If you are in the business world, you might have heard of Bitcoin, Dogecoin, and Ethereum. Cryptocurrencies are now giving exceptional returns to their investors. If you are looking to invest in cryptocurrencies, this post will show you the best cryptocurrency exchanges available in Singapore. It will also shed light on which is the best cryptocurrency exchange platform in the country.
In April 2021, Bitcoin’s prices skyrocketed to S$88,244 per coin. During the same period, other cryptocurrencies such as Cardano and Ethereum hit an all-time high. This is part of the reason why everybody now wants a piece of the cake. However, it is important to be careful of the scams and frauds.
Cryptocurrencies have gained acceptance in different parts of the world as legal tender. A good example is El Salvador, where bitcoin is now considered a legal tender. In Switzerland, tax payments can be made in Ethereum or Bitcoin.
Before you decide to start your journey in cryptocurrency exchange, it is essential to note that investing and trading in cryptocurrencies is quite volatile. Cryptocurrencies have experienced fast growth, especially in the past year. You will need to have a high-risk tolerance while investing in them compared to traditional assets like bonds and stocks.
If you want to learn more about the cryptocurrency world, this guide will help you navigate trading in Singapore and help you choose from the best cryptocurrency exchanges firms.
What Are the Best Crypto Exchanges in Singapore?
|Cryptocurrency Exchange||Trading Fees (Per Trade)||Pro-Account Trading Fees||Supported Cryptocurrencies||Deposit Fees (Fiat)||Withdrawal Fee (Fiat)||Can Buy BTC & ETH With SGD?|
|Binance International (Binance.com)||0.1% |
|–||500+ (BTC, ETH, XRP, LTC, BCH, EOS, MXR, TRX, XLM, NEO & more)||SWIFT transfer (Varies based on the bank) |
3.5% per transaction or US$10 (higher)
P2P: Free (Exchange rate may not be as good)
|SWIFT transfer (US$30 + bank fee) |
P2P: Free (Exchange rate may not be as good
|Not officially (Can buy using P2P exchange)|
|Binance Singapore (Binance.sg)||0.6% |
|–||8 (BTC, ETH, BNB, LTC, BCH, XRP, NEO, LINK)||Deposit with Xfers is free||Withdrawal with Xfers is free||Yes|
|Coinbase Exchange||1.49%+ |
(Flat with the minimum sum for trades less than US$200)
|Coinbase Pro: |
|65 (ATOM, BAT, BTC, BCH, XRP, DAI, DASH, EOS, ETH, ETC & more)||SWIFT transfer (US$25 + bank fees) |
3.99% + 7% of transaction fee (GST)
|SWIFT transfer (US$25 + bank fees)||Yes|
|Huobi Global||0.2% |
|–||372 (BTC, BCH, ETH, XRP, LTC, DOT, DASH, ETH, EOS, QTUM & more)||SWIFT transfer (Varies based on the bank)||SWIFT transfer (Varies based on the bank)||Yes|
|–||100+ (BTC, LTC, ETH, CRO, ENJ, BAT, PAX, USDC, OMG, KNC & more)||Deposit with Xfers is free |
3.50% + $0.10
|Withdrawal with Xfers is free||Yes |
1. Binance International – Best Overall and Low Fees
Binance is the world-leading digital currency exchange platform as of this writing. It offers a place to buy, sell and trade more than 200 trading pairs. Binance.com is the world’s most popular crypto exchange platform with the highest trading volume.
Binance International offers a wide range of products that include:
- Purchase of cryptocurrencies using a wide range of fiat currency
- Offers basic and advanced trading charting to suit users with different skills
- Supports different forms of payments, including credit/debit cards and bank deposits
- Leverage and derivatives tokens
- Binance staking pools
- Binance saving accounts.
- Binance visa card to pay with crypto
Features and Security
- Reputable and safe trading platform
- Largest crypto exchange platform
- Multiple trading pairs
- Competitive withdrawal and trading fees
- Earns interest with Binance savings account
- Charges the lowest fees
- Has the most extensive selection of cryptocurrencies supporting up to 500 coins
- It has many other features, such as staking your cryptocurrency, trade derivatives, and lend out your cryptocurrency
- It has a p2p exchange feature where you can buy cryptocurrency from other people advertising on the platform without a fee
- Does not accept Singapore Dollars directly
- Depositing fiat currencies to the platform can be expensive depending on the fees charged by the multicurrency bank accounts you decide to use
- It is expensive to withdraw fiat currencies
2. Binance Singapore – Best Crypto Exchange in Singapore
Binance Singapore is a subsidiary of Binance International that serves customers living in Singapore. Unlike Binance.com, investors in Binance Singapore use their Xfers account to withdraw or deposit funds.
