How to Sell Crypto in Singapore

How to Sell Crypto in Singapore

Singapore is a highly developed country with almost no corruption. It comes at the fourth-least globally for corruption. Due to its clear laws and political stability, foreign and local investors are confident in making direct investments. The Monetary Authority of Singapore (MAS) financial regulator and the central bank have clarified that they do not plan on regulating cryptocurrencies any time soon.

It is also legal to own and trade Bitcoin and other virtual currencies in Singapore. The country was among the first to embrace blockchain and DLT (Distributed Ledger Technology). In 2019, they ruled that crypto has basic characteristics of intangible property that users can hold in trust or custody. From the ruling, the legality of owning crypto was no longer in question for Singapore citizens.

How is Crypto Valued?

Cryptocurrencies’ decentralization factor has given regulatory bodies a tough time over the number of years. They also have a fixed supply, so devaluation through inflation is highly unlikely. However, to trade cryptocurrencies, one has to determine the right time to dive into crypto investments. 

The demand for a cryptocurrency coin determines its price the most effectively. A digital coin’s value will rise due to high demand from buyers. In contrast, if a coin has a large token supply but little demand, its value will fall.

The level of token utility — that is, how valuable the token is — is another element that influences the price of a crypto coin. A complicated mining procedure would make increasing the supply of the coin more difficult. Hence, putting upward pressure on the price when demand is high.

How to Withdraw CryptoCurrency

When you sell your cryptocurrency, the transaction is not yet complete. The last step is to withdraw proceeds into either the bank or crypto wallet.

Withdrawing Cryptocurrency

It is not advised that you store your cryptocurrency on an exchange in the long term. Exchanges have the private keys to these wallets; hence your crypto may not be as safe as you think it would be from hackers. The safest option is to transfer the crypto into a secure wallet where only you can access your keys, such as CryptoWallet.com.

Withdrawing SGD

Depending on the choice of platform for selling, the withdrawal method might be different. Some may be Paypal, cash, bank transfer, or credit card. 

Here is a quick walkthrough to sell crypto to Xfers. Select on Trade, then Sell on a crypto exchange. Select a supported cryptocurrency then choose a fiat wallet. Finally, select your SGD Xfers accounts.

When choosing the most suitable withdrawal method, consider the fees, limits, processing times, and restrictions that may apply. These pointers will ensure you make a well-informed decision.

How to Choose the Best Way to Sell Crypto

As enticing as it sounds to find the best way to sell crypto, there is no such thing. What will work for a successful investor could work for you or not. Hence, it will vary from one person to another. Hence, it would be best if you worked out which one is the best one for you. You can start by asking yourself these questions:

• How quickly do you want to sell your crypto? 
• What price do you want to sell?
• How do you want to receive payment?
• What do you want in exchange for cryptocurrency?

The listed points will direct you to the decision of how you want to sell your crypto. From there, you can figure out which platforms or methods have all the features you need. Here is a list you can countercheck different options with to come up with the best decision:

Fees: Compare trading fees that apply.

Trading and withdrawal limits – Consider the limit on the amount you can sell

Price: Compare the exchange rates across different platforms

Security: Look into how safe the option is. You can look into 2-factor authentication or a reputation system.

Customer support: Check for the availability and schedules of the customer care system if anything goes wrong with the transaction.