Correct. But it’s been unblocked already since a few weeks back.

Yea I think Binance still the best place to trade crypto (those unsupported by Luno). Even this Malay guy using binance for his Anchor deposit:



Others such as Kucoin has fees like usd2 just for UST transfer.

Time to try out later this month. Hope all will go well!

This post has been edited by Davidtcf: Apr 19 2022, 11:22 PM

BigPay now works seamlessly with Binance P2P, no issues.

Any surcharge other than the Forex Exchange?

thanks.. will consider it.
should be cheaper than buying bitcoin in Luno first then transferring over.

can view this discussion on the comparisons https://forum.lowyat.net/topic/4857608

heard recently charges slightly more expensive FX rate.

Edit: need Bigpay mastercard only can work:
https://www.mygadgets.my/binance-malaysia/

This post has been edited by Davidtcf: Apr 21 2022, 03:22 PM

sorry, which payment method to choose in order to use Bigpay for P2P?

gave up on Binance registration.. it says need to use mobile app to verify profile (if don't verify can't trade crypto).

problem is I cant load the app on Apple app store (blank page), even use VPN also failed.
Didn't register for it last time.. maybe I'm too late now.

This post has been edited by Davidtcf: Apr 22 2022, 08:47 AM

Need other country App Store. Or wait they restore it here (if they do). Else find someone convert for u then send back.

Just a coincidence, I'm currently doing Anchor Protocol + Mirror delta neutral short+long farming strategy with my play money of my portfolio, so I had some homework done.

I have a few methods, pick your poison ya. I'm not a fan of Binance so I found my own routes below.

1. Kadoramp directly to Terra wallet. (One-way)
2USD flat fee, up to 500USD transaction limit initially (0.4% cost), simple KYC that can be done in 5min. This is easily the cheapest and least loss way to get UST if you have a Wise card to pay in USD on best rates.

Total fee: 2USD flat + ~0.5% Wise forex charges

2. Luno (two-way)
Buy LTC (LTC has the smallest different between market prices and Luno prices), send to KuCoin, trade LTC for USDT, trade USDT for UST, withdraw to TerraWallet. LTC send cost is negligible from Luno, and KuCoin trading cost is low, UST withdrawal fee is 2UST.

Total fee: 2UST flat, ~0.25% LTC purchase fee on Luno (maker fee), ~0.5USD LTC send fees, 0.1% x2 Kucoin trading fee

3. Atom (two-way, advanced)
Buy LTC -> trade for USDT on Kucoin -> trade USDT for Atom -> withdraw to Keplr wallet -> Interblockchain send from COSMOS (ATOM) to OSMOSIS, on Osmosis app, swap Atom for UST or Luna if you'd like, withdraw to Terra Wallet. It's possible to use the same seed phrase of TerraWallet on Keplr wallet so you save one sending process.
Total fee: 0.25% LTC purchase fee, 0 fee once your money reach Osmosis. 0.1% x2 on KuCoin, ~0.5USD Atom withdrawal fee on KuCoin

Option 1 is the best if you just want to deposit.
Option 2 is the easiest withdrawal path.
Option 3 has no minimum fee so it's more small deposit friendly but takes some knowledge to setup.

Keep in mind if you purchase crypto via non-LUNO exchanges, you better keep those transaction records if LHDN find you in the future for your crypto gains.

This post has been edited by Hoshiyuu: Apr 22 2022, 05:21 PM

Thanks! Very helpful. Likely I will use Luno LTC > Kucoin then to AP

Thanks so much for the share! I guess i'll stick with Luno, since i already have both Luno and KuCoin KYC done. but now $$ stuck in CIMB SG... lol~ their OTP Token got issue..

Need some advice on buying FTM.

Do I buy USDT from any CEX (Binance, Kucoin, Huobi) with the cheapest rate then transfer it to Binance and swap to FTM, then withdraw into wallet?

Any other cheaper way?

Making me think whether to proceed or not :

https://www.fool.com/the-ascent/cryptocurre...anchors-20-apy/

This post has been edited by Davidtcf: Apr 23 2022, 07:12 AM

For context, Motley told people to pass on Bitcoin in 2012 and buy certain penny stocks. I read it and regretfully agreed with their “opinion” because I was young and immature. And the kicker? Years later they turn-tailed and promoted the heck out of it.

Anyone who uses Anchor knows the risks and there are ways to safeguard against it. Do your research and don’t just rely on this article to come to a conclusion.

FYI The free articles Motley Fools put out are pure sensationalized clickbait to draw people to their site and entice them with their premium subscriptions. While I'll refrain from commenting on their premium subscriptions, their free stuff is generally agreed to be hot garbage. I wouldn't take them too seriously.

Plus, all four of the listed "concerns" are pretty much horoscope tier generic description. Let me give you an example.

