Quote:
Originally Posted by Datingafter35
So you exchange your sgd to usd then you park your usd to an exchange that locked your usd and Markup to allow you to buy bitcoin?
Or you can buy an external wallet to hold codes that represent your bitcoins.
I'm not trolling. I'm curious.
Then you load your bitcoin to an exchange to exchange back your usd then you pay fees to return it back to sgd.
Woa.
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1) You sign up for an account with an exchange (e.g. Gemini, Coinhako, Crypto.Com etc.).
2) Then you transfer your SGD into your account with the exchange
3) Use the SGD in the account to buy crypto assets (e.g. Bitcoin, Ether etc.)
At this point, the exchange holds your crypto assets. It's like you going to a money exchanger to swap your SGD to USD or THB or VND, except that the currency you are swapping to is still being held with the money exchanger (and not inside your physical wallet)
Should be okay (even safer) to leave your money with the exchange (choose a more reputable exchange), if the assets you are buying are less than $10k USD and/or you are new to the asset class.