Bitcoin gave rise to a new financial market: cryptocurrencies. After all the buzz about people earning millions of dollars just for buying crypto, many people want in on the profits. Cryptocurrencies are also one of the largest-growing markets in Singapore that are available in numerous exchange apps and wallets.
We saw new adoptions of Bitcoin and Singapore and purchasing BTC is easier today. In this article, we will go over the steps on how to buy crypto in Singapore and why you should consider investing in Bitcoin.
Is It Legal to Buy Bitcoin and Other Cryptocurrencies in Singapore?
The short answer is yes. The Monetary Authority of Singapore (MAS) has clarified that buying cryptocurrencies is legal in the country.
However, there are some restrictions in place. For example, MAS has said that financial institutions are not allowed to deal in cryptocurrencies. This means that you cannot buy Bitcoin or other cryptocurrencies through a bank or investment firm in Singapore.
In addition, MAS has warned investors about the risks associated with buying cryptocurrencies. These include the volatile nature of prices, as well as the potential for fraud or theft.
Despite these warnings, interest in Bitcoin and other cryptocurrencies remains strong in Singapore. This is evident from the number of cryptocurrency exchanges that have been set up in the country.
If you’re thinking of buying Bitcoin or other cryptocurrencies in Singapore, make sure you understand the risks involved before doing so.
A Step-by-Step Guide for Beginners: How to Buy Bitcoin in Singapore
There are a few different cryptocurrency exchanges available in Singapore, so be sure to compare rates and fees before choosing one. Most exchanges are generalized when you register for a crypto account so please follow through:
1. Choose a crypto app that you like. We laid out the list of the best platforms in the bottom part of this article.
2. Create an account. Then follow through with the steps for filling up your information.
3. Deposit to crypto account. Once you’ve created a cryptocurrency exchange account, you’ll need to deposit Singapore dollars (SGD) into it. You can do this via bank transfer, or using a debit or credit card. Others may even allow P2P (Peer-to-Peer) transactions.
4. At this point, you are now eligible to buy bitcoin. Once you’ve deposited funds into your account, you’ll be able to buy bitcoin (BTC). Some platforms allow direct purchase of BTC using SGD but most require you to buy Tethered USD (USDT) first.
5. Search for “Bitcoin”. Or “BTC” in the search bar.
6. Click on the “Buy” button to start purchasing. You may even set a specific price to trigger the platform to automatically buy at that price.
7. You may leave your Bitcoins in the exchange. But if you prefer more safety, transfer them to a secured personal cryptocurrency wallet like Exodus or Ledger.
Be sure to compare rates between exchanges before making a purchase, as rates can vary significantly. When you’re ready to buy, simply enter the amount of bitcoin you wish to purchase, and confirm the transaction. The bitcoin will be transferred into your account, and you can then use it to make purchases or trade it for other cryptocurrencies.
You may also set up multiple bank accounts in one portfolio to diversify your profits. Cryptocurrency holdings are not limited to just one account.
What Do You Need to Start Buying Cryptocurrency?
- A digital wallet: This is where you’ll store your cryptocurrency. There are many different types of wallets available, so choose one that meets your needs.
- A place to buy cryptocurrency: You can buy on a cryptocurrency exchange or from individual sellers.
- A way to keep track of your cryptocurrency: You’ll need to keep track of your investment so you can see how it’s performing. There are a number of ways to do this, including using a tracking app or keeping a spreadsheet.
- A willingness to learn: Cryptocurrency can be confusing and complicated, so you’ll need to be willing to learn about how it works.
- Patience: Cryptocurrency can be volatile, so you’ll need to be patient when investing.
