Bitcoin’s legacy as a digital asset is undeniable in this day and age, and both greenhorn and seasoned trainers alike continue to invest in it in hopes that its value will increase over time.
The crypto craze is a global phenomenon. But, crypto’s influence is especially prevalent in Singapore, which is regarded as one of the wealthiest nations in Southeast Asia—and the whole world, as a matter of fact.
Many citizens in the little red dot are, for the most part, enthusiasts in this rising interest in cryptocurrency and Bitcoin. In fact, a whopping 65% of all Singaporeans with an income of $5.000 or more have crypto holdings.
If you’re looking to make your first Bitcoin purchase, then great! That said, it can feel overwhelming if you’re unfamiliar with the process. First things first, you must select an exchange platform that you can rely on to store funds and access trading features.
Moreover, you’ll also want to pick an exchange that offers low fees and favourable exchange rates.
If you need any leads to jumpstart your BTC holding and trading journey, then we’ll guide you through the different Singapore crypto exchange platforms you can pick and their respective features and exchange rates.
Let’s get right on it!
Criteria for Choosing a Singaporean Crypto Exchange Platform
Before you create a list of crypto exchanges to consider trading in, it’s a good idea to make a methodical selection process before choosing your platform. This way, you’ll be able to weigh the pros and cons of each exchange more thoughtfully.
Let’s look into these factors for consideration in greater detail.
1) MAS Licensing & Regulatory Compliance
It’s essential to deal with a crypto exchange that’s recognised, regulated, and licensed by the Monetary Authority of Singapore (MAS), or the central financial authority of Singapore.
While it’s legal to trade cryptocurrencies in Singapore in regulated exchanges, not all crypto exchanges are recognised as legitimate websites under Singapore law.
Not only is trading on these unregulated websites discouraged, but it can also subject traders to increased risk, as no laws are set up to protect them or hold these websites accountable.
Instead, pick a regulated Bitcoin exchange in Singapore like Independent Reserve. This offers reassurance that the exchange has met strict regulatory standards and is legally authorised to serve Singaporean users.
2) Fees & Charges
Another critical factor to consider is the fees you’ll incur with your chosen platform. Crypto exchanges in Singapore take a cut every time you trade, and this percentage varies depending on the platform you’re using.
Moreover, exchange rates may also be charged at a higher or lower rate depending on whether you’re buying or selling. This can decrease your returns, which can be sizeable if you’re trading a large volume of cryptocurrency.
Deposit and withdrawal charges may also exist and further reduce the amount of money you’re actually using to buy or sell crypto.
To ensure that your wealth is properly accounted for, look at each platform’s fee structure. This way, you won’t encounter any surprises when trading, and you’ll be able to more easily siphon out the best crypto platform for your trading needs.
3) User Interface and Features
As a new user, you’re better off picking a crypto exchange platform that has an intuitive and easy-to-understand interface. Having one that also has all the functions you’ll need to track your portfolio and crypto performance is also ideal.
You want to choose a platform that can grow alongside your level of skill and understanding of the crypto world. As such, pick one that has in-depth charting tools, customisable dashboards, and automatically executing functions to ensure that you won’t need to migrate to another platform if this one outgrows its purpose.
4) Supported Payment Methods
Another critical factor to consider is the exchange platform’s supported payment options.
Many well-known SG crypto platforms, such as Coinbase, Independent Reserve, Crypto.com, and Gemini, support local-friendly payment options like PayNow and local bank transfers. This allows you to fund your crypto exchange platform with Singapore Dollars (SGD) with no delays.
In any case, if you have specific payment needs, look through the available list of payment options of your chosen crypto exchange platform before creating an account with them.
Best Platforms to Buy BTC in Singapore
Now that you’re aware of important criteria to consider before buying Bitcoin, here are some of the best crypto exchange platforms that beginners can use to buy Bitcoin in Singapore.
1) Independent Reserve: Best at Low Fees
If you want a secure crypto exchange platform that’s easy for beginners to use and relatively affordable, Independent Reserve is a solid choice. Trading on this platform is straightforward, and fees are comparatively lower than that of competitors.
The trading fee of this platform starts at 0.5%, meaning you’ll only be paying $0.50 for every trade worth $100, and so on. And that’s just the start. It can be reduced to a minimum of 0.02% as you conduct more trades on a 30-day timeframe.
Independent Reserve, being the first licensed exchange in Singapore, is also allied with many members of the fintech industry in the country. This makes it a trusted exchange platform for many locals in the scene.
If you want to trade in one of Singapore’s most trusted platforms, gain access to advanced trading tools and have a wealth of educational resources at your fingertips, this crypto exchange is the one to pick.
2) Coinbase: Best Coin List and User Interface
With a user-friendly mobile app, a large global presence, and a token list that beats out almost every other platform, Coinbase is one of the undisputed top crypto exchange platforms in the city-state, no contest.
This cryptocurrency exchange platform has everything you need to start trading Bitcoin. It has a dashboard that’s easy to navigate, token charts that update in real time, and various chart tools and education resources to help you make the best trading decisions.
With a lot of things going for it, it may seem like Coinbase is the premier platform for Singaporeans. However, the downside of Coinbase is that it has higher-than-average trading fees, marked at 1.49% per trade.
That said, if you want to have a diverse coin list to choose from, a convenient user interface, and a global sense of trust in this regulated crypto platform, then you’ll never go wrong choosing Coinbase as your platform of choice.
3) Gemini Exchange: Best in Security
Gemini is one of the best platforms to buy Bitcoin in Singapore. Gemini doesn’t charge for bank transfers or crypto deposits, making it a good option for users who’d rather opt for that mode of payment in Singapore.
Trading fees are 1.49% of the order value, provided that the buy order is worth over S$250. The platform also offers a fixed withdrawal rate of S$3 for fiat currencies. For other cryptocurrencies, withdrawal fees vary depending on the token.
But what makes Gemini stand out as a popular crypto exchange platform is its top-grade security features. It has a dedicated legal and compliance team in Singapore, ensuring that the company is always on top of any regulatory developments and issues.
On top of that, Gemini also offers insured custody service and robust security measures, granting Singaporeans peace of mind when trading and buying crypto on this platform.
4) Kraken: Best for Advanced Traders
Kraken is another top crypto platform that Singaporean traders can consider for conducting their cryptocurrency transactions.
This platform features over 350 cryptos for trade and sophisticated cybersecurity measures such as FIDO2 and granular API keys, granting users peace of mind knowing that their crypto reserves and information are safe.
What makes Kraken stand out as a platform is Kraken Pro. This is the advanced version of the platform that allows seasoned traders to trade through spot, margin, and derivative features.
It also comes with staking capabilities in Singapore for some cryptocurrencies. Users who want to diversify out of BTC and into other tokens like Cardano, Polkadot, Solana, and Ethereum can utilise these perks. Staking rewards can reach up to 10% APR annually, making it a great way to earn passive rewards.
In any case, Kraken is a great and reputable crypto platform for Singaporeans who want to get started trading Bitcoin. While the Kraken Pro features may be overkill for novices, the fact that it’s available can incentivise traders in it for the long haul to opt for this exchange over more limited platforms.
We hope we’ve cleared out the best crypto platforms in Singapore for your needs. Happy trading!
