Liquid just recently listed XSGD stablecoin to better serve our Singapore trading community. Today we would like to share with you how you can use Xfers platform. We will touch on transferring money to Xfers using your Singapore bank account, and moving XSGD to your Liquid account to finally start trading!
Step 1 - Create your Xfers account or login to your existing account
- Navigate to https://app.xfers.com and login to your Xfers account. If you do not already have an Xfers account, you can easily sign up with Xfers to create a new account. All you have to do is click the option ‘Sign up now.’
Step 2 - Add a bank account to your Xfers Account
Now that you have an Xfers account, you can easily connect your Liquid Blockchain Address with your Xfers account. Simply navigate to My Account > Bank Accounts > Add New.
- Now, proceed to add Blockchain Address from Liquid. Navigate to Blockchain Address and select the type of Address you want. Choose Liquid from the dropdown menu.
- Open app.liquid.com and click ‘Deposits’ on the top right corner of your screen to locate the XSGD address associated with your Liquid wallet. Now, search for XSGD in ‘Currencies’ and copy your Liquid wallet’s XSGD address.
- Make sure that you have both Xfers and Liquid accounts opened in different tabs. Navigate back to Xfers website to enter the Nickname for your Liquid Address, followed by the ERC-20 Network and Blockchain Address from Liquid. Xfers will instantly and automatically verify your Liquid wallet address.
Step 3 - Withdraw XSGD from Xfers account to your Liquid wallet
- Now that you have linked your Liquid wallet to your Xfers account, you can easily withdraw XSGD from your Xfers account and transfer to your Liquid wallet.
- Go to “Withdrawals” on the Xfers homepage and enter the XSGD address of your Liquid wallet.
Step 4 - Deposit new SGD from your Bank Account to receive equivalent XSGD stablecoins
- We have already discussed how to withdraw XSGD from your Xfers accountt. Now, we will discuss how to get some new XSGD stablecoins by depositing SGD from the bank account that you have linked to your Xfers account.
- Select ‘Deposits’ from the Xfers homepage (make sure that you are signed in to your Xfers account) to deposit SGD from your bank account to your Xfers account.
- Under Deposit Details, just enter the amount of SGD you want to deposit from your bank account to your Xfers account and click ‘Proceed.’
- Login to your bank account and add Xfers as a recipient (beneficiary) to complete your deposit. You need to enter details such as Recipient Name, Recipient Bank, Recipient Account Number, Amount, and Comment.
- Complete SGD transfer from your bank account to your Xfers account by following the on-screen instructions. In approximately 5 minutes, you will receive the equivalent amount of XSGD in your Xfers account.
Let’s consider the following example of depositing SGD from your DBS account to your Xfers account:
Ensure that you are signed-in to your Xfers account. Now, select the option ‘Deposit’ under ‘Digital Goods Wallet’ from the main screen.
Add all the mandatory deposit details, including the amount. Verify that you have already connected your DBS account to your Xfers account. Hit the option ‘Proceed.’
Now, process the transfer of SGD from your DBS account to Xfers account to receive the equivalent XSGD tokens. Confirm the transfer.
You will be redirected to the DBS website to process online fund transfer from your bank account. Make sure that you are signed-in to your DBS account.
Now, tap on the option called Pay & Transfer and add the local recipient. Now, select the option ‘Transfer to Bank Account.’
Enter the recipient's details including Name (Xfers Pte Ltd), Bank (CIMB Bank Berhad), and Bank account number (2000593611).
Follow the on-screen instructions and confirm the transfer.