So you’ve heard of Bitcoin, Ethereum, and Dogecoin that are really bringing incredible returns to their investors. If you’re feeling like a big fan, here are some of the best cryptocurrency exchanges for budding crypto investors in Singapore.
Cryptocurrencies do not need to be introduced. They were all the hype last year, with Bitcoin going from less than $ 6,000 (S $ 8,010) to more than $ 60,000 per bitcoin in April 2021.
If you are new to the crypto scene, check out this guide on investing in cryptocurrency to keep yourself up to date.
Before we dive into cryptocurrency exchanges, we’d first like to mention that trading or investing in cryptocurrency is not for everyone. Cryptocurrencies are known for their extreme volatility and of course their insane growth, especially over the past year.
How to trade cryptocurrency in Singapore
First of all, you need to open an account with a cryptocurrency exchange.
If you’re an investor who has already looked into stocks, bonds, ETFs, and robo-advisors, one way to look at cryptocurrency platforms is that they are similar to your brokerage accounts.
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These platforms allow you to access and trade various cryptocurrencies much like you would buy and trade stocks with your brokerage account.
But can’t you just use a stockbroker account? No you can’t. It’s like trying to buy fried chicken at a frozen yogurt place like Laollao when you’re supposed to be shopping at Popeyes, Texas Chicken, or Arnold’s.
On the other hand, there is always the possibility that a store will sell both fried chicken and frozen yogurt in the future.
Some cryptocurrency exchanges may also require you to have a separate platform that you can use to transfer your Singapore dollars to the cryptocurrency exchange, e.g. B. an Xfers account as not all exchanges accept Singapore dollar deposits.
Best cryptocurrency exchange in Singapore
To help you make a faster decision on which cryptocurrency exchange to use, we’ve picked five that you should consider as you embark on your wild crypto ride.
| platform | Best for | fees | Cryptocurrencies available |
| Binance International (Binance.com) | Overall and for low fees | 0.1 percent | 500+ |
| Twins | Local bank transfers and interest income on your stocks | 1.50 to 1.49 percent of your order value, depending on your web order quantity | 30+ |
| Coinhako | Local bank transfers and SGD trading | 1.0 percent for any buy, sell, or swap transaction | 20+ |
| Coinbase | Variety of cryptocurrencies and security | US $ 0.99 to US $ 2.99 | 60+ (with some assets only available for Coinbase Pro) |
| Huobi | Variety of crypto assets, currencies and payments | 0.2 percent | 340+ |
1. Binance International (Binance.com): Best overall and for low fees
Binance (Binance.com) is an all-in-one platform where you can find everything you need to start trading crypto. It is also the world’s largest crypto exchange with the highest daily trading volume and supports more than 500 cryptocurrencies.
You can either start trading by depositing crypto that you currently have in another wallet into your Binance account. Alternatively, you can buy crypto either with your credit card or through the Binance P2P platform, where you buy from other crypto holders.
When you choose Binance P2P, there are no trading fees and 150 payment options including bank transfers, cash, PayPal, via e-wallets and more.
Binance offers more than just access to buy and sell cryptocurrencies. You can find a variety of financial instruments on the platform for your cryptocurrency needs, including derivatives, a margin account to increase your profits with leverage, a Binance Visa card, crypto loans, stock tokens, and much more.
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Fees: Low 0.1 percent of transaction costs, plus an additional two percent if you purchase with a credit card.
If you’re looking for a simplified version of Binance.com, you can consider Binance.sg (the Singapore version of Binance) which has all of the basics required for new cryptocurrency investors and excludes the more complicated and advanced tools.
Binance.sg only offers eight different cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), Neo (NEO) and Chainlink (LINK ).
Unfortunately, Binance.sg does not offer any other altcoins such as Dogecoin, Cardano and Sushi. It also has higher fees of 0.6 percent when buying or selling from your Binance Cash Wallet or Xfers.
2. Gemini: Best for local bank transfers and to earn interest on your stocks
First of all, Gemini is available in all US states and Singapore. It offers more than 30 cryptocurrencies and also enables local bank transfers. However, there are some more well-known cryptocurrencies that are not yet available to trade with Gemini, such as Cardano, Polkadot, and Solana.
Gemini supports seven different fats, specifically SGD, USD, AUD, CAD, HKD, EUR and GBP. Users can also set up recurring purchases as well as dynamic price notifications.
You can also earn interest on your crypto holdings with Gemini. Gemini Earn is Gemini’s loan program that offers the ability to earn up to 7.4 percent annual percentage return on a daily basis by lending your crypto to institutional borrowers.
There are of course fees to borrow your crypto and receive interest.
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Fees: 1.50 to 1.49 percent of your order value, depending on your web order amount. When trading in USD, the fees range from $ 0.99 to 1.49 percent of your order value.
There are no hidden fees and you can cash in your assets whenever you want with no minimum balance, wire transfer or withdrawal fees.
Gemini also has user and non-user resources providing blog content, Gemini news, video content, and even a “cryptopedia” to help you better understand all things crypto.
This way, you and your friend can enjoy U $ 10 worth of Bitcoin if you buy or sell U $ 100 or more within 30 days of creating your account.
3. Coinhako: Best for local bank transfers and SGD trading
If you want #supportlocal, Coinhako is the place for you. Coinhako was founded in Silicon Valley and is based in Singapore. The focus is on Asia.
On Coinhako you buy and sell more than 20 cryptocurrencies, including Bitcoin, Ether, Litecoin, Dogecoin, Ripple and more. There are also some tokens on offer that are only for trading and for which wallet functions are not available. These include Binance Coin, Neo, Solana, and more.
With Coinhako you can fund your account with your local currency and start trading. For those in Singapore, this means funding your accounts by depositing Singapore dollars via bank transfer. Withdrawals can also be made by bank transfer.
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Alternatively, you can also make a deposit through a platform like Xfers.
If you prefer to pay by credit or debit card, you can also do so on Coinhako with cards issued by VISA and Mastercard. However, a processing fee of three percent is charged per transaction.
Coinhako offers users reward points every time they sign up and start trading. These points can be used to redeem rewards such as trading fee rebates.
Fees: 1.0 percent for any buy, sell, or swap transaction. No deposit fees, but $ 2 per withdrawal.
4. Coinbase: Best for a variety of cryptocurrencies and security
Coinbase is possibly the most widely heard exchange for stock investors as it was newly listed on the Nasdaq (Nasdaq: COIN) in April 2021.
As the first crypto exchange listed on the stock exchange, this could give investors some level of confidence that Coinbase will be around in the years to come.
Coinbase was founded in 2012 and is one of the earliest crypto exchanges on the market. It offers more than 60 cryptos, with a handful of coins reserved for Coinbase Pro users only.
You can trade cryptocurrencies on Coinbase and even schedule recurring purchases on a daily, weekly or monthly basis. Investors worried about the safety of crypto exchanges will be pleased to know that cryptos stored on Coinbase servers are covered by their insurance policy.
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In addition to trading crypto, you can also spend your crypto anywhere in the world using the Coinbase Visa debit card funded from your Coinbase account balance.
With the card, you can choose which crypto you want to pay with via the Coinbase app. To keep all of your tokens in one place, you can also purchase the Coinbase wallet.
In Singapore, you can only fund your Coinbase account with a credit or debit card. However, this would mean that you would have to pay the additional 3.99 percent fee.
The Coinbase platform also has a library of tips and tutorials on everything related to crypto, including a glossary of crypto terms, beginners’ guides, and market updates.
Fees: between $ 0.99 and $ 2.99, depending on the transaction amount. There is also an additional 3.99 percent charge if you buy with a credit or debit card.
5. Huobi: Best for a wide variety of crypto assets, currencies, and payments
Huobi is another leader in the crypto space and has more than 340 cryptocurrencies. Like Coinbase, Huobi is a publicly traded company that has been listed on the Hong Kong Exchange (HKEX: 1611) since 2018.
You can buy and sell crypto in 57 local currencies and 60 payment methods on Huobi. Like most of the crypto exchanges listed in this article, you can use your credit card to buy cryptocurrencies on Huobi.
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Much like Binance, Huobi also has a P2P market where avid crypto traders can buy and sell coins with like-minded people – some even offer PayNow as a payment option. Huobi’s fees are almost as competitive as Binance’s at 0.2 percent versus 0.1 percent.
Huobi offers a variety of crypto tools including derivatives, margin trading, and crypto lending. If you want to use leverage, users in Huobi can trade up to five times leverage for spot trading.
After all, Huobi has its own educational materials and communities to follow, from the usual Facebook, Telegram, Instagram, and YouTube content to Reddit and Medium.
Fees: between $ 0.99 and $ 2.99, depending on the transaction amount. There is also an additional 3.99 percent charge if you buy with a credit or debit card.
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However, there are some limitations to using Huobi. For example, some sign-up promotions may not apply to users who register in Singapore.
Before opening an account on any crypto exchange, be sure to try to get a referral code so that you and your friend can receive a referral reward!
If you can’t afford the risk and volatility of investing in cryptocurrencies, don’t fret – there are alternative investment options such as: B. with a robo-advisor or when setting up a regular savings plan.
This article was first published on SingSaver.com.sg. All content is displayed for general informational purposes only and does not constitute professional financial advice.
