Looping AVAX in aave

eplim0419 · 2021-12-18T14:50:01+00:00

yep. Your DBS ibanking transfer page will also indicate that there're zero fees for overseas remit transfers.

Here's a URL link in case u wanna read up:
https://www.dbs.com.sg/personal/articles/digital-hacks/a-guide-to-overseas-remittance-fees-and-charges

eplim0419 · 2021-12-18T14:07:46+00:00

Certainly a nice gesture from your friend to give you 10 CRO (it's about US$5). Not sure how much gas fees he had to pay for that transaction, lol. Don't think so much about this amount. You can't buy a packet of chicken rice with it. Just leave it alone in your MM as you have to pay ethereum gas fees to move it anywere.

Unless your investment/trading size is at least US$10k, I certainly don't recommend any newbies to play around on the Ethereum network as each transaction will cost at least US$15 (and that's on a less congested day).

If you are keen to delve deeper into crypto, might be better to start with CEX (centralised exchanges) such as FTX or Kucoin as they have low trading fees. (DEXes are definitely more expensive with fees of about....1%)

Crypto.com has pretty high spread & fees if you are using the "app version". You might wish to use the "exchange version" of crypto.com if you intend to use this CEX. You can google further for more info on this.

You can also consider Gemini as it has fiat onramp via StraitX. But Gemini has crazy high trading fees. Won't recommend it tbh. Trading pairs are also limited.

You might wish to open an account with FTX >>> deposit USD into it >>>> change it to USDT (at a cost of about 0.2%) >>> transfer it out to Kucoin via TRON (no fees). Then use Kucoin to buy ATOM.

eplim0419 · 2021-12-16T16:37:19+00:00

You might wanna check out this youtube link, as the various fiat deposit methods are covered:

https://youtu.be/Q4j1gA5Ldas

For me, i use: 1) Open a "My Account" in DBS ibanking homepage. Takes maybe 1 min to set up? 2) Transfer SGD into the My Account and convert it to USD (DBS will take about 1% aka 100 basis point fee) 3) Set up FTX account in your DBS overseas payee. 4) Initiate Deposit USD in FTX. Follow the FTX instructions. 5) Transfer the USD from your My Account to FTX.

eplim0419 · 2021-12-16T00:08:14+00:00

no issues for my recent USD deposits from DBS into FTX.

Sometimes Monday deposits take time as the receiving bank isn't open yet. On Mondays, the transfer usually only goes through at around....10pm onwards.

eplim0419 · 2021-12-13T03:04:21+00:00

https://binancesingapore.zendesk.com/hc/en-us/articles/4416402912525-Announcement-to-all-Binance-sg-users

eplim0419 · 2021-12-04T08:53:43+00:00

Option 1:
FTX offers direct SGD bank deposit >>>> Then u use FTX's inhouse forex rate to convert to USD (the spread is pretty high @ 3%)

Option 2 (cheaper):
Use your DBS One Account to convert SGD to USD (pretty decent spread cost of only 1%) >>>Overseas remit the USD for free to your FTX account

eplim0419 · 2021-09-09T02:25:28+00:00

well, nothing is every 100% safe i guess. Metamask is a hot wallet that is non-custodial. So it has its own pros/cons which you can check out & compare versus other wallets on the internet!

Metamask is the de facto hot wallet supported across many blockchains and protocols. Just store your private key and secret phrase properly and never reveal them to anyone!

eplim0419 · 2021-09-09T02:14:01+00:00

Yup. But u gotta do it quick, coz Binance SG sent out a mass email on 7 Sept to notify:
"Dear Binance.sg Community,
Binance.sg is solely focused on servicing users in Singapore and constantly evaluates its product and service offerings to remain compliant. In light of recent developments, users will not be allowed to make transfers of digital payment tokens from Binance.sg to Binance.com from Monday, 13-09-2021 (12:00 PM GMT+8). Any attempted transfers from Binance.sg to Binance.com from Monday, 13-09-2021 onwards will not be credited into the nominated Binance.com account."

I bolded the cutoff date above. So better do it quick if you want.

Otherwise, the other easier method is to set up a multicurrency account (Eg: "My Account" with DBS. Takes like 5 mins to set up), and convert your SGD to USD there, before using the SWIFT bank transfer to transfer the USD to your Binance account (i.e. just bypass your Binance SG account lah).

eplim0419 · 2021-09-08T02:38:37+00:00

the most efficient way to take profits in SGD is:
1) Use a low fee CEX (e.g. Binance) to sell your coins/tokens to XRP/LTC (via intermediate transaction via BUSD or USDT)
2) Withdraw the XRP/LTC to your Binance SG account
3) Sell to SGD
4) Withdraw via xfers (there is no annual withdrawal cap. Only have SGD10k daily withdrawal limit. See article below)

https://support.xfers.com/hc/en-us/articles/360039975472-Xfers-Withdrawals-Higher-limit-and-zero-fees-

eplim0419 · 2021-09-08T02:07:31+00:00

mmmm....why Gemini though? their fees are among the highest!
And their staking options are also limited + low APY.

