How to Fund your Binance.com Account in Singapore Using 15 Easy Steps
I first started out not knowing the difference between binance.sg and binance.com. I naively thought that “Hey, these two must be the same company since they have the same word — Binance — in them!”
Boy, was I wrong.
There are a number of differences between the two, but a quick google search will show you that binance.com has access to a wider pool of altcoins, better trading tools and overall lower transaction fees. Moreover, binance.com has access to tons of cool features such as BNB vault and launchpool — instruments where you can earn dividends while leaving your coins to appreciate in value.
However, there’s one silly caveat — its nearly impossible to fund your binance.com account directly with SGD from your bank account.
So, today I’m going to show you how to transfer your funds from binance.sg to binance.com!
In this exercise, I will be transferring SGD $500 from my Singapore bank account to my binance.com account.
- First up, verify and top up your Xfers account in binance.sg. Verifying your Xfers account takes a few days. You can easily transfer SGD from your bank account to your Xfers account. Topping up Xfers is free of charge.
2. Toggle between your binance.sg account and your bank account and follow the instructions.
3. Once you’ve sent the funds over from your bank account to Xfers, toggle back to your binance.sg account and click ‘I have transferred’.
4. Your Xfers wallet in binance.sg will be filled in a few minutes. It’s time to buy some coins! Now, which is the best coin to purchase for transactions? From binance.sg’s crypto fees list, it shows that NEO’s withdrawal fees are a hefty price of 0. So we’re going to buy just that.
Do note that this list may change from time to time. You can check out the fees more at https://www.binance.sg/en/fees.
5. There is a commission charge when buying Cryptos on binance.sg. This is a flat fee of 0.6% for all coins. For example, if I were to buy SGD$500 worth of NEO, the commission fee I would pay will be $3 ($500 x 0.6%). This means that I would be left with SGD$497 worth of NEO.
6. Go to your binance.sg account and click on the ‘Buy/Sell’ tab.
7. Type in the amount of NEO coin that you wish to buy. In this case, I want to use my Xfers account to buy $500 worth of NEO.
8. Great, now you’ve got your NEO in your binance.sg account! It’s time to transfer it to your binance.com account. Your amount should be reflected in the binance.sg dashboard below.
9. Login into your Binance.com account’s home page (go and create one beforehand here) and click on the ‘Fiat and Spot’ tab under ‘Wallet’.
You will be led to your ‘Fiat and Spot’ wallet page.
10. Type ‘NEO’ in the searchbar and click on the ‘deposit’ button.
11. When you click on ‘Deposit’, you will be led to your binance.com NEO wallet address page. Click on the copy icon.
12. Toggle back to your binance.sg account. Click on the ‘Account’ tab.
13. You will be led to your binance.sg Crypto wallet page. Click ‘send’.
14. Key in the amount of NEO that you wish to send to your binance.com account.
15. You’ll see that the commission fee for transferring NEO is absolutely free!
Toggle back to your binance.com account. You’ll notice that your NEO pops up in your binance.com Fiat and Spot wallet in a matter of seconds.
Congratulations, you’ve successfully transferred funds from your bank account to binance.com — for a grand total of $3! Of course, the ideal situation would be for binance.com to step their game up and allow direct bank transfers to their platform. But until then, this is the best way to do it.
Stay tuned for my next post, where I show you how to convert your NEO coin use it to purchase other altcoins.
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