Best Crypto Exchanges in Singapore

Best Crypto Exchanges Singapore

‍In our endeavor to determine the premier cryptocurrency exchanges for Singaporean investors, we've developed a ranking system that evaluates key components of each platform. These include features, transaction fees, security measures, SGD deposit options, and customer service options. Our specialist team employed this approach, analyzing a the best options across Asia, culminating in the selection of the 5 best cryptocurrency exchanges in Singapore.

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1. Independent Reserve

Independent Reserve is the top choice for Singaporean investors, being the first to earn a license under the Payment Services Act by the Monetary Authority of Singapore. Founded in 2013 and known for its stringent security measures, including ISO 27001 certification, it also offers the deepest liquidity on major pairs like BTC/SGD, ETH/SGD, and USDT/SGD. It known for its dynamic fee structure, quick SGD deposits via FAST transfers, and an OTC desk for large trades. With a strong focus on compliance and user security, it offers a reliable and efficient trading experience for both individual and institutional investors in Singapore.

• Minimum Deposit: $100 SGD for first time deposit.
• Supported Assets: 30 Cryptocurrency.
• Regulation: Registered with the MAS.
• Fees: Buying and selling cryptocurrency costs 1%, depositing and withdrawing SGD is free.

2. Bybit

Bybit specializes in cryptocurrency derivatives, providing traders the option of leveraging their positions up to 25x. Unfortunately, the platform is not available to investors based in Singapore, but approves accounts with Singaporean ID that can prove overseas residence, and it accepts SGD deposits. What distinguishes Bybit is its unwavering focus on user security, ensuring funds are stored securely in offline cold wallets and providing regularly updated reserves, showing all assets are hele 1:1. The platform also has live customer support in English, Chinese, and 20 other languages, as well as a broad product portfolio that includes over 1000 digital assets.

• Minimum Deposit: $20 SGD for first-time deposit.
• Supported Assets: 1000+ Cryptocurrency.
• Regulation: Registered in Asia.
• Fees: Costs include a 0.1% fee for spot trading, 0.01% fee for maker orders, and 0.06% for taker orders on futures markets. Deposits and withdrawals in Singapore Dollars are completely free of charge.

3. Coinhako

Coinhako is the only local exchange and fully licensed under Singapore's Payment Services Act, providing a user-friendly and reliable trading experience across over 100 crypto assets. The platform's standout feature is its Superwallet, developed by an in-house team of experts, allowing secure storage and seamless transactions. Coinhako also ensures robust security measures, including cold storage and ISO 27001 certification, and offers real-time spot pricing through partnerships with leading liquidity providers. Beyond its core features, Coinhako adds value to the user experience through a loyalty rewards program, where frequent users can earn points redeemable for various rewards. 

• Minimum Deposit: $1000 SGD for first-time deposit.
• Supported Assets: 65 Cryptocurrency.
• Regulation: Registered with the MAS.
• Fees: Costs include a 0.6% fee for spot trading. Deposits have a 2.8% fee and withdrawals in Singapore Dollars cost 2 SGD.

4. Kraken

Kraken earns its place as the best exchange for asset transparency due to its open and clear communication about financial reserves and security practices. This American exchange, serving Singaporean users, is renowned for its wide array of supported 200 cryptocurrencies and fiat currencies, including SGD. Its standout feature is its proof-of-reserves audit, which provides users with confidence in the platform's financial health and giving access to live publishings of its services. Additionally, Kraken offers advanced trading features like margin trading, appealing to more experienced traders seeking depth and sophistication in their trading experience.

• Minimum Deposit: $50 SGD for first time deposit.
• Supported Assets: 200+ Cryptocurrency.
• Regulation: Regulated by the MAS
• Fees: Costs include a 0.26% fee for spot trading, and the maker/taker rebate is 0.02%/0.05%. Deposit costs vary between 0.5% - 2% depending on the method and withdrawals are free.

5. OKX

OKX is a Hong Kong-based cryptocurrency exchange founded in 2017. It has rapidly gained prominence with its extensive trading offerings, which include not just spot but also futures, options, and margin trading. For those interested in leveraging their trades, OKX offers up to 50x leverage. The platform has a strong global presence, boasting over 20 million users worldwide, and is a go-to for traders interested in decentralized finance applications thanks to their intuitive OKX Wallet. What sets it  apart further is its substantial crypto variety, offering trading in over 350 cryptocurrencies and supporting staking for more than 50 tokens. 

• ‍Minimum Deposit: 80 SGD for first-time deposit.
• Supported Assets: 400+ Cryptocurrency.
• Regulation: Registered in Singapore
• Fees: Costs include a 0.3% fee for spot trading, 0.02% fee for maker orders, and 0.05% for taker orders on futures markets. Deposits and withdrawals in SGD vary depending on the payment method.

Is Cryptocurrency Regulated in Singapore?

Singapore has emerged as a key player in the global landscape of cryptocurrency regulation and adoption. Digital currencies are legally recognized with the Singaporean government acknowledging them as valid for transactions and service payments. The primary regulatory body overseeing digital asset activities in Singapore is the Monetary Authority of Singapore (MAS), responsible for implementing and enforcing financial market and institution regulations.

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How to Buy Bitcoin in Singapore

For Singaporean residents keen on navigating the cryptocurrency market, Independent Reserve is a suitable option. This platform facilitates easy and quick SGD deposits through various payment channels, including bank transfers, credit cards, and local payment gateways. It provides access to a wide range of popular cryptocurrencies like Bitcoin (BTC).

Here's a straightforward process to begin:

1. Register Account: Sign up with Independent Reserve and follow the required verification procedures.
2. Add Funds: Click on 'Deposit' and transfer money into your account.
3. Search for Bitcoin: Utilize the search tool to find Bitcoin, then hit the 'Buy' button.
4. Invest in Bitcoin: Input the amount you wish to invest and click on 'Confirm Purchase' to finalize the investment.

Singapore Tax Requirements

Cryptocurrency taxation in Singapore is managed by the Inland Revenue Authority of Singapore (IRAS) and differs based on the nature of the holder, whether individual or business. Private individuals in possession of cryptocurrencies as personal assets are not subject to capital gains tax but must declare any income from mining, staking, or lending for tax purposes.

For companies and self-employed individuals in Singapore, cryptocurrencies are recognized as business assets. Profits derived from business activities involving cryptocurrencies, including gains and income from mining, staking, or lending, are subject to income tax. Goods and Services Tax (GST) may be applicable to specific crypto-related transactions. For comprehensive insights into Singapore's cryptocurrency tax policies, it's advisable to review the IRAS's official documentation or consult with a tax expert.

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Final Thoughts

In conclusion, Singapore's cryptocurrency landscape is marked by a robust regulatory framework and diverse exchange options, catering to both local and overseas investors. The Monetary Authority of Singapore's rigorous standards ensure a secure and compliant environment, fostering trust and reliability. The top five exchanges are Independent Reserve, Bybit, Coinhako, Kraken, and OKX, and each offer unique features and services, from advanced trading options to deep liquidity, appealing to a wide range of investor needs.