Binance Singapore also has lower charges, but it has fewer trading choices when compared to Binance International. It has eight cryptocurrencies that customers can buy using SDG.
Features and Security
- Earns interest in cryptocurrency holdings
- Safely store and trade at low fees
- Purchase products using Binance Credit cards
- Take loans in crypto
- Benefit from advanced options such as futures, trading options, and margin trading
- Native wallet access
- Secure platform
- Your account can be a stock brokerage account
- You can easily withdraw and deposit SGD using Xfers via your bank
- Friendly user interface
- You can buy any cryptocurrency on the platform using SGD
- The platform has a limited number of cryptocurrencies
- The fees are higher by 0.60% per trade than on Binance International
3. Coinbase Singapore – Best for Variety of Cryptocurrencies and Assurance
Third on this list is Coinbase. Coinbase is a safe and reputable crypto exchange platform to buy and sell Bitcoin, among other types of cryptocurrencies. They are trusted by many customers all over the world. It is one of the safest crypto exchange platforms with no reported compromises or hacks on the security systems and wallets.
Users from Singapore can use the Coinbase account, which links to Coinbase Pro, with more advanced trading options. Users can also use a credit or debit card to buy goods or transfer funds to their bank accounts. Coinbase offers about 50 different crypto assets to buy or trade, which can be limiting.
Users using Coinbase have assurance for their crypto assets. The firms insure cash balances of above US$250,000 with the Federal Deposit Insurance Corporation (FDIC). Coinbase also has crime insurance too that protects the users’ assets from security breaches.
Features and security
- It is a safe platform with no reported breaches
- You can safely purchase and trade cryptocurrency after depositing SDGs
- You can earn a crypto reward after watching educational videos on the platform
- Stake coins
- A user-friendly interface that also has a mobile app for crypto trade
- Has multiple security features, including a two-factor verification
- Features a Coinbase vault that stores crypto holdings in cold storage
- Clean and easy to use trading interface
- Listed by NASDAQ, hence trusted by US regulators
- It supports only 65 cryptocurrencies
- It has high trading fees of 1.49%and payments. You can, however, opt for Coinbase Pro that has lower fees of 0.50% for every trade
- Withdrawing and depositing fiat currencies into Coinbase is quite expensive due to the fees charged by Coinbase and your bank account
4. Huobi Global – Best for Variety of Currencies, Crypto Assets, and Payments
Huobi features about 379 cryptocurrencies which puts it second after Binance as of this writing. It was founded in 2013 in China by Leon Li, who is a computer engineer at Oracle. Now based in Seychelles, it is listed in Hong Kong as Huobi Technology Holding Ltd.
It has its offices in Japan, Hong Kong, Singapore, and South Korea.
Features and Security
- Has a security reserve where except for loss as a result of user’s action, Huobi will pay compensation upfront in case of losses arising from other security.
- Stores its customer’s assets in multi-signature cold wallets
- It has 379 cryptocurrencies
- Support SDG to directly buy the coins
- Friendly user interface
- Advance trading charting
- It comes in second in terms of the number of cryptocurrencies it trades
- You can use SDG to purchase crypto on the platform directly
- You can trade derivatives
- Low trading fees of 0.20%
- Offers p2p exchange feature where you can buy cryptocurrency from other people advertising on the platform
- Depositing fiat money on the platform can be pretty expensive based on the fees charged by your multi currency account transfers.
- It is expensive to withdraw fiat currencies as well.
5. Crypto.Com – Best Cyber Security Infrastructure
Crypto.com has over 1 million users all over the world. It is a premium trading and exchange app that is supported in Singapore.
At Crypto.com, you get to sell, buy, spend, trade, earn, loans cash, and pay bills with crypto. Customers can buy Bitcoin and other crypto assets using a credit card or a bank transfer using Singapore-based payment option X-fers.
Crypto.com can provide liquidity using their digital token coin (CRO), which results in competitive trading fees to buy 80+ crypto coins at actual cost with no fees or markups. It has a user-friendly interface that comes in an easy-to-use mobile app. New users get 90 days of zero-fee trading.
Features and Security
- It has a Tier 4 security certification, the highest level of NIST Cybersecurity and Privacy Framework. It is independently audited by the firm SGS.
- Payment method via bank account or credit card
- Beginner-friendly user interface with advanced tools ideal for aspiring crypto investors
- Has tier-based trading fees that reduce with increased volume
- High liquidity order-book
- Margin platform to crypto trade CFD’s
- Easy to convert FIAT to crypto
- It has secure accounts. The SGS firm independently audits the company.
