Looking for ways to convert your hard earned Singapore Dollars (SGD) into some magic internet money? There was a time when transferring money into crypto exchanges safely was an extremely expensive process.
Back in 2017, most crypto platforms in Singapore had fees or mark ups of at least 5%, on top of credit card fee of 3%.
Investors instantly lost about 10% of their cash just by buying into Crypto. Other alternatives like in-person OTC(Over The Counter) where you pass cash for crypto face to face have a bigger risk if you ran into a scammer.
Witnessing these issues in our homeground, Xfers saw the opportunity to help fellow Singaporeans channel their Singapore Dollars into cryptocurrency exchanges.
In 2017, the firm worked with Coinbase during Coinbase’s pilot test in Singapore, as well as one of the first homegrown cryptocurrency exchange in Singapore, Coinhako.
Licensed for e-Money issuing activities, Xfers launched the sub-brand, StraitsX and the first Singapore Dollar Stable Coin, $XSGD! In this article, we look at StraitsX and its offerings.
StraitsX (Powered by Xfers)
Xfers is payment gateway in Singapore that helps channel SGD to cryptocurrencies since late 2017. Processing about SGD 2 billion in cryptocurrency related transactions, they have recently launched it as a separate entity called StraitsX.
Confused by the launch of the brand, StraitsX? Fret not, the team’s mission has stayed the same and here are some of the reasons why I would recommend using StraitsX.
- Regulatory compliance: With Xfers being licensed for e-Money issuance under the Payments Services Act, you can transfer your funds with StraitsX with assurance.
- Easy access to CEX: Centralised Exchanges (CEX) are platforms like Crypto.com or Gemini
- 24/7 accessibility: Should all verification and checks be done properly on StraitsX and the various CEXs, you can deposit SGD anytime and deploy them into crypto assets almost instantly! Talk about FOMO.
- SGD stablecoin: With the launch of $XSGD and knowledge about Web3 wallets, you can reduce the reliance on the CEX
Creating an account with StraitsX
Go ahead and fill up your details and scroll down to click ‘Sign Up’, you will be prompted to set-up your 2FA to ensure you protect your account, the exchange supports Google Authenticator or Authy.
You will then be brought to the dashboard where you get an overview what is required for you to get started.
Go ahead and verify yourself, using either one of two methods:
- SingPass: Which takes about one working day.
- Manual Verification: Can take up to three working days
You will then be asked to take a selfie for verification, so, smile!
Next, adding a bank account.
You will then have to verify your bank account and you have two ways to do it as well.
Go ahead and click ‘Add New’ and follow the instructions to add your bank.
- Uploading a bank statement (takes about one working day)
- Verify with a bank transfer
Heres how to do it with a bank transfer!
Ensure you have the proper details and then head over to your bank account, take note that you can only use FAST Transfers.
It is important to note that the ‘Note/Comments’ should always be your phone number, which is probably the way StraitsX identifies your deposit.
Above is my experience with adding and verifying my bank account with StraitsX. Topping up just 1SGD initially is always strongly recommended. This way if anything goes wrong, the only money stuck is a dollar. After your bank account is verified, you can go ahead and deposit more.
Once again, this bank verification was done at night around 11pm and in two minutes — which proves my point on 24/7 accessibility!
Topping up your Crypto.com wallet
Go ahead to your Crypto.com app and head over to ‘Fiat Wallet’. You will either see ‘Reconnect to StraitsX’ or ‘Connect to StraitsX”‘Account.
Follow up with your full name, phone number and to get a OTP Code. Once verifed, you can start buying cryptocurrencies on the app!
Note: Full name and phone number used for registration on Crypto.com and StraitsX must be the same or there might be a longer verification period for both companies.
XSGD and how to withdraw it
XSGD is the Singapore-Dollar-backed stablecoin issued on a 1:1 basis by StraitsX. It simply means that for every one XSGD there is in the market there is a one SGD sitting in StraitsX Singapore Bank Account.
As mentioned above, having XSGD reduces the reliance on CEX. You can transfer your XSGD on Decentralised Exchange (DEX) like Uniswap.
XSGD is only supported on two blockchains for now, namely Ethereum (ERC20) and Zilliqa (ZRC-2).
Let’s have a look at how you can withdraw your XSGD Balance on Ethereum Blockchain.
The following guide requires more experience in using MetaMask Wallet, read here if you want to know more. It also assumes that you are aware of the insane amount of gas fees on the ERC20 Network as you will be required to pay for at least once for verification.
First and foremost; adding your ERC 20 address:
Go ahead and fill up the pop-up accordingly.
Ensure that you always use copy and paste function with blockchain addresses! Never try to type them out. Next, go ahead and withdraw your XSGD! Head back to the home page and follow these steps:
Ensure you double check your blockchain address before proceeding. Blockchain transactions can never reverted!
Note: The network fee which is capped at 5 XSGD is not what StraitsX earn but is paid to miners (transaction fees on ERC20 is now averaging 60 USD)
You would typically wait about an hour or so with your first withdrawal and you would receive an email once your transaction is on the blockchain.
You can then import XSGD onto your MetaMask wallet.
Heres the XSGD Details for easy access:
- Contract Address : 0x70e8de73ce538da2beed35d14187f6959a8eca96
- Token Symbol : XSGD
- Token Decimal : 6
Once you receive your XSGD, it’s now time to get your address verified!
Head back to StraitsX to get your deposit address:
Always use the copy function for the blockchain address. Some wallets support QR codes which is another good way to ensure the address is copied correctly.
Now head back to MetaMask to transfer XSGD.
Once you click confirm, it’s time to let the miners do the work for that 65USD gas fee.
After that, wait for your deposit to be processed by StraitsX and viola! Your blockchain wallet would be verified and you would be able to withdraw more than 50 XSGD.
Mint XSGD on StraitsX
Lazy to go through the need for logging into StraitsX account just to withdraw your XSGD? You can just set-up Mint on StraitsX.
Mint helps users automatically withdraw XSGD to your blockchain address whenever you deposit SGD into the StraitsX Platform.
Setting it up requires you to have the following:
- Verified Bank Account
- Verified Blockchain Address
Setting it up is simple and easy. The interface is similar to a normal withdrawal.
You will be prompted to input your 2FA code in order to save the process.
Now every time you deposit into the StraitX Platform, they will automatically send you XSGD to your blockchain address.
StraitsX Platform is great for new users who are just looking to invest into the Crypto space and worried about the security of their funds while transferring into a CEX.
At the same time, Mint by StraitsX allows bigger investors to constantly channel their SGD into crypto as well.
Featured Image Credit: Blockchain News