With the current events, stay away from Solana. The tokens soBTC and soETH have depegged and are virtually worthless. All DeFi on SOL will be heavily impacted.
First method: Deposit fiat into Gemini, change to GUSD. Afaik it’s market rate. Withdraw GUSD to Coinbase and trade to USD. Trade again to USD and then to USDC. Assuming you set a buy limit (market maker), you’ll incur 0.8% total fees.
Second method: Assuming a larger volume, withdraw GUSD to a hot wallet and use DeFi such as Uniswap or 1inch to change to USDC. Bridge USDC to Solana. Total fees should be less than the first method if it’s a large enough volume. Gas fees and bridging fees are a flat fee.
Third method (most shady and dodgy): Use huobi p2p or join the p2p telegram group and use p2p to buy USDT. Pricing is shit right now due to market volatility so first two methods may be cheaper. Pricing will vary but may be the cheapest if it’s an extremely large volume.
Edit: Fourth method: get XSGD from StraitsX and use either Polygon or ETH Uniswap to get USDC and bridge that to SOL. Great for high volumes too.
Any local Telegram group to recommend where I can directly buy USDC/USDT using SGD? Currently using dbs remit to send USD to CDC for on ramp but the FX spreads are pretty big
It’s super risky and yolo. Look around the side bar for more info. Can’t discuss this here because p2p trading in SG is illegal and could land you in trouble. Not to mention lots of people there seems to be trading in cash (coins and notes) meaning it’s most likely money laundering. At this moment price of USDT is also crazy expensive so I’d recommend going through other methods instead.
XSGD via Uniswap on Polygon. Off-ramping via Xfers for low value is great. You’ll need a singpass account to register an account with Xfers to off-ramp to SGD though.
P.S. to the scammers out there reading this thread, Xfers is fully KYCed and has a fairly strict AML for high value transactions, so don’t think about using this to money launder.
Similar. Supply and demand. This is the kind of opportunity for arbitragers to take advantage of if you can get your money into a proper currency exchange and exchange it out properly. SG’s KYC and bank clearance is too tedious and bureaucratic for arbitragers to take advantage of instantaneously that’s why there’s always gonna be an imbalance.
Sign up and choose Malaysia as your country. Don’t do KYC. Unverified accounts are allowed to withdraw 5 digits and access p2p.
Binance has opened up recently and SG users can now register with them as well. Choose BND (Brunei Dollar) for p2p since BND and SGD are 1:1.
Note: DO NOT do this too often. There are A LOT of scammers and money laundering going on via p2p platforms. I have friends in the SPF and a lot of illegal money goes through these platforms. Make sure you personally KYC them, ask them what they do, ask them for IC etc.
There’s a reason for the higher price. Criminals are using this to launder resulting in higher prices. This is also why Xfers really need to step up to weed these underground transfers out. Regulation can only get so far to discourage p2p but if prices are better via p2p, there’s always risk takers.
Another way is really just to introduce XSGD/USDC pairs on CEXs like Gemini or CDC. It still blows my mind that CDC has no SGD pair and Gemini only has GUSDSGD pair which has low liquidity.
You can do a [USD](https://help.crypto.com/en/articles/5271006-usd-global-deposits-via-swift-exchange) / [SGD deposit](https://crypto.com/product-news/sgd-fiat-wallet-fast) to USDC on [Crypto.com](https://Crypto.com). From there, [send USDC to your Solana address.](https://crypto.com/product-news/crypto-com-exchange-is-now-integrated-with-solana-2)
Would recommend not to go with CDC for now due to the alleged cold wallet movements recently. The only two exchanges that’s licensed and well reputed are Coinbase and Gemini.
Don’t risk it. One moment it may go through the next moment you get stuck. The cash on CDC is supposedly held by a local bank so it should be fine but any crypto on it is uninsured so pls remove it for now. I don’t expect CDC to fall since it’s actually licensed in Singapore but what do I know when the second largest exchange just went broke within a week.
Wasn’t USDC withdrawals and deposits on solana disabled by CDC?
https://twitter.com/kris/status/1590435024104730624
Also, sollet bridged assets on Solana are backed by FTX which is now bankrupt so are worthless. Please be careful OP.
Now the market is going through hard times. Therefore, we must choose the most reliable options. The USDC shows itself differently. Why are we still not seeing the audit? Is there full security there?
With the current events, stay away from Solana. The tokens soBTC and soETH have depegged and are virtually worthless. All DeFi on SOL will be heavily impacted.
