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Step-by-step guide: USDC to USD on Independent Reserve |
Independent Reserve is a MAS-licensed cryptocurrency exchange in Singapore. You can safely convert your USDC to USD and withdraw directly to your local bank account.
We support USDC on ERC-20, Solana (SPL), Base and Arbitrum One networks and allow USD deposits and withdrawals via telegraphic transfer.
Step-by-step guide: USDC to USD on Independent Reserve
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.
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, SPL, Base 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, Solana (SPL), Base 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 USD
Desktop
1. Go to ‘Buy/Sell’ in the top menu.
2. Look for USDC, then click on ‘Sell’.
3. Under ‘Paying into’, select ‘USD’ from the dropdown menu.
4. Enter the amount of USDC you want to sell, then click on the ‘Sell USDC’.
5. Review the estimated volume sold and total received. Once done, click on ‘Sell USDC’.
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 ‘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. Under ‘Paying into’, select ‘USD’ from the dropdown menu.
6. Enter the amount of USDC you want to sell, then click on the ‘Sell USDC’.
7. Review the estimated volume sold and total received. Once done, click on ‘Sell USDC’.
8. If the sell order is successful, you should see the order status ‘Filled’.
9. The USD will be credited to your USD wallet immediately.
4. 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.
