How to sell Bitcoin In Singapore
If you’ve taken the leap and bought some Bitcoin, it’s equally important that you know how (and when) to cash out and sell.
In this guide we’ll walk you through the different ways you can sell Bitcoin in Singapore, as well as the ins and outs of converting your BTC to Singapore dollars or another cryptocurrency.
A step-by-step guide to selling Bitcoin
There are two main options available when selling your BTC holdings:
- Selling Bitcoin for fiat currency, such as Singapore dollars (SGD)
- Selling Bitcoin for another cryptocurrency, such as Ethereum, XRP or any number of other altcoins
For many people, the main aim when selling Bitcoin will be to cash out for SGD, so you can find instructions on how to do that below.
However, if you want to trade your BTC for another crypto, we’ve included a step-by-step guide on how to do that as well.
Selling BTC for Singapore dollars
If you want to sell BTC for fiat currency, here’s an example of how you can do it:
Step 1: Register on an exchange that lists BTC/SGP trading pair:
As the world’s oldest and most-renowned cryptocurrency, Bitcoin is listed on the vast majority of crypto exchanges. Most exchanges that let you buy Bitcoin with fiat currency will also let you sell Bitcoin for fiat currency.
There are many exchanges available, so compare the features of a few to find a platform that meets your needs. You can then sign up for an account by providing your email address and creating a password. To satisfy Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations, most exchanges will also require you to provide your full name, address and proof of ID.
Once you’ve created an account, make sure you enable 2-factor authentication for added security before moving on to step 2.
Step 2: Deposit bitcoin into your account:
Before you can sell your Bitcoin, you’ll need to transfer it into the wallet of your chosen exchange. This means you’ll need to log in to your exchange account, find the deposit address for Bitcoin, and then transfer BTC from your external wallet to that address.
On most exchanges, you can find your exchange Bitcoin wallet address by looking for a section that says “wallets” or by going to the “deposits” section and selecting Bitcoin as the deposit method.
For example, if you’re using Coinhako, you can do this by clicking on the “Wallets” tab at the top of the screen and search for BTC under “Transfer funds”. Click “Receive BTC” and you’ll be supplied with the address to which you can transfer BTC.
What does a Bitcoin wallet address look like?
Bitcoin wallet addresses consist of 25 to 36 alphanumeric characters. They will always begin with either a “1”, a “2” or “bc1”. For example:
Funds may be lost if you try to send Bitcoin to a non-Bitcoin address, so it’s worth double checking to make sure you’re looking at an address that begins with the correct prefix.
Step 3: Sell BTC:
Once the coins have arrived in your account, navigate your way to the trading section of your chosen platform. Find the currency pair you want to trade and then enter the full details of your sale.
For example, on Binance you can do this by clicking on “Exchange” and selecting either the “Basic” or “Advanced” trading view. Use the box on the right of screen to search for your desired trading pair – let’s say BTC/ETH for the sake of this example – and choose the type of order you want to place.
You can then type in how much BTC you want to sell, review the details of the transaction and click “Sell BTC”.
Step 4: Transfer your new currency into a secure walletWhile you can keep your new crypto in your exchange wallet if you plan on making regular trades, the security risks associated with exchanges mean this is risky and not recommended for long-term holding.
With this in mind, find a crypto wallet that supports your new digital currency and allows you to control your private key. Create your wallet, find its deposit address and then transfer your crypto from the exchange into your wallet.
For example, you can withdraw coins from your Binance account by clicking the “Funds” drop-down menu and selecting “Withdrawals”. Select the currency you want to transfer, specify your withdrawal amount and then enter your wallet address. Your new cryptocurrency will then be sent to your private wallet for safe storage.
Where to sell Bitcoin in Singapore
- Independent Reserve Exchange
- Crypto.com App
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