Singaporean Talks Money: February 2022

Saturday 26 February 2022

How I change and transfer my fiat (SGD) to UST via the various exchanges to earn 19% interest on Anchor Earn

I am sure if you are in the cryptocurrency space, you would have heard of Anchor Protocol which is a decentralized savings protocol offering low-volatile yields on Terra stablecoin (UST) deposits. There are many articles on what Anchor Protocol is and how they provide the 19% interest payout. It is still a relatively new protocol and there are risks to putting your money in, do read up before getting into it. I will share more on how I move my funds and if you do have any better methods, you can let me know!

Why I am putting some money into Anchor Protocol

In my end of year review in 2021, I mentioned about also increasing my cash flow. With the many stablecoins methods of generating high interest, I found Anchor protocol to be the most suitable for me. It is also in an ecosystem which I am familiar with namely, Terra. It is also pretty high being 19% and it is not in a LP (Liquidity pool), I have had a few experiences with using LP and have not very good experiences. So now I would prefer single stake or an interest account like Anchor that pays out UST which is the same thing that you deposited. The LPs I got into had the tokens drop freefall and I lost quite abit as the tokens were dropping much more than the interest was generating.

Getting my SGD into an exchange

I use FTX as my main exchange and I use DBS remit to bring my fiat onto FTX. The time for your funds to reach the exchange depends when you initiate the transfer as the bank handling FTX deposits work in the US time. Just remember to check the bank account details and put your reference number when you transfer out from DBS.

Once the funds are in FTX, which will be USD, I will convert it to USDT because the trading pair in Kucoin is USDT/UST. So once I have the USDT in FTX, I will transfer it to Kucoin (trading account), it is all right if you transfer it to the main account just that you will need to do a transfer later on. I use TRON20 network because it is free and both FTX and Kucoin accepts it.

Once the USDT is in Kucoin, I will use the trading pair USDT/UST to get UST. If you want to get UST straight, you can set market price but this means you will be getting UST at the current market price but it will be filled immediately. If not, you can set a limit price and once the price hits, your order will be filled.

Moving UST to Terrastation/Terra wallet

After you have your UST in Kucoin, to transfer it out, you will need it in your main account so you can just transfer it from your trading to main account (no fees). Then from there, you will use the terra network, copy and paste your Terra wallet address, select Terra (Luna) network, choose your amount and no remarks is needed since you are transferring to your terra wallet. A memo is usually require if you transfer out of your terra wallet to the exchange. There will be a fee where it is usually 2 UST (used to be 4 UST).

Depositing into Anchor Earn

Once your UST is in your Terra wallet/station, your terra wallet should be connected to Anchor and clicking the Earn tab, you will be able to deposit your UST in. Do remember to leave some UST as you will need UST to pay transaction fees to withdraw and deposit. Once you deposit in your UST, you will start earning interest accordingly and you can see the estimated amount you will earn per day, week, month and year. Hope this helps you and if you have other ways to Anchor, do let me know!

You can also find me on

► How I Protect My Bitcoin using Ledger: Get your ledger from HERE (Using my affiliate link will help me where Ledger will pay a small incentive that's not from you but from them)
► How I earn interest on my Crypto (Hodlnaut): https://app.hodlnaut.com/signup?r=_JF037Nb0 Get USD20 equivalent for your initial deposit of at least USD1000 on any of the supported asset by using my referral link
►Join Celsius Network using my referral code 1169038ddc when signing up and earn $50 in BTC with your first transfer of $400 or more! https://celsiusnetwork.app.link/1169038ddc
► Where I Buy my Cryptocurrencies: Gemini (Receive $10 of bitcoin after you buy or sell $100 after signing up using https://www.gemini.com/share/558gylyhg)
►FTX: https://ftx.com/#a=41877278
►Use my referral link https://crypto.com/app/evwynu4g57 or code: evwynu4g57 to sign up for Crypto.com and we both get $25 USD :)
► Where I buy my stocks
FSMone Referral: P0364886
Tiger Brokers (Free stock and commission free trades, check out more here
Interactive Brokers (Open an account today and start earning up to $1000 of IBKR Stock for free!*Terms and Conditions apply)
► Google Pay: v89ph61
►Syfe Trade Referral Code (get $10 cash credit): SRPSL8MGX