|Crypto Exchange||Fees per Trade||Supported Cryptocurrencies||Supported Fiat||Deposit Fees (in Fiat)||Withdrawal Fees (in Fiat)|
|Coinbase||1.49% and up (depends on coin you are trading) + 0.5% variance fee||140+||20+ including USD, SGD, EUR, GBP, CAD||Overseas bank transfer (US$10 + bank fees)
Credit/Debit card with 3.99% + 7% transaction fee
|SWIFT (minimum US$25 + bank fees)|
|FTX||0.2 – 0.7%||160||10 including USD, SGD, EUR, GBP, CAD||Free for both overseas bank transfer and credit/debit card||US$75 fee on USD withdrawals below US$10,000|
|Crypto.com||0.4%||200+||19+ including USD, SGD, EUR, GBP, CAD||Free for SGD deposit
Free for overseas bank transfer for minimum of US$500
3.50% + $0.10 for Credit/Debit card
|SGD withdrawal: 0.4%|
|Coinhako||1%||23||4 including USD, SGD, IDR and VND||SGD FAST transfer: free
SGD deposit direct charge: 0.55%
USD deposits via USDT: free
|SGD FAST transfer:
USD in form of USDT:
|Gemini||1.49% and up (depends on coin you are trading) + 0.5% convenience fee||55+||7 including USD, SGD, AUD, CAD, EUR, GBP, and HKD||SGD FAST transfer: free
SGD deposit direct charge: 0.55%
USD overseas bank transfer: free
|SGD FAST transfer: free
SGD withdrawal: free
USD overseas bank transfer: free
|Independent Reserve||0.5%||16||4 including USD, SGD, NZD and AUD||SGD deposit direct charge: 0.55%
SWIFT bank transfer: $15 or free for every S$5,000
|Bank transfer: $1.50 for AUD
$20 for other currencies
Coinbase is one of the most popular crypto exchanges, and for good reason. Its user-friendly interface makes buying and selling crypto a breeze, and its fees are decent. Coinbase also supports over 140 cryptocurrencies, making it a great option for those looking to invest in multiple coins.
Fees: Cryptocurrency transactions in Coinbase always have fees. Whether you buy or sell, you get charged with 1.49% all the time. This percentage goes lower if you plan on getting their “Pro” version instead.
Great For: Coinbase is a great option for those looking to invest in cryptocurrency. Its user-friendly interface and wide range of supported coins make it a great choice for beginners and experienced investors alike. Coinbase is regulated by the MAS. This means that it must adhere to strict anti-money laundering (AML) and know-your-customer (KYC) guidelines.
FTX is a cryptocurrency exchange that offers trading in a variety of digital assets, including BTC, ETH, BCH, LTC, and many more. The exchange also supports margin trading and derivatives trading. FTX is one of the few exchanges that offer negative fees for market makers.
Fees: The payment services act requires cryptocurrency exchanges to charge a trading fee of 0.1% on all trades. FTX charges a flat fee of 0.075% for takers and rebates 0.025% to makers. This results in effective trading fees of -0.025% for market makers, making FTX one of the most attractive exchanges for this type of trader. That makes trading fees lower than the standard rate from the payment services act.
Great For: It’s not the simplest one but it’s a great app for short-term traders like scalpers and swing traders. FTX is only recommended if you only have enough experience with intraday trades and want to diversify your portfolio to stocks as well.
Crypto.com makes it easy for buying bitcoin and altcoins, even if you’re new to the world of digital currency. All you need to do is create an account and deposit funds into your wallet. Then, you can start buying and selling cryptocurrency. So, if you’re looking for a cryptocurrency exchange with the most simplified settings, Crypto.com is worth checking out.
Fees: Crypto.com is a cryptocurrency exchange that offers a variety of perks to its users. One of the main advantages of using Crypto.com is that it has very low trading fees. In fact, it charges just 0.1% per trade, making it one of the most affordable exchanges out there.
Great For: Crypto.com supports the widest range of cryptocurrencies, making it a great option for those looking to invest in multiple digital assets.
Coinhako is one of the most popular cryptocurrency exchanges in Singapore. It offers a wide range of features and benefits that make it a great choice for those looking to buy or trade cryptocurrencies.
Fees: One of the biggest advantages of using Coinhako is its low cryptocurrency exchange trading fees. The exchange charges just 0.1% per trade, which is significantly lower than most other exchanges. This makes it an ideal choice for those who want to trade frequently or in large amounts.
Great For: If you’re looking for a cryptocurrency exchange in Singapore, Coinhako is a great option to consider. With its low fees, wide range of supported cryptocurrencies, and user-friendly platform, it’s an ideal choice for those looking to buy or trade cryptocurrencies.
Founded in 2014 by brothers Cameron and Tyler Winklevoss, Gemini is a cryptocurrency exchange and custodian that allows users to buy, sell, and store digital assets. The platform is regulated by the MAS and (KYC) guidelines.
Fees: Gemini charges a 0.25% taker fee and a 0.15% maker fee for cryptocurrency trades. These fees are relatively low when compared to other cryptocurrency exchanges. In addition to trading fees, Gemini also charges deposit and withdrawal fees. Deposit fees are free for bank transfers and 3.49% for credit/debit card deposits. Withdrawal fees are also free for bank transfers and vary depending on the cryptocurrency being withdrawn.
