Hi,
I am about to invest a large amount into Anchor and would like to draw small amounts monthly like a pension but want to be sure I can draw my money down and back into fiat. Can anyone tell me the best way to do this with minimal fees. The other exchange I use is Binance which sells Luna but it doesn’t buy Luna, UST or any other Terra currency I am aware of. So is it possible to draw down to Fiat within Anchor itself?
I will be utilising all Anchors facilities including the flat rate acct, buying ANC, the Liquidity Pool and Staking.
All help appreciated.
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Hi puddles,
The best UST to dollar stablecoin option I have found is via the Kucoin exchange. They offer both UST-USDC and UST-USDT pairs. In order to cash out into fiat via Binance, the most cost-effective transfer to Binance would be via tron-based USDT as Binance does not support Solana-based USDC transfers. You can then cash out to fiat as you usually do from thereon.
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Thank you so much for the info. That was most helpful, I will certainly look into KuCoin, the only problem I may have is that I want to draw down to GBP as I live in the UK. I know Binance allows this but I would have to first convert to Luna and I think every time I convert I will probably be paying fees.
There is a GBP-USDT pair on Binance so no need to sell to Luna first. By any chance, do you know if Monzo is permitted on Binance?
Hi Kingfisher0x,
Just checked and i’m afraid Monzo is not listed on Binance.
HI Kingfisher0x
I’ve just signed up to Kucoin as recommended and cannot see any sign of UST on there. Am I missing something?
I wonder if it depends on your geographical location as to what coins you are able to see?
Not sure if it shows up in the UK but UST never shows up for me when I search in a different country. Look for the opposite pairs and see if you find it connected for example USDT-UST, look under USDT.
I use a VPN with Kucoin on an unverified account so I don’t know if this will 100% apply to you, but I can trade UST with: BTC, ETH, DOT, YFI, ANC, USDT, ATOM, USDC, LUNA, and a few others. It’s on there.
Although I’m a Brit with a UK bank account attached I’m actually trading in Thailand. Whether this makes a difference I don’t know but am certain I can see no sign of UST anywhere on Kucoin.
Just saw this message. Think the notification emails got labelled wrongly. Anyway, try this link. https://trade.kucoin.com/USDT-UST That’s the trading pair.
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Any development here? Did you find a good, minimal fee route to do this?
I understand this might be sensitive but what amount have you put in? A roughly is also fine. I’m asking because I’m thinking to do the same but am still not 100% confident about potential hacks or issues with the protocol leading to draining of funds. Just curious how you are looking at that risk.
Might be late the party but have you checked out smoothy which recently added support for UST - it’s defi and aims to be the lowest cost way to trade stable coins so worth a look.
Just pinging you directly on smoothy ← seems like a good option especially once the UST pool fills up. Not affiliated or anything just big fan of keeping this kinda thing off CE. HTH.
I’ve invested in every part of the protocol ie liquidity, fixed 20%, stake ANC, bLuna and borrowed. Approx £2k and plan to put more. I’ve studied the company as much as I can and feel quite confident with the results. You want to check out Terra Bites too, lots of great info there on it. Also are you aware they are working on an insurance cover, rumoured to be called ‘Ozone’ this would then allay any fears you and many others may have.
How much are you looking to invest?
no i haven’t thanks for that will check it out.
CE. HTH? Sorry don’t know what this means please expand
Since you’re looking for GBP, you should check out Saturn.Money Tethys, an extremely low fee on-ramp/off-ramp solution integrating Terra and many European Banks. I’ve been hoping for this to expand beyond Europe, but it seems like that is not their focus at the moment.
Thank you, puddles. Right now I only have invested in “Earn”, I used to provide liquidity as well but got unsure as to the gains due to impermanent loss. I’m looking at putting in 150k+ once the concerns are alleviated.
I’ll check out Terra Bites, heard about Ozona but haven’t found more information on it… do you have any more links or so you could share about Ozona?
CE = central(ised) exchanges and HTH = hope that helps 