Recently, Gemini announced that they are supporting UST in their platform. This guide will show you how to convert your SGD (Singapore Dollar) to UST (TerraUSD).
Do note that this is not the most cost effective way to onboard UST to Terra as Gemini uses Ethereum network for transfers, but it is the most convenient way if you don’t care about fees. You can check out this article for an alternative way to convert stablecoins to UST.
By the way, here is my referral link for Gemini if you don’t already have an account, where both you and I will earn USD$10 in bitcoin when you trade USD$100 in 30 days, at no extra cost.
This guide assumes that you already have a SGD Bank account linked as a payment method.
If not, you will need to add a payment method from Account -> Settings -> Payment methods -> Add Payment method -> Manually link bank account to add and verify your bank account.
You should have SGD bank account linked.
Deposit SGD to Gemini
1. Go to Transfer -> Deposit into Gemini
2. Select Currency: SGD and click continue, and you should get the deposit instructions
You can only transfer funds to Gemini using the bank account that was linked. And only Fast transfer is allowed. Please note that you should always double check the bank account information on Gemini, as they might update them from time to time
3. Add the Xfer bank account as a payee on your bank account
4. Make a fast transfer to Xfer
5. Once done, it will take 10-15 mins for the funds to reflect on Gemini.
Buy UST from Gemini
1. Check that you are using the Basic Trading Interface from Account -> Settings. (SGD/UST pair is not available on ActiveTrader)
2. On the Market tab, search UST, and click on View details
3. Make a Trade. Note that the trading fee is SGD$4. (Click here to view fee schedule)
Once you have your UST, you can move it to Gemini EARN to earn 6.88% APY, or deposit it onto Anchor for up to 19.45% APY.
Withdraw UST to your crypto wallet
1. Click on Transfer -> Withdraw from Gemini
2. Select UST. Note that you can only withdraw via the Ethereum Network. You will need to add a whitelisted wallet address that supports Ethereum Network. (Metamask or Trust wallet should support this)
3. Once completed, you should receive UST in your wallet
The steps are similar. Instead of BSC, select Ethereum. Do note that you should have some ETH on your wallet for the transaction fees.