One of the key issue that investors face is to on-ramp SGD to USD into Crypto CEX.
As you may have already know, DBS and Crypto.com etc the spread for the conversion of SGD to USD rate are very bad. Most of the time, people will use 3rd party platform like Moomoo to convert SGD to USD, then send USD to DBS before sending USD via DBS Remit to FTX.
For those who have used interactive Brokers before know that their currency conversion rate are excellent and even at spot rate with about $2 commissions.
Let me share this guide with you!
Step 1: Refer to my guide (Guide: Fund FTX by sending USD from Singapore DBS Remit) to get the receiving bank account information of your FTX. Initiate a transfer amount (e.g. $5 USD) in FTX. Always remember to use small amount to test if you are not confident.
Step 2: Login to Interactive Brokers -> Withdrawal -> Select “USD” as the currency that you want to withdraw -> Choose Use this Method under Bank Wire -> key in the receiving bank details and the account identifier as per what is shown in FTX.
Note: Your unique identifier at FTX should be input to field “Account Number at Financial Institution”, and the “Financial Institution’s Bank Account Number” is the account number for the bank of FTX.
Step 3: Go to Interactive Brokers to initiate the withdrawal from Interactive Brokers to FTX.
The withdrawal is very fast if you do during US daytime. I initiate the transfer around 11.50pm and got the fund in FTX on 12.32 am about 30 minutes later.