Crypto on-ramp channel comparison
This article is meant for Singaporeans or a Singapore based person to on-ramp fiat to crypto. I will compare the different on-ramp methods. If you found it useful, please support me through the use of my referral link to set up Gemini account, Crypto.com account, Coinbase account or Coinhako account
Updated: 21st Nov 2023
A cryptocurrency on-ramp refers to the process of converting traditional fiat currency (such as US dollars, euros, etc.) into a cryptocurrency, such as Bitcoin or Ethereum. It is essentially a gateway or entry point that allows individuals to enter the world of cryptocurrencies.
On-ramps are typically provided by cryptocurrency exchanges, which are platforms that enable users to buy, sell, and trade cryptocurrencies. They typically accept deposits in fiat currency via various payment methods, such as bank transfers or credit/debit cards, which can then be used to purchase cryptocurrencies.
The term “on-ramp” implies that it is the starting point for entering the cryptocurrency world, and off-ramps are the opposite, allowing users to convert their cryptocurrencies back into fiat currency. Overall, on-ramps are crucial for the growth and adoption of cryptocurrencies, as they provide an accessible way for people to invest in and use them.
Currently, there are several channels to on-ramp for Singaporeans or people in Singapore. I will compare the different channels so that you can be better informed on which channel to choose.
I will not consider on-ramp channels requiring the use of credit/debit cards since the use of cards will impose a transaction/processing fee of at least 3%, significantly eating into your transfer funds.
For this article, I consider the whole end-to-end process of transferring funds from a local bank to be exchanged for cryptocurrency on any intermediaries (such as a centralised exchange) and finally transferred out to a personal hot/cold wallet (such as metamask or Ledger).
Coinbase on-ramp
Pros:
- On-ramp SGD or USD (new as of 21st Nov 2023)
- Simple and direct deposit process
- Almost instantaneous deposit through FAST or Paynow
- Zero commission fees for transfer (as of 9th Aug 2023)
- Directly swap SGD for cryptocurrencies within Coinbase app
- Zero fees for swapping to and transferring USDC. Read more here.
- Extensive supported cryptocurrencies (over 150 cryptocurrencies)
Cons:
- Not the best forex rate for conversion from SGD to USD
- Opaque Coinbase fees only made known to user upon swap/trade/transfer order
- Swap fees can be expensive and includes GST
- Cefi (Centralised Finance) risks
Coinbase on-ramp is the one of the fastest and simplest method to on-ramp to an exchange. However, the fees are a little high for all cryptocurrencies with the exception of USDC.
This on-ramp method is thus recommended if you need to on-ramp urgently, if you are willing to pay for convenience, or if you are only interested in swapping for USDC.
Read my step-by-step guide to on-ramp through Coinbase
Crypto.com on-ramp
Pros:
- On-ramp SGD or EUR
- Simple and direct deposit process (in Crypto.com app, not Crypto.com exchange app)
- Almost instantaneous deposit through FAST
- Zero commission fees for transfer (as of 9th Aug 2023)
- Directly swap SGD/XSGD for cryptocurrencies within Crypto.com app
- Competitive trading fees (from 0.075%) for buying and selling cryptocurrency on Crypto.com exchange
- Transparent trading and transfer fee structure
- Extensive supported cryptocurrencies (over 250 cryptocurrencies)
Cons:
- Not the best forex rate for conversion from SGD to USD
- Higher than average withdrawal fees
- Cefi (Centralised Finance) risks
Like the Coinbase on-ramp mentioned above, Crypto.com on-ramp is the one of the fastest and simplest method to on-ramp to an exchange. While the forex rates might not be the best, Crypto.com exchange offers competitive trading fees to buy or sell cryptocurrencies.
This on-ramp method is recommended if you need to on-ramp urgently with relatively cheap fees overall.
Gemini on-ramp
Pros:
- On-ramp USD
- Cheap on-ramp and swap method if optimised. Find optimisation tips here
- No fees for transfer (if done through DBS bank)
- Relatively simple deposit process after initial setup
- Transparent trading and transfer fee structure
- Cheap withdrawal fees (based on blockchain transfer gas fees)
- Extensive supported cryptocurrencies (over 120 cryptocurrencies)
Cons:
- Deposit through international wire transfer. Deposit duration depends on US bank opening hours (typically less than 1 business day)
- Limited variety of cryptocurrencies on its exchange
- Limited variety of blockchain networks to transfer out cryptocurrencies
- Cefi risks
Gemini on-ramp can be the cheapest method to on-ramp to an exchange if optimised. However, the optimised method involves transferring your money through a forex exchange for better rates, incurring a delay of about 1 day. The international wire transfer is also slower than FAST transfer. Overall, you will need to cater up to 2 business days to complete the whole optimised process.