Great For: If you’re looking for a cryptocurrency exchange that offers a variety of coins and features, Gemini may be the right choice for you. In this article, we’ll give you an overview of everything you need to know about Gemini, including its history, fees, supported coins, and more.
6. Independent Reserve
Independent Reserve allows users to buy, sell, and trade a variety of digital assets including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The platform also offers a range of payment services such as AUD deposits and withdrawals, and a merchant gateway.
Fees: Independent Reserve has a number of perks that make it an attractive option for those looking to trade digital assets. For one, the platform charges some of the lowest trading fees in the industry. Independent Reserve also complies with the Payment Services Act, which means that it is subject to strict anti-money laundering and counter-terrorism financing regulations.
Great for: Independent Reserve is a great choice for those looking for a safe and easy-to-use platform to trade digital assets. The company offers a wide range of features and benefits that make it an attractive option for both experienced traders and those new to the world of cryptocurrency.
Other ways to buy Bitcoin and other cryptocurrencies in Singapore
One option is to use Bitcoin ATMs. These machines allow you to purchase Bitcoin and other cryptocurrencies using cash. The process is usually quick and easy, and you can have your Bitcoin in your hand within minutes.
Another option is to use a peer-to-peer exchange such as LocalBitcoins. On these platforms, you can connect with other Bitcoin users in Singapore and buy or sell Bitcoin directly between yourselves. The benefit of using an exchange like this is that you can often get a better price for your Bitcoin than on a more traditional exchange.
Finally, you can also buy Bitcoin and other cryptocurrencies directly from people in Singapore using a service like Meetup.com. There are often meetups happening around the country where people get together to buy and sell Bitcoin, and you can usually find one happening near you with a quick online search.
Risks of Buying Bitcoin
1. High Volatility
The risks of buying bitcoin are largely related to its volatile price. While the price of bitcoin has been on a steady increase over the past few years, it is still prone to large swings. This can make it difficult to predict what your return on investment will be, and whether or not you should buy bitcoin at all.
2. Cases of Fraud
Another risk to consider is the possibility of fraud. While there are many legitimate businesses that accept bitcoin, there are also a number of scams out there. Be sure to do your research before investing any money in bitcoin.
3. Polarizing Technology
Finally, it’s important to remember that bitcoin is a relatively new technology. As such, there are still a lot of unknowns when it comes to its future. It’s possible that the price of bitcoin could crash, or that new regulation could be put in place that makes it harder to use.
All of these factors should be considered before investing any money in bitcoin. If you’re not comfortable with the risks, you may want to wait until the market stabilizes before buying any bitcoins.
More info on crypto fear and greed index before investing.
What Does the MAS Say about Cryptocurrency?
The Monetary Authority of Singapore (MAS) has issued a set of requirements for cryptocurrency businesses operating in the country.
Cryptocurrency businesses must now pay a trading fee, register with MAS as a payment service provider, and comply with anti-money laundering and countering the financing of terrorism (AML/CFT) regulations.
MAS has also said that it will not regulate the use of cryptocurrencies as payments, but warned users that they are not protected by laws such as the Securities and Futures Act.
The requirements come as Singapore looks to develop its position as a global financial centre. The city-state is already home to a number of cryptocurrency businesses, including exchanges, wallet providers, and initial coin offerings (ICOs).
Under the new requirements, cryptocurrency businesses must pay a trading fee to MAS. The amount of the fee will depend on the type of business, but is generally 0.2% of the transaction value.
Businesses must also register with MAS as a payment service provider, and comply with anti-money laundering and countering the financing of terrorism (AML/CFT) regulations.
Learn more about the best crypto exchange in Singapore.
Crypto is legal in Singapore as long as you purchase from legitimate exchanges. Always make sure to have an extra cryptocurrency wallet to store your investments or to keep your assets safe in the long term. Fortunately, there are several trusted platforms that allow you to buy Bitcoin and other altcoins. Whichever crypto exchange you choose is entirely up to you.
- Cryptocurrency transactions will have different fees depending on the platform you trade in
- Some platforms provide crypto wallets and the direct exchange from your bank account to the app
- Be wary of hidden transaction fees. Some may offer free deposits and withdrawals but that will depend on your Singapore bank account transfer fees.
- A platform can also serve as a hot cryptocurrency wallet although it is not as safe as storing your investments in a cold wallet.
Looking to start your cryptocurrency exchange account on the road to financial freedom but don’t know where to borrow money first? Consult with Instant Loan today and get three proposals from Singapore’s top financial institutions.