Cryptocurrencies need no introduction. They have been around for a while, and their prices are skyrocketing every single day. If you have some extra cash and you are wondering where to start investing in them, you should consider investing in crypto exchanges. Know more on how to start investing in Singapore.
Crypto exchanges offer the easiest way for anyone to invest in cryptocurrencies. In this post, we will look at Singapore’s best crypto exchanges and what you should consider before choosing the best crypto exchange platform.
Before we dive in, keep in mind that investing in cryptocurrencies is not for everyone. This is because investing or trading in cryptocurrencies is highly volatile. Therefore, you will need to have a higher risk tolerance than you would need trading in stocks and bonds.
Key Considerations Before Choosing a Cryptocurrency Exchange
It would be best to research a wide range of platforms before choosing the crypto exchange of your choice. Here are some key factors you should consider before choosing a cryptocurrency exchange:
- Type of trading
- User-friendliness of the platform
- Ease of access
- Selection of the cryptocurrency
- Loyalty programs and discounts
- Customer support
- Account verification process
- Security features
9 Best Crypto Exchanges in Singapore
Here is a list of the best cryptocurrency exchanges in Singapore:
1. Binance Singapore – Best Crypto Exchange in Singapore
- Safe to trade at low fees
- Earn interest on your cryptocurrency holdings
- Purchase products using Binance Credit cards
- Offer loans in crypto
- Offers advanced financial options such as futures, trading options, and margin trading
- Native wallet access
Binance Singapore is a subsidiary of Binance international, one of the world’s largest crypto exchange platforms. The platform allows you to use Xfer accounts to withdraw and deposit funds.
The platform has low fees when compared to its peers. It offers eight cryptocurrencies that you can buy using SDG.
- Easy to withdraw and deposit funds in SDG using Xfer through your bank accounts
- User friendly
- You can buy crypto using SDG
- A limited number of cryptocurrencies available
- Charges higher fees than Binance International
2. CoinBase Exchange Singapore – Best For A Wide Variety of Cryptocurrency
- One of the most secure cryptocurrencies in Singapore
- You can buy cryptocurrencies using SDGs
- Offer educational videos for their investors
- User-friendly interface
- Two-factor verification for maximum security
- It has a Coinbase vault that stores crypto holding in cold storage.
Coinbase is a reputable crypto exchange platform where you can easily buy and sell cryptocurrency, among other financial products. It is a trusted exchange by many investors worldwide. The best part about it you can use SDGs to trade on the platform.
Investors in Singapore use a Coinbase account linked to Coinbase pro, which has advanced trading options. The platform offers more than 50 crypto assets.
Coinbase ensures a cash balance of more than US$250,000 with the Federal Deposit Insurance Corporation (FDIC). It also has crime insurance to protect user assets from security breaches.
- Friendly user interface
- Listed by NASDAQ and is trusted by US regulators
- Support 65 cryptocurrencies
- High trading fees of 1.49%
- Depositing and withdrawing fiat currencies on Coinbase is quite expensive
3. Huobi Global – Best for a Variety of Crypto Assets, Currencies, and Payments
- Security reserve in case of loss of the user asserts
- Stores user assets in multi-signature cold wallets
- Have more than 350 cryptocurrencies
- User-friendly interface
- Has advanced trading charting
- Support SDG to directly buy the coins
Huobi offers more than 350 cryptocurrencies which among the top crypto exchanges. Founded in China in 2013 by Leon Li, the platform has its headquarters in Seychelles.
Huobi is listed in Hong Kong as Huobi Technology Holding Ltd. The company also has its headquarters in Singapore, Japan, Hong Kong, and South Korea.
- Has a wide selection of cryptocurrencies
- You can purchase crypto assets directly using SDG
- Low trading fees
- You can trade derivatives
- P2p feature where you can buy cryptocurrency from other people advertising there
- Depositing fiat currency on the platform can be very expensive
- It is expensive the withdraw from the platform as well.