- Affordable trading fees of 0.40%
- Offer Crypto.com Visa card with cashback rewards
- The platform supports bank accounts transfers
- Their customer service is a little slow
How to Choose the Best Crypto-Exchange?
Many crypto exchanges are starting up, so it can be hard to choose the best, especially starting. We have carefully selected the best crypto exchanges, as we have mentioned above. You might be wondering what criteria we have used.
Here are some of the factors we have considered while choosing the top crypto exchanges in the market.
1. Beginner Friendliness
A good platform needs to be easy to use, especially for people investing in cryptocurrencies for the first time. Having a desktop website and a mobile phone app is a good indicator that a platform is beginner-friendly. A user needs to create an account and complete the verification process efficiently with no hassles. Depositing funds and purchasing Bitcoin should be a quick and streamlined process.
While trading crypto, it is vital to use a registered exchange with the Monetary Authority of Singapore (MAS). This offers a safe crypto trading environment. Singapore offers the highest standard on financial laws and regulations in the digital currency industry. It is therefore essential to ensure that the exchange is a licensed company that follows the required regulations.
3. Supported Cryptocurrencies
Bitcoin is available on different platforms. Other types of digital currencies have become popular over time, such as tokens and altcoins. The best cryptocurrency exchanges platform has different crypto assets and trading pairs against fiat and cryptocurrencies.
4. Deposit Methods
As a new investor, getting a supported payment method should be your priority. The best crypto exchange platform should offer deposit methods available to Singapore residents using SDG. The quickest method of deposit is using bank transfer via Xfers. The most convenient exchange platforms in Singapore allow this method of deposit.
5. Withdraw to Local Bank Account Option
It is important to note that not all exchange platforms allow local bank transfers. This is an important feature to look out for as an investor since it will determine how easily you can access your funds. Regulated cryptocurrency exchanges in Singapore should have the option to convert your digital assets to SDG and withdraw them to your bank account.
6. The Charges
There are different types of fees charged by cryptocurrency exchanges. These fees include foreign conversion charges, deposit fiat, withdrawal cash, or trading between other assets. Some exchanges will also charge a spread fee that is often hidden and not always disclosed. So make sure you look out for it when choosing the crypto exchange to go with.
7. Customer Support
Before you settle for any exchange, make sure you explore the different websites to know which communication methods are available for their users. Some exchanges will offer clear guides on how to start trading for beginners. So be on the lookout for them.
8. Wallet Security
Cyber security is a significant concern in the crypto community. Before choosing the platform to invest through, ensure there is guaranteed safety and protection of the fund stored by the exchange. Some of the security measures to look out for include: cold wallet storage, two-factor authentication, and a multi-signature withdrawal process.
9. Online Reviews
Another great way to know about the best exchange is to check out the online reviews. You can check them via social media or forum comments. Reviews are a great way to assess the experience of the investors and the traders.
Cryptocurrency Regulation in Singapore
In Singapore, any entity that facilitates the transmission, storage, or exchange of any digital payment token (DPT), also known as cryptocurrencies, must be licensed according to the Payment Services Act. The virtual payment providers are regulated by the Monetary Authority of Singapore (MAS). According to Mr.Ong, a board member of MAS, The regulation will help the DPT service providers from being exploited by criminals to launder illicit money and hide illegal assets.
MAS regulates service providers that deal with the exchange of cryptocurrencies when they possess the cryptocurrency or the money. Under the Payment Services Act, the MAS powers are expanded to include the measures on the providers even when they do not possess the cryptocurrency or money involved. The bill also expanded the scope of cross-border money transfer services between people in different jurisdictions.
The MAS has powers to impose measures on the cryptocurrency service providers to help ensure consumer protection and safeguard the monetary policy’s efficacy while maintaining financial stability. Under the bill, the central bank allows the MAS to respond swiftly to any changes in the cryptocurrency market since it is fast-moving. The MAS is also obligated to consult the industry while drafting any subsidiary legislation.
What Is the Methodology for Choosing Crypto Exchanges?
1. It Should Allow You to Purchase Bitcoin (BTC) and Ethereum (ETH) in Singapore Dollars.
The crypto exchange should allow you to buy Bitcoin and Ethereum in Singapore dollars.
2. The Exchange Should Have Offices In Singapore.
Make sure the platform you choose to go with has physical offices in Singapore.
3. It Should Be Among the Biggest Cryptocurrency Spot Exchanges in the World.
Make sure the platform you choose is among the world’s largest cryptocurrency exchanges. This means that you will have access to more cryptocurrency transactions.
4. Security and Authenticity.
The cryptocurrency exchanges should have an excellent reputation in the crypto world. Make sure you do your research to know of their reviews. Example: According to CoinMarketCap, Coinbase, Huobi Global, and Binance are the most reputable and most prominent cryptocurrency spots globally. CoinMarketCap scores and ranks crypto exchanges based on liquidity, traffic, trading volumes, and confidence.
5. The Fee Structure.
Transaction fees differ from different crypto exchange platforms. Before you decide to trade in a platform, ensure that there are no hidden fees. Choose a platform that allows you to keep track of your fees for the different activities. Choose a crypto exchange platform that offers flexible transaction fees or one that offers flat transaction rates.
6. User Experience and User Interface.
A good user interface creates a great user experience that makes it easy to trade the cryptocurrencies available. User experience is, however, entirely subjective since different people prefer different things. Ensure that the crypto exchange you go with has great customer-related functionalities. They make use of the platform much more manageable.
1. Which Crypto App Is Best In Singapore?
Coinbase app has the most straightforward user interface for investors to deposit and withdraw from the platform. Investors can buy cryptocurrencies using a debit and credit card as long as it supports 3D security.
The highly intuitive app can store digital assets that can be stored in an online wallet.
2. Which Exchange Is Best For Cryptocurrency?
Binance International is the best crypto exchange in Singapore. It is the leading digital currency exchange platform with the most crypto assets. Binance International supports Singaporean users through Binance Singapore, where they can buy crypto assets using SDG from their credit or debit cards using Xfers wallet.
Binance is a basic and advanced trading platform that suits users with varied skills and features a secure Binance wallet to store cryptocurrency assets. Binance offers competitive trading and withdrawal fees and features multiple trading pairs against altcoins, stable coins, and fiat. The app is easy to use, has numerous deposit methods, and has an excellent reputation.
3. What’s The Best Way To Buy Bitcoin In Singapore?
The best way to buy Bitcoin is through a trusted and regulated exchange that offers BTC and will accept Singapore Dollars as a form of payment. Some of the perks of using local exchange in Singapore include:
- The Monetary Authority regulates the transaction in Singapore (MAS)
- The exchange has to comply with the Anti Money Laundering (AML) reporting obligations
- You can buy and sell crypto directly from the exchange using Singapore dollars
- Local exchanges have local customer service, which makes it easier to get help if you need it
- Local exchanges support local methods of deposits such as bank transfer and debit cards using X-fers
4. How to Trade Bitcoin in Singapore?
In Singapore, you can trade Bitcoin using a cryptocurrency exchange platform that converts fiat current or other digital assets like Ethereum with Bitcoin. Bitcoin exchange involves the following processes.
- Open a cryptocurrency exchange account such as Binance
- Ensure you finish the sign-up registration process by verifying your identity
- Deposit your Singapore Dollars using a credit or debit card
- Choose Bitcoin (BTC) from the crypto asset list
- Enter the amount of Bitcoin you want to buy using the SDG you deposited
- Review your purchase order before you complete the trade
If you want to trade Bitcoin with leverage, you can use derivatives or futures exchange with margin trading that has a 100:1 multiplier for the available funds. Opening a bitcoin account is similar to opening a stock brokerage account.
5. What Is the Best Bitcoin Wallet in Singapore?
The best wallet for digital assets such as Bitcoin, Ethereum, and Litecoin is a hardware wallet under the investors’ possession. Some of the most used Bitcoin wallets include CoolWallet Pro, Ledger Nano X, and Trezor T. The Ledger Nano has a five-star rating, placing it as the best Bitcoin wallet in Singapore. These wallets have a cold wallet feature. A cold wallet offers an airlock between internet-connected devices and assets.
The cold storage wallet has a private crypto key that gives the investor access to the cryptocurrency. The private crypto key will allow you to send, transfer and receive your crypto assets. If you lose the hardware wallet or it gets damaged, you can access your assets using various backup options with a recovery phrase.
The best crypto exchange platform in Singapore is Binance. However, if you decide to go with another exchange platform, you should stick to one supported in Singapore and accepts Singapore Dollars. This will make your transactions much easier since you can trade using your debit or credit card without a hassle.
The cryptocurrency exchange platforms we have mentioned above have an excellent reputation with excellent customer support.
- The best way to obtain Bitcoin is by using a trusted and regulated crypto exchange platform.
- When choosing a crypto exchange platform, choose one that accepts Singapore Dollars.
- Make sure the platform you start investing in has an excellent reputation before you start investing.
- Stick to crypto-exchange platforms that have physical addresses in Singapore for better support.
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