Updated as of 15 March 2022
Since Binance has been shut off from Singapore users, one popular alternative centralized exchange for Singaporeans to transact in cryptocurrency is via FTX.
FTX has grown into a popular option as it has a direct transfer method for Singaporeans to easily deposit USD from their bank account onto their FTX.
Although FTX is not regulated under the Payment Services Act, Temasek has recently announced that it has led a $566 million investment round into FTX. Hence it is highly unlikely that Singapore will ban or restrict FTX’s services in Singapore.
For Singaporeans who are wondering how to use FTX, we previously wrote a guide to FTX for Singaporeans.
One commonly asked question in the Chain Debrief community group on Telegram is how long does it take for your DBS transfer to reach your FTX account.
Here’s a quick guide on that.
Step 1: Choose Deposit Fiat under “Wallet” on your FTX account
Once you have selected Deposit Fiat, you should be able to see “Deposit via Wire”.
Click on that, and you will be able to see the Wire Instructions as indicated above. You need to remember to note down your account identifier.
2. Initiate an overseas transfer in DBS
As FTX only accepts USD, you have to use an account with a multicurrency feature. If you are using DBS or POSB, you can wire your USD via your Multiplier account.
Under your Multiplier account, select “DBS Remit / Overseas Transfer”. Key in the details as stated on the FTX wire instructions.
The last step is to ensure that you key in your unique identifier onto the “Payment Details”.
3. Wait for amount to be credited into your FTX account.
For us, the process of sending the USD over is relatively fast. Here’s our receipts and timeline of our FTX transfer:
*The Beneficiary name is outdated and should be FTX Digital Markets Ltd.
Based on the timeline above, the total time taken for the amount to be reflected in our FTX account is only 16 minutes on a Thursday night.
You can then use the amount to purchase any cryptocurrencies or transfers immediately.
Of course, the time varies for individual transactions. DBS Overseas Transfer should be available 24 hours daily.
On the other hand, since FTX’s recipient bank is a US bank, transfers may only be received during working hours on weekdays. If the transfer is executed over weekend, you may have to wait until the US Bank (Silvergate) is opened and able to process the transaction.
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Featured Image Credit: Chain Debrief