Step-by-step Crypto On-ramp through Coinbase guide
This article is meant for Singaporeans or a Singapore based person to on-ramp fiat to crypto through Coinbase. I will write in as much detail as possible. Disclaimer: This is article is not paid by Coinbase in case you are wondering. If you found it useful, please support me through the use of my referral link to set up Coinbase account. We both get $10 worth of BTC, win-win!
Updated 14TH Sep 2023
Coinbase needs little introduction. They are the biggest cryptocurrency exchange in the U.S. They started in 2012 and have survived numerous crypto winters to emerge as a popular platform to send, receive and trade cryptocurrencies. Over 200 assets can be accessed through the centralised exchange such as Bitcoin and Ethereum. They have also received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) under the Payment Services Act (PSA) to provide regulated Digital Payment Token (DPT) services. More information here.
Coinbase recently (15th Mar 2023) enabled on-ramp for SGD. There are now 2 methods to deposit SGD: Paynow and FAST transfer. These 2 on-ramp methods are much cheaper in fees compared to the use of credit card as a funding source. Furthermore, Coinbase is currently offering 0 fees for the direct transfer, 0 commission fees for buying USDC and 0 transfer fees for sending USDC to external wallet. This makes the use of Coinbase to purchase USDC one of the cheapest on-ramp channel around.
The use of FAST was also hassle free and practically instantaneous. I received notification that my fund was in my Coinbase account and ready for use within a minute!
For this guide, I’ll use the Coinbase app and DBS app on mobile to demonstrate the process. There should little difference through the use of Coinbase or DBS web app (or any other local bank app). Take note that the deposit must be from a bank account in your name. Here is the step-by-step guide:
- At the home screen of Coinbase app, tap on the “Add cash” icon (in red box) and select Bank Transfer. This brings you to the instructions page for FAST transfer
2. Head to your bank app to add local recipient with the details provided on this instructions page
3. Tap the transfer money icon on your bank app to transfer the amount you want to Coinbase. At the transfer money page,
- Select your appropriate bank account as the source,
- Select Coinbase as the recipient,
- Input the amount in SGD you want to transfer,
- And check that the transfer limit is higher than the amount you want to transfer to Coinbase.
There is no need to input any comments for recipient.
4. Confirm the transfer. Since it was made through FAST, you should receive notification of the deposit through the Coinbase app as well as an email really quickly. I tried during a working day, banking hour and received the respective notifications within a minute.
5. On the Coinbase app, tap on the “My assets” icon near the bottom to view your account balance. The new deposit should now be updated in your assets.
6. Alternatively, at the Add cash page, select PayNow. This brings you to the instructions page for PayNow transfer. Screenshot the QR code and save the picture
7. Head to your local bank app to transfer your SGD to Coinbase through PayNow. Select scan QR code option
8. Select the folder icon to open your photo album and select your screenshot of the coinbase QR code
9. The details of your PayNow transfer should now appear, showing the transfer destination as COINBASE SINGAPORE and your reference No. Now enter your desired transfer amount and confirm the transfer
10. You should receive notification of the deposit through the Coinbase app as well as an email really quickly. I tried during a working day, banking hour and received the respective notifications within a minute.
11. On the Coinbase app, tap on the “My assets” icon near the bottom to view your account balance. The new deposit should now be updated in your assets.
12. Congratulations, you now have SGD in your account to purchase your preferred cryptocurrency. To purchase cryptocurrency, simply tap the “Buy” icon on the Home screen, search and select the cryptocurrency of your choice and buy away!
And that is how you crypto on-ramp your money into your Coinbase account. Do you have another way to on-ramp your money? Share it with us in the comments. If you have found this useful, consider using my referral link to set up your Coinbase account.
Set up Coinbase account (Referral code: n5nkws ) — We both get $10 worth of BTC, win-win!
Read about the offer from Coinbase that you may not know.
Don’t feel like using Coinbase exchange? Read my step-by-step guide on how to on-ramp using Gemini.
Want to off-ramp? Read my step-by-step guide on how to off-ramp using Coinbase
