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Buying USDT in Singapore: Your Complete Guide

how to buy usdt in singapore
Table of Contents

The crypto world keeps changing, and we now have the newest kids on the block, the stable coins. Stable coins are the trendiest digital assets currently, according to recent reports. Stable coins are designed for investors who want to participate in the crypto world but are not okay with its volatility.

The stable coins are attached to fiat currency such as the US dollar making its volatility negligible. Examples of stable coins include USDC and USDT, and they can also be exchanged with volatile crypto coins such as Solana, Ethereum, and Bitcoin.

These stable coins are stabilized by fiat currency held in reserves. They are also stabilized by the demand and supply of their native platforms.

What is USDT?

Also referred to as Tether, the USDT is a stablecoin attached to the US dollar and is backed by Tether reserves. Owned by iFinex, a Hong Kong-registered company, Tether also owns the cryptocurrency exchange BitFinex. It is the largest stablecoin with a market cap of $83 billion and the third-largest cryptocurrency after Bitcoin and Ethereum.

Tether was initially launched as RealCoin in July 2014 but later rebranded to Tether in November 2014. The coin started trading in February 2015 and was initially based on the Bitcoin blockchain. However, Tether now supports the Bitcoin Omni, Liquid Protocols, EOS, TRON, Ethereum, OMG Network, and Bitcoin Cash (SLP) blockchains.

usd btc cute illusatration

11 Ways to Buy USDT in Singapore

Here are 11 ways to buy USDT in Singapore

Platform Type of

Transaction

Fees URL
Liquid Trading Up to 0.3% https://www.liquid.com/
XanPool Instant Buy 1.5%

Mining fees

if via ERC20

https://xanpool.com/
FTX Trading Up to 0.07% https://ftx.com/
Zipmex Trading 0.2% https://zipmex.com/
Coinut Trading Up to 0.5% https://coinut.com/
Independent

Reserve

Trading Up to 0.5% https://www.independentreserve.com/
Crypto.com

(App)

Instant Buy None (But may have

large spread)

https://crypto.com/app
Crypto.com

(Exchange)

Trading Up to 0.16% https://crypto.com/
Remitano P2P 1% https://remitano.com/home/sg
Huobi P2P Free https://www.huobi.com/en-us/
OKEx P2P Free https://www.okx.com/

 

1. Liquid

Based in Japan, Liquid is a cryptocurrency exchange platform that allows the transfer of SGD to the cryptocurrency exchange through the Straits X. The platform has a direct SGD/USDT trading pair, making buying the stable coin easier.

Trading Fees

The following are the trading fees that you will incur when trading with Liquid:

Type Amount
Trading fees Up to 0.30%
SGD Withdrawal

Fees (StraitsX)

0.55% (Min $4,

Max $30)

Withdrawal Fees

(Bank Transfer)

$15 SGD + $30 USD

 

If you intend to withdraw USDT from Liquid, here are the withdrawal fees:

Network Withdrawal Fee
ERC20 15 USDT
TRC20 Free

 

How to Buy USDT from Liquid

Here are the steps to follow when you want to buy USDT from SGD on Liquid:

1. Make Your Deposit Through StraitsX or Bank Account Transfer

You can transfer SGD to the Liquid platform through bank transfer or StraitsX. Your deposit is instantly credited to the Liquid Account when you deposit StraitsX.

2. Click on the Spot Trading

Once you have made your deposit to your liquid account, you may now click on the Spot Trading tab to complete the trade.

The platform has other options, including margin trading, but they are very risky if you are a beginner trading crypto.

3. Select the USDT/SGD Trading Pair

Here you select the USDT/SGD as your preferred trading pair.

4. Choose the Quantity to Trade

Here you will need to select the type of order that you want to make:

  • Limit
  • Market
  • Stop
  • Stop limit

After you are done, you will need to select the amount of USDT and SGD you want to include in the trade.

  • Make the Trade

The last step of the process is for you to execute the trade. Once you are done, the USDT with be added to your portfolio.

A set of Gold, silver and bronze coins. Isolated Vector illustration

2. XanPool

Second on the list is XanPool. The platform allows you to buy crypto from SGD. You can deposit SGD to XanPool via PayNow, and they will quickly transfer the cryptocurrency to you.

Trading Fees

The platform charges about 1.5% for its services. These fees differ from the mining fees you incur when you transfer through the ERC20 network.

XanPool provides you with the option of sending your USDT through the TRC20 network, which can help you save on the withdrawal fees. So even when you pay the high transaction fees, you will be able to save on the high withdrawal fees on other cryptocurrency exchanges.

