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The problem of being a cheapskate – FTX issues

[Update: 05-Nov-2021]Finally the funds went through and I can start using them on FTX. After so much back and forth, I can finally use the funds. Thank you to the FTX support team!

So as you guys know, I can be a little bit on the cheapskate side. Probably because of my upbringing. If I can save on something, I will definitely save on that, especially if it is not that difficult to do. And as Binance is being blocked by the Singapore government and there is no way to trade on Binance for Singapore users anymore, I have to go look for other alternatives. I have been using Kucoin for some time and it seems fine. Not as good as Binance of course but still acceptable to me. The interface is nearly exactly the same as Binance too. However me being me, went along to look for other crypto exchanges to test out. And while I was browsing, I discovered that FTX allowed SGD deposits in their DBS (Singapore local) bank. (Note that this has been changed just recently.) I was shocked and surprised that our government allowed to to happen. Especially what happened to Binance recently.

So of course I went ahead and deposit some money into FTX’s SGD account in a local bank. I mean FTX is indeed a very good exchange. According to plenty of reviews, their platform is considered one of the better ones. And their transaction fees are also lower than Kucoin. You can watch Coin Bureau’s review and comparison on the exchange here. Plus if I transfer money to a local bank from another local bank there will be no wire or any bank fees. That is a definite win-win for Singapore users! And that is what I did. However lo and behold, just like two days later, I see a notification on their deposit page that they had changed the deposit method. I am guessing that our dear Singapore authorities found out about this and decided to stop the little loophole. Or that DBS themselves found out and stopped it because DBS themselves only want crypto sales through their own platform. Yes apparently DBS has been approved by MAS (Monetary Authority of Singapore) and given crypto licenses. They certainly don’t want any competition from FTX! Just imagine if crypto investors found out the advantages of trading in FTX rather than DBS’s own crypto platform. No one sane would then go to DBS for crypto trading services at all.

Although my money was transferred across, it might be somehow stuck. Even FTX support seemed to be lost and their replies extremely cryptic to say the least. It has already been like 2 weeks and the only thing they said was to hold on while they get to the bottom of it. If you ask me, the bank account might simply be just frozen by DBS themselves or by the government. So this looks like a very long haul for me. I wonder how long it will take for my funds to get unfrozen. It is not a huge amount but for a small time retail investor and the current bull run happening, it is very disappointing.

So take care! And hope the best for me funds. Investors should not always go for the cheapest method. Sometimes you will lose even more. See you guys later in another post.

By Admin

Someone who is very keen on small scale investments like crypto, mining and other investments. For the common folk!

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