Wednesday 16 February 2022

Is the money in the bank really yours? | Cryptocurrency

I am sure many have heard about the news of Canada where the banks are able to freeze the bank account of anyone they think are linked with the protests without any need for a court order. This is unprecedented and comes as anti-vaccine protests has been ongoing in Canada, blocking streets and bridges.

This was originally just a rally against a new rule that all truckers must be vaccinated to cross the US-Canada border or quarantine upon return but has grown into a broader challenge to all the health restrictions.

Mr. Trudeau has been trying to get the protestors to stop and it does affect the whole country especially when the number of protestors are building up. For weeks, truckers have been blocking city streets and critical bridges and disrupting Canada's trade routes and supply chain. They have definitely tried different ways and in one of their most extreme step, the Canadian government has warned that it will freeze the personal bank accounts and suspend the vehicle insurance of truckers who continue to form blockades in protest of vaccine mandates.

It is a hard approach that the government is taking and as reported, the police is also unable to handle arresting the protestors as the numbers are in huge volumes. It is a really huge news that Mr. Trudeau is also invoking the Emergencies Act which is used in an "urgent and critical situation" that "seriously endangers the lives, health or safety of Canadians" which allows the government to take extraordinary steps.

Personal Bank Accounts Freeze

Of course, in Singapore, we don’t protest here because the price to pay is simply not worth it unless you apply for it. But I think what I want to focus on is the freezing of the personal bank accounts by the Banks without any court order, this is a really extreme step and just shows the power of the government and the Banks. Even for accounts that are suspected of funding the protest will also be freeze. Putting the protest aside, having your money in the bank is usually what we think as safe but with this step, it further enforces the idea that the money in the bank is not truly yours as the main infrastructure holding it is the bank and they can freeze it if there is an suspicious activity detected.

Why Cryptocurrencies are here to stay

When I first read about Bitcoin, it was a great innovation and creation of currency or digital gold as we all now know it as. I would say in Singapore, the idea of Bitcoin to a normal person don’t seem much because our currency, SGD is relatively strong and our banks are still paying us interest on our deposits (imagine Europe with their negative interest where they are paying the banks to keep their money). But I can imagine in a country whose currency is weak and depreciates over time would understand the true purpose of Bitcoin and why it is so important to have Bitcoin in your portfolio. Bitcoin was also created due to the 2008 financial crisis to take the power from the banks and government and to bring it to the people where Bitcoin is limited in supply and it is self-custody.

I might not have fully explain or grasp the point of Bitcoin but I believe with the actions of the Canadian government, it reinforces the idea of cryptocurrencies where you own your assets digitally via a decentralised platform and you have to take care of your own assets is so much more logical. Although there are chances that you forget your seed phrases or get hacked (usually due to human error/carelessness), at least what you own is truly yours. This is a huge catalyst as the world experiences more volatility and craziness. Stay safe and HODL!

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Tuesday 15 February 2022

Reactions to a market dip | Having some panic to being calm and buying the dip

I think the past few weeks and even now has been a roller-coaster and turbulent period if you are holding a huge portion of your assets in stocks and cryptocurrencies. I do a substantial amount of both stocks and crypto compared to the amount of liquid cash I have. So it’s also been a “lots of thinking” time for me as I assess the risk and proportion of my whole portfolio.

To be honest, when the prices dip, I got some fears of how long this dip will be especially when we saw the drop in both stocks and crypto at the same time. But I realised that after the first wave of dip, I started to think why am I so scared, the funds are not what I need immediately but instead now is a good time to scoop up some although no one knows when is the lowest price. With the limited funds I have, I put in limit orders and most them got fill, I definitely did not catch the bottom but happy to pick some things up at a lower cost compared to 2021 where the prices just kept going up.