4. Crypto.com – Best with Cyber Security
- Feature Tier 4 security certification with the highest level of NIST cybersecurity and privacy Framework
- Payment can either be via bank credit or debit card
- Beginner-friendly user interface
- High liquidity
- Tier based trading fees that reduce as volume increases
Crypto.com provides high liquidity via their digital token coin CRO). This results in increased trading fees with over 80+ crypto coins. It has a user-friendly interface and an easy-to-use mobile app available for Android and iOS.
- You can easily convert FIAT to crypto easily
- It’s a secure platform
- Offers a visa card with cashback rewards
- Offers low trading fees
- Supports bank account transfers
- Their customer service is relatively slow
5. Binance International – Best Overall with Low Trading Fees
- Safe, reputable, and popular crypto exchanges
- Offers multiple trading assets and is one of the largest cryptocurrency exchanges in the world
- You can earn interest with a Binance savings account
- Offers competitive trading and withdrawal fees
- Provides a wide range of products which include:
- Binance staking pools
- Binance visa card to pay with crypto
- You can buy cryptocurrencies using a wide range of fiat currencies
- Leverage and derivative tokens
- Supports different forms of payments, including credit/debit and bank deposits.
Binance is the world-leading cryptocurrency exchange platform with over 200 trading pairs. It is the most popular crypto exchange platform with the highest trading features.
- Lowest trading fees available in the market
- Has a wide selection of cryptocurrencies supporting more than 500 coins
- It offers a wide variety of features other than buying crypto
- Offer p2p exchange features with no additional fee
- The trading platform does not accept SDG directly
- Depositing Fiat currency on the platform can be pretty expensive
- It is also costly to withdraw fiat currency on the platform
6. Gemini – Best for Earning Interest and Local Bank Transfer
- An all in one platform that allows you to get interested in your crypto assets
- Uses Hong Kong Dollar, US Dollar, Australian Dollar and Singapore Dollar to trade
- Stores crypto assets in proprietary cold wallets
- Gemini Earn is exclusively available in USA and Singapore
- It has two-factor authentication and lets users create a list of approved addresses for withdrawals and multiple sign-offs
- Trading fees are charged based on the fiat currency of your choice and the platform of choice.
Gemini is based in New York and is held to the highest level of fiduciary obligation, banking compliance standards, and reserve requirements. Gemini crypto exchanges have over 40 cryptocurrencies, among them being: Ethereum, Bitcoin, Dogecoin.
The platform allows cryptocurrencies to be traded against a variety of fiat currencies. This makes the trading process seamless with ease of transfer and improved liquidity.
- Allows exchange of cryptocurrencies with fiat money
- Will enable users to earn interest on cryptocurrency via Gemini Earn
- Two-factor authentication for maximum security
- Features low trading volumes hence relatively low in liquidity
- Not ideal for advanced traders looking for esoteric coins
- Between 0.17% and 7.96% depending on the cryptocurrency you are holding
7. Coinhako: Best for Trading in Singapore and Local Bank Transfers
- Supports over 40 coins such as XRP, Cardono, Dogecoin, and more
- You can trade cryptocurrencies against fiat money, including the US dollar and Singapore
- It helps Vietnamese Dong, but you will need first to utilize Vietnamese Dong Tokens (VNDT)
- Fast deposits using Xfers and using credit or debit cards on Visa and Mastercard network
- Reward programs for users disbursing points for trades and daily logins
Coinhako is one of Asia’s oldest crypto exchange platforms, with over 40 coins. The platform allows direct exchange for fiat money and cryptocurrencies, including US dollars and SDG. The Coinhako account allows seamless bank transfers taking a day for the customer funds to show up in your account
- Easily exchange fiat money for cryptocurrency
- Allow users to purchase crypto using debit and credit cards which improves its accessibility
- Very convenient for beginner and advanced traders
- Experienced a security breach in February 2020, which raises questions about its security measures
- Coinhako does not reveal its security measures
- Higher trading fees when compared to its peers in the market.
- With a debit or credit card, 3% card processing fees. Regular bank deposits have no fees charged, but with Xfers, you will pay a 0.55% fee.
