Disclaimer: This article does NOT provide financial advice. It is purely for educational purpose only. Please practise due diligence before getting started with trading crypto and always manage risk sensibly. Also, read my affiliate disclosure to understand how some of the links here work.
In my last update of my crypto adventure, I shared about how I bought USDT at Binance. And also how I bought the 4C Trading bots to do automatic crypto trading for me. This is so that I can make money from cryptocurrencies.
I could have continued to spread my portfolio by buying Bitcoin on Binance. Today, I share with you Why I Did Not Buy Bitcoin From Binance.com?
It was because it would cost me another 2% fee since I have to use credit card. And I did not want to pay that fee again. If I use credit card every time to buy crypto, that 2% will accumulate to a substantial amount.
So what did I do? How did I manage to buy Bitcoin?
Why I Did Not Buy Bitcoin From Binance .com? – The Video
Here is a video I made that shared about Why I Did Not Buy Bitcoin from Binance.com. When you watch the video, you will see which option I used to buy the Bitcoin, and how I did it. I hope you enjoy watching the video. And please remember to subscribe to the channel as well as like the video, too!
What is Binance?
I have mentioned about Binance in the past blog posts. And here is a gentle reminder what it is all about.
Basically, Binance is a cryptocurrency exchange. It is one of the largest and more trusted one in the crypto market. It is also a platform for trading various types of cryptocurrencies.
Why I Did Not Buy Bitcoin From Binance.com?
On Binance .com, I can only buy cryptocurrencies using my credit card. As shared on my previous blog post, I did that so that 4C Trading Bots can use the USDT that I bought and trade with it. This is because for the C Trading bots to do auto trading for you, you need to have USDT on Binance .com because the APIs only works with Binance .com.
As mentioned above, every time I used credit card to buy crypto, there will be a 2% fee. Over time, this accumulates to costs.
I did a bit of digging, and I found out that there is a Binance Singapore site. Turns out that Binance .sg and Binance .com work differently from each other. Since I am from Singapore, I can buy crypto on Binance Singapore site.
And when I do, I can buy it via bank transfer with no fees. No need to use credit card. And no 2% fees.
But there is another level of check and security in order to buy Bitcoin in Singapore. I have to do it with an Xfers account.
What is Xfers?
According to their website, Xfers is a “Singapore-based payment processing gateway offering credit card processing and Internet banking transfers”. Ultimately, if I want to buy crypto on crypto exchanges like Binance, this platform is required for me, as a Singaporean.
I need to open an account with Xfers. Only then can I do bank transfers and put SGD (Singapore Dollars) into my Xfers eWallet. And from there, I can link Xfers with my Binance .sg account, and buy crypto.
How to open an Xfers account?
As required, I opened an Xfers account. And I share here with you how I did it.
You simply go to their website. Then click on the button to register an account with them.
After that, the steps are straightforward. Simply follow the steps given to open your account.
After you have opened an account with Xfers, do take note that you will need to verify your self with Xfers. You must complete this verification before you can make any transfers.
Again, just follow the instructions by Xfers on how to complete this verification.
How Did I Buy Crypto Eventually?
After I have successfully opened an Xfers account, I managed to transfer some SGD into the Xfers eWallet. Again, they have very clear steps on how to set up their bank details on your bank account so that you can transfer the money to them, that is to your eWallet.
Once the SGD is in the Xfers eWallet, it is a very simple process to buy Bitcoin. First, you need to open a Binance .sg account. Then you need to link your Xfers account to your Binance .sg account.
After the accounts are linked, you get access to your Xfers account from your Binance .sg account. As such, you can withdraw the money from Xfers, and purchase crypto.
Can You Buy Crypto from Binance.com?
Sure you can. But, if you are unable to buy using fiat, you will have to do it using your credit card. And there is a 2% charge.
Here’s a tip for some of you:
If you noticed, I had to buy Bitcoin from Binance Singapore. As mentioned, this was because I could not do bank transfers direct from a local Singapore bank to Binance .com. And had to buy crypto using my credit card. This is additional cost and over time it all adds up.
So, fortunately I found Binance Singapore. And I could buy Bitcoin using this platform as well as deposit money into my eWallet without additional charges. If you are like me, and you are in a city or country that does not allow you to buy via bank transfers from Binance .com, and you must buy via credit card, then do a search on Google to see if there is a local Binance site for you. One that will allow you to buy Bitcoin at no extra costs.
But do take note also – if you want to get the 4C Trading bots to automatically trade crypto for you and make some extra income over time, then you need to buy USDT on Binance .com. Again, this is because the SMART Bots APIs are on Binance .com only.
Why I Did Not Buy Bitcoin From Binance.com?
Timotheus Final Word
for Passive Online Revenue
It has been an exciting journey so far. I bought USDT. I bought 4C Trading bots. And now I bought Bitcoin.
I hope you enjoyed my sharing this experience so far. If you have any questions, feel free to leave a comment below. I will do my best to reply as soon as I can.
I will do be doing more videos and blog posts as I learn more about the crypto world. And also my personal experiences in this new and exciting adventure.
You can stay updated whenever I publish a new video by subscribing to my channel, or receive updates when I publish a new blog post by joining my I Love Passive Income Community.
If you have ANY questions about – Why I Did Not Buy Bitcoin From Binance .com? – ANY at all, please submit your questions as comments below. I will be happy to help out.
Thank you for reading this.
Best Wishes to All!
I look forward to your success