With the rise in popularity of cryptocurrency, more people want in on the action to get a piece of the profit pie. As mainstream media keep talking about the gains that investors make from Bitcoin, Ethereum and Solana, inexperienced individuals want to know how they can make that much money. Know more about the best crypto exchanges in Singapore.
Whether you plan to join the crypto craze or have already experienced the volatile market and would like to invest more, you will need the best crypto wallet in Singapore. To do this, you must sign up for a cryptocurrency exchange. We will look at the best crypto wallets in Singapore and see why they work better than the rest.
Should you just stick solely with a cryptocurrency exchange, or should you buy a cold wallet immediately? Do you prefer an app with open-source features or just one that stores your assets like a cloud vault? How do you know which platform cost lesser trading fees than the other? That’s what we are here to find out. But, before we move on, please know that none of what you read here is financial advice; this is all just for the sake of information only.
What is a Crypto Wallet?
With all this talk about digital currencies, you may wonder where you should start. Cryptocurrency exchanges also work as crypto wallets to store your investments, although some work better than others. A cryptocurrency wallet speaks for itself: storage that keeps your cryptocurrencies. However, unlike traditional wallets, this particular wallet has two kinds: hot and cold.
A hot wallet lets you store cryptocurrencies in cloud storage and will need an internet connection for you to manage your investments. For example, a cryptocurrency exchange is considered a hot wallet. Most casual crypto investors and traders use cryptocurrency exchanges because of their accessibility.
Meanwhile, a cold wallet mainly serves as a physical device that does not need an internet connection. Of course, you may also refer to a cold wallet as a hardware wallet since you carry it around in a flash drive. Yet, a cold wallet is not just an ordinary flash drive; it includes specialized security that works like a vault to ensure nobody gets to seize your coins and tokens except you – given that you memorize the code.
For this article, we will focus on hot wallets: cryptocurrency exchanges that work as platforms to help you store your coins and tokens while simultaneously allowing you to do trading on the go.
Key Considerations When Choosing a Cryptocurrency Exchange
Suppose you plan to make the most out of your digital assets. From the outside, apps like Binance, FTX, and Coinbase may look the same, but, once you look through the finer details, you can pinpoint the uniqueness of each.
We will look at some key aspects:
- the number of supported cryptocurrencies
- the exclusive features
- the trading fees
- the withdrawal fees
- the fund transfer methods
Above all, the most crucial consideration is the legitimacy of the crypto exchange app. Be aware that some apps may lure you into using their platform to trade cryptocurrency only to find out they only made it to snatch your money. Some work as imposters with unverified websites and fake mobile apps.
Transparency should come within the app, including gas fees per transfer, bank transfer accessibility, transaction fees,
As long as the app fairs popularly in the crypto community backed up with an active team of developers, you are good to go.
Best Crypto Exchanges in Singapore
Every cryptocurrency exchange in this list includes supported payment services and bank transfer options in the country. Some exchanges in Singapore use the same transfer fees as other countries while some have local SGD support.
|Platform||Supported Cryptocurrencies||Trading Fees||Withdrawal Fees||Fund Transfer Methods||Exemption from Payment Services Act by MAS|
|Coinbase||96||Depends on coin/token||2%||debit/credit card with 3D secure||yes|
|Crypto.com||150+||0.20 – 0.40%||Depends on coin/token||Xfers, EUR IBAN, direct bank transfer||yes|
|Gemini||63||0.35%||0%||Bank transfer, ACH transfer, Apple Pay, Google Pay, Credit Card, Debit Card||yes|
|Coinhako||40||1%||$2 per transaction||Bank transfers including DBS/POSB, OCBC, UOB, and Standard Chartered||yes|
|FTX||275||0 – 0.017%||0%||Bank transfer, Credit Card, Debit Card||no|
Best Overall Crypto Exchange: Coinbase
As one of the world’s largest cryptocurrency exchanges, Coinbase houses a wide range of crypto assets to choose from. It is also considered the most accessible crypto exchange platform to use on desktop and mobile thanks to its inclusion of both simple and expert UI options, transparent statistics including daily trading volume and daily charts, and digital asset information.
