able to see the best exchange rates on the market for USDT and SGD. Remitano’s exchange rates are higher compared to other P2P platforms.

2. Select a Seller

Pick a seller and click on ‘Buy.’

3. Choose Where to Deposit Your USDT

You can deposit your USDT in your Remitano Wallet or an external wallet. There are three networks to deposit to in the external wallet. Both BEP-20 and TRC-20 networks charge a 1 USDT withdrawal fee, while the ERC-20 network charges 10 USDT.

After choosing a network, you get the seller’s details to send your SGD. The seller transfers USDT to your preferred wallet when they receive the SGD.

10. Huobi (P2P)

Huobi is another P2P platform that you can use to buy Tether. Huobi does not charge fees, but it can be risky because you do not know the seller.

Here’s how to buy Tether in Singapore using Huobi P2P:

1. Sign in and Go to ‘Buy Crypto’

 You will have two options: ‘Quick Buy/Sell: and ‘P2P Market.’ The ‘Quick Buy’ option offers the lowest USDT price on the P2P platform.

While the P2P Market option shows you the different rates on offer from other sellers so that you can pick the one you prefer.

2. Choose Payment Method

You can use bank transfer or PayNow to deposit funds to your chosen seller.

3. Pay the Seller and Receive USDT

You will see the seller’s details, where you will send SGD from your bank account. When the seller receives your funds, they transfer USDT to your Huobi account, and the trade is complete.

11. OKEx (P2P)

The OKEx platform also offers P2P trading of SGD to USDT. Its trading interface is just like Huobi P2P.

Here’s how to buy Tether in Singapore using OKEx P2P:

1. Sign in and Click the ‘Buy/Sell’ Tab on the Main Menu

You can choose between ‘Quick Trade’ and ‘P2P Trade’, just like Huobi.

2. Choose a Payment Method

You can pay with PayNow (P2P) and bank transfer (P2P) or use payment services like Visa, Mastercard, and Apple Pay (Non-P2P). Using non-P2P payment services may charge a fee, and you receive less USDT than when using P2P payment services.

3. Pay Seller and Receive USDT

Pay the seller and receive your USDT.

Recap: Comparison Table

Platform Type of transportation Fees Supports TRC-20 Withdrawals?
Liquid Trading Up to 0.3% Yes
XanPool Instant Buy 1.5% mining fee via ERC-20 Yes
FTX Trading Up to 0.07% Yes
Zipmex Trading 0.2% No
Coinut Trading Up to 0.5% No
Independent Reserve Trading Up to 0.5% No
Crypto.com (App) Instant Buy None (but may have large spreads) No
Crypto.com (Exchange) Trading Up to 0.16% No
Remitano (P2P) P2P 1% Yes
Huobi (P2P) P2P Free Yes
OKEx (P2P) P2P Free Yes

 

Verdict

There are five main methods to buy Tether directly from SGD: Liquid, XanPool, Zipmex, Independent Reserve, and Coinut.

Apart from Remitano, other P2P platforms are cheap. However, there are risks involved because you do not know the seller who can default with your SGD after making payments.

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What to Consider When Buying Tether

These are some factors to consider when buying Tether:

Stablecoin

Tether is a stable coin, meaning it should not fluctuate in value because it follows the price of an underlying asset. Investing in USDT for profit is not different from investing in cash. So if you want to invest in crypto that increases in value, you may want to consider other cryptocurrencies that are not stable coins.

Controversy

The company which created Tether USDT is linked to the BitFinex exchange. The company claims that Tether is backed by fiat currency reserves, but there has been speculation about whether US dollar reserves securely back up Tether. 

Reports support the claim that Tether is fully backed by reserves, but a different study has suggested that Tether is only in the market to keep the price of Bitcoin high.

Competition

There are many stable coins pegged to the US dollar apart from USDT. Other alternatives you can consider are major cryptocurrencies like USDC and Binance USD.

Use-Case

Being a stable coin, USDT is not a cryptocurrency investment for profit but rather one to keep your crypto assets safe. USDT will shield you from the regular market volatility of other coins.

With USDT, you can even engage in DeFi like yield farming or staking coins without being affected or worrying about the market.

Closing

There are several convenient ways to buy Tether in Singapore but buying stable coins directly from SGD is more challenging than other cryptocurrencies. There are more options to buy USDT than other major cryptocurrencies like USDC and UST. You can even buy Tether with a Coinbase account.

Key Takeaways

  • Always check that your platform supports TRC-20 if you are looking for less costly trades because it is much cheaper than ERC-20.
  • USDT does not offer high profits like other currencies because it is a stable coin.
  • You can cash out your profits by selling USDT back to the Singapore dollar.

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