Having said that, you enjoy the best forex rates in the market, free wire transfer, decent trading fees (up to 0.4% maker fee, 0.2% taker fee), and decent transfer fees. Compared to other on-ramp methods, on-ramp through Gemini is one of the cheapest for me.
This method is recommended if your transfer is not urgent.
Read my step-by-step guide to on-ramp through Gemini
Coinhako on-ramp
Pros:
- On-ramp SGD
- Simple and direct deposit process
- Almost instantaneous deposit through FAST or Paynow
- No fees for transfer
- Directly swap SGD for cryptocurrencies within Coinbase app
Cons:
- Not the best forex rate for conversion from SGD to USD
- Trading fees are on the higher side (0.6% to buy, sell or swap, 0.3% for stablecoins)
- Limited supported cryptocurrencies (over 40)
- Cefi risks
The pros and cons for Coinhako are almost the same as that for Coinbase. Coinhako on-ramp is the one of the fastest and simplest method to on-ramp to an exchange. However, the fees are a little high for all cryptocurrencies compared to Gemini.
This on-ramp method is thus recommended only if you need to on-ramp urgently or if you are willing to pay for convenience.
StraitsX (formerly Xfers) on-ramp
Pros:
- On-ramp SGD
- Simple and direct deposit process
- Almost instantaneous deposit through FAST
- No fees for transfer
- Directly swap SGD to XSGD token in 1:1 ratio
- Cheap withdrawal fees (based on blockchain transfer gas fees)
- Can be cheap to swap to cryptocurrencies in defi
Cons:
- Requires defi knowledge to swap XSGD/USDC token to other cryptocurrencies
- Cefi (Centralised Finance) risks at StraitsX
StraitsX focuses on minting XSGD/USDC with the fiat that you deposit. It has very limited swap features on its app. Therefore, the use of StraitsX is to on-ramp fiat to XSGD/USDC onto the blockchain. Swaps to other cryptocurrencies should be done on defi (such as https://swap.defillama.com/). Swaps on defi can be cheap and efficient.
This on-ramp method is thus recommended only if you need have sufficient knowledge of defi.
Read my guide to on-ramp to your self-custodial wallet using StraitsX
Popular on-ramp methods not supported for Singapore
- Moonpay
- Binance
- Kucoin
Popular on-ramp methods with debit/credit card option only for Singapore
- Wyre
- Ramp network
- Transak
Dead on-ramp methods (for obvious reasons)
- FTX
Summary
I have combed through several on-ramp options and highlighted 5 on-ramp methods that are suitable for people in Singapore.
The cheapest method will be through Gemini, Crypto.com or StraitsX while Coinbase or Coinhako are slightly more expensive. The fastest method will be through Coinbase, Crypto.com, StraitsX or Coinhako.
StraitsX method requires defi knowledge since StraitsX app offers limited swap features.
I have listed on-ramp methods that are popular in crypto-sphere but unavailable to Singapore. I have also listed on-ramp methods that requires the use of debit/credit card. I did not go into the details for them due to the high transaction cost of using debit/credit card
Special mention of FTX which used to be the cheapest on-ramp for me but is obviously unavailable now.
Do you have a cheaper on-ramp method? Share with me in the comments below. If you have found this useful, consider using my referral link to set up your Coinbase, Crypto.com, Gemini or Coinhako account.
Set up Coinbase account (Referral code: n5nkws )
Set up Crypto.com account (Referral code: f2ujpn5mzx )
Set up Gemini account (Referral code: g9qkxxzfx )
Set up Coinhako account (Referral code: Wy2nf5r)
On ramp guides:
Read my step-by-step guide to on-ramp through Coinbase
Read my step-by-step guide to on-ramp through Gemini
Read my guide to on-ramp to self-custodial wallet using StraitsX
Off ramp guide:
