Looks like short-term home sharing is here to stay. Despite the recent clampdown by authorities, the number of listings for homes as well as single rooms and shared rooms has risen from 7,781 in May 2017 to 8,601 in December the same year, an 11 per cent increase in eight months. In the same period, a total of 8,046 homes, single rooms and shared rooms were rented out for up to three months (which is technically against the current law). Airbnb’s total available room nights for single and shared rooms in Singapore from January to November 2017 was 1,186,887, a jump of almost 25 per cent compared to the same period in 2016.
Impressive statistics, isn’t it? With the weak residential rental market, property investors had little choice but to take the risk of running afoul of the law and list their properties on Airbnb to seek for an alternative source of income for their vacant properties. But with the impending home-sharing rules, it may be good to have clarity on how homeowners can officially do short-term leases in Singapore.
But wait. Is it really good for Airbnb landlords and the property market? Sunday Times reported that a new category of housing, which allows home sharing on a short-term basis, is believed to be one of the ideas in the consultation paper. Home-sharing platform operators like Airbnb may also be regulated. Mr Lawrence Wong also commented that “Singapore’s situation is complex due to its high density, and the majority of private homeowners live in strata-titled properties.”
So what can we possibly expect when the home-sharing rules come out?
A new category of housing? How does this work? Could it be like Private HireCar Driver’s Vocational Licence (PVDL), i.e. homeowners need to apply for a short-term leasing licence and subject to a very stringent set of rules to follow? Quite possible. The hurdle to getting the licence may be high, as the government need to protect the interests of the hoteliers.
There is no free lunch. Short term leasing can potentially generate better profits for owners compare to a typical residential lease. For owners who are allowed to lease short term, they might also have to prepare to pay an even higher property tax.
It is important to keep the neighbours happy. Government is paying attention to how the short-term leasing will affect neighbours in the development. So it is likely that once this home sharing rule is implemented, any complaint from a neighbour may result in a great deal of trouble for the short term leasing owner. So, be nice to your neighbours.
Another round of disruption to the hotel/residential leasing industry? Once the rules are clear, we may see hospitality operators and start-ups entering the short-term leasing market to be an operator for property owners in managing their short-term leases on their behalf. There are already some operators doing this (which is technically illegal).
Property market may get a boost from the home-sharing rules. One of the biggest concern of the property market now is the poor rental market at the moment. Whilst leasing outlook is expected to improve, the introduction of the home-sharing rules could provide an additional source of potential rental income and access to a bigger pool of tenants LEGALLY. This should help to improve buying sentiments.
This home sharing rule is probably one of the major change in Singapore property market in recent years. It is definitely an important development to look out for over the next few months. Stay tuned!
The recent enbloc wave has swept Singapore by storm and it has now come to the Marine Parade area. It was reported in yesterday’s news that Mandarin Gardens has formed a collective sale committee over the weekend. Mandarin Garden sits on a sprawling 1.07 mil sq ft leasehold land with a remaining tenure of around 67 years left. There are more than 1,000 units in this development. Industry experts believe that Mandarin Gardens can fetch more than S$2 bil and each owner could potentially take away S$2 mil on average.
Along this stretch of Marine Parade Road in District 15, there are other developments alongside Mandarin Gardens:
Neptune Court – A 99-year leasehold development built in 1975 with 752 units. This development has not been fully privatised yet as the land is still own by Ministry of Finance
Laguna Park – A 99-year leasehold development built in 1978 with 516 units, fully privatised
Lagoon View – A 99-year leasehold development built in 1977 with 480 units, fully privatised
Seaside Residences – A new development by Frasers Centrepoint, with 841 units
All of these developments are popular and sought-after developments due to their sea view, proximity to the east coast park and accessibility. Come 2023, the completion of the Thomson East-Coast MRT line will further enhance the connectivity of the area.
Among the 5 developments in the area, 3 of them – Laguna Park, Lagoon View and Mandarin Gardens, are now going for collective sale. The landscape is definitely going to change and one development that might benefit from enblocs in the area is likely to be Seaside Residences.
Below are the 3 reasons why Seaside Residences may sell like hotcakes this year if an enbloc happens in the area:
Enbloc owners are likely to look for smaller replacement units in the area
Living in the East Coast area has become a part of the lifestyle of residents there and this is exactly the reason why there are so many opposing voices against enbloc in these developments. In the event of an enbloc, it is likely that these owners will prefer to find another place that is close to their existing homes. Considering that many owners are retirees who may not need big spaces, Seaside Residences is the only development in the area that is new and offers smaller units. With their S$2 mil windfall (in the case of Mandarin Gardens), enbloc sellers can buy a smaller unit at Seaside Residences for around S$1.2 mil and yet still have S$800k for their retirement funds.
Seaside Residences will look relatively cheaper compared to the future launch at Mandarin Gardens site
According to Savills’ Mr Alan Cheong, a developer who pays an all-in price, including a land lease topping up premium and other charges, would likely “set a base price of S$1,300 to S$1,400 psf ppr”. Based on the land price guided by Mr Cheong, the all-in land price would work out to be around S$3.9 bil to S$4.2 bil. Adding an estimated construction costs and fees of S$1.1 bil, total development cost for a new project on Mandarin Gardens site will work out to be around S$5.0 bil to S$5.3 bil, translating to a breakeven selling price of S$1,851 psf to S$1,962 psf, which is already higher than the selling price of Seaside Residences which was around S$1,700 psf. If Mandarin Gardens can achieve the kind of price that Mr Cheong is projecting, this will definitely attract more buyers to Seaside Residences, which looks relatively cheaper compare to the future launch at Mandarin Gardens site.
Potentially a supply shortfall in the area
In the Mandarin Gardens vicinity, there are currently a total of 3,595 units from the 5 developments. If the 3 enbloc potential sites are sold (on the best case assumption), the number of units in the area will decline to 1,593 units. This is a clear-cut case of supply-demand imbalance.
For buyers and investors who are interested in this area, I would suggest to start doing your homework and stay up-to-date on the enbloc developments in the area and be prepared to act when the market moves. Good luck!
Wholesome Eats by Cookit was set up to help families and individuals restore the body to optimal health by adopting a whole natural diet. We strive to make food that is unprocessed, sugar-free, gluten-free and lactose-free easily available to everyone. Our kitchen is at 115 East Coast Road and you can find us on all the major food delivery platforms: Foodpanda, Honestbee, Deliveroo, What to Eat, etc.
Italian Meatball Zucchini Noodles
Tell us a little bit about yourself.
Johan: I graduated from NTU with an honours degree in Civil Engineering. I worked as an engineer for 6.5 years. When I started my own family with my wife and son, I decided that we need to provide good healthy food, therefore becoming an entrepreneur by starting Cookit SG.
Sharon: I am a mummy of 2 beautiful and cheeky daughters, wife of a wonderful husband and a counsellor by trade. I also have a cooking blog www.delishar.com and co-founded Cookit SG.
Can you describe your products?
We focus on making healthy fusion food based on popular Asian, Western and Vegetarian cuisines. On our menu, you will find dishes such as Golden Chicken Cauliflower Rice, Tom Yum Goong Zucchini Noodles and Chimichurri Salmon Set. We blend our own sauces and spices to bring you food that is sugar-free (not even with artificial sweeteners). We also offer grain-free staples such as cauliflower rice and spiralised zucchini noodles.
Golden Chicken Cauliflower Rice
Tom Yum Goong Zucchini Noodles
Chimichurri Salmon Set
Can you describe your customers?
Singaporeans have one of the highest risks of developing diabetes and diet plays a big part. We live in a fast-paced, busy society and everyone deserves to have healthy, decent meals. Our customers are health conscious and looking for food to nourish. Deliveries are available in the East where we are located and platform such as What to Eat allows islandwide delivery as well.
What is the future of your business?
We want to reach out to more people and let them know wholesome food can be delicious and readily available. We look to expand and benefit more people in the future.
Thai Meatball Zucchini Noodles
Thank you for your time. How can people reach out to you?
Kevin: We build and maintain cryptocurrency mining rigs. The mining rigs that we assemble mainly mine Ethereum. We also help clients build mining farms. We source for the location, handle the electrical set up and operations of the mining farm.
Mark: We also run courses teaching participants how to trade cryptocurrencies. We guide them through setting up their wallet, account on the various exchanges and the eventual cashing out of the cryptocurrency into fiat currency.
Tell us a little bit about yourself.
Kevin: I graduated from NTU with an honours degree in Accountancy. I have been in the real estate market for about a decade.
Mark: I too graduated from NTU but my degree is in Engineering. I have been in the finance sector for over a decade.
Can you describe your products?
Mark: We mainly build Ethereum mining rigs which help to solve various calculations which maintain the Ethereum network. The mining rigs are just your usual computers with multiple graphics cards because they need substantial computing power to solve the equations. Think of these rigs as accountants maintaining a global balance sheet. The work that is put in by these rigs is rewarded by Ethereum. We have clients who purchase a few rigs to people who ask us to set up mining farms with over hundreds of rigs. We have experience setting up just about any type of mining farm to mine just about any cryptocurrency.
Can you describe your customers?
Kevin: We have a very wide range of clients. We have your common man on the street who would like to invest in a mining rig or two to generate him some passive income. We also have rich institutional clients asking us to set up huge mining farms with hundreds of computers. We even have clients who are getting us to set up a mining farm in Brunei!
What is the future of your business?
Kevin: We believe that cryptocurrency is here to stay. There are many applications to cryptocurrency which can benefit society. We believe that it is still early times in our industry. How the future pans out is dependent on governments around the world and whether they decide to regulate this unregulated asset. We hope that people will understand this technology before passing a judgement. If anyone would like to know more about cryptos, please contact us directly and you can sign up for our periodic free seminars.
Mark: We do hope to expand our business overseas. For now, Singapore is a good place to set up mining farms with good security and little government intervention. However, we do hope that we can play a part in propagating cryptocurrency mining to more people.
Thank you for your time. How can people reach out to you?
The biggest draw of Kawa HAUS is the fact that it is located in T77 Sansiri Town. T77 is a master-planned township developed by Sansiri. Within T77, you have the Habito Community Mall and Bangkok Prep International School.
Once you step into T77, you will see lush greenery, well-planned roads, and serene surroundings. Such living environment within Bangkok is very rare. Thus, this has become a highly desirable place of living for the local Thais and you do find an increasingly large expat community in there as well.
The commute is convenient since the Ram Inthra-At Narong Expressway and the On Nut BTS station are just minutes away.
T77 will have a shuttle bus every 20 minutes from Habito Mall to BTS On Nut.
There are also Big C and Tesco Lotus on the way to BTS On Nut. The On Nut market is also opposite Big C.
Century Movie Plaza located right next to On Nut BTS station will consist of a shopping mall and hotel. The mall will apparently offer local residents a cinema, shops, and eateries. It is still under construction.
Summer Hill is an upcoming new mall located right next to Phra Khanong BTS. It mainly provides brand new and well-known restaurants, cafe’ & dessert shops, convenience store, fitness, educational facilities, wellness shops, specialty store, and services.
If that is not enough, from On Nut, you are, 3 BTS stops to Thonglor and 5 BTS stops to Asoke. Terminal 21, Gateway Ekamai and EmQuatier are all well within your reach.
Waterfront Relaxing Area. The waterfront relaxation space stretches 150m and features seating and sunbathing areas. It is a refreshing space that allows you to forget about the chaotic world outside.
Kawa Bridge and Bamboo Cabana. Inspired by the body of water nearby, the Kawa Bridge twists and turn. Like natural springs, hot and cold jacuzzi pools help you feel relaxed and freshened up. The kid’s pool is specially designed with the children in mind. You can also lounge and unwind underneath the Bamboo Cabanas, where the wireless mobile charging is available.
Panoramic Double Volume Lounge. The elegance of the lobby lounge owes much to its double volume ceiling. It is perfectly decked out with droplet-like furniture pieces and soothing hues of nature.
Co-Creation Space. Nestled in the midst of a luxuriant bamboo garden is the Co-Creation Space where creativity flows.
Co-Pantry. The co-pantry is next to the co-creation space. It enables you to create new dishes under the farm-to-table concept by making the most of daily fresh organic produce from the farmshelves, which are equipped with the latest shelf-gardening technology.
Actual Show Gallery
Sansiri has got a sales gallery with mock-up of 1 bedroom and 2 bedrooms. For international investors, the units will come fully furnished. Once the property is completed, you can simply bring your luggage and stay!
Here are some photos that were taken.
Is Kawa Haus A Good Investment?
The urbanization of Bangkok is expanding towards the east and On Nut is benefitting from this growth. As the city gets overtly congested and prices in Thonglor-Ekamai continues to rise, people are seeking alternatives that are not too far away.
As a rare gated and guarded community, T77 has already developed a reputation as one of the best place to live.
At the moment, about 50% of the resident population are local Thais, with the rest a mixture of expatriates from various countries.
Hasu HAUS, the first HAUS development that is just a few blocks away from Kawa HAUS was completed in 2016. Till date, Hasu HAUS has seen a capital appreciation of approximately 44% since it was launched in 2014. (Hasu HAUS is fully sold)
Hasu HAUS (completed)
How Much Can I Rent It For?
Nobody will be able to guarantee what the rental market will be like in 3 years time. But for discussion sake, Hasu HAUS is currently commanding an average of THB600- THB650 / per square meter.
Over at T77, the existing developments have witnessed a steady growth in the rental rate of 6%-13% annually over the years.
I feel that this growth trend will continue as there are no comparables in the vicinity. All things being equal, people do tend to prefer renting newer properties.
At an attractive entry price of 3.59MB, you gain access to one of the nicest living environment in Bangkok city fringe. This property should see no lack of rental demand. Or it can also be an ideal holiday home for yourself.
I would not expect spectacular capital appreciation on this property but it is in my opinion that the value will hold and achieve moderate growth in the years to come.
If you ask me what is one of the most underrated products of Myanmar that you should buy when visiting the country, I will tell you, without hesitation, the fine art pieces from local Myanmar artists.
During my recent trip to Yangon, I chanced upon this pop-up art gallery – ArtAnt at level 3 of Junction City and had the opportunity to speak to a team of Singaporean art enthusiasts who were behind the ArtAnt initiative. The pop-up art gallery is a social initiative in partnership with local real estate conglomerate – Shwe Taung Group to promote art in the local community and brings art closer to the people of Yangon. It also helps to showcase Myanmar art to the rest of the world as Junction City is now the most popular hang-out place for tourists visiting the city.
The ArtAnt pop-up art gallery has been here for more than 2 months and I was wowed upon stepping into the gallery. The gallery setup, lighting, and artwork display are not what anyone would expect to see in a country in Myanmar. It is probably as good as an international art gallery in Singapore.
Since opening, the gallery has run 5 thematic exhibitions in the pop-up gallery. The latest exhibition – A Tale of Discovery showcases the artwork of Myanmar’s emerging artists such as Aung Kyaw Min, Cho Wai Htun, Kyu Kyu Swe, Nyein Nyein Ei, Wai Zin Phyo, Zaw Zaw Co, just to name a few. I have to admit that Myanmar has a very diversified and talented group of artists and each of them excels in their own specialized genre of art painting, be it abstract, traditional, landscape, or daily life. And more importantly, Myanmar art is probably still in an infancy stage in terms of international exposure and it offers very good value to collectors.
I grabbed a piece of landscape painting from artist Aung Kyaw Hein at US$420. Very good value for the quality of the work. A very satisfied customer of ArtAnt gallery!
