2019 Guide For Buying Ethereum (ETH) in Singapore
Step for exchange
- Sign up
- Verification Process KYC (Know Your Customer)
Steps for P2P (Escrow)
- Look for P2P Websites (Localbitcoins.com, Remitano).
- Find a reputable seller with good reviews (Above 90%).
- Click buy and contact seller. Seller’s ETH amt will be locked in escrow.
- Sellers will receive your trade request.
- Seller will perform verification on you.
- Seller will provide a bank account number to make payment (Full amount – P2P takes a 1% cut of the full ETH amt from seller)
- Once you make payment, Seller will release locked in ETH amt from the escrow
Steps for P2P (Direct Seller)
- If you exchange numbers with the seller, you can directly buy from the seller & negotiate a cheaper rate
- Ask seller for rate (Usually, 0.5% off usual rates) – if $10,000 transaction, you save 10,000 * 0.5% = $50.
- Pay seller online bank transfer or cash in person
- Once seller receive your money, seller will transfer ETH to your ETH wallet
- Credit card
- Withdrawal limit
- Strict KYC
P2P (Peer to Peer)
- Fast transaction
- No escrow protection (Important to find reputable seller)