In this article, I am going to share a method to onboard your Singapore dollars (SGD) into the stable coin USDC with FTX App (formerly known as BlockFolio)
This can be confusing to new users as the previously BlockFolio app is now simply call FTX.
Have website: Yes (ftx.com)
FTX (formerly known as BlockFolio)
No website, App only
Purpose: Wallet with interest yield
For this article I am going to talk about the non-pro FTX app, formerly known as BlockFolio. So I am going to refer to it as FTX BlockFolio App. Here are some ways I am using the FTX BlockFolio App:
- Onboard my SGD to USDC
- Track my crypto portfolio
- Earning interests on coins
The best thing about the app is that all transfers are free. No fees! For now.
Onboard my SGD to USDC
You earn your salary in Singapore dollars and you want to buy USDC. The first thing you need is US dollars. You will need a Multi-Currency account (MCA) like DBS Multiplier to wire your funds to the FTX BlockFolio App. A MCA allows you to remit your SGD to USD with zero fees. Of course you are subjected to the exchange rate offered by the bank. You can check if your current bank account offers Multi-Currency feature. If not, you have to open one.
Next you have to create an account with FTX BlockFolio App. You can use my referral https://link.blockfolio.com/9dzp/4cb8181 if you wish.
Next, you need to proceed with the Identity Verification process. This is compulsory for buying/selling coins as well as wiring your funds. Just follow the process to upload the necessary documents.
Once you're cleared the verification, you can search all coins for USD. Click the DEPOSIT button and Wire Transfer.
You will be presented with the Wire Transfer Instructions.
These are basically the information for the beneficiary you need to wire your funds.
Please take note of the account identifier, it is basically a special number you need to add to the comment/memo when you do your transfer in the bank app
Now switch over to your bank app/website to create a new overseas transfer beneficiary. It is quite straightforward to add the beneficiary details. Note that routing number is actually the same as clearing code. So key in all the necessary information and you are good to go.
As a precaution, you should send a small amount to test the transfer. Make sure you remember to put in the account identifier provided by FTX BlockFolio App in the comments/memo field.
The transfer might take a few days to show up on the FTX BlockFolio App. In my own experience, it's usually 1-2 days and the USD will show up in your app wallet.
But wait, that's not USDC. Yes, it will remain as USD when you receive the remit. But when you withdraw it out to another external wallet, you have the option to send it as USDC. The app will auto convert for you.
So there you have it, your SGD is now USDC to be sent to any external wallet or exchange. My personal favourite is to park the USDC at Hodlnaut.com to earn a whooping 12% interest per annum. You can read my article on How to earn interest on your Bitcoin on Hodlnaut.com.
Alternatively, you can simply leave your USD inside the FTX BlockFolio App and you will be able to earn 8% APY for your first 10k. That's a pretty decent interest rate as well. You will need to turn on the Earn Yield on Assets feature in your Settings -> Profile.
Lastly, the app is also a good crypto portfolio tracker. I have been using it for a long time and it has served me well.
I hope this article has been useful in showing how to onboard your SGD into USDC. Thank you for reading!
Trade Bitcoin, Doge, and other crypto with zero fees on FTX. Use my referral code and get a free coin when you trade $10 worth.
This article first appeared on my blog.