After I made some buys, you will kinda accustomed to the dip, we are still early into 2022 and I think it’s going to be a volatile year. I will be allocating my funds slightly differently and in the 1st quarter review of 2022, we shall see how it is.

Easy to feel anxious

With such an amazing performance in 2021, I watched a few interviews on Youtube which mentioned that 2022 was not going to be a good year for stocks once interest hikes were to be implemented. I was expecting the drop but wasn’t expecting it to be so soon. It has been pretty crazy handling the dip as every night, we see lower lows.

I think the dips always seem to be at times when I am low on cash haha, or just right after I buy in. Hence, I always don’t seem to buy in at the exact lows. Although we are in a sideway market now, I do find it a good time still to build up my positions even though it can still go lower. I am slowly entering to get Tesla under $1000.

Positioning your portfolio

After experiencing the dip, I did find it important to know when to take a bit of profit and to also position your portfolio for volatility ahead. I tend not to take profit as I DCA my positions and so building up is a very long journey and if you want me to liquidate my positions for a profit, I will keep thinking what if it goes higher. But after this recent crash/dips that have happened, I realised that taking profits can aid in your portfolio growth in the long run.

As shared in my end of year portfolio review, my crypto and stocks portfolio has been doing pretty well (not currently haha) but at that time, I should have taken profits and rotated some of my profits into stable coins or to hold on. From 2021 going into 2022, most people were aware of the interest hikes but of course, no one knew when the dips was going to happen.

It is easy to say what I should have done at that time but to be honest, I just love holding onto my conviction plays and even though I do not have enough ammo to buy the dip and at the same time build up my cash flow, holding on is also all right, just like what I said earlier, these are not amounts that I require in the short term.

As we buy the dip, we need to be aware that the dip can dip further so really, spread out your buys and for me, as usual, I will DCA and also at the same time, assess my cash flow. I have started using Syfe Trade to buy US fractional shares which is a huge thing as my DCA amount is not particularly huge and hence being able to have commission-free trades and buying fractional shares do help in the long run as I build my portfolio up.

Not having any experience in market crash

Like I have mentioned many times in my other articles, I haven’t experienced any major sustained crash or years of no return (where stock prices sideways trend for a long time) and so I haven’t really understand the importance of having a diversified portfolio but some times, a peace of mind is so important and I think that is when diversification comes into place if you are someone who is not used to volatility or having a high risk portfolio.

Some of my friends skipped the stock market and instead invested straight into the crypto markets, to them, crypto provides amazing returns that beat the stock market but when a dip/crash happens, we do see crypto suffering too. For those who have no experience, it can be painful but if we look at the Singapore stock market, it has perform relatively well during this period where the STI ETF is at around $3.30 - $3.40 which is a pretty great price and SG bank stocks are also performing pretty well.

It is a great time to assess yourself and see how you react in a market like these and make adjustments to your portfolio if you find yourself in great stress. Otherwise, I think this year is great for getting your conviction plays or just scoop up some index ETFs. Do note that the market dip can dip further so spread your buys out and don’t spread yourself out. Keep your emergency fund safe and buy the dip!

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Sunday 13 February 2022

Experience using Syfe Trade as a Brokerage Account | Buying fractional shares at low or no cost

Yes, I created another brokerage account again. I currently have my stocks split between 3 brokerages, Tiger Brokers, Interactive Brokers and FSMone. If I were to add Syfe in as a brokerage account, I will now have 4. So today, let’s talk about why I chose to create a brokerage account with them.