Subject: Investing in SP500 index funds

1. The USD could lose its international dominance (closest analogue I can think of for The UST stablecoin could lose its peg) therefore your entire investment could be in jeopardy due to all-US stocks.
2. This is not sustainable (SP500 decade long rally and sky high P/E ratio is not sustainable).
3. Increased regulations - both on individual companies in the index (e.g. META) as well as the stock trading in general.
4. Lack of consumer protection - I mean, investing in SP500 isn't FDIC insured. Their loss is your loss.

Bam, I just written a Motley Fool article overview titled "Here's why I am passing on investing in SP500".

---

On a more serious note, Anchor, and Terra itself does have plenty of valid points of concerns. But those are not question without answers nor this is the first time they are asked:

1. The UST stablecoin could lose its peg
Algorithmic stablecoins are well known to get death spiralled out of existence - a black swan event where LUNA and UST crash together and investors mass pull out of the market causing a de-peg before arbitrageurs tips the balance back. This is why LFG is securing a large amount of BTC (They hold around 44k BTC now? AFAIK and it's more than what Tesla holds) so that (Grossly simplifying) BTC can be an alternative ramp to maintain the peg when LUNA's in a death spiral.

2. Everyone knows this. Literally anyone who have staked anything or farmed anything knows their ecosystem is 500% not sustainable - Anchor is no different. Instead of lowering the interest rate down to unattractive %, LFG (against the spirit of DeFi) is pumping in large amount of yield reserves to maintain this APY to sustain the explosive growth of UST adoption/TVL. In near future, a more sustainable rate will be introduced and it will slowly go down to 15% and even further on 6-7% like all mature systems. The 20% APY is the reward to people taking the risk in a relatively speaking extremely young system.
Now, whether people will leave en masse the moment APY drops to 15% is beyond me. and there is various murmurs of setting a floor limit of 15%/17.5% - until we get there, everything is just speculation.

3. It's DeFi. Good luck regulating it outside of ramps. SEC isn't happy with Mirror Protocol either and the best they can do is subpoena Do Kwon, they can't exactly shut down Mirror Protocol. To the best of my knowledge, that stuff is now on IPFS and changes can just be a governance poll + adding new contract by protocol participants.

4. ...so is investing in stocks. DYOR, if something is too good to be true, it is. Know your trade off and risks.


To me, I try not to overcomplicate things for myself, I earn my 20% APY now + whatever I get for CDP'ing my aUST, if the yield reserve drops dangerously low, I'll leave.
Everything I put into Anchor now, I am prepared to lose it all to begin with

This post has been edited by Hoshiyuu: Apr 23 2022, 12:30 PM

Give you 10 thumbs up

Got one more article published recently which goes deeper about the risks:
https://www.coindesk.com/layer2/2022/04/22/...rts-nightmares/

Thanks for the replies. I'm just sharing too in case it is helpful for others. This is the worst case scenario which we hope won't happen.

Update: decided to try out Finblox (HK based) with 15% interest on stablecoins. It's fairly new but backed by several famous companies and has insurance. Anyone wants referral code can pm me.

Articles on it below:
https://medium.com/coinmonks/finblox-vs-nex...ms-1bdae51cb172
https://finblox.com/
https://www.techinasia.com/sequoia-backs-39...aison%20Capital.


USDC is very stable due to being pegged to USD and other US treasuries. Also goes through monthly audit since its setup.

At first wanted to try Youhodler (EU based with insurance) but their stupid KYC turned me off. They couldn't identify our malaysian IC and insists on passport only. Youhodler is more solid if one prefer this instead, but interest slightly lower at 12-12.5%

Edit: decided to just go for Anchor. Kucoin charges a hefty 15usd via ER20 network to transfer to Finblox. (Tried to workaround this but gave up). If only I have access to Binance maybe I could test the above to see if it is worthwhile. Provided network fee wasn't this crazy expensive I would have stick to Finblox zzz.

Update: found a cheaper method using Crypto.com Exchange to Finblox. Will try next time for USDC interest account.

This post has been edited by Davidtcf: Apr 25 2022, 10:39 AM

Withdrew from Anchor and transfered to Finblox for USDC interest earning at 15% apy. Could not pass my day well the more I understand about Luna, UST and AP ecosystem. Strongly feel USDC is a better choice.

Did it using Crypto.com exchange/wallet to send it over to Finblox via Polygon network (0.8usd fee). All went smoothly. In the future might top up somemore. Can withdraw from Finblox anytime without charge.

This post has been edited by Davidtcf: Apr 26 2022, 02:13 AM

Hi, I have a question. Would it be wise to apply for personal loan since interest personal loan 5% and staking at anchor return 19%.

Please advise.

not financial advise

but i will depend on what kind of situation i am in

if i am going to invest in crypto anyways, then 1) if i do not have much debt, i would go for it or 2) if i have too much commitment & debts in hand, then no

if i am not going to invest in crypto, then NO, it would be abit hassle to convert back out especially if sooner Luno were to implement their new regulation

edit:
i do take a lower interest loan to put in anchor, by utilizing celsius 1% loan, i collaterize my btc, in a way, i dont need to liquidate my btc position just to get more UST

This post has been edited by derravile: Apr 27 2022, 05:42 PM