[ANN] FYB-SG Singapore's First Bitcoin Exchange

[Nagato]

On Bitcoin's 4th anniversary, im extremely excited to launch Singapore's First Bitcoin Exchange.

https://www.fybsg.com

Im hopeful that this will make Bitcoin more accessible to people in Singapore and trigger greater acceptance
of Bitcoin in trade and online businesses here.

Currently SGD deposits are only accepted via local Internet Bank Transfers.

[1714177113]

1714177113

[camolist]

"local Internet Bank Transfers"

any chance of support for a buyer from Malaysia? have someone who wants to buy something from me using bitcoins in Malaysia but no simple way to get bitcoins in that country

[Nagato]

Im thinking of accepting wire deposits from other countries, but the issue is that wires usually costs $30-$50 and if you convert MYR to SGD you will lose atleast another 2.5% in exchange rate.

Do you have any idea if the banks operating in Malaysia have any cheap method of transferring funds to Singapore accounts?

Im still mulling over the idea of accepting annonymous cash deposits from any UOB cash deposit machine around Singapore, which might appeal to people from JB who come over the causeway often to work/shop and could help with deposits for anyone in Malaysia without having a Singapore Bank Account.

[John (John K.)]

Im thinking of accepting wire deposits from other countries, but the issue is that wires usually costs $30-$50 and if you convert MYR to SGD you will lose atleast another 2.5% in exchange rate.

Do you have any idea if the banks operating in Malaysia have any cheap method of transferring funds to Singapore accounts?

Im still mulling over the idea of accepting annonymous cash deposits from any UOB cash deposit machine around Singapore, which might appeal to people from JB who come over the causeway often to work/shop and could help with deposits for anyone in Malaysia without having a Singapore Bank Account.

Do the anonymous cash deposit route - Malaysian people who go over Singapore can credit their accounts easily this way.

If I'm not wrong, my UOB bank charges me RM2 + cable charges RM10 to send $$ over to SG UOB bank accounts for amounts less than 5k, and only the cable charge if I send more than that. If you have Maybank accounts you could send $$ even cheaper and faster from a Malaysian Maybank account to a SG Maybank account.

[Nagato]

I checked UOB's website. They charge fees for incoming TT as well.

Credit to an account holder (UOB Group in Singapore)

S$10 or equivalent

Credit to a non-account holder
 
in Singapore Dollar   S$20
In Foreign Currency   1/8%, min. S$10 plus cable charges plus agent charges if any

Im not sure what they mean by Credit to a non-account holder.


Camo/John : Give me a couple of days to test out my annonymous cash deposit method and come up with the details.
Id be more than happy to serve the Malaysian market.

[Nagato]

Update : Ive added Annonymous Cash Deposit via any UOB cash deposit machine in Singapore.
Detailed instructions are available on the Deposit page upon login.

Given the vast number of Malaysians from Johor Bahru who work/study in Singapore, it should not be too difficult for Malaysians to find someone to do the deposit for them. Or some enterprising Malaysian could start offering a service.

[knight22]

You should list your exchange on http://bitcoincharts.com

[Nagato]

You should list your exchange on http://bitcoincharts.com

Yup, already emailed them.

[MPOE-PR]

See here.

[ninjaboon]

"local Internet Bank Transfers"

any chance of support for a buyer from Malaysia? have someone who wants to buy something from me using bitcoins in Malaysia but no simple way to get bitcoins in that country

try dgtmkt.com - My friend in Malaysia bought some btc but there's a 2% service fee.

[Newar]

try dgtmkt.com - My friend in Malaysia bought some btc but there's a 2% service fee.

Not only that, they make some on their exchange rate calculations too:

1 BTC = 49.1897 MYR = 16.0789 USD , while MtGoxUSD = 14.1990 USD

Another 13% there.

[ninjaboon]

I've just tried to buy some BTC on this site. It was particially filled. There's not enough SELL orders....

[andrewsg]

Would be interesting to know what kind of volume they are doing on a daily / weekly basis - I would use them if they had good volume.

[ninjaboon]

Would be interesting to know what kind of volume they are doing on a daily / weekly basis - I would use them if they had good volume.

@andrewsg - I've bought some BTC from the site in April and their order book is quite good now. Have you bought any yet?

[andrewsg]

Not yet, got some cash in just in case. Order book and spreads look healthier today.

[John (John K.)]

Any luck sending deposits to Malaysian banks yet ?

[Nagato]

Any luck sending deposits to Malaysian banks yet ?

Do you mean accepting deposits from Malaysian banks or withdrawals to Malaysian banks?

The banks in sg are some of the most uncompetitive in the world with regards to wire charges.
Im exploring some options for Malaysia but it's still too early to say atm.

[Newar]

Would be interesting to know what kind of volume they are doing on a daily / weekly basis - I would use them if they had good volume.

Some info here: http://bitcoincharts.com/markets/fybsgSGD_trades.html

[ninjaboon]

Maybe you can drop by a Maybank Singapore branch and ask if you could open a Maybank Malaysia account?

Any luck sending deposits to Malaysian banks yet ?

Do you mean accepting deposits from Malaysian banks or withdrawals to Malaysian banks?

The banks in sg are some of the most uncompetitive in the world with regards to wire charges.
Im exploring some options for Malaysia but it's still too early to say atm.

[pitan]

Hey nagato,

Sorry but may I ask your rough estimate of how many traders there are in SG that are using your service would like to see if its worth it to create a SG bitcoin group. Thanks