If you happen to be Yangon these 2 months, you can drop by ArtAnt gallery at #03-020 Junction City to pick up some nice Myanmar art pieces for your home! Or you can visit ArtAnt’s website at www.artant.com and order from them online. They do international shipment as well.
It is always good to hear different opinions and views from other people. It makes us think and challenge our own believes and views.
The article written by Andy Mukherjee offers a different perspective on the Singapore residential property market. There are a few concerns raised by Andy regarding the current exuberance in the property market. Those are valid points, but perhaps we can try looking at things from another perspective:
Andy: Rents might not be able to catch up with prices due to slower population growth
SPK: There is no doubt that population growth has slowed considerably during the last 5 to 8 years and the impact on housing was obvious – high vacancy, lower rent, longer time to lease. But let’s look at things from an economic planning perspective. Singapore is facing an aging population issue and in order to stay competitive, the immigration policy has to be relaxed to replenish the workforce. Probably the reason that the government put a halt to the loose immigration policy in the past was part of a populist policy to address unhappiness of overcrowding and competition for jobs. But with the new infrastructure and amenities in place and vacancies to fill, it will not be surprising for the government to start relaxing immigration and foreign employment policies in order to keep the economy going. That will eventually translate to greater demand for housing.
Andy: Affordability is an issue. Monthly household income can only buy 1.6 sqm of the median new home today, compare to the 2.3 sqm during 2003 SARS epidemic
SPK: Affordability is not just a function of price but the interest rate is also an important variable in the affordability equation. This is particularly true for a country like Singapore, where the majority of the people take loans to finance their property purchase. A higher priced property financed at lower interest rate may have similar monthly mortgage payment as a lower priced property financed at a higher interest rate. Hence, it is also important to compare the interest rates during SARS and today to have a better understanding of affordability in the context of mortgage repayment.
Andy: Government may step in to curb the enthusiasm in the property market
SPK: Yes, this will eventually happen. But only when property prices run up significantly, which might lead to a systemic risk to the economy and banking system. As SPK mentioned in an earlier post, it is not the time yet for government to introduce new cooling measures.
Some food for thought. Feel free to share your opinion.
This is one of the hottest places in On Nut now. The interior is designed by renowned Thai designer Noppadol Phaholyothin. Absolutely Instagram worthy.
Going there just to sip one of the 30+varities of imported gourmet teas and soaking in the ambiance alone is well worth the trip. The food is mouthwatering and the portion is generous. The range is diverse, a great mix of western and Thai food.
In developed countries like Singapore, there are always interests and demand from investors for properties in emerging markets.
The reasons are obvious. Properties in emerging markets tend to be relatively cheaper than those in their home countries. Emerging market properties also provide diversification purposes for investors. Risks are higher in emerging markets (political, currency, legal, market risks etc) but investors can still be comfortable with the higher risks, in view of the higher potential returns in comparison with the returns in their home country.
Having spent many years in an emerging market helping real estate developers there, SPK was fortunate to have developed a good understanding of investing in emerging market properties. Let SPK share with readers here 6 things to take note before buying an emerging market property:
1. Credibility of the Developer
This is probably the most fundamental thing that all investors will need to find out prior to buying a property from an overseas developer – whether the developer has a strong reputation in its home country, the financial standing of the developer, quality of the developer’s projects, any issues with their government or lawsuits etc. Internet and Google will probably be an important source of information when doing due diligence. It will also help to speak to friends from that particular country to find out how the locals perceive that developer and find out any off-market rumors about the developer.
2. Sales and Purchase Agreement
Unlike in Singapore where we have the standard form of the sale and purchase agreements, sale and purchase agreements for emerging market properties are usually drafted by the developers and some of them can be loosely drafted with insufficient clauses to protect the buyer’s interest (since it is drafted by the developer anyway). Hence, it is important to have a thorough read of the agreement and consult lawyers or advisors if necessary.
