From Centralised Exchanges to Crypto Wallets to Research Defi App.
Disclaimer: I am not a financial advisor. The content for this weekly outlook is purely for educational/research purposes only and is merely based on my personal opinions.
Please note: There will be affiliate links in this article. But it will only benefit both of us. If you do not wish to participate under my affiliate links, please feel free to Google them separately. Cheers!
Crypto Exchanges. To convert Fiat money to Cryptocurrency.
A) CoinHako Link
Because I live in Singapore, I would use a local crypto wallet company to convert my fiat money (Singapore Dollars) to Crypto. A trustable, licenced by the Monetary Authority of Singapore, and a user-friendly crypto wallet for locals to start their crypto journey. I would strongly recommend Coinhako if you are living in Singapore.
Features:
- Standard Buy, sell, Send and Receive crypto.
- Points reward system. Receives points by login every day and receive points by trading cryptocurrency within their app. Redeem your points for other cryptocurrencies.
- Earn crypto by staking and earn up to 3% on BTC and 6% on Tezos.
- Fast and free deposit, Singapore citizens can use the local peer to peer payment app and transfer their fiat to Coinhako.
One major downside is that certain crypto such as Binance Coin and Fantom Token cannot be sent out to online wallets or other exchanges.
B) FTX Link
If you are living outside of Singapore, FTX will be the best possible option for you. FTX focuses on advanced trading, users can trade with derivatives, options and futures markets. Users can do the standard Buy, sell, Send and Receive crypto.
Though their features are more suited for experienced traders, they do offer a one-tap convert option to convert your cryptocurrency with just one tap. I use it primarily for their one tap conversion option to convert my BNB to USDC and transfer it to my online wallet.
Features:
- One Tap convert option for your assert, without trading from one pair to another.
- Staking function to entice users with free withdrawal and lower trading fees.
- Support 130+ cryptocurrencies, with an advantage over Coinhako in terms of sending and receiving all cryptocurrency from your online wallet.
One downside is Terra Luna token is not available to be purchased on FTX.
C) KUCOIN Link
Similar to FTX, Kucoin is another centralised exchange that allows users to trade among all the different cryptocurrencies. Kucoin will be my third option if the token I need is not listed on FTX or Coinhako. Kucoin also equips with the standard Buy, sell, Send and Receive crypto.
Features:
- In house Trading Bot; includes Spot, Futures and Infinity Grid Trading, Smart Rebalancing and Dollar Cost Averaging.
- Lending and Staking
- Futures Brawl, earn rewards by guessing long or short. Essentially a betting system.
Some downside includes no one tap conversion for your cryptocurrencies unlike in FTX, and there will be times that Kucoin stops the crypto withdrawal to your online wallet. Meaning you won't be able to withdraw BNB to Metamask via BEP20 network for a certain period.
D) BlockFi Link. My crypto holding platform.
As I strongly believe in long term growth with BTC and if I have extra crypto in my holdings, I would convert to Bitcoin and place it with BlockFi to earn the extra interest(4.5% APY). Blockfi is a safe and reliable asset holding platform and I have been using it since 2018.
Crypto Wallet. To interact with all Defi apps.
A) Metamask. For all EVM chain Dapps.
An online wallet allows access to most Defi applications. I am using Chrome and Metamask Chrome Extension for easy access to Defi application. Transfer your cryptocurrency from FTX or Coinhako to Metamask and from Metamask to Defi app to start your investing journey. Feel free to google the step by step guide, else if you are still unclear about the process, just comment down below and I will create a guide from start to finish. For example, Singapore Fiat currency to crypto and all the way to Staking in one of the top Defi apps.
Metamask allows access to all Etheruem Virtual Machine (EVM) chains like Binance Smart Chain(BSC), Matic, Fantom(FTM), Harmony (ONE), Avalanche(AVAX).
B) Phantom Wallet. For Solana Chain Dapps.
If you wish to interact with Solana Dapp, you will need to install the Phantom wallet. Simply transfer your Solana token from FTX, a centralised exchange to the Phantom wallet to start investing in Solana Dapp. One of the Solana Dapps that I'm interested to participate in is Deltaone.xyz. The first delta-neutral yield farming vaults with no impermanent loss.
C) Terra Station Online Wallet. For Terra Chain Dapps
Personally, I only use Terra network for Anchor Protocol, Stablecoin farming platform which yields around 20% APY. After downloading and set up the Terra Station, you can head to Kucoin to purchase some UST (Terra network stablecoin), transfer UST to Terra Station and head to Anchor Protocol to start investing. Again if you wish to know the step by step, feel free to mention it down below and I will create an article guide.
Research. To find the best Defi App.
A) Defillama
A DeFi TVL aggregator, where users can search for the most popular defi projects with the top Total Value Lock. Users can also find the most popular NFTs with the most volume. This is where I find the best/most trustable defi app.
B) Dapp Radar.
Another one of my favourite place to explore new defi projects. Dapp Radar is another Defi aggregator for users to explore different defi projects or defi games with the most users/volume/balance. This is where I would find popular defi games to ape into.
C) Social Media ( Medium, Youtube, Twitter)
Truth to be told, there are hidden defi gem projects that can be found using social media. These hidden defi projects does not have a popularity yet, it would make sense that they are not in any defi aggregator. If you are a risk advert person and would like to ape in while the project is still in early stages, places like Twitter, Medium and Youtube can help in seeking all these projects out.
Endnote
These are all the tools that I'm currently using to help me access to all defi projects. Though it might seems troublesome to create multiple wallet and exchange account, but it will be totally worth it in the futures.
Our goal is the same, to make more money so that we can have a better life. Be more hardworking, do your research diligently, read up and try different projects and hopefully one of these projects might help you to retire early.
The only way to become successful is to stop procrastinating and start doing.
Hey if you like my article and would like to show some appreciation for my work. Please like and follow me. I would appreciate your help! Thanks.
And if you are feeling generous, please buy me a coffee at Buy Me A Coffee