How to Buy USDT from XanPool

Here is how you can buy USDT from this platform:

1. Click on ‘Account’ and the ‘Xchange’

When you go to their official website, click on account and click on the ‘Xchange’ tab. You will go to a page where you can select the cryptocurrency you want to buy using SGD.

Then select USDT as the currency you want to buy and choose the amount of SGD you wish to pay. The maximum of SGD is $1,000. Once you choose, you will see the estimated amount of USDT that you will receive.

2. Select Where You Want to Deposit the USDT

XanPool allows you to buy crypto from fiat, but the platform now will enable you to trade crypto to crypto. Therefore, you will need to deposit your USDT to another exchange if you want to trade with another USDT.

Here are the options you can use to deposit the USDT to other exchanges:

Method Transfer Fees
Deposit directly to OKEx Free
Deposit via ERC20 You need to pay the mining fee
Deposit via TRC20 Free

 

The platform allows you to link your account to your OKEx trading account, so if you choose this payment method, they will deposit directly to your OKEx account. Therefore, you will need to link your OKEx Account to XanPool, which you can do on the ‘Wallet’ tab.

If you want to deposit the USDT to another exchange, you must use the ‘My Wallet’ tab. Once done, you will be able to deposit your USDT in any wallet that accepts the TRC20 or ERC20 version of the USDT.

You will incur a mining fee when you deposit the USDT via the ERC20. Xanpool does not charge the fee, but it is charged by the miners who process your transfer.

3. FTX

FTX is an exchange platform based in California. The platform has one of the cheapest fees for trading crypto.

Trading Fees

The platform charges up to 0.70%. It is one of the cheapest fees you can receive for Spot trading. If you want to reduce your trading fees, this is a platform you can consider.

How to Buy USDT from FTX

Use these steps to buy USDT from FTX:

1. Deposit US Dollars on FTX

FTX is designed to support SGD, but there are no SGD trading pairs on the platform. You will need to deposit USD to the platform. One of the cheapest ways is to use DBS Remit to transfer the US dollars from your DBS bank account to your FTX account.

2. Go to the ‘Wallet’ tab and go to ‘USD to FTX.’

You will then receive the bank details from depositing USD to FTX. These details are very sensitive, and you will need to double-check everything before submitting it.

3. Choose a Trading Pair with SOL

Click on the hamburger icon on the left side of the FTX website and search for the ‘USDT’ under the ‘Spot.’ You will then need to select the USD/USDT trading pair.

4. Key in the Details of Your Order

There are seven different orders you can make with FTX. They include:

  • Limit
  • Market
  • Stop market
  • Stop limit
  • Trailing stop
  • Take profit
  • Take profit limit

Once you select the order type, here is what you need to do next:

Choose the amount of USDT you want to buy 1 USD and then choose the amount of USDT you want to buy. It is important to note that USD and USDT are supposed to be traded at a 1:1 ratio, but there can be a loss of value due to spread. When your order gets processed, it will be immediately credited to your account.

4. Zipmex

Founded in Thailand, Zimpex is another option where you can buy crypto directly from SGD and charges very low fees. The platform has higher USDT withdrawal fees when compared to other exchanges.

Trading Fees

Here are the transaction fee rate you will incur when trading on this platform:

Fee Amount
Trading Fee 0.2%
USDT Withdrawal Fee 25 USDT
SGD Withdrawal Fee 5 SGD

 

Zipmex’s fees are very low, but the withdrawal fees are high compared to their platforms. But it is a tradeoff that is worth considering.

How to Buy USDT from Zipmex

Follow the following steps to buy USDT from Zipmex:

1. Click on Wallet and Select SGD as the Fund to Deposit

With Zipmex, you will need to deposit the SGD first on the platform. First, you will need to go to ‘Wallets’ and select ‘Deposit.’ Then select SGD as the currency you want to deposit.

2. Add Your Deposit Details to Zipmex

Fill in the details on your Zipmex so that they can process your deposit. This include:

  • The bank you are depositing from
  • Your account number
  • Deposit amount

3. Click on ‘Markets’ and then Select the USDT/SGD Trading Pair

Once you deposit into Zipmex, you can start trading. You will need to click on the ‘Markets’ tab to take you to the trading platform.

On the left-hand corner of the screen, you can select the USDT/SGD trading pair.

4. Key in the Details of Your Trade

The last part of the process is entering the details of your trade. You can make two different types of trades: A market order and a limit order.