The fundamentals of the agreement are the commercial terms contained within, such as the price, area, completion date, compensation, price adjustment, payment schedule, undertakings, termination clause, just to name a few. These are important things buyer need to go through and understand the implications in the context of the emerging market.
It is important to know whether such a sale and purchase agreement is duly recognized in the overseas judicial system so that your interests are protected in the event of a lawsuit in the emerging country. Buyers should make sure that the agreements are stamped in the seller’s country with all the stamp fees duly paid.
Buyers should find out who is the entity that is signing the agreement on behalf of the developer. Is it the company that owns the land and develop the project (preferred option)? Or is it a shell company or special purpose vehicle set up for payment collection (less preferred option)?
In the event that the executed version of the agreement is in foreign writing and even when a translated version is provided for reference, it is still necessary to go through a third party translator to make sure that the translation is accurate.
3. Repatriation of Funds
For overseas developers that bring their property to Singapore to sell, they probably already have an idea to facilitate the fund repatriation process to make it seamless and fuss-free for buyers and reduce a potential barrier that might put off buyers.
Nonetheless, buyers should try to understand the entire fund repatriation process to find out what could be their risk exposure in the process. Also, a buyer needs to know the process when he is getting his money back in the event that he leases out the property or exit from the property.
There might be foreign exchange control restrictions for some countries and buyers should also take note of this.
4. Tax Laws
“In this world nothing can be said to be certain, except death and taxes” – Benjamin Franklin
There is a lot of truth to these words said by Benjamin Franklin. What are possible taxes that investors need to take note? The usual ones are withholding taxes for repatriating profits or interests, property taxes, income taxes on your rental income and capital gain tax on your profit from a sale. So for investors in emerging market properties, please remember to watch out for the possible taxes involved.
5. Legal Ownership and Proper Titles
Unlike in Singapore (once again), where we have proper systems and records of land and strata title ownership, it is very different in emerging countries. Some of them may not even have a system of tracking ownership. Many times, people have to rely on physical title certificates that might have been issued many years back for ownership verification and this is prone to fraud and disputes. It is not uncommon to hear of cases where fake copies of land titles were made to falsify ownership, which lead to land disputes. Again, it might be difficult for buyers to do a full-scale due diligence on the ownership and titles but probably what they can do is to do a quick search on the internet or speak to the friends there to find out any potential issues.
6. Lease and Asset Management of Property
Imagine that you are buying a condominium under construction. Upon TOP, you will have to take possession of the unit, do defects rectification, renovate and fit-out the unit, engage agents to lease out the unit, ensure proper documentation and registration of tenancy agreement, pay maintenance fees, taxes if any.
Then imagine that if you buy a condominium overseas in an emerging country, you will also need to do all these! It is no easy feat to do these for a property in overseas. You will not be able to travel down regularly to manage the property, the tenant, and administrative matters. Hence, as an absentee owner of a property in an emerging country, it is important to take into account of all these before buying a property. A reliable overseas agent is necessary to assist in running the day-to-day matters of the property.
The above list is not exhaustive and there could be a lot more things to take note if SPK drills deeper into the details. Probably a key takeaway that SPK would like to share with readers is to do a lot of due diligence and understanding of the overseas market before jumping into it.
Fortunately, there are some good real estate advisory firms and agencies around that do provide a lot of useful information and guides to assist buyers in understanding and doing their due diligence.
A good source of information for buying properties in Thailand will be Daryl’s blog – www.daryllum.com and www.investbangkokproperty.com. Readers can find a lot of useful information there such as market knowledge and payment procedure for buying Thailand property.
And for investors who are keen on the more exotic market like Myanmar, there is a well-established real estate advisory firm from Singapore – www.asianacre.com that is based full-time in Myanmar. Their facebook page is a good source of information for news and market development in Myanmar.