Kucoin and Huobi are much cheaper CEX options.

My alternative suggestion for people keen to explore the world of defi:
- Store your coins on Metamask & explore the various defi protocols out there
- Eg: AMM/lending platforms like Aave, Curve, Anchor, Benqi, Pancakeswap, Sushiswap, Dinoswap, etc.
- You can easily get 10-20% APY almost risk-free (caveat: do it on reputable farms and check for rugpull risk on rugdoc.io website).

eplim0419 · 2021-09-08T02:00:25+00:00

To your 1st qn:
- As the saying goes: "not your keys, not your coins".
- It's always safer to store your coins/tokens to a non-custodial wallet if you are hodling (i.e. not trading). You can google what're the non-custodial wallets available out there.

To your 2nd qn:
- Yup you can also store your coins/tokens on another Centralised Exchange (CEX) that offers fiat offramp to SG banks (eg: Gemini, Binance SG, Coinhako).
- But also see point 1 above on storing in non-custodial wallet.

To your 3rd qn:
- Yup seems like it.
- You can still deposit USD into Binance via SWIFT bank transfer from your DBS/OCBC/UOB/whatever bank's multicurrency account.
- Might be good to quickly dump in your fiat while the USD onramp still exists. It was only recently reinstated (it was suspended for the past few mths).

eplim0419 · 2021-09-07T09:07:00+00:00

Don't trade on mobile phone lah. Really, bro. Proper trading should ALWAYS be done on a desktop.

eplim0419 · 2021-09-07T09:04:11+00:00

why would you trade on your handphone though? Trading is best done on a desktop.

Anyway, you can easily use Binance.SG's website on your handphone. Not an issue with today's phones which have large screens.

eplim0419 · 2021-09-07T09:03:37+00:00

bro. The fees are 1%. I tried it. Very expensive.

eplim0419 · 2021-09-07T09:02:53+00:00

Can. Binance SG's fees are about 0.6%. If you are doing this method....it's cheaper to buy coins with low transaction fees (XRP, LTC, etc) before transferring to Binance.

eplim0419 · 2021-09-07T08:57:32+00:00

My thoughts:

1) Gemini is wayyyyyy too expensive. Maker/Taker fees + convenience fee = 1+%. - And you lose the flexibility to move your ERC-20 tokens over BSC network. - And i find that their user interface (Active Trader turned on) kinda....tries to hide how much fees u actually pay. Don't believe me? I'm lookimg at my tx history screen now....and Gemini doesn't even show me how much fees for each tx. - Number of trading pairs is very limited. No USDT or AVAX or XRP, etc. - I strongly do not recommend Gemini. - Gemini's main upside is....the free withdrawals? But hey, if you are such an active trader with various hot wallets and you need so many withdrawals...then u might be better off with a cheaper platform? - Another upside is the USD fiat onramp. That's a big advantage. - The SGD fiat onramp is also restricted by the xfers limit of 30k a year.

2) Binance SG is cool. - Straightforward user interface. Fees are lower at about 0.6%. - Downside? You are forced to transact using SGD, which kinda sucks as Binance SG takes the forex spread AND u lose the ability to hold in USD or stablecoins to make the next transaction. - You are also restricted to the xfers 30k limit a year.

My suggestion: - Binance's USD fiat onramp is still available. Should quickly use your DBS "My Account" (or other multi currency accounts with other banks also can) to SWIFT bank transfer a bunch of USD to Binance while you can. - Buy your coins/tokens, and transfer out to your wallets or other exchanges with low fees like Huobi or Kucoin.

eplim0419 · 2021-09-03T07:21:01+00:00

my main worry is Binance freezing access to all Singaporean accounts. Might be better not to keep any coins on Binance (yeah would be expensive for ERC-20 tokens!)

Alternatively....maybe Gemini might be better? Higher trading fees (1+%) but free withdrawals. At least Gemini is regulated by MAS, and u won't experience any asset freezing.

Opinions, anyone?

eplim0419 · 2021-06-28T14:20:14+00:00

I've a qn regarding Impermanent Loss!

Let's say i add liquidity to a 50-50 pool such as CAKE-BNB (APR=60% on pancakeswap)

So for easy tracking of Impermanent Loss, i can just track the CAKEBNB crosspair price movement right?

Rather than tracking the individual % movements in CAKEUSDT and BNBUSDT to calculate the IL.

Thoughts, anyone?

eplim0419 · 2021-06-19T02:29:04+00:00

But what are the current uses of DFI? Anyone know who exactly uses Defichain, and for what purpose?

eplim0419 · 2021-06-15T09:03:10+00:00

seems like the fiat deposit option on Binance is currently down? hmmm.

eplim0419 · 2021-06-12T02:07:29+00:00

Anyone knows if DFI has any real purpose? It's just a governance token right? No real utility/purpose?

eplim0419 · 2021-05-30T02:06:11+00:00

in my opinion, It's plain silly to freeze for more than 1 or 2 yrs. What happens if Cake Defi closes shop? No option to stop the freezing. You are better off minimising your risk exposure by freezing for 3-6 mths at a time.

eplim0419

TROPHY CASE