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Binance Singapore Review
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Binance Singapore Review

Best for Crypto Traders in Singapore

Binance Singapore Review

SDG

FIAT Currencies

0.8%

Trading Fees

None

Deposit Fees

Fees vary

Withdrawal Fees

BTC, ETH, BNB, LTC, BCH, XRP, MIR, and LINK

Cryptocurrencies

Bank Transfer, Cryptocurrency

Deposit Methods

Binance is one of the largest cryptocurrency exchanges in both active user bases and volume in Singapore. Binance Singapore is a local affiliate of Binance.Com, and it operates as a separate local entity from the parent company.

The platform offers competitive rates with no withdrawal fees, no undue deposit, and a 0.6% trading fee. However, the platform is limited to 8 significant cryptocurrencies; BTC, ETH, BNB (Binance Coin), LTC, BCH, XRP, NEO, and LINK. You need to use other platforms to trade other coins.

All details

  • Eight coins available on the platforms: Bitcoin, Ethereum, Litecoin, Ripple, Neo, Bitcoin Cash, Chainlink, Binance Coin
  • Binance Singapore is a legal entity from Binance.com
  • Offers a flat trading fee of 0.6% and also as low as 0.015%
  • Offers free cash deposits and withdrawals to Xfers other than Xfer’s transfer fee
  • Binance and have a straightforward and easy to understand the platform
  • Binance has a web interface but does not have a mobile app
  • You can sell, buy and store cryptocurrency
  • Binance does not have advanced features like earning interest on your holding or taking loans on cryptocurrency
  • Binance Singapore is registered in Singapore, but it may not be regulated as a financial institution
  • The platform is only available to Singapore citizens, permanent residents, and people residing in Singapore
  • It has a verification process that provides identification and personal information verified against other records to prove your identity

It offers an FAQ section where you can access information about the platform and make a support request. The platform processes over 95% of its support feature in 24 hours.

  • When you sign up on Binance Singapore online and refer your friends, you will get 20 SGD.

The Pros

  • Binance Singapore offers exceptional convenience where you can link your Strait X account and easily buy and sell with Singapore Dollars
  • It offers competitive rates with no withdrawal fees and no deposits and a 0.6% trading fee
  • Binance Singapore offer BNB for fiat
  • It offers a simple and easy-to-use interface. Beginners can customize their user interface to suit their preferences

The Cons

  • The platform offers only eight cryptocurrencies, including LINK, BTC, BNB, ETH, LTC, XRP, BCH, and NEO. If you need to trade other coins, you need to look for other exchange platforms
  • Binance does not offer active trading. The platform is more of a fiat bridge and doesn’t offer advanced features or active trading

General Information

Binance Singapore offers free cash deposits and withdrawals to Xfers other than Xfers’ transfer fees

Offers trading fee of 0.6%; however, Binance International offers 0.015%.

To trade on Binance, you will need to create an account. Opening an account is straightforward. You do not need to verify your account for level 1, which is a 2BTC daily limit.

Level 2 allows up to 100 bitcoin per day, and you will need to upload your photo ID and wait for the approval. There are other higher limits, but you will need to contact the Support team to arrange for that.

It is essential to remember that the verification period varies depending on how busy the support staff is. SO ensure that you plan if you wish to make massive withdrawals and ensure you complete all the steps before you deposit large amounts on the exchange platform.

Disclaimer: This information may differ from what you see when you visit other financial service websites or the product’s official site, but Loan Advisor continues to keep every detail updated and accurate. This site may be compensated through third-party advertisers. However, the results of our comparison tools which are not marked as sponsored will always be based on objective analysis.