8. Kraken: Best for Advanced Crypto Investors Looking for Flexibility
- Offers 86 cryptocurrencies, including Cardano, Ethereum, Bitcoin, and more
- It has a variety of cryptocurrencies pairs that offer exceptional flexibility for advanced traders
- Allows margin trading
- Allows you to generate interest on your holdings by staking them
- The platform is not ideal for traders looking to make a quick deposit
- It supports seven fiat currencies: Australian, US, and Canadian dollars
- Fees vary depending on the currency you pick.
Kraken is ideal for advanced traders, and it supports up to 86 cryptocurrencies. It is excellent for traders looking to trade in newer cryptocurrencies or highly volatile coins. Experienced traders appreciate the platform since it allows for margin trading.
- It is flexible and great for advanced investors
- Allows for margin trading
- Generates interest on your holdings by staking them
- Allows a limited number of fiat monies
- Not ideal for investors looking for a quick deposit
- Fees vary depending on the currency you trade with
- Ranges from 0% to 0.05% depending on the trading volume
9. FTX: Best for Having a Wide Range of Assets to Trade
- Supports over 243 cryptocurrencies such as Solana, Ethereum, and Bitcoin
- Offers tokenized stocks and other specialized tokens
- Has the highest number of trading assets
- Stock tokens are backed by actual shares of the company that its partner’s firms CM-Equity purchased
- Offer Margin trading
- Does not support deposit in Singapore dollar
- Free deposits and offers a guide using DBS or POBS account
- Charges US$75 fee for withdrawals below US$10,000
FTX offers many cryptocurrencies, but as with any other platform, you have to ensure that you do your due diligence before placing your money there. The platform is not licensed in Singapore, but it accepts Deposits in SDG.
- Offers a wide variety of trading assets
- Tokenized stocks available
- Margin trading available
- Not licensed in Singapore
- Charges a withdrawal fee of US$75 for transactions below US$10,000
- Tiered fee structure with trading fees ranging from 0-0.07% depending on your daily trading volume.
Summary of the Best Cryptocurrency Exchanges
|Cryptocurrency Exchange||Trading Fees (Per Trade)||Pro-Account Trading Fees||Supported Cryptocurrencies||Deposit Fees (Fiat)||Withdrawal Fee (Fiat)||Can Buy BTC & ETH With SGD?||Best for|
|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)||Best overall|
|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||Best crypto exchange in Singapore|
|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||Best of a wide variety of cryptocurrency|
|–||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||Best for a variety of crypto assets, currencies, and Payments|
|Crypto.com||0.4%(Basic tier)||–||100+ (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
|Best with Cyber security|
|Gemini||1.49%+(flat with a minimum fee up to S$4 for trades less than S$250)
An additional convenience fee of 0.5%
|Active Trader: 0.35% (base tier)||40 +coins including Ethereum, Bitcoin, Dogecoin||Deposit with Xfers is free
|–||Yes||Best for earning interest and local bank transfer|
|Coinhack||0.55-3%||–||40 + coins including XRP, Cardono, Dogecoin||Deposit with Xfers is free||–||Yes||Best for trading in Singapore and local bank transfers|
|Kraken||0-0.05%||–||86 Coins||Deposit with Xfers is free||–||Yes||Best for advanced investors looking for flexibility|
|FTX||0-07%||–||243 coins||Deposit with Xfers is free||–||yes||Best for a wide variety of trade assets|
Which Cryptocurrency Exchange is Best for Me?
The best cryptocurrency total depends on your needs. So before you choose the best crypto exchange, make sure you know what you are looking to invest in.
If you want to invest in my esoteric cryptocurrencies or the newer ones, you should consider going for cryptocurrency trading platforms that support hundreds of coins. These platforms have the most straightforward withdrawal and deposit processes. You may want an exchange that allows seamless deposits and an easy trading system if you are a beginner.
The best part is you can easily change your cryptocurrency if you are not satisfied with the platform you are using.
How Do I Start Investing in Crypto Exchange?
Here are the steps to follow when you want to invest in crypto exchange:
Step 1: Choose the Suitable Crypto Exchange
Before settling a crypto exchange platform, make sure you do your due diligence. Pick a platform regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act and has the best reviews online.
