Cryptocurrency Broker Singapore

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Buy Bitcoin in Singapore

We may receive advertising compensation when you click certain products. Before jumping into this page, an important disclosure.

We do not promote, endorse, or earn commissions from the trading of securities of any kind, including CFDs, however, eToro requires that we provide you with the following disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Coinbase

Residents of Singapore can purchase bitcoins on Coinbase using three payment options – debit card or bank transfer.

Once your Coinbase account is verified, you will be given the account information that will be used to make a bank transfer deposit. This is done through Xfers Transfers. Coinbase claims that deposits clear within a few minutes, and that there are no deposit fees. Once you deposit Coinbase charges 1.49% to purchase coins.

If you are buying with a debit card, there is also a required identity verification. Fees for buying with a debit card are 3.99%.

We may receive compensation when you use Coinbase. Please visit Coinbase for its exact pricing terms.

  • High liquidity and buying limits
  • Easy way for newcomers to get bitcoins
  • “Instant Buy” option available with debit card
  • Purchases made with bank transfer can take up to 5 days to complete
  • Coinbase may track how and where you spend your bitcoins

Luno is a universal Bitcoin platform that provides secure exchanges where people can buy/sell Bitcoin. Luno is currently offering Zero fee trading in Singapore for a limited time period until January 2020.

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We may receive compensation when you use Luno. Please visit Luno for its exact pricing terms.

  • One of the most trusted Bitcoin exchanges in Asia
  • Free deposits and low withdrawal fees
  • Low fees; 0% for market makers and only 0% – 1% for market takers (depending on fiat currency)
  • High to infinite limits for exchange, depending on verification level
  • Only supports Bitcoin and Ethereum

Coinmama

Coinmama allows customers in almost every country to buy bitcoin. They charge a 4.9%-5.9% (depends on volume) fee on each purchase.

Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.

Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.

We may receive compensation when you use Coinmama. Please visit Coinmama for its exact pricing terms.

  • Works in almost all countries
  • Highest limits for buying bitcoins with a credit card
  • Reliable and trusted broker
  • Some of the highest fees among credit/debit card bitcoin brokers

eToro

eToro is a trading platform and crypto exchange. It supports Bitcoin, Ethereum, Litecoin, Zcash and many other coins.

Deposits can be made quickly via bank transfer, SEPA, NETELLER, PayPal and more. It also offers unique features like copy trading.

Your capital is at risk. We do not promote, endorse, or earn commissions from the trading of securities of any kind, including CFDs, however, eToro requires that we provide you with the following disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

We may receive compensation when you use eToro. Please visit eToro for its exact pricing terms.

  • Offers unique copy trading feature
  • Trusted echange that has been active in traditional finance
  • Interface is clean and easy to use
  • You cannot deposit cryptocurrency, but you can deposit with other payment methods

Coinbase Pro

Coinbase’s exchange, Coinbase Pro, is one of the largest Bitcoin exchanges in the United States. Users can fund their accounts via bank transfer, SEPA, or bank wire. Coinbase Pro offers good prices and low fees, but their confusing user interface may initially prove difficult to navigate.

We may receive compensation when you use Coinbase Pro. Please visit Coinbase Pro for its exact pricing terms.

  • Some of the lowest fees available for US and EU customers
  • Possible to buy bitcoins for 0% fees
  • User interface is confusing for first time buyers

LocalBitcoins

LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. Users may advertise trades for whichever payment method they prefer.

Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country, including the United States, Europe (besides Germany), UK, Singapore, Canada, Australia and many more.

We may receive compensation when you use LocalBitcoins. Please visit LocalBitcoins for its exact pricing terms.

  • Can be private, fast and easy
  • In-person trades require no personal information
  • Purchases of bitcoin can be made quickly via cash deposit
  • Beware of scams; always follow the rules!
  • Harder to buy large amounts of bitcoins compared to large exchanges
  • Slightly to significantly higher prices than regular exchanges; premium for higher privacy

Kraken Buy Bitcoin Read Review

Founded mid-2020, Kraken is the one of the world’s largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume. It is available in almost all countries. Deposits can be made via bank wire, SEPA, ACH and SWIFT.

  • Very low 0.25% taker fee, falling to 0.1% with sufficient trading volume
  • Very low maker fee, falling to 0% with sufficient trading volume
  • Highly-rated for security and data protection
  • Requires ID verification, so not private

CoinHako Buy Bitcoin

CoinHako is a Bitcoin broker based in Singapore, backed by investors from the USA. They accept bank transfers from Singapore or Malaysia and international bank wires. You can also top up your CoinHako account using Xfers, which allows you to buy bitcoins within 10 minutes.

  • Super fast way to purchase bitcoins in Singapore
  • Fees are reasonable at 0.9%
  • Small amounts of bitcoin may be purchased without verficiation
  • Trusted and established exchange
  • Not private for larger amounts since identity verification is required Xfer limit is only 100 SGD without verification
  • Other payment methods have a limit of 200 SGD without verification

FYB-SG Buy Bitcoin

FYB-SG is a Bitcoin exchange based in Singapore, the first to be established there. You can fund your exchange account via online bank transfer for a 0% fee or via cash deposit.

  • Low fees; exchange only charges 0.6% per trade
  • Market makers receive a 50% fee discount for a super low 0.3% fee
  • Instant deposit and withdrawal options for SGD
  • Not private since identity verification is required, this process can be as quick as 30 minutes
  • Single payment method

Bitcoin ATMs Buy Bitcoin

You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they’re also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.

  • Our map makes it super easy to find a Bitcoin ATM near you
  • Bitcoin ATMs often have 5-10% fees per purchase

Mycelium Local Trader Buy Bitcoin

Mycelium Local Trader helps you find local Bitcoin sellers. Once you locate a seller, you meet up in-person and conduct the trade. Mycelium charges absolutely no fees. While Mycelium Local Trader works great in highly-populated areas, users in low population areas will have trouble finding sellers.

  • Easy and cheap way to buy bitcoins with cash
  • Private way to buy bitcoins, no personal information required beyond cellphone number
  • Users in sparsely populated areas will have trouble finding sellers

The State of Bitcoin in Singapore

Singapore is a global center for finance and technology, so it is not surprising to see the city-state taking steps to boost adoption of cryptocurrencies such as Bitcoin. Like many other countries, Bitcoin is not legal tender in Singapore, but cryptocurrency exchanges are legal and they didn’t even need registration with the financial service authority until new regulations were put into place.

The regulatory environment

The Monetary Authority of Singapore (MAS), the city-state’s central bank and financial services regulator, has clarified that it doesn’t see the need to regulate cryptocurrencies yet, though it has taken steps to warn investors about potential risks and has also put in place a framework to prevent money laundering and financial terrorism.

As it stands, cryptocurrency exchanges in Singapore need to comply with the MAS’ anti-money laundering and financial terrorism measures. The regulations were given a formal face with the recent payment services regulation that has been put in place to keep a check on risks across different payment platforms, including Bitcoin.

As a result, electronic wallets and those platforms dealing in digital currencies will be regulated by the bill. This means that cryptocurrency exchanges in Singapore will have to apply for a license as a standard payment institution, a money-changer, or a major payment institution. The MAS will regulate the first two to keep a check on money laundering and financial terrorism-related risks, while major payment institutions will have to conform to more comprehensive checks.

The MAS will give providers of digital payment tokens such as Bitcoin six months to comply with The Payment Services Act when it comes into force. Additionally, the city-state could bring more measures aimed at investor protection in the future on a case-by-case basis.

In the end, it can be said that Singapore is not looking to regulate Bitcoin, but the manner in which digital tokens are traded in the city-state so that they aren’t used for the wrong purposes and investors don’t lose their money. This is the approach that many advanced economies have been following across the globe.

It was reported last year that the Singapore dollar accounted for just 0.02% of global Bitcoin trading volumes on a daily basis, though the city-state was a hub for initial coin offerings (ICOs). Now, it won’t be surprising to see the regulations boosting Bitcoin adoption in Singapore as people feel more secure about using the cryptocurrency.

Buying and Using Bitcoin in Singapore

One of the easiest ways to buy Bitcoin in Singapore is through a cryptocurrency exchange. You can refer to our guide on Bitcoin exchanges in Singapore to zero in on a cryptocurrency exchange after taking into account different criteria such as transaction fees, transaction limits, reputation, security, verification requirements, and payment modes.

But before zeroing in on an exchange, it is advisable for users to first get a wallet for security reasons, and also because certain exchanges require one. Refer to our guide on the Best Bitcoin and Cryptocurrency Wallets if you don’t have a wallet already.

Once you have a wallet, you can also purchase Bitcoins in Singapore using cash through automated teller machines (ATMs). The advantage of using a Bitcoin ATM is that most of them usually don’t require verification. The purchase is instant and you can pay for the digital tokens using cash by simply inserting a debit card. The drawback to all this ease of use is the high transaction fees of 5%-10% that Bitcoin ATMs charge for each transaction.

You can refer to our Bitcoin ATM Map to locate a kiosk in Singapore, which reportedly has a total of nine such ATMs. On the other hand, there’s another innovation in the Bitcoin space in Singapore in the form of banknotes powered by near field communications technology. Banknote maker Tangem had launched smart Bitcoin banknotes in the city-state nearly a year ago in denominations of 0.01 BTC and 0.05 BTC.

Users can purchase these banknotes from Tangem’s Suntec City outlet, and the best part is that they won’t be charged any transaction fee. Tangem aims to boost circulation of these banknotes big time, so this could be another way for users to get their hands on the digital currency.

Additionally, Singapore’s bustling Bitcoin market gives users an opportunity to spend the cryptocurrency across various merchants. These merchants sell a range of items such as clothes, perfumes, architectural designs, squash lessons, ferry tickets, and others.

So, it can be concluded that Bitcoin in Singapore is in a healthy state thanks to the government’s approach of not interfering much in the cryptocurrency, and simply ensuring that investors and users have adequate protection to boost confidence.

4 Singapore-Friendly Cryptocurrency Exchanges To Kickstart Your Bitcoin Investment Journey

Trading In Bitcoin And Cryptocurrencies In Singapore

If you do not reside underneath boulders or in caves, you will have heard about cryptocurrencies. Bitcoin and pals have created quite a storm in the financial world and stirred up emotions in most of us — whether it’s joy at having made sizeable profits or regret at not buying earlier.

For the uninitiated, here’s a brief overview on what Bitcoin is, exactly.

Bitcoin – the world’s largest cryptocurrency – is a digital asset secured by a series of algorithmic encryptions, which are stored on the blockchain. Its value, as with any other cryptocurrency, comes from its manufactured scarcity.

Which means that there’ll be a finite number of bitcoins floating around the market. Currently methods of calculation indicate that there will only ever be 21 million bitcoins, if Bitcoin’s protocol isn’t changed.

We know you don’t want to learn about the history of bitcoin or cryptocurrencies as a whole. There are plenty of articles and useful guides about that already.

Without further ado, let’s get straight into the meat and potatoes of the hottest investing topic on everyone’s minds: how to purchase Bitcoin.

It’s simple, really. Just follow these three simple steps:

  1. Find a Bitcoin exchange
  2. Trade your local currency into Bitcoin
  3. Store your coins in a secure wallet

And for my next act, I shall bring about world peace
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See? Told you it was simple. Now sit back and read the other 1,000 words of this article, telling you what exactly half of those words meant.

Let’s start with wallets, which are perhaps the most important ingredient in the cryptocurrency pie, as they store and secure your digital currency.

After all, you can’t spend money if someone keeps nicking cash out of your wallet in the real world.

Wallets

Unlike physical wallets, cryptocurrency wallets don’t actually contain anything in physical form.

All evidence of financial transactions involving cryptocurrencies are stored on the blockchain, which is basically a public ledger of every Bitcoin that currently exists.

Doesn’t look familiar to me
Source

In order to trade in cryptocurrency, you’ll probably need a wallet — especially if you’re planning to invest long-term.

If you’re just a casual investor, you can jump straight to the exchanges portion of this guide below.

Wallets are software programmes used to store, send and receive digital currency.

This is done through both a public key and a private key.

  • Public keys allow others to send you money. Feel free to distribute them like candy.
  • Private keys are secure digital codes known only to you and your wallet. NOT CANDY. Keep them to yourself, as they allow access to all your cryptocurrency. Do not forget it after creating one.

Now, there are two methods of storing your cryptocurrencies, hot storage and cold storage.

Needless to say, we are not talking about the supermarket chain.

“We wouldn’t mind if you entrusted your bitcoin with us, though. Not one bit.”
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Blowing hot and cold

Hot storage refers to methods where your cryptocurrency is kept in a device that is readily and directly connected to the internet.

These wallets often boast flexibility and user-friendly interfaces, making payment and accessing funds speedy and convenient.

However, as they are constantly connected to the internet, they are susceptible to being hacked. Therefore, you should only carry a small amount of cash in your hot storage wallet.

When you store currency with a method which is completely offline, that’s cold storage. Pretty intuitive, huh?

Think of them as savings accounts, which are best suited for long-term storage. If you don’t want or need to touch your coin stash for months or even years, put it on ice.

For the sake of brevity, we shall be discussing one wallet from each method: Desktop/Mobile wallets for hot storage and hardware wallets for cold storage.

Desktop wallets are software applications that can only be accessed from the PC or laptop that you installed the wallet on.

Mobile wallets are basically an app for your smartphone that does the same thing, and are especially convenient for establishments with support for cryptocurrency payments.

Hardware wallets are physical devices which are usually USB thumbdrives. They are far more secure than hot storage methods as hackers need physical access to your device to jack your stash.

Exchanges to trade Bitcoin

Now that you’ve got a wallet set up, you’ll need a site to buy coins from.

Out in the Wild West of the internet, there are no shortage of websites eager to take your money.

Many websites trade only in USD or Euros, but in order to save you from making that one extra step, we sifted through them to bring you The Big Four of Coin Exchanges that trade preferably in SGD.

In accordance with a notice put out by the Monetary Authority of Singapore (MAS), most sites will require you to verify your identity by uploading pictures of documentation as proof.

1. Coinbase

The big daddy, Coinbase is prime example of how much good a great user interface can bring to a company.

The largest coin exchange in the US offers multiple modes of payment, including bank transfers and credit cards.

  • Simple UI that is easy to navigate for beginners
  • Easy to signup
  • Supports multiple modes of payment including credit card, bank transfers
  • Mobile app allows for on-the-go trading
  • Verification can take a long time
  • Customer support takes a long time to respond
  • Credit card fees for each transaction are very high: 3.99%
  • 1.49% transaction fee on normal trades are a bit on the high side
  • No other altcoins available on the site, although that might change in 2020

2. Coinhako

Very widely used in Singapore and Malaysia, Coinhako boasts zero deposit fees and a