Overall, Coinbase serves as a highly accessible and versatile digital cryptocurrency exchange for casual investors and part-time traders. It may not have the most intensive trading tools or the cheapest trading fees, but it serves as a starter kit for users without crypto experience. Also, it is still relatively new in Singapore, allowing you to experience Coinbase as to why so many people – especially from the US – prefer to use this app.
Coinbase lets you choose between crypto exchanges using your credit or debit card or through a P2P system for low fees depending on which you can do direct bank transfer if you want to purchase stablecoins like USD, BTC and USDC. You may also link multiple bank accounts for buying and selling in exchange for fiat money.
You may use Coinbase as a long-term investment mobile app or a trading platform.
Additionally, Coinbase will include an NFT crypto marketplace for those willing to purchase digital assets in a 3rd party application. The cryptocurrency exchange platform also includes staking for specific coins, but the fees are higher than the tokens’ local wallets.
However, the biggest drawback here is the transfer rate to your bank. Purchases made via bank transfer may last up to 5 days. But, if you have the patience for it, Coinbase still works finely as a tremendous general wallet to store your investments.
Pros and Cons
- Wide range of cryptocurrency choices
- Very casual and simple UI
- Includes most common wallet transfers
- Not a lot of fiat exchange options
- Transfers can take as long as 5 days
- Does not have the most extensive trading tools and indicators
Trading Fees and Charges
While Coinbase is accessible in most cases, it certainly does not provide the lowest transaction fees and no direct options for SGD (as of yet). Trading fees will also depend on the number of cryptocurrencies you exchange with. For example, the transaction fee for exchanging ETH is different from exchanging AVAX.
Although, if you register for a Coinbase card, all USDC currency transactions will have no additional fees.
Coinbase lets you share a referral link with someone else. For example, if the person uses your code and buys or sells USD100 worth of crypto, you will receive USD10 worth of Bitcoin for free.
Best in Coin Options and Low Trading Fees: Crypto.com
Arguably the best cryptocurrency exchange for low trading fees, Crypto.com takes pride as one of the first platforms before the boom of the crypto market. It lists more than 80 tokens and coins that you can directly buy and sell using fiat money.
Crypto.com is great for easy bank transfers, and fast linking to your bank account. If you plan on using Crypto.com for the trading, it includes essential tools including margin trading and futures (although this is highly not recommended).
According to Google Play and App Store reviews, Crypto.com is one of the best crypto exchanges because of its high number of cryptocurrencies, friendly UI and low costs (although withdrawal fees depend per coin or token).
Crypto.com is also one of the exempted cryptocurrency exchanges from the Payment Services Act by the Monetary Authority of Singapore.
All in all, Crypto.com serves as one of the most versatile and largest cryptocurrency exchanges right now. A favorable app for crypto exchange traders, the low fees and the wide number of currencies give a huge window of opportunity for profits – given that you know how to manage your risks.
Pros and Cons
- High number of cryptocurrencies
- Very friendly UI
- Low trading fees
- Withdrawal fees depend on the coin or token you trade
- Mobile app oddly consumes a lot of battery
- Promotional discounts only happen on certain dates in a year
Trading Fees and Charges
Trading fees cost as low as 0.20%, making it a dream for those looking for big risks and big rewards in the volatile crypto world.
With such low fees, traders prefer this one over Binance and Coinbase despite the relatively simple trading services it provides. You can trade cryptocurrency on a whim using the direct payment method or the P2P exchange. In addition, Crypto.com shows withdrawal fees per transaction, making sure that you get the price as accurately as possible.
Get up to 12% using the Crypto.com Visa card in selected merchants. This 12% cashback includes food delivery services from Deliveroo, Food Panda and GrabFood, transport services from ComfortDelgro, Gojek, Grab and SimplyGo, and grocery shopping from Cold Storage, Giant, NTUC Fairprice and Shen Shiong.
You may also enjoy premium discounts, including a $100 off on select PRISM+ models when you purchase from their website. Use [cryptocom100] at the checkout.