Step 2: Open a Trading Account
After choosing the crypto exchange of your choice, you will now need to open an account. Go to the crypto exchange websites and register for an account. You will need to verify your credentials based on the platform’s requirements.
Step 3: Fund Your Account
After opening your account, you will need to transfer funds to your account to start trading. You may transfer money from your bank or via your debit and credit card. Depending on the platform’s policy, you may begin trading immediately or wait for a crucial period.
Step 4: Buying and Investing in Cryptocurrency
After funding your account, you can now start buying the coins of your choice. Again, do your due diligence here. Learn as much as you can before buying your cryptocurrency.
Step 5: Store Your Cryptocurrency
This is the most critical part after buying your cryptocurrency. It would be best if you store your cryptocurrency in a crypto wallet. You can find the Wallet online. Check out the reviews of different wallets available to ensure that you choose the most secure and easy to use.
What is the Methodology for Choosing the Best Crypto Exchanges in Singapore?
Here are some of the critical aspects to look out for when choosing the crypto exchange of your choice in Singapore.
1. Allows You to Purchase Cryptocurrency in Singapore Dollars
The best cryptocurrency lets you buy a coin with Singapore dollars with ease.
2. Have Offices in Singapore
When choosing a crypto exchange platform, ensure that they have physical offices in Singapore. This will ensure that your funds are secure, and you can quickly get help in case of anything.
3. Authenticity and Security
The crypto exchange should have an excellent reputation globally, and you can find this out from the reviews. Also, ensure that you go with a crypto exchange platform that offers perfect security to ensure that your funds are safe from cyber-attacks.
4. Among the Biggest Cryptocurrencies in the World
If the platform is one of the biggest globally, it means that you will have access to a wide range of crypto assets. This will make sure that you have an enhanced portfolio.
5. The Fee Structure
Make sure you go with a platform that offers affordable trading fees. Ensure that the platform has no hidden fees to ensure that you get the most out of your investments.
6. User Interface and User Experience
An excellent user interface will offer you a great experience when trading cryptocurrencies. The user experience is very subjective since different people will want other things.
Ensure that you look out for their customer service. Excellent customer service will significantly increase your user experience.
Factors to Consider When Choosing the Best Crypto Exchange in Singapore
The crypto exchange world is just starting. Most of the available platforms are relatively new, so it might be hard to decide based on their history. You need to know what criteria to use when choosing the best crypto exchange.
Here are some of the factors to consider when selecting the platform of your choice.
Ensure that the crypto exchange you go with is regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act. This ensures that you will be trading in a secure environment with fewer chances of losing your money.
Singapore has the highest financial regulation laws in the digital currencies industry. So be sure that the platforms available in the country are well regulated.
2. Beginner Friendliness
The best platform is easy to use, especially for beginners in the field. A crypto exchange with a mobile phone and desktop website signifies a beginner-friendly platform.
It should be easy to create and verify your account with no hassles. Depositing into the account and purchasing cryptocurrency should be seamless.
3. Consider the Supported Cryptocurrencies
Before investing, make sure the exchange has all the coins you want to trade-in. There are platforms with 8 crypto assets, while others have more than 300 crypto assets.
If a platform has more coins, it will let you diversify your investment portfolio. If you want to go with the exchange with fewer assets, make sure you know exactly what you want to invest in.
4. Method of Depositing
While starting your investment journey, you will need to get a supported payment method. Singapore’s best cryptocurrency exchange platform allows its users to invest in Singapore Dollars.
The quickest way to transfer money to crypto exchanges is via Xfers. The best exchanges in Singapore offer this deposit method.
5. Have the Withdraw to Local Bank Option
Not all exchanges will allow you to withdraw your money directly to your local bank. But this is important since it creates a hassle-free way to access your funds.
When choosing a cryptocurrency exchange, be on the lookout for this feature. Most of the regulated platforms in Singapore offer the option to convert your digital assets to SDG then withdraw them to your local bank account.
6. Transaction Fee Charged
Most crypto exchanges charge different fees based on the financial services offered. Some of these fees include deposit fiat charges, foreign conversion charges, withdrawal charges, and charges for trading between other assets.
