HWZ Forums

Hafi · 20-02-2017, 08:03 AM

frenchbriefs wrote:

i was thinking of buying 1k to fund online purchases or as emergency funds when im overseas but the price is so volatile....but it seems to be on a long term upswing though and bitcoin is starting to be a popular payment option among online merchants.

The bitcoin price is irrelevant if you intend to buy bitcoin and use it immediately... ie you buy 1k worth of bitcoin and spend it on a 1k item within the hour, you will lose out on the currency exchange rate SGD--->USD and some % bitcoin fee.

If you want to buy and hold bitcoin now (@USD$1055) then it is not really advisable because China being Bitcoin largest market can just make any bearish comment and bitcoin price will just tank. There are 2 cases of such example since the start of 2017 already. Want to invest better wait for it to drop to the $800 range or lower.

havetheveryfun · 20-02-2017, 09:17 AM

bluevalley2000 wrote:

Does anyone still use FYB-SG lately? Are they still active and operational? Any feedback on reliability, security? I couldn't find any review, and their site seem quite simplistic.

Other than FYB-SG, where do you buy/sell bitcoins these days?

Thanks in advance.

Coinhako as mentioned by previous posters. Site is simple to use yet look more professional

bluevalley2000 · 20-02-2017, 10:06 PM

havetheveryfun wrote:

Coinhako as mentioned by previous posters. Site is simple to use yet look more professional

Thanks for your reply. Frankly, I find establishing bitcoin as a mainstream currency is still a long way to go. Buying and selling still isn't so easy, and includes the constant worry of how reliable and secure the providers are to park your money with them and trade.

I will take a look at Coinhako. Also, I read about itBit. Thanks.

evilgod08 · 20-02-2017, 10:07 PM

havetheveryfun wrote:

Coinhako as mentioned by previous posters. Site is simple to use yet look more professional

i'm using Luno. If you use the trade instead of buy/sell function there are no charges.

bluevalley2000 · 20-02-2017, 10:14 PM

evilgod08 wrote:

i'm using Luno. If you use the trade instead of buy/sell function there are no charges.

Thanks. I'll check Luno out.

I also came across this blog: https://www.bestbitcoinexchange.io/. Rank # 1 is CoinBase. I went to the coinbase site, and they also support SG customers. Will browse and check this site more.

evilgod08 · 20-02-2017, 10:17 PM

bluevalley2000 wrote:

Thanks. I'll check Luno out.

I also came across this blog: https://www.bestbitcoinexchange.io/. Rank # 1 is CoinBase. I went to the coinbase site, and they also support SG customers. Will browse and check this site more.

ya i think they are one of the bigger players but their charges was 1+ % i think. Luno is having promo for SG that's why zero fees for trading

bluevalley2000 · 20-02-2017, 10:29 PM

evilgod08 wrote:

ya i think they are one of the bigger players but their charges was 1+ % i think. Luno is having promo for SG that's why zero fees for trading

I actually have some bitcoins and I want to sell it to either USD or SGD at this time. Would Luno be a good platform for this?

BTW, I can't find Coinbase fees in their help section.

havetheveryfun · 21-02-2017, 12:04 AM

bluevalley2000 wrote:

Thanks. I'll check Luno out.

I also came across this blog: https://www.bestbitcoinexchange.io/. Rank # 1 is CoinBase. I went to the coinbase site, and they also support SG customers. Will browse and check this site more.

The thing about those sites there is that it is difficult for you to deal in coins and you may lose a bit to wire fees and exchange rates.

That's why you use sites like Coinhako and Luno, I haven't used Luno before but it seems to be a Singapore company so it should be the same as Coinhako - you can directly use FAST bank transfer to top up your account and then buy the coins using the funds.

bluevalley2000 wrote:

Thanks for your reply. Frankly, I find establishing bitcoin as a mainstream currency is still a long way to go. Buying and selling still isn't so easy, and includes the constant worry of how reliable and secure the providers are to park your money with them and trade.

I will take a look at Coinhako. Also, I read about itBit. Thanks.

yeah of course, personally don't think bitcoin will ever become a mainstream currency unless some president or big superpower endorse it.

bitcoin exchanges and wallets can disappear overnight too as they are not really regulated yet.

but buying and selling is pretty easy if you use any of the Singapore or asia sites, just bank transfer here and there only and then wait for a few days. if you use sites like coinbase, you still have to do international wire transfer (which you may not be able to do through ibanking), etc.

evilgod08 · 21-02-2017, 09:55 AM

bluevalley2000 wrote:

I actually have some bitcoins and I want to sell it to either USD or SGD at this time. Would Luno be a good platform for this?

BTW, I can't find Coinbase fees in their help section.

selling in SGD should be no problem....

i think the currency is tied to your location so not sure if it allows 1 acct to be maintained with 2 currencies. i have not tried.

evilgod08 · 21-02-2017, 10:19 PM

bluevalley2000 wrote:

I actually have some bitcoins and I want to sell it to either USD or SGD at this time. Would Luno be a good platform for this?

BTW, I can't find Coinbase fees in their help section.

Coinbase's charges..

https://support.coinbase.com/custome...-withdraw-fees

bluevalley2000 · 23-02-2017, 09:35 AM

evilgod08 wrote:

Coinbase's charges..

https://support.coinbase.com/custome...-withdraw-fees

Thanks.

Bro havetheveryfun is correct. For Coinbase, I just realised their funding method is via xfers, which I only heard now. From what I understand, xfers is an intermediary to your bank account, so in addition to coinbase buy/sell fees of 1.49%, they will also charge you a fee.

greenarrow_23 · 25-02-2017, 12:49 PM

bluevalley2000 wrote:

Thanks.

Bro havetheveryfun is correct. For Coinbase, I just realised their funding method is via xfers, which I only heard now. From what I understand, xfers is an intermediary to your bank account, so in addition to coinbase buy/sell fees of 1.49%, they will also charge you a fee.

This is not true. Xfers does not charge you anything. It is a Singapore company as well. I am a customer of Coinbase too.