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Anonymous

04 Oct 2021

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How is the SGD-USD rate conversion for FTX?

Hi. Can anyone share your experience with FTX, particularly in its SGD to USD conversion, as compared to other exchanges that accept SGD? Which broker is the most cost-effective for changing SGD into USDT? Thanks!

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Joey Koh

04 Oct 2021

I don't have experience with SGD USD conversion from deposits. I think it'll take quite some time for such payment/deposit rails to be friction-less. If time is of the essence, I would just use coinhako/gemini and pay that 1% fee. Regret to say that FTX isn't that great for SGD deposits, but is excellent for a crypto-crypto exchange.

https://help.ftx.com/hc/en-us/articles/36003754...

I sound abit crazy saying this (lol) but the 1% commission fee (aka coinhako crypto token) will be the least of your worries in the world of crypto.

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I have some USD in my PayPal and OCBC USD current account. The goal is to transfer USD in PayPal to my OCBC USD but the conversion is at an unattractive rate as they will convert to SGD. Suggestions?

I have some money in USD. Will the conversion rate from USD to SGD remain the same? For now I have it in an FD . But it isn't really going to give me any returns. Should I convert or should I continue to invest in USD.

Are you 100% sure that using Transferwise or Revolut will secure better rate than funding sgd directly into Saxo USD acc that charges currency conversion fee of mid spot rate +/- 0.75%?

I want to buy US ETFs (eg. S&P 500 ETF) while working and earning SGD in Singapore. Considering (i) commissions and (2) conversion rates from SGD to USD, which online broker is the cheapest?

If you invest/trade in the US market and earn profits, how is the currency conversion done? E.g. USD to SGD. Is it done through the respective broker's exchange rate?

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