Others will charge a spread fee that is not always disclosed. You have to read through the fine print to ensure you know all the charges.
7. Excellent Customer Support
Ensure that the platform you chose has receptive customer support. Explore different websites to see how well they communicate with their clients.
Be on the lookout for any clear guides that will make your beginner investment journey a breeze. To get a clear picture of this, you can check on the reviews of the different platforms online before you make your decision.
8. Wallet Security
The number one concern in the crypto world is cyber security. Before investing in any platforms, ensure that your safety is guaranteed and that the exchange stores your funds.
Some of the security measures to look out for include: to-factor authentication. Cold wallet storage and multi-signature withdrawal process.
9. Be Cautious
Before anything else, when thinking about searching for a digital currency exchange, you have to keep in mind that the crypto market is still full of scams and frauds. Most crypto exchanges fail at first, and investors end up losing their funds. Other platforms have been hacked, and others compromised.
Keep in mind that investing in crypto is very volatile and unpredictable. It will be essential to trade carefully to avoid losing your money.
1. What is a Cryptocurrency Exchange? How Does It Work?
A cryptocurrency exchange is an online marketplace where you can sell, buy and trade cryptocurrency. The platform works almost the same as an online brokerage as users can deposit fiat currency such as US dollars and those funds to purchase cryptocurrency.
Investors can trade their cryptocurrency for other cryptocurrencies, while some crypto exchanges allow users to earn interest on their investment assets.
2. How Do You Open a Cryptocurrency Exchange Account?
Most exchanges will require you to create an online account and provide proof of your identity. It includes personal questions, verifying your identity with a third-party application. Once your account has been approved, you can deposit your funds and trading cryptocurrency.
3. Does Every Exchange List Every Possible Cryptocurrency?
The list of cryptocurrencies available on different platforms varies widely. Some crypto exchanges only offer bitcoin exchange, while others provide more than 300 crypto assets.
There is no guarantee that all the crypto you want to buy and sell is available on one platform. So you will have to do some research to know which platform has the coins you want to invest in.
4. Where Can I Find a List of the World’s Biggest Crypto Exchanges?
You can view the trading volume of crypto exchanges on websites like CoinMarketCap.
5. Why Do Some Crypto Exchanges Ask to Verify My Identity?
All crypto exchanges in Singapore and other countries are subjected to the Anti-laundering and Counter-Terrorism Financing (AML/CTF) regulations and capital reserve requirements.
To comply with these regulations, the exchange has to gather information about their customers, which will need proof of ID. This process is referred to as a KYC (Know Your Customer).
6. Which is the Best Wallet to Use in Singapore?
The best wallets that support digital assets such as Bitcoin, Litecoin, and Ethereum. A hardware wallet is used in storing crypto under investors’ possessions. Some of these wallets include Ledger Nano X and Trezor T.
These hardware wallets have a cold wallet feature meaning they offer airlock between internet-connected devices and assets.
The cold storage feature comes with a crypto key that gives investors access to cryptocurrency. The private key allows users to transfer and receive crypto assets. You can also access your hardware assets if it gets damaged using different backup options with a recovery phase.
7. Which is the Safest Cryptocurrency in Singapore?
The best overall is Coinbase and coin base pro
The platform offers an easy-to-use user interface and dramatically lowers the entry barrier for crypto investment, which most people see as complicated. Coinbase offers insured custodial wallets for investors and traders to store their assets.
8. Which is the Best Crypto App in Singapore?
The Coinbase app is the best user interface for investors. It is a straightforward platform that is easy to withdraw from and make deposits. Users use debit and credit card because it supports 3D security. The Coinbase app also stores digital assets stored in an online wallet.
Our Final Thoughts
There are over 300 cryptocurrency exchanges available today. To choose the best, you have to do your research, and you can quickly transfer from one crypto exchange to another if you are unsatisfied. Look out for the transaction fees, user interface, your wallet security, and not forgetting customer support.
- Crypto exchanges are regulated in Singapore by MAS
- While choosing the best cryptocurrency exchange in Singapore, choose one that accepts Singapore Dollars
- Pick crypto exchanges with physical addresses in Singapore to get the best customer service.
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