They recently have been advertising and are promoting as as being Singapore’s first neobroker using Syfe Trade. Neobrokers are known as

Finance apps that allow users to trade stocks without additional fees. They have been referred to as a new class of brokers aiming to revolutionize financial investments through innovative concepts. Neobrokers are startups that are disrupting the investment industry because they offer a platform to a wider consumer base. They entice customers to be involved in the stock market by providing an easy mobile-based application and more incremental investment options. - Moneyinc.com

My primary investment brokerage is currently Interactive Brokers where the mobile app is easy to use although the interface is a little dated. Syfe also offers robo-advisor for your investments where they can invest in funds and ETFs based on what you are looking for on your investment growth where currently, you can put your money into

Syfe Core portfolio
Syfe REIT+ portfolio
Syfe Cash+ portfolio
Syfe Select (Themes & Custom)

I wouldn’t go into the robo-advisor platform as I currently do not do robo-advisor but am not against the idea especially as if my investments do grow substantially.

Syfe Trade Account Set Up

Setting up of an account is pretty simple and straight forward, from now till 30th March 2022, they have a few promotions on top of the referral promo where you can get multiple $30 cash credits. If you are planning to create an account, you can use my referral code: SRPSL8MGX to get you $10 cash credits.

Depositing at least SGD1000 into your account = $30 cash credits
Making your first trade = $30 cash credits
Every other referral you bring in = $30 cash credits (you can use my referral code: SRPSL8MGX)

Since they are cash credits, you can use them to buy any stocks or ETF via Sfye trade and you will not be able to withdraw to your bank account as cash.

The set up was pretty seamless as you can use Singpass to provide all your information and I got approved pretty much on the next day. Depositing in funds was super convenient as you can use paynow to send your funds in and they will get converted to USD automatically for you to buy stocks and ETFs. The main selling point is that you are able to buy fractional shares easier and allows for 5 free trades per month at the moment. This means you can break up your buying into 5 period as no commissions are charged.

Syfe Trade Platform

The app is pretty slick but there are some getting used to the interface as there are quite a few different ways to put in an order and some are applicable at only certain timings eg. when market opens. On the homepage, you can see the amount of value you have and create a watchlist for yourself to monitor. There are 4 order types:

Buy in dollars (Market) - This means you buy at market price based on the amount you want. For this, you are not able to put in a limit price meaning a price you want to buy at. Instead, it will just be based on the current market price for your buy order and fractional depending on the amount you are buying.
Buy in shares (Market) - This is where you specify the quantity of shares you like to purchase based on market price. Similar to the first one where you will have your buy order based on the market price except you specify you purchase in shares and not dollars. Quantity of shares cannot be in fractions for this. - Available only during market hours
Limit - This means you can set a limit price for the share you like to purchase however you will need to put in the number of shares and fractional shares are not allowed.
Stop order - I haven’t used this type of order before so I would just specify what is mentioned where you set the stop price for the order which is above the current market price. Once the stop price is reached, the order will become a market order and be executed at the next best price. - Available only during market hours

These are the few main features of the Syfe trade. It is very easy to use via mobile and straightforward. If you would like to sign up for an account, you can use my referral code if you require one (SRPSL8MGX). There are many brokers out there and many that are pretty user-friendly like Tiger Brokers and Moomoo, having a platform to buy your shares with low or no fees and ability to buy fractional shares if you are just starting out is pretty attractive hence I decided to share my experience using Syfe Trade. Hope you guys enjoy today’s content and don’t forget to like and subscribe to show your support! Happy CNY and Huat ah!

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Pages

Saturday 26 February 2022

How I change and transfer my fiat (SGD) to UST via the various exchanges to earn 19% interest on Anchor Earn

Why I am putting some money into Anchor Protocol

Getting my SGD into an exchange

Moving UST to Terrastation/Terra wallet

Depositing into Anchor Earn

Wednesday 16 February 2022

Is the money in the bank really yours? | Cryptocurrency

Personal Bank Accounts Freeze

Why Cryptocurrencies are here to stay

Tuesday 15 February 2022

Reactions to a market dip | Having some panic to being calm and buying the dip

Easy to feel anxious

Positioning your portfolio

Not having any experience in market crash

Sunday 13 February 2022

Experience using Syfe Trade as a Brokerage Account | Buying fractional shares at low or no cost

Syfe Trade Account Set Up

Syfe Trade Platform