The recent surge in the value of various cryptocurrencies has caused many to wonder how they can get into the cryptocurrency market. We hope that this article can serve as a guide for those looking to purchase Bitcoin, Ethereum and other altcoins. We must point out that investing in cryptocurrencies has its own set of risks. Cryptocurrencies are also extremely volatile. Price swings of 20-30% per day are extremely common.
Let us first take a look at the major cryptocurrencies. When we mention major, we are basing this on the total market capitalisation of the cryptocurrency. These values are correct as of writing (9th January 2018).
This is the cryptocurrency that started it all. To date, it is the largest cryptocurrency in terms of market capitalisation of about USD$257 billion. The second largest cryptocurrency is not even half the market cap of Bitcoin. It is currently trading at around USD$15,300 per Bitcoin.
Ether or Ethereum (ETH)
Ethereum is the name of the network and Ether is the digital token. Ether briefly lost second place to Ripple but regained it in recent days. The Ethereum network is more flexible and many applications can be built on top of it. Many cryptocurrency investors view Ether as something more applicable and eventually more valuable than Bitcoin. It is currently trading at around USD$1,250 per Ether.
Its recent meteoric rise in value pushed it up to the second spot briefly. Ripple as a technology aids current banking transactions. Prices shot up because of many people’s perspective that Ripple will eventually be adopted into the financial sector. It is currently trading at around USD$2.40 per Ripple.
Other notable mentions:
Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR)
So now let us look at how you can start to trade cryptocurrencies.
Coinbase is perhaps the largest exchange out there. The interface is extremely user-friendly and fast. You can fund your Coinbase account through internet bank transfer or through your credit card. You will have an exchange wallet. This is different from a private wallet which will be explained in a later blog post. There are only four cryptocurrencies which are traded on Coinbase, Bitcoin, Ether, Litecoin and Bitcoin Cash.
If you are fine with purchasing just Bitcoin, Ether, Litecoin or Bitcoin cash, then a Coinbase account will be sufficient for you. The downside about Coinbase is that the transaction charges are a little high. However, this is perhaps the easiest place to get started with cryptocurrencies.
So what if you decide that you want to purchase other cryptocurrencies like Ripple or Monero? There are other exchanges out there whereby you can gain exposure to such altcoins. If you are keen, then proceed to step two.
Binance is another exchange with a lot more altcoins. You can trade altcoins like Ripple, Cardano, Tron, Neo, Monero and many others. The verification process is similar to the one at Coinbase. The thing about Binance is that you cannot fund your account with fiat money. You will therefore need to fund your Coinbase account with fiat money, purchase Bitcoin or Ether with that money and transfer your Bitcoin or Ether into your Binance exchange wallet.
As you can see, Binance has trading pairs for their own Binance tokens, Bitcoins, Ether and the US Dollar. This means that you will have to have Bitcoins or Ether to purchase other coins on Binance. The percentage change you see is in relation to the cryptocurrency in question. In the image, you will see that XRP/ETH dropped 12.95%. This means that Ripple dropped 12.95% against Ether.
If you want to buy an altcoin like Ripple, you will need to make a purchase of Ether on Coinbase. Once the Ether is in your Coinbase exchange wallet, you can head back to Binance and click on Funds > Deposits Withdrawals which will bring you to this page.
Here, you will need to click on Deposit next to the cryptocurrency which you want to deposit. For example, if you have Ether in Coinbase and want to transfer it into Binance, you should click on the Deposit button next to ETH. An ETH Deposit Address will appear. You should go back to Coinbase and go to your accounts page and hit the send button next to your ETH Wallet. If you are sending Bitcoin out from your Coinbase exchange wallet then you will need to hit the send button next to your BTC wallet. Enter the address which you copied from Binance into the popup box.
The transfer should take real soon. The monies should be in your Binance account pretty quickly. When the Bitcoins or Ethers are in, you can use them to buy other cryptocurrencies. Here we see the trading pair of Ripple versus Ether. There is a more than 11% drop in Ripple as compared to Ether. Thus if you are holding on to Ether, you may be considering purchasing Ripple. Just place your bid price, order amount and hit buy.