How to cash out your crypto in Singapore (SGD)?

Summary

TL;DR Use Binance.sg to sell your crypto and cash out to your local bank account

SGD ExchangesTrading FeesWithdrawal Fees
Gemini1.49%None
Binance.sg0.6%None
Coinhako0.75% to 1%$2
* The trading fees are for $2000 worth of crypto

Approach

We use an example typical situation when cashing out crypto and measure it against the three known SGD/Crypto exchanges:

Scenerio: Withdrawing 1 ETH to SGD, assumption is price of 1 ETH = SGD$2000

Gemini

Personally I’ve used Gemini to cash out before and they are extremely fast, you can get the cash out within the day. As the trading fees are most prohibitive among the three options, I wouldn’t use it unless necessary.

There are no fees for withdrawing SGD from Gemini to local banks such as DBS. However you are subjected to a daily limit of SGD$20K. (limit imposed by Xfers) See reference: Gemini Fees

Total fees = selling ETH on Gemini (1.49%) = SGD$29.80

Binance.sg

Withdraw from Binance Cash Wallet to Xfers is free. Again the withdrawal is subjected to a daily limit of SGD 20K (limit imposed by Xfers). Due to Binance.sg competitive trading fees of 0.6%, it is the cheapest option for this scenario. Personally, I would use this as the cash out option moving forward. See reference: Binance Fees.

Total fees = selling ETH on Gemini (0.6%) = SGD $12

Coinhako

Coinhako was there at the beginning of my first baby steps into crypto back in 2017. It was the only option to cash out for a long time, and the fees are sort of in-between the other two options. Coinhako charges an admin fee of SGD $2 for bank transfer withdrawals. See Reference: Coinhako fees

Total fees = selling ETH on Coinhako (1 %) + SGD$2= SGD $22

Note that Coinhako has a points reward system where users can earn loyalty points by transacting and logging in daily. Users can spend 250 loyal points to reduce the cost of the transaction by 25%. Below are the fees after applying for this.

Total fees = selling ETH on Coinhako (0.75 %) + SGD$2= SGD $17

So even with the loyalty points, Coinhako is still not as cheap as Binance.sg.