Best in Local Bank Transfers and Earning Interests: Gemini
Gemini provides excellent cryptocurrency trading services, a cryptocurrency exchange favored for free withdrawal fees and fast bank transfers. It may not have the most cryptocurrencies, but the low trading fees make Gemini a solid choice.
As an investment app, Gemini hosts many transfer methods including a free wire transfer, credit or debit card usage and Apple/Google Pay. It also includes a simple UI for its users since the app’s main purpose is to simply store your coins or tokens without the fuss of trading tools.
It only includes the most popular coins and tokens today including Bitcoin, Ethereum, Cardano and Ripple but it carefully lists more in the future. Withdrawal fees are a miracle here since they are free.
Pros and Cons
- Low trading fees
- Plenty of fiat options
- Free withdrawals
- Very limited crypto choices
- Too straightforward – not as extensive as its competitors
- UI is a bit outdated
Trading Fees and Charges
Of course, trading fees come with a flat 0.35% but that fairs better than the likes of Binance or Coinhako. So yes, the trading fees are comparably higher than some of its competitors but you mainly use Gemini for long-term holding.
Much like Coinbase and Binance, Gemini also runs a referral program. If your referral purchases or sells USD100 worth of cryptocurrency within the first 30 days after signing up, you earn USD10 worth of Bitcoin.
Best in Trading with SGD: Coinhako
Coinhako works best for local cryptocurrency exchanges. The platform allows direct exchanges with Singapore dollars, making it the optimal choice if you wish to go with a faster route to buy-in. It hosts over 40 coins and tokens including Bitcoin, Ethereum, and Dogecoin.
A locally-made exchange app also means seamless bank transfer options. That is why Coinhako is considered as one of the best crypto exchanges in Singapore when it comes to speed. You may also use a credit or debit card via the Visa and Mastercard network.
However, while it makes for a great local app, it is not the best cybersecurity. It had a defense breach back in February 2020 where several users got affected. Fortunately, the victims were reimbursed but the incident brought doubt to its existing members and those planning to use the mobile app, forcing it back from being called the best crypto wallet in Singapore.
Pros and Cons
- Easy exchanges using SGD
- Fast transactions
- Simple UI
- History of poor security
- Trading fees have 1% flat rate
- Withdrawals include a $2 deduction
Trading Fees and Charges
All trading fees are 1% flat. This makes it harder for short-term traders to make profit since every transaction you make will cost 1%. Additionally, buying crypto with a credit or debit card will cost a 3% card processing fee.
It uses the same referral program only this time, successful referrals will grant you a 20% commission in real time.
Best for Short-Term Trading: FTX
Traders looking to profit in crypto may find FTX the most favorable choice. It has a massive variety of crypto exchanges with over 275 coins and tokens to choose from. When it comes to the most useful trading indicators and risk management tools, FTX is an excellent app for both long-term investments and short-term trades.
As long as you know how to take risks responsibly, FTX does its best in providing multiple trading tools for scalpers, intraday traders and swing traders, such as setting up numbers on where to take profits and where to stop losses. However, you can also use it as storage for your coins if you do not wish to do trading. The app includes margin trading and futures much like Binance and Kraken. Doing a bank transfer is also easier with FTX since it has SGD support too.
FTX is also versatile in crypto options since it also includes tokenized stocks if you already have experience with the stock market.
One of the biggest drawbacks of FTX is its complex UI. The app is made for experienced traders because of its various tools that you may not even need. Also, FTX is not exempted from the Payment Services Act, so you should consider that one as well.
Pros and Cons
- Over 275 coins and tokens
- Lots of helpful trading tools and indicators
- Includes tokenized stocks – ideal for experienced stock traders
- Too complex for beginners
- Easy access to margin and leverage could mean faster way of risking your money
- Not exempted from the MAS
Trading Fees and Charges
As for the transaction fee, it all depends if you purchase its local FTX Token – FTT. If you own this currency, trading fees range from free to 0.015% while non-FTT holder fees vary from 0% to 0.07%. It’s free of charge as long as you withdraw at least US $10,000. anything lesser than that attracts a large fee of US $75.
There are no promotions as of this time.
Regulation of Cryptocurrency Exchanges in Singapore
While a decentralized digital currency may sound taboo for both financial institutions and for people used to fiat money, the Monetary Authority of Singapore regulates these crypto exchanges under the Payment Services Act of 2019. In summary, this Act requires crypto-based platforms to acquire a license from the MAS.
In addition, these crypto exchanges in Singapore must take certain measures including transaction monitoring and customer due diligence. If the platform suspects illegal transactions, they must report it to the Commercial Affairs Department. This is why it is important to note that the MAS must know crypto exchanges available online to make sure you are using a legitimate app.
1. Which crypto wallet is best in Singapore?
That depends entirely on your preference. Crypto.com has a great overall experience thanks to its abundance of coin and token options, simple UI and ease of use for transactions. It also comes with reasonably low fees. Coinbase works as another good choice if you want a more casual experience when investing and trading. Gemini and Coinhako are amazing when you prefer local bank transfers and direct trading in Singapore dollars. Finally, FTX is made for the riskier folks who want to dedicate their time to trading.
2. Is Binance banned in Singapore?
After some regulatory violations seen by the MAS, Binance Singapore will shut its platform in Singapore by mid-February 2022. You may still use Binance until then if you still want to benefit from their low fees and promotions. If you already have a Binance account, you may want to do bank transfer or migrate your investments to another legitimate app instead. This was supposed to be listed in our top exchanges because of its great features for buying and selling until its announcement of withdrawal from the country back in September 2021.
3. Is it legal to buy Bitcoin in Singapore?
While you can trade BTC in the mentioned exchanges, cryptocurrencies themselves are not regulated by the MAS. The only way for them to regulate these exchanges is to cooperate with the businesses behind the crypto apps. However, while this is mandatory, you can still download exchanges that are not under the supervision of the Payment Sevices Act – which means you are responsible for such risks.
4. Can I get rich from Bitcoin?
You may have heard the stories surrounding the success of individuals who placed money in Bitcoin years ago and now reap all the profits today. Yes, you can get rich from Bitcoin if and only if you are willing to lose your money. Keep in mind that cryptocurrency is the most volatile market today: you may find your profits go up to 20% in one day but can also lose -50% in just 15 minutes. Always manage your risks when entering the crypto market.
5. Is trading better than investing?
This depends entirely on your experience. If you have never done short-term trading before, it is much better to hold a coin you prefer and wait in the long term. Keep in mind that more than 90% of people lose money in trading. Doing intraday trading in the crypto world carries high volatility and increased risk which is why it is important to manage your profits and losses. Investing is safer and less of a hassle as long as you put your money into a potential blockchain project.
6. Is it safe to buy Dogecoin?
After all the crazy stories about Elon Musk supporting Dogecoin and its skyrocket gains of more than 10,000%, you may think Dogecoin is THE coin to be. However, Dogecoin started off as a joke to mock BTC to show that anything can happen in crypto. Ironically, its value raised after the meme became a serious form of investment. However, it does not have a completely transparent project and its end goals as a technology. Yes, you may invest in Dogecoin but remember the risk it holds.
The best crypto wallet in Singapore depends on your preference. With the power of your desktop or mobile device, you can now easily do crypto trading and investing with just a click of a button.
Take note that while these crypto apps are free, they are not held accountable for your profits and losses in the market. It is entirely up to you which app fits you the most. Just make sure that you know how to manage your risks since cryptocurrency is the most volatile market in existence.
- Coinbase offers a wide range of cryptocurrencies to choose from while making it easy for its users.
- Crypto.com also makes for a great pick if you want more options than Coinbase but with lower fees.
- Gemini and Coinhako do their best in offering local transactions and direct bank transfer options with their select choices of coins and tokens.
- FTX does its job in providing the most helpful tools for both short-term traders and long-term investors.
Do you wish to look for a loan? Contact Loan Advisor today to lend you the money you need. With Loan Advisor, you can request up to 3 free loan quotes from the top licensed moneylenders in Singapore.