Wednesday, 31 January 2018

FYB-SG - Cashing out your Bitcoin (BTC) into SGD: Guide & Review

Thinking of cashing out your Bitcoin into SGD?
Alternative to Gemini? Yes, here you go.

Today, I will be doing a simple review of a local fiat-crypto exchange - FYB-SG.
I've actually created an account with FYB-SG some time ago, way before I've actually dipped my toes into the game of cryptocurrency. But I haven't been actually using this account till recently.

FYB-SG is a Singapore cryptocurrency exchange that have been operating since 2014. They have a really really simple platform, nothing much. No technical indicators, no funny pairs. Only Bitcoin (BTC).

For 2FA, you can use Google Authenticator for FYB-SG, simply click on 'Security' after registration and enable 2FA.

The price of Bitcoin does not differ too much from the big exchange in the market as well. It might even be slightly more after you've converted the price of BTC from USD to SGD due to the spreads.

It's actually pretty simple to navigate around and do simple transactions like depositing and withdrawing your fiat/crpyto.

Here's a simple guide for both people that are cashing in/out:
1. To those who would like to get into the crazy game, after you've created an account with them, click onto 'Deposit' as shown in the screenshot below:

Yes, you'll be able to deposit SGD instead of USD, hence it will save you pretty much on the shitty spreads. Do take note that it will take about 1 working day for your transaction to be reflected in FYB-SG.

To deposit SGD into your FYB-SG account, simply follow the instruction there which are pretty clear cut. The clear instructions to depositing via different banking platform is also shown when you scroll down.


2. To those that are planning to put some cash into your pocket after the exciting ride, scroll down after clicking on the 'Deposit'.















There will be a unique address that you can deposit your Bitcoin into from your wallet/exchange and also a QR code. Simply copy that address and paste it to whichever place you're withdrawing from and send. 

Next up, wait :)
Be patient. 
It's pretty fast, and requires only 3 block confirmation rather than some exchange that will require 12, 30 or so. 



After you've receive your BTC in your account, next you can proceed to sell them by clicking on 'Trade' that is just beside 'Deposit'. There you will be able to see the latest buy/sell price. You can choose to quantity to sell if not all of the BTC you hold in that account. 

The transaction fees is at 0.6% which I feel is very decent and not expensive.
I've personally tried by selling a small bit of Bitcoin for S$128.45 and I'm charged only $0.78 (0.6%)








 Following which, proceed to the 'Withdraw' Tab, there you will be able to withdraw the SGD after the sales of your Bitcoin to your Bank Account. Find your bank there and select your bank. Next, key in your account number and the amount to transfer.












You will be charge S$2 for withdrawal which I find it very cheap compared to the fees that are charged by Gemini (~S$20/withdrawal transaction).

Once again, you will need to wait patiently, which can take up to 2-3 working days to reach your bank :)

7 comments:

  1. Good writeup! Do they impose any transaction limits?

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    Replies
    1. If I remember correctly there's no limit ceiling n if u buy BTC by pending order in the order book u will get 50% discount on fees

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    2. Hi RetailTrader and Steven,

      Thank you for assisting with the answers, Steven.
      And yes, not to my knowledge on the transaction ceiling for FYB-SG.

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  2. Replies
    1. Hi MIM,

      Not alot actually, but exploring means to save on transaction costs! Haha! It seems that FYB-SG is relatively cheaper than Gemini for wihdrawal!

      Delete
  3. Sorry I am new to bitcoin, so the deposit is for you to put your money to FYB-SG to buy bitcoin? and the withdraw is that I send my bitcoin to the FYB-SG wallet and sell it than can cash out to SGD right? I got some bitcoin in coinbase, so I need to deposit the bitcoin to FYB-SG to sell right? thank you

    ReplyDelete
    Replies
    1. Hi Kim,

      Apologies for the late reply as I've missed out your comment.

      Yes, you're absolutely right. :)

      Delete