You will also be required to fill in the limit price you would like to buy the USDT at and the amount of the USDT you want to buy.

Once your trade is processed, the USDT will be credited to your account.

5. Coinut

Founded in Singapore, Coinut is another platform you can buy USDT directly from your SGD. The platform is not well known, but it holds a lot of potential.

Trading Fees

Here are the minimum amounts and fees you will incur when trading with Coinut:

Type Amount
Deposit Fee 0.55%

Minimum $1

Trading Fee Up to 0.50%
Minimum Deposit $100
Withdrawal Fee (SGD) 0.55%

Minimum SGD 1

Withdrawal Fee (USDT) 38 USDT (ERC20)

10 USDT (OMNI)

 

Coinut fee is relatively low, but you have to consider both the minimum deposit and the withdrawal fee, primarily if you use the ER20 network. If you decide to send the USDT over the OMNI network, ensure that the platform you are sending supports the network.

How to Buy USDT on Coinut

Follow the following steps to buy USDT via Coinut:

1. Deposit SGD to the Platform via Xfers

You may deposit your SGD to Coinut directly via Xfers, but please note a minimum deposit of $100.

2. Click on ‘Trade’

Once you deposit your money on Coinut, you can now go to the trading platform and choose the USDT/SGD as your trading pair.

3. Select the Amount You Want to Buy

You also need to determine the type of trade you want to make. You can choose between limit price and trade markets.

You can set a maximum price for the USDT you want to buy for the limited orders. On the other hand, for the market orders, you will need to purchase the USDT at the current market price.

4. Make Your Trade

Once the platform finds a seller, your trade order will be executed, and the USDT will be credited to your portfolio.

bitcoin cryptocurrency drop chart

6. Independent Reserve

Next on the list is the Independent Reserve which was founded in Australia. The cryptocurrency exchange has received the license to trade in Singapore from the Monetary Authority of Australia.

Trading Fees

Here are the fees you will pay when you trade on independent Reserve:

Fee Amount
Deposit Fee (SGD) 0.55%
Fee 0.5%
Withdrawal Fee (SGD) 0.55%

 

When you compare Independent Reserve with other exchanges in Singapore, it has relatively low fees.

How to Buy USDT Using Independent Reserve

Here are the steps to buying USDT using Independent Reserve.

1. Deposit SGD in Your Independent Reserve Account

You will need to deposit SGD to your account to make a trade. You will need to the ‘Accounts’ tab and select SGD as the currency you want to deposit.

If your bank account is linked to Xfer, your details will already be shown on Independent reserve. Note that you will be charged a 0.55% fee for any deposit you make.

2. Go to the Buy/Sell Tab

Once you deposit your SGD into your Independent reserve account, you must select the USDT/SGD trading pair. Then go to the Buy/Sell and select Buy USDT.

You will then be brought to a page that allows you to make the ‘Market Order.’

3. Go to Trade and Make a Limit Order

If you want to make a limited order, you need to select the ‘Trade’ tab to offer you more options. If you wish to a Market order, you can also choose it from this tab.

4. Choose the Amount of SGD You Want to Buy USDT With

Placing your order is the last thing you do to execute your trade. If you’re going to place a limit order, you will need to enter the limit prices.

Here, you will view the amount of SGD that you will be using and the fees you will incur in the trade. Once your trade has been executed, the USDT will be credited to your account.

7. The Crypto.com App

Crypto.com is another exchange platform where you can buy USDT using SGD. The platform also offers Xfers support.

Trading Fees

Here are the fees that you will incur if you want to trade with crypto.com

Type of Fee Amount
Deposit Fees None
Fees None
Withdrawal Fee (SGD) 0.4% per withdrawal (Xfers)
Withdrawal Fee (USDT) USDT 18

 

The fees on crypto.com can seem to be lower, but the spreads can be high compared to other exchanges. The platform does not disclose how much they charge, so it can be tricky to know how much you are losing.

It is important to note that you might lose a lot of money if you make multiple trade-ins on the crypto.com app due to the spread. The costs can be hard to track, but you should always consider them.

How to Buy USDT Through Crypto.Com App

Here are the steps to follow for buying USDT through the crypto.com app

1. Go to Your Crypto Wallet

The first step is to access the crypto wallet through the crypto.com wallet. All you need to do is tap on the central icon and the ‘Crypto Wallet.’ Find out the best crypto wallet in Singapore.

2. Tap on ‘Buy USDT’

Once you tap on the USDT price page, you will need to tap on the ‘Buy USDT’ to make the trade.

