How to safely buy Bitcoin in (2021)
A comprehensive guide on how to buy Bitcoin in Singapore securely and quickly. Review and compare the best Bitcoin exchanges as a resident of Singapore to get started.
How to buy Bitcoin in Singapore
The process of buying Bitcoin in Singapore can be confusing for new investors because you cannot get exposure to real Bitcoin or crypto through traditional financial markets.
Instead, Bitcoin investors in Singapore will need to find a trusted cryptocurrency exchange in the country to register with and deposit Singaporean Dollars.
The guide below is a quick 5 step summary of how to buy Crypto in Singapore using Independent Reserve who are licensed under the Monetary Authority of Singapore (MAS).
- Visit the registration page on Independent Reserve.
- Create your account and verify your personal information for KYC/AML compliance
- Deposit Singapore Dollars onto the platfrom via bank wire of Xfers.
- Select the 'trade' button at the top of the screen
- Input the amount of SGD you want to use and you're ready to buy.
Bitcoin OTC Singapore
Over-the-Counter Bitcoin refers to a private trading desk that offers personalised services for institutional and high net worth investors to fill very large orders of Bitcoin seamlessly.
Potential investors of Bitcoin may look to buy Bitcoin through an OTC desk over a typical exchange because their orders are submitted privately and will not disrupt the open market. If you are looking to buy Bitcoin OTC, we would recommend Independent Reserve as the best OTC desk to buy Bitcoin with Singapore Dollars (SGD), US Dollars (USD) or Australian Dollars (AUD).
Singapore Exchange Reviews
The cards below are high-level overviews of all of the top cryptocurrency exchanges available for investors in Singapore. Review and compare security, reputation, fees, features and more to find the best exchange for your investing needs.
South-East Asia’s trusted cryptocurrency exchange
Established in 2013, Independent Reserve is one of the oldest and most trusted exchanges in South-East Asia. It caters to retail users, trusts and businesses/institutions. You can deposit SGD instantly via Xfers to start buying Bitcoin today.
Independent Reserve offers an OTC desk for large Bitcoin purchases of over SGD100,000 to $10 million+.
Pros
- Instant SGD deposits via Xfers
- Low trading fees at 0.5%
- World-class security and support
Cons
- User interface can be confusing to newbies
Coinhako Singapore
Coinhako is the largest Bitcoin and cryptocurrency brokerage in Singapore boasting over 1 million users in the country. Their platform provides a secured gateway to cryptocurrencies and is regulated by MAS and the Payment Services Act in Singapore.
Although they are one of the more popular exchanges in the country, it comes at a cost. They have the most expensive trading fees at 1% per transaction, when the industry standard is around 0.5%.
You can read our full Coinhako Review for more information.
Pros
- Fast Singapore Dollar (SGD) deposits via Bank Transfer
- Over 50 different crypto assets to trade
- Easy to use iOS/Android Mobile App
Cons
- Fees are expensive at 1% per trade
Best in class for security and data protection.
Kraken was founded in mid-2011 by long time Bitcoin advocate Jesse Powell and has grown to become one of the world's largest exchanges. Based on volume alone, they are the largest exchange in Europe and the UK.
Kraken is one of the most trusted exchanges worldwide.
Pros
- Very low fees for traders. 0.25% maker and taker fees
- Best in class for security and data protection
- Great volume for traders needing liquidity
Cons
- User interface can be confusing to newbies
Binance Singapore
Binance is the world's largest cryptocurrency trading platform in terms of user base and features. They offer features that include crypto trading of over 500 assets, leveraged trading, futures, crypto lending and much more.
The Binance user interface is a little more complex and not the best suited for new investors in Singapore. The Binance Singapore exchange is optimised for sophisticated investors and traders looking to capitalise on volatility.
Pros
- Fast Singapore Dollar (SGD) deposits
- Margin trading, crypto lending, perpetual futures contracts and more
- Low fees at 0.1% per transaction
Cons
- Difficult user interface for newbies
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A trusted institution for digital asset trading in Singapore
Based in New York, the United States - Gemini is one of the most well-known and trusted exchanges servicing the Americas, Asia and most importantly Singaporean citizens. Their platform offers one of the cheapest and easiest solutions to buy, sell and trade crypto assets.
Another great thing about Gemini is that they offer a crypto lending solution called Gemini Earn™, which allows users to receive up to 7.4% APY in interest on crypto.
Pros
- Earn up to 7.4% APY on crypto deposits with Gemini Earn
- Easy to use exchange for investors in Singapore with SGD and USD.
