We are doing 2 types of off-ramp:
1. If we are planning to off-ramp >US$10k, do it through FTX. Convert everything to USD and wire out to bank account.
2. Off-ramp smaller amount for daily expenses. This is harder because fees will make it not worth the time/effort. However, one can actually use the Crypto.com Visa Card to bypass/cut down on the fees.
1. Withdraw money from Anchor (UST 1,000)
2. Get your "Deposit" address for UST from FTX
Technically you can use any exchange that accepts both UST and USDC. If you are wondering why USDC, that's because that's the only stablecoin accepted by Crypto.com now.
Technically you can use any exchange that accepts both UST and USDC. If you are wondering why USDC, that's because that's the only stablecoin accepted by Crypto.com now.
Again, I can't stress this enough - always make sure you are transferring to the correct network, address and memo. Memo is your unique identifier when you are transferring to exchange. You can probably still get your crypto back without the memo but it is going to be a very painful and long process.
FTX: We will receive 25.00% of your trading fees and you will receive a 5.00% fee discount on all of your trades.
3. Send UST from wallet to FTX
You should get the UST in your FTX account almost immediately (<1 min).
5. Get your "Deposit" address for USDC from Crypto.com
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Select "Transfer" followed by "Deposit".
Go to either "Accounts" then "Crypto Wallet" or find USDC under "Track".
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Crypto.com: Sign up using our link, stake SG$500 worth of CRO and we both get US$25 in CRO
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7. Top up the Crypto.com Visa Card
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Select "Top Up".
Top up using USDC.
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Done! I admit that this might be slightly troublesome for now but I guess we just got to be patient and wait for Crypto.com to accept UST deposit :)
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Based on my experience, this is probably the most cost-effective way to off-ramp and spend those small crypto profits. I have even tried the IBC (osmosis and crypto.org) route but this is the preferred way cause we are using stablecoins throughout (no volatility while transferring). Let me know if you are doing it differently/better.
As you can see, the exchange rate provided by Crypto.com is actually quite competitive.
6. Send USDC from FTX to Crypto.com
Select "Withdraw" for USD followed by "Withdraw USDC".
Paste the Solana address and ensure that the withdrawal method/network is Solana too. In this case, there is no memo which means that the wallet itself is unique for each user. Sending to the wrong address will mean the fund is almost irrecoverable. Anyway, I will typically send a small amount to test because if it goes through, there is no need to worry about a bigger amount.
The transfer is relatively fast as well (<5 min) unless the whole Solana network goes down. lol.
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The google rate as a reference but given that it is almost impossible to get that rate, let's use the rate from DBS.
I know that Crypto.com recently cut the cashback and remove the staking rewards but honestly, I don't really care. I just like the convenience/ability to spend our Anchor Earn interest/crypto passive income :)
What's stopping you from exploring crypto? If Mark Lee (李国煌) can DeFi, so can you. lol.
Anyway, I have blogged about different ways to leverage crypto to build wealth for people with different risk appetites:
The safer approach using stablecoins (I have stopped using this)
Risky approach but more hassle-free (I have stopped using this too)
Highest risk and you are on your own
- DeFi apps on Binance Smart Chain (BSC) such as PancakeSwap and PancakeBunny
Retirement Hack
- Retiring using Anchor Earn + Crypto.com Visa Card
If you are interested in the platform I am using, do sign up using our referral links for some bonus :)
BlockFi: Deposits US$100 or more into your BlockFi Interest Account (BIA), you will earn US$10 in BTC and we will earn US$10 in BTC too.
BlockFi: Deposits US$100 or more into your BlockFi Interest Account (BIA), you will earn US$10 in BTC and we will earn US$10 in BTC too.
Celsius Network: Earn US$50 in BTC with your first transfer of US$400 or more and we will earn US$50 in BTC too.
CakeDeFi - Deposits US$50 or more into your CakeDeFi account, you will earn US$30 in DFI and we will earn US$10 in DFI too.
Gemini: We will both receive US$10 of bitcoin after you buy or sell US$100.
Crypto.com: Sign up using our link, stake SG$500 worth of CRO and we both get US$25 in CRO
FTX: We will receive 25.00% of your trading fees and you will receive a 5.00% fee discount on all of your trades.
On a side note, Futu's moomoo app is giving free SEA share for their sign-up promotion. Do read the T&C here for more information. If you have yet to open an account, you can do so using our referral link :)
Accidentally clicked on the annoying ads? Let me thank you in advance as you are indirectly doing good as we will be Donating 100% Ads Revenue Going Forward!
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2. Twitter - KPO and CZM
3. Click here to subscribe using email :)
4. Instagram - KPO_and_CZM (Did you see those delicious food photos to the right --> Unfortunately, you can't see it on mobile.)
hi, do you guys buy insurance for your UST on anchor ? and given that anchor has switched to a floating rate system, any backup plans if yield drop too low
ReplyDeleteHi Blim,
DeleteWe didn't buy any insurance but our risk appetite is pretty high or rather I believe UST will not depeg. The lowest the yield will go is 15% and TFL has already hinted on continuing to subsidize/top up the yield reserve for the next 1-2 years. I will take 15% anytime over any new/unproven yield farm/defi platform so no plans for now. In my opinion, Anchor is easily still the safest/best option for farming stablecoin.
wow.. did u managed to get out ? depegging at the moment....
DeleteI believe the same exchange rate is used if you were to convert USDC to XSGD and then offramp by depositing to Fiat Wallet via StraitsX on the crypto.com app. You can then withdraw the balance from your StraitsX(previously Xfers) account to your bank account.
ReplyDeleteHi Steve,
DeleteThanks for sharing! I have not tried this before but the last time I was using Xfers, there was a SG$30k limit per year? Not a suitable off-ramp for people who made more money?
Hi, any comments on the recent Terra Luna and Anchor crash? What happened to your portfolio in this bloody season?
ReplyDeleteTo Deposit GBP in Coinbase account, first, log in and navigate to the "Portfolio" section. Select "Deposit" next to the GBP wallet, and choose the "Bank Deposit" option. You'll receive Coinbase’s bank details and a reference number. Use these details to initiate a bank transfer from your UK bank account. Ensure you include the reference number to avoid delays. Bank transfers typically take 1-3 business days, and once processed, your GBP will be available in your Coinbase account for trading or withdrawal.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteCoinbase Account Restrictions can occur for various reasons, including violations of platform policies, suspicious activity, or issues related to account verification. Restrictions may limit your ability to buy, sell, or withdraw cryptocurrency. Common causes include incomplete identity verification, failed transactions, or security concerns such as multiple failed login attempts. To resolve restrictions, ensure your identity verification is up to date, review any emails from Coinbase regarding the restriction, and follow the instructions provided. In some cases, you may need to contact Coinbase support for further assistance in lifting the restrictions.
ReplyDeleteTo Transfer Money from Venmo to Cash App, you’ll need to link a mutual bank account to both apps. First, transfer your funds from Venmo to your linked bank account by selecting “Transfer to Bank” in Venmo and choosing the bank account. Once the funds are available in your bank account, open Cash App, tap “Add Cash,” and transfer the desired amount from your bank to Cash App. Unfortunately, there’s no direct transfer option between Venmo and Cash App, so using a bank account is necessary.
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