3. Select Your Payment Method 

With crypto.com, you cannot choose the rate you want to buy the USD, but the current prevailing market will determine the price.

Crypto.com offers three payment methods which include:

  • Credit or debit card payment method

You may use a credit or debit card to purchase USDT directly from the exchange. It is the most effective method of buying USDT, but you will incur a charge of a 3.5% fee if you are from Singapore.

The high fee is not worth buying the USDT using your debit or credit card.

  • Using the crypto wallet payment method 

You can use your crypto wallet to buy USDT if you have other cryptocurrencies in your wallet. If you have spare CRO and other currencies, you can trade them to USDT.

  • Using Fiat wallet payment method

Finally, you can use your fiat wallet to buy USDT on crypro.com. However, you can only buy USDT using AUD or EUR fiat accounts.

4. Confirm the Trade

The last step is to confirm the details, and the platform will lock in the exchange rate in 15 seconds. The USDT will be credited to your crypto.com account when you confirm the trade.

8. Crypto.Com The Exchange

This is the most effective way to buy crypto using Crypto.com. It is important to note that this is a separate platform from the app, and you will need to create a different account for it.

Trading Fees

When you trade on the crypto.com platform, you will be charged up to 0.4% on every trade.

How to Buy USDT Using Crypto.Com Exchange

With this exchange, you do not have the option of trading your SGD for any currencies. There are, however, three major trading pairs that you can use, including:

  • BTC
  • CRO
  • USDT

Here is how to buy USDT on crypt.com exchange:

1. Buy CRO or BTC from SGD

You can buy CRO or BTC directly from your Xfers wallet on this platform. The coins will be credited to your crypto.com wallet.

2. Transfer Your CRO to the Exchange

After you have received your BTC or CRO, you will need to transfer it to the exchange. The transfer from the app to the platform is free.

You will need to click on ‘Transfer’ on the currency page and ‘Withdraw.’ You will then need to tap on ‘Crypto.com Exchange’

After selecting the amount, the CRO will deposit it in your exchange account.

3. Choose the CRO/USDT Trading Pair

You will need to click on ‘Spot’ on the exchange platform, then select CRO/USDT as the trading pair. If you prefer, you can choose BTC/USDT as your trading pair of choice.

4. Select the Amount and Execute the Trade

There are four different types of trades you can choose from on the crypto.com exchange. They include:

  • Stop limit
  • Limit
  • Market
  • Stop loss

When you select the price and amount you want to buy, you can finally make the trade. Note that you will not be able to see the fee that you will incur on the crypto.com exchange platform.

9. Remitano (P2P)

Remitano allows you also to buy USDT from SGD. However, on this platform, the rates of converting SGD to USDT are pretty high compared to other platforms.

Trading Fees

Retimano charges a 1% fee on every transaction on their platform. However, it is an easy way to buy USDT from SGD but with a slightly higher exchange rate of around 1: 1.4 compared to the usual exchange rate of 1:1.35.

If you plan to buy a considerable amount of USDT, you might quickly lose out due to the low exchange rate.

It is also important to remember that Remitano is a P2P platform, so you might want to be extra cautious with your transactions.

How to Buy USDT Using Remitano

Here are how to buy USDT from Remitano:

1. Go to Remitano’s official website and click on the ‘Choose another coin’ tab.

2. Then select USDT. Here you will see the best exchange rate for the USDT and SGD. The rates are, however, high when compared to other platforms. You will also see different sellers and their rates when you scroll down.

3. When you select your choice, click on the ‘Buy” button, which will direct you back to the transaction page.

4. After, you will choose where you want to deposit your USDT too. You can either deposit them to your Remitano wallet or an external wallet,

If you decide to have an external wallet, you can send it to the following three types of networks which have the following charges:

Network Withdrawal Fee
TRC20 1 USDT
ERC20 10 USDT
BEP20 1 USDT
  • Once you confirm the destination of the USDT, you will then be given the details to transfer the SGD to the seller. When the seller receives the SGD, your USDT will be transferred to your wallet.

10. Huobi P2P

Huobi P2P is another P2P platform which you can buy USDT from. This platform does not charge any fees for your trade, but it has risks involved.

Trading Fees

No trading fees

How to Buy USDT Through Huobi P2P

1. You will need to go to the ‘Buy Crypto’ tab on Huobi’s website.

2. You will then be brought to the screen that gives you the ‘Quick Buy/Sell’ or ‘P2P market.’

3. The quick buy option will make you buy the USDT and the ‘Lowest price on the P2P platform, which means that you cannot choose the seller that you are choosing from.