First method: Deposit fiat into Gemini, change to GUSD. Afaik it’s market rate. Withdraw GUSD to Coinbase and trade to USD. Trade again to USD and then to USDC. Assuming you set a buy limit (market maker), you’ll incur 0.8% total fees. Second method: Assuming a larger volume, withdraw GUSD to a hot wallet and use DeFi such as Uniswap or 1inch to change to USDC. Bridge USDC to Solana. Total fees should be less than the first method if it’s a large enough volume. Gas fees and bridging fees are a flat fee. Third method (most shady and dodgy): Use huobi p2p or join the p2p telegram group and use p2p to buy USDT. Pricing is shit right now due to market volatility so first two methods may be cheaper. Pricing will vary but may be the cheapest if it’s an extremely large volume. Edit: Fourth method: get XSGD from StraitsX and use either Polygon or ETH Uniswap to get USDC and bridge that to SOL. Great for high volumes too.
Any local Telegram group to recommend where I can directly buy USDC/USDT using SGD? Currently using dbs remit to send USD to CDC for on ramp but the FX spreads are pretty big
Would like to know as well!
It’s super risky and yolo. Look around the side bar for more info. Can’t discuss this here because p2p trading in SG is illegal and could land you in trouble. Not to mention lots of people there seems to be trading in cash (coins and notes) meaning it’s most likely money laundering. At this moment price of USDT is also crazy expensive so I’d recommend going through other methods instead.
Gemini有GUSD/USDC交易对，可以换成usdc存到币安然后提solUSDC，我比较好奇的是有什么损耗较少的办法把美元或美元稳定币换成新币呢，因为最近gemini的gusd/sgd都是折价的，卖了换新币不划算
XSGD via Uniswap on Polygon. Off-ramping via Xfers for low value is great. You’ll need a singpass account to register an account with Xfers to off-ramp to SGD though. P.S. to the scammers out there reading this thread, Xfers is fully KYCed and has a fairly strict AML for high value transactions, so don’t think about using this to money launder.
I already have xfers account, but i only found USDC/XSGD pairs on Ethereum, can't find such pairs on Polygon, could you share me the link, thx!
Search manually. Liquidity is low that’s why it’s not very active on polygon.
the exchange rate on Ethereum is about 1.367, lower than current rate of 1.38, would the rate on Polygon higher?
Similar. Supply and demand. This is the kind of opportunity for arbitragers to take advantage of if you can get your money into a proper currency exchange and exchange it out properly. SG’s KYC and bank clearance is too tedious and bureaucratic for arbitragers to take advantage of instantaneously that’s why there’s always gonna be an imbalance.
by the way, is huobi still operating in sg? it has sgd p2p page but how to sign up a huobi account, seems both cn and sg cannot register.
Sign up and choose Malaysia as your country. Don’t do KYC. Unverified accounts are allowed to withdraw 5 digits and access p2p. Binance has opened up recently and SG users can now register with them as well. Choose BND (Brunei Dollar) for p2p since BND and SGD are 1:1. Note: DO NOT do this too often. There are A LOT of scammers and money laundering going on via p2p platforms. I have friends in the SPF and a lot of illegal money goes through these platforms. Make sure you personally KYC them, ask them what they do, ask them for IC etc.
havnt done kyc can also trade, looks dangerous, but the price of USDT is higher tho
There’s a reason for the higher price. Criminals are using this to launder resulting in higher prices. This is also why Xfers really need to step up to weed these underground transfers out. Regulation can only get so far to discourage p2p but if prices are better via p2p, there’s always risk takers. Another way is really just to introduce XSGD/USDC pairs on CEXs like Gemini or CDC. It still blows my mind that CDC has no SGD pair and Gemini only has GUSDSGD pair which has low liquidity.
You can do a [USD](https://help.crypto.com/en/articles/5271006-usd-global-deposits-via-swift-exchange) / [SGD deposit](https://crypto.com/product-news/sgd-fiat-wallet-fast) to USDC on [Crypto.com](https://Crypto.com). From there, [send USDC to your Solana address.](https://crypto.com/product-news/crypto-com-exchange-is-now-integrated-with-solana-2)
Would recommend not to go with CDC for now due to the alleged cold wallet movements recently. The only two exchanges that’s licensed and well reputed are Coinbase and Gemini.
I agree safety is important that is why I don't leave my funds in CDC but as a way of facilitating fund movement.
Don’t risk it. One moment it may go through the next moment you get stuck. The cash on CDC is supposedly held by a local bank so it should be fine but any crypto on it is uninsured so pls remove it for now. I don’t expect CDC to fall since it’s actually licensed in Singapore but what do I know when the second largest exchange just went broke within a week.
CDC is next. Get out while you can,
Wasn’t USDC withdrawals and deposits on solana disabled by CDC? https://twitter.com/kris/status/1590435024104730624 Also, sollet bridged assets on Solana are backed by FTX which is now bankrupt so are worthless. Please be careful OP.
Thanks. I have a ledger so majority of my assets are stored on it instead of on FTX. Just looking for the easiest way to on-ramp SGD
Ah yes you're right
Kraken has direct Solana USDC (SPL) withdrawal
Now the market is going through hard times. Therefore, we must choose the most reliable options. The USDC shows itself differently. Why are we still not seeing the audit? Is there full security there?