- Highly regarded institution worldwide
Cons
- Verification for accounts can sometimes be slow
The fastest growing crypto exchange in Singapore
FTX are a leading global cryptocurrency exchange that is based in Hong Kong. Their platform is well-known for having the best suite of products for all-things crypto which includes spot trading, perpetual futures contracts and even a margin lending product that offers interest on USD deposits for up to 10% APY.
Their platform enables users in Singapore to deposit SGD from a DBS/POSB account to start trading Bitcoin, Ethereum, Litecoin and many other cryptocurrencies.
Pros
- You can earn interest on your crypto deposits with FTX
- Low fees and an extremely easy to use platform with an array of products
- Clean and intuitive iOS/Android application
Cons
- Tailored for more advanced users and sophisticated investors
The Most Secure Cryptocurrency Exchange in Singapore
Coinut, which stands for Coin Ultimate Trading, is a well known Bitcoin exchange based in Singapore that offers a secure, fast and low cost way to buy Bitcoin.
Their exchange enables user to buy Bitcoin in Singapore with SGD, USD or CAD. You can trade crypto anytime, anywhere on their easy to use app on both iOS and Android.
Pros
- Clean and easy to use iOS/Android App
- Low commission fees on trades
Cons
- They do not offer many cryptocurrencies
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Deep liquidity and over 100 pairs
OkCoin is one of the largest Chinese exchanges around the world that operates primarily out of the United States. OkCoin also have offices in Hong Kong, Malta, Singapore, Korea and other countries due to their rapid global expansion.
Pros
- Very deep liquidity and good Bitcoin price
- Integrations with Wechat pay
- Offers USD and CNY pairs
Cons
- Interface may be confusing for newbies
- Limited payment methods
The Easiest All in One Crypto App in Singapore
TenX are a Singapore based cryptocurrency exchange that offer an all in one crypto ecosystem. They are a trusted, regulated and well renown brand in South East Asia.
Their services include an easy to use cryptocurrency exchange and mobile app, crypto debit cards, managed cryptocurrency wallets and much more.
Pros
- Crypto debit cards for exchange users
- Easy to use iOS/Android app
- All in one crypto ecosystem
Cons
- Fees can be high on instant buy feature
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Global cryptocurrency exchange and lending platform
Based in Hong Kong, Bitfinex has been one of the longest running and largest USD and USDT (Tether) based Bitcoin exchanges around the world. Bitfinex is a go to exchange for institutional investors, with bank wires being one of the only options to onboard with the cryptocurrency exchange.
Notably, In August 2016, Bitfinex was involved in one of the larger hacks in Bitcoin and cryptocurrency when the lost around 30% of all user funds.
Pros
- A good option for institutional investors
- Low maker and taker fees
Cons
- Has been hacked before
- Limited payment options
Renown Australasian Exchange
Zipmex is a Singapore based exchange that operates in both Australia as well as Singapore.
Founded in 2019, Zipmex is an easy to use and secure Bitcoin exchange that offers a simple fee structure starting at 0.2% and USD, SGD and AUD trading pairs.
Pros
- 0.2% Fees for buy and sell
- Multiple fiat currency pairs
Cons
- No fee discounts or tiered fee structure
- Only offer BTC, ETH and XRP
Is buying Bitcoin Legal in Singapore?
Singapore has been renowned for its status as a global hub for finance and technology, so it comes as no surprise to see the countries officials take rapid steps to help bolster the adoption of Bitcoin and cryptocurrencies in the nation. Similar to many other countries, Bitcoin is not considered as legal tender in Singapore, however cryptocurrency and Bitcoin exchanges are are required to register with The Monetary Authority of Singapore (MAS).
The Monetary Authority of Singapore (MAS) is Singapores key financial services regulatory body and has clarified that there is no real need to regulate Bitcoin and cryptocurrencies yet, however has warned investors in Singapore about the potential risks underpinning digital assets. MAS have worked to put in a framework for money laundering and counter terrorism financing like many other financial regulators around the world. This means major institutions like UBS Bank will allow you to buy and sell crypto through regulated exchanges.
In terms of regulations for cryptocurrency exchanges, all they need to comply with at the current time is MAS' anti money laundering and counter terrorism financing frameworks. These regulations are put in place to keep an eye on the risks underlying Bitcoin as a payment system.
The Price of Bitcoin in SGD
View the live Bitcoin price in Singapore Dollars here: Bitcoin Price SGD