How Does Binance Compare with Other Crypto Platforms 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 Singapore 

0.6%

(Flat)

8 (BTC, ETH, BNB, LTC, BCH, XRP, NEO, LINK)

Deposit with Xfers is free

Withdrawal with Xfers is free

Yes

Binance International (Binance.com)

0.1%

(Basic tier)

500+ (BTC, ETH, XRP, LTC, BCH, EOS, MXR, TRX, XLM, NEO & more)

SWIFT transfer (Varies based on the bank)

 

Credit/Debit Card:

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)

Coinbase Exchange

1.49%+

(Flat with the minimum sum for trades less than US$200)

Coinbase Pro:

0.5%

(Basic tier)

65 (ATOM, BAT, BTC, BCH, XRP, DAI, DASH, EOS, ETH, ETC & more)

SWIFT transfer (US$25 + bank fees)

 

Credit/Debit Card:

3.99% + 7% of transaction fee (GST)

SWIFT transfer (US$25 + bank fees)

Yes

Coinhako

1% trading fee

 

48(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

Gemini

0.03% to 1.49% trading fee

52 (BTC, LTC, ETH, CRO, ENJ, BAT, PAX, USDC, OMG, KNC & more)

Deposit with Xfers is free

 

Credit/Debit Card:

3.50% + $0.10

Withdrawal with Xfers is free

Yes

 

 

 

 

 

 

Binance Cryptocurrency – Our Verdict

Binance Singapore is a subsidiary of Binance International designed to serve investors living in Singapore. The platform requires you to use your Xfers account to deposit and withdraw funds.

The platform offers lower charges when compared to other cryptocurrency exchanges. Binance Singapore, however, offers fewer trading options. It only has eight cryptocurrencies that you can buy using SDG.

Final Thoughts

Binance Singapore is one of the world’s largest cryptocurrency exchange platforms in Singapore. It offers just eight crypto coins that are pretty low compared to other platforms in the stock market. 

The platform is a separate entity from Binance, com. It operates in Singapore, and the Monetary Authority of Singapore processed its license application as digital payment token services.

Key Takeaways

  • Apart from paying a 0.6% trading fee, there is no deposit and withdrawal fee and only operates in Singapore Dollars
  • Offers limited currency options, which include: BTC, ETH, BNB, LTC, BCH, XRP, NEO, and LINK, which can buy and sell through bank transfer, credit card, and more.
  • Binance Asia Services accounts are not transferable nor connected to Binance.com
  • Binance Singapore has a user-friendly website but does not have an app

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FAQs

Users in Singapore can only open an account with Binance Singapore and not Binance international. Binance Singapore operated under the relevant exemption granted by the MAS.

Users may use Binance. Sg for trading pairs for BTC, ETH, and BNB. The platform also provides SGD withdrawal and deposit functionality.

Binance was banned in Singapore because it did not have enough measures to prevent money laundering and other financial crimes on the platform. Upon the ban, users in Singapore could not access certain functions on the platform, such as spot trading of currencies, fiat deposit services, and purchase of cryptocurrencies through a liquid swap and fiat channels.

Binance International halted Singapore Dollar trading pairs since they didn’t comply with MAS’s rules and regulations.

Users have been advised to withdraw their fiat assets and redeem securities tokens (crypto assets) by noon on 26th October.

Here is how to withdraw Fiat currency from the platform:

  • Log into your account
  • Click on withdraw
  • Select the ‘Fiat’ Tab
  • Select the fiat currency you want to withdraw
  • Enter all the details the page requires
  • Enter the verification

The verification process involves you providing your identification and personal information, which must be verified against other records to prove your identity.

Binance Singapore maintains the highest standards of Know Your Customer (KYC), Counter-Terrorism Financing (CTF), and Anti-money Laundering (AML) compliance to prevent abuse of its products and services from money laundering.

Binance Singapore is only open to Singapore citizens, permanent residents of Singapore, and people that reside in Singapore.

No, However, the website is mobile friendly and is excellent for the mobile browser.

For every user who successfully signs up for Binance, the referrer receives a commission on the fees every time the new user trades on Binance.

Before submitting your closure ticket, ensure that you transfer all your existing funds out of your Binance Singapore wallet. This is because when your account is closed, you will not have access to your remaining funds.

Follow these steps once you have emptied your Binance Singapore wallet:

  1. Access https://binancesingapore.zendesk.com/hc/en-us
  2. Click on ‘submit,’ which is on the top right corner of the page
  3. Click on ‘Other’ the ‘Account Closure’
  4. Fill in the required details
  5. Submit

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