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Step-by-step guide: USDC to SGD on Independent Reserve |
Independent Reserve is a MAS-licensed cryptocurrency exchange in Singapore. You can safely convert your USDC to SGD and withdraw directly to your local bank account.
We support USDC on ERC-20 and TRC-20 networks and allow SGD deposits and withdrawals via FAST bank transfer.
Step-by-step guide: USDC to SGD on Independent Reserve
1. Create an Independent Reserve account
You can follow the instructions using the following guides:
After creating your account, please note that you must complete the Risk Awareness Quiz before making any deposits.
2. Deposit USDC into your Independent Reserve account
On desktop
1. Log in to your Independent Reserve account
2. Click on ‘Accounts’
3. Look for ‘USDC’, then click on ‘Deposit’
4. Choose the correct network (ERC-20, Base, SPL or Arbitrum One) that matches your sending wallet or exchange.
5. Copy your Independent Reserve USDC deposit address and transfer the desired amount of USDC to it.
6. Click on the ‘I made a deposit’ button.
7. Click on ‘OK’.
8. At the top of the page, you will be prompted to verify your deposit if you are depositing from a new wallet address. Click on ‘Verify deposit’.
9. Enter the details, then click ‘Confirm’.
On mobile app
1. Click on ‘Wallet’.
2. Look for ‘USDC’, then click on ‘Deposit’.
3. Choose the correct network (ERC-20, Base, SPL or Arbitrum One) that matches your sending wallet or exchange.
4. Copy your Independent Reserve USDC deposit address and transfer the desired amount of USDC to it.
5. Click on the ‘I made a deposit’ button.
6. Click on ‘OK’.
7. At the top of the page, you will be prompted to verify your deposit if you are depositing from a new wallet address. Click on ‘Verify deposit’.
8. Enter the details, then click ‘Confirm’.
Important:
- Always double-check the network. Sending crypto over the wrong network may result in permanent loss of your funds.
- Ensure that the token you are depositing corresponds to the address, i.e USDC to a USDC address
- Wait for network confirmations before your balance is credited.
3. Convert your USDC to SGD
Desktop
1. Go to ‘Buy/Sell’ in the top menu.
2. Look for USDC, then click on ‘Sell’.
3. Enter the amount of USDC you want to sell, then click on the ‘Sell USDC’.
4. Review the estimated volume sold and total received. Once done, click on ‘Sell USDC’.
5. If the sell order is successful, you should see the status ‘Filled’ at the top of the order.
6. The SGD will be credited to your SGD wallet immediately.
Mobile app
1. Go to the ‘Markets’ tab.
2. Look for ‘USDC’ and tap on it
3. Tap on the ‘Sell’ button.
4. Choose Sell and select either:
-
- Market Order: executes instantly at the best available rate.
- Limit Order: executes only when your chosen price is reached.
5. Enter the amount of USDC you want to sell, then click on the ‘Sell USDC’.
6. Review the estimated volume sold and total received. Once done, click on ‘Sell USDC’.
7. If the sell order is successful, you should see the order status ‘Filled’.
8. The SGD will be credited to your SGD wallet immediately.
4. Withdraw SGD to your bank account
You will need to connect your bank account. You can follow the instructions using the following guide: How to link your bank account on Independent Reserve
Once done, you can follow the guides below to withdraw SGD to your bank account:
Frequently Asked Questions
Are there any fees for selling crypto?
- Buying and selling crypto incurs a 0.5% fee. Find our complete list of fees here.
- For transactions above SGD $50,000, you can use our over-the-counter crypto trading desk to help minimise price slippage.
Is there a withdrawal limit for bank transfers?
Depending on your personal transfer limits, the amount of money you can transfer using FAST may be limited. If you require a higher limit, you can request it via support@independentreserve.com.