4. The P2P market tab will give you the different rates, and it will bring up various advertisements from various sellers.

5. Select the amount of USDT you want to buy and transfer the SGD to the sellers. You can transfer SGD to the sellers using either bank account transfer or PayNow.

6. Once you find out the seller’s details, you can send the money to the seller.

It is essential to be cautious when buying USDT from P2P platforms since they pose tremendous risks. You do not always know how credible the seller is.

11. OKEx P2P

OKEx is another P2Pplatform in Singapore that offers trading to buy USDT from SGD. OKEx is quite similar to Huobi

Trading Fees

You will incur a trading fee if you choose to go with a non-P2P method on the platform. With the P2P method, it is free. You might therefore receive lower amounts of USDT compared to using P2P methods.

How to Buy USDT Through OKEx

The process is much similar to that of Huobi.

1. Click on the Buy/Sell tab on the OKEx website.

2. You will get the Quick Trade and P2P trade options.

3. For the Quick Trade option, OKEx allows you to buy USDT using the PayNow option, Bank transfer, Visa, MasterCard, and Apple Pay (non-P2P).

4. When you choose the P2P tab, the process is the same as that of Huobi.

tether coins example

What Are the Factors To Consider When Buying USDT?

If you are considering buying USDT, you must understand the risks of the coins. Here are some factors to consider:

1. Its Competition

USDT is just one of many stable coins available in the market pegged on the US dollar. Binance USD and USDC are two other alternatives to Tether that you might want to consider.

2. USDT Is a Stablecoin

Tether being a stable coin means that its price is not meant to fluctuate, but it follows the price of the underlying assets. So investing in USDT for profit is the same as investing in USD (cash). If you want to buy a cryptocurrency for profit, you should consider purchasing un-stable coins.

3. The Controversy Behind It

Tether Limited, the company behind USDT, is closely affiliated with the Bitfinex exchange. Tether Limited claims that USDT in circulation is backed by fiat currency and discontinued its association with the auditors to verify the claims.

This development led to uncertainty and speculation about whether the US dollar reserves back the USDT. However, reports by Moore Cayman in 2021 support the claim that reserves bake Tether, but it is worth exploring a different opinion.

A study done by Texas university claims that Tether’s objective is to keep Bitcoin’s price high.

4. Its Use

USDT is a stablecoin; hence the main reason for investing is not for profit. Investing in a stable coin is an excellent way to avoid market downswings and volatility while keeping your assets in a cryptocurrency.

These coins are great for DeFi practices like staking crypto and yield farming, where you do not have to worry a lot about market volatility.

How Do I Sell My USDT?

You can quickly sell your USDT with the same exchange that you bought it through. Here are the steps to follow:

1. Sign in to the cryptocurrency exchange that you have your USDT on. If you store it in a digital wallet, you can compare different exchanges to sell it on.

2. Place the sell order and select the amount of USDT that you would like to sell.

3. Complete your transaction by confirming the selling price and fees and closing the sale of the Tether.

Related Questions

1. What Is the Use of Tether?

USDT helps investors quickly move funds between the crypto markets and the traditional financial systems, minimizing volatility.

2. Is USDT A Stable Coin?

Yes. It is one of the most popular stablecoins in the crypto world. Others include Paxos Standard (PAX), True USD(TUSD), and USD Coin (USDC).

3. Can I Buy Tether on Binance Singapore?

Binance Singapore only supports eight crypto coins, and USDT is not one of them. Therefore, you cannot sell or receive USDT on the Binance Singapore platform.

It is important to note that Binance and Binance Singapore are two different platforms. Binance supports many currencies, but Binance Singapore only supports 8.

Learn more about cryptocurrency with our recommended guides on the best crypto exchange in Singapore and bitcoin scams.

Closing

USDT is a stablecoin that is one of the best known in the crypto world. It is pegged on the US dollar and is backed by Tether reserves. USDT is ideal for traditional investors who want to move funds between cryptocurrency and the conventional financial system. USDT tokens can be bought on different cryptocurrency exchanges, including crypto.com, Kraken, Binance, and CoinSpot.

Key Takeaways

  • USDT or Tether is a stablecoin that is pegged on the US dollar.
  • USDT is ideal for investors who want to avoid the volatility related to investing in unstable coins.
  • Tether is the third-largest cryptocurrency after Ethereum and Bitcoin.

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