Wednesday, January 13, 2021

Correction, what to do?

The market correction is a welcomed one, too much upward trajectory without correction won't be realistic and if you have been in crypto for a while, you would be used to the corrections.. Given the volatility of crypto I've seen in the past few years, some perspectives need to be adopted so that one can be zen. So when I posted 5 days ago, that particular portfolio then was showing 3427% return based on less than 18 months time horizon. Today, with the correction, it is showing 3057%. Of course I had a much lower entry point 18 months ago, but unless I'm looking to exit at this point, the swings in the prices are just noise to me until my targeted price points are met.




We are still very early in this new cycle so my own personal opinion here is that this correction will allow one to take some nibbles of BTC or ETH. If you have been sitting on the sides and watching the crypto show, this might be the time to buy. How much to buy? That's up to you and your risk appetite. I'm targeting to buy some once ETH breaks $1,000 and Liquid limit function allows me to do that. I hope tomorrow when I wake up, my orders will get hit.

At roughly $1062 an ETH now vs $34k a BTC at the time of my writing this, it's probably easier to set aside $1k to buy a whole ETH vs $34k a whole BTC. 

Come this weekend, I will post about how to earn interests on your crypto based on my own experiences....it's almost weekend, hang in there!

Saturday, January 9, 2021

Buying Bitcoin or ETH in Singapore....how?

I've been getting questions from friends and relatives on how to buy BTC or ETH, in the last few days especially when the market has been shooting up. One can wait until DBS exchange is up but I think the caveat is you need to be an accredited investor plus by the time it is launched (if it hasn't yet and I won't know), the crypto train might have gone another 10x....

The landscape now to buy crypto using SGD is much easier vs 3-4 years ago. Not just that, if you plan to hold the coins for a longer term there's now the option of lending it out and earn interests. I have not spent too much time learning DEFI and I will only share what I have experienced myself so far....


So first thing first, how to buy BTC or ETH in Singapore? There's a few exchanges in Singapore that you can do so, such as Binance, Coinhako or Gemini. They are all tied up with Xfers so the way to get SGD funds in via Fast deposit would be to set up Xfers first. Liquid exchange used to have the option to transfer directly from your SGD account to their exchange without fees, but that has changed as they changed their banks. But there's benefits of using Liquid vs using the exchanges tied to Xfers, I will explain that in a bit.

So first thing, set up your Xfers and do your KYC. That's pretty straight forward, identify documents and utilities. Xfers tend to be very responsive so you should know within a day or two if your KYC is approved. Upon that, you have to link it to your SGD account and you can link up to 2 accounts to your Xfers. Do note that Xfers come under MAS payment service act and your annual limit to spend on Xfers is S$30,000 a year. If you use Liquid, you don't have a limit issue. I only realised this painfully when I used up my limit to help my brother buy crypto on Binance. So doesn't matter if I switched to Coinhako or Gemini, I'm subjected to the same limits by Xfers. This is where Liquid comes in for me now.....

Once your Xfers is done, choose between Binance or the rest - I used Binance for the good part of last year so that's what I'm more familiar with. Binance allows you to top up maximum S$5000 a day but each top up is only limited to S$2000. It's can be tricky to top up $2k twice plus $1k as they do not want you to be depositing the exact same amount on the same day to make reconciliation work harder, so it needs to be unique - I did $2k once and $1.999 once just to get around it. I believe CoinHako limit on deposit/spending is higher but remember, ultimately Xfers limit is the overarching factor here. Do note that once Xfers is set up, you can only trade 48 hours after. I didn't experience this before but my friend who just registered Xfers, couldn't purchase on Binance until 48 hours after due to Xfers' added process of verification. 

Binance.sg is good for buying spot, not so much if u want to place limit orders. I have not use Gemini nor Coinhako so feel free to explore. Liquid has a much more robust trading interface so you can definitely place limit orders there. When market is volatile, it is beneficial to have limit order function as you can place an order far below the market and it might get booked. For newbies who just want to nibble, buy and hold, I won't necessary recommend Liquid. But if you have more than $30k to invest this year on crypto, then I would suggest Liquid. They are regulated by the FSA in Japan. Feel free to sign up with my referral link:

https://www.liquid.com/sign-up/?affiliate=L27jJg6639422

More on earning with your coins in my next post.

Last but not least, do check out posts by Real Vision. Excellent interviews on views on macro trends and usually it is a subscription only site. However they recently launched a free membership for crypto materials and there's a dove of great stuff there for you to watch and get educated on. 

https://www.realvision.com/crypto

Be zen!

Friday, January 8, 2021

Spring is here!

It's been a long time since I blogged, to be honest I almost completely forgot what this blog was called since my interest to track the crypto market waned after the last crash. Thanks to a friend, I finally remembered my blog address! The long absence doesn't mean I exited the market though, I simply decided to take a zen approach and left my coins where they are, and wait.

Waited I did. I have a dormant company account with some spare cash so back in 2018 when ETH fell, I decided to take a position at S$380/coin. Of course ETH fell further, I think at one point maybe S$100? Anyway, I left it at the exchange and forgot about it. Last March after some chat with a crypto trader friend, I decided to deploy the remaining spare cash in the dormant account to buy BTC. It's interesting back then, talking about crypto with someone is almost like talking MLM. So there's very few people I choose to discuss crypto with....it's interesting now, I am hearing people commenting on bitcoin left right centre, how times have changed! Guess the winter is definitely over.

So after vested in some ETH and BTC in these two transactions in 2018 and 2019, I finally took a look at the performance of these dormant funds.....voila!















Not bad for 18 months of barely doing nothing.....

These days I have been getting questions from friends on how to buy crypto, specifically BTC and ETH. Many of them are going through the same learning curve I once did. The landscape is much easier than before especially in Singapore so I will be sharing that in my next blog post. 

Happy weekend!

 


Monday, July 16, 2018

Like it green....

After a long long winter, I'm beginning to think the light is near....


Loving the Quoinex platform....

Tuesday, June 12, 2018

to be zen....

so i would be lying if i said i'm bummed that i didn't cash out when i should, with the way the market is....whilst my guts tell me the bulls will be back, i am also cognisant the market is evolving very quickly and perhaps even differently....

so what do i do, focus on my work forget about my cryptos for a while....hopefully, just a short while!

Friday, May 4, 2018

less than 3 weeks ago...

my last post less than 3 weeks back, i wrote that a friend thought ETH might hit 800 soon and i was hoping it won't be that soon....then ETH was 500 plus, my last trade was at $580....

Today I saw that ETH is over $800. Am happy to see that but also bummed that my portfolio in ETH value has dropped. That usually happens when ETH rise and other coins value in ETH dropped, but if the rise in price sustain, then i should see my entire portfolio in ETH and USD rise....

I'm also expecting some dividends paid by TaaS in the next few days. I don't expect much payout but given the bearish Q1, any dividends would be great!

Sunday, April 15, 2018

Spring is here!

In some parts of the world where there are four seasons, it is still snowing despite now being April. Spring is supposed to have arrived....

Well, it feels to me that crypto spring has arrived....the gradual ETH price increase from $300+ to now $500 over the past two weeks, sure makes me feel good....

A friend thinks ETH will reach $800 very soon but I really hope it doesn't....a gradual increase ensures the price will be more stable....


Correction, what to do?

The market correction is a welcomed one, too much upward trajectory without correction won't be realistic and if you have been in crypto...