How to exchange USDT to USD in Singapore

Independent Reserve is a MAS-licensed cryptocurrency exchange in Singapore. You can safely convert your USDT to USD and withdraw directly to your local bank account.

We support USDT on ERC-20 and TRC-20 networks and allow USD deposits and withdrawals via telegraphic transfer.

Step-by-step guide: USDT to USD on Independent Reserve

Create an Independent Reserve account

You can follow the instructions using the following guides:

• Personal account
• Corporate account

After creating your account, please note that you must complete the Risk Awareness Quiz before making any deposits.

Deposit USDT into your Independent Reserve account

On desktop

1. Log in to your Independent Reserve account

2. Click on ‘Accounts’

3. Look for ‘USDT’, then click on ‘Deposit’

4. Choose the correct network (ERC-20 or TRC-20) that matches your sending wallet or exchange.

5. Copy your Independent Reserve USDT deposit address and transfer the desired amount of USDT 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’.

Enter the details, then click ‘Confirm’.

On mobile app

1. Click on ‘Wallet’.

2. Look for ‘USDC’ and tap on it.

3. Under the opened bottomsheet, tap on the Wallet icon.

4. Tap on ‘Deposit USDT‘

5. Choose the correct network (ERC-20, or TRC-20) that matches your sending wallet or exchange.

6. Copy your Independent Reserve USDT deposit address and transfer the desired amount of USDC to it. After depositing, tap 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’.

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 USDT to a USDT address
• Wait for network confirmations before your balance is credited.

Convert your USDT to USD

Desktop

1. Go to ‘Markets’ in the top menu.

2. Look for USDT, then click on ‘Sell’.

3. Under ‘Paying into’, select ‘USD’ from the dropdown menu.

4. Enter the amount of USDT you want to sell, then click on the ‘Sell USDT’.

5. Review the estimated volume sold and total received. Once done, click on ‘Sell USDT’.

6. If the sell order is successful, you should see the status ‘Filled’ at the top of the order.

7. The USD will be credited to your USD wallet immediately.

Mobile app

1. Go to the ‘Markets’ tab

2. Look for ‘USDT’ and tap on it.

3. Tap on the ‘Sell’ button.

4. Choose Sell and select either:

1. 1. Market Order: executes instantly at the best available rate.
   2. Limit Order: executes only when your chosen price is reached.

5. Enter the amount of USDC you wish to sell, then click on ‘Preview order’

6. Review the estimated volume sold and total received. Once done, click on ‘Place order’

7. If the sell order is successful, you should see a ‘Successfully sold‘ pop-up window.

8. The SGD should be credited to your SGD wallet immediately.

Withdraw USD to your bank account

Currently, you can only withdraw USD to a SWIFT bank account. Follow the instructions in this guide to link your SWIFT 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 USD $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?

Limits may differ on a per-account basis. Please contact support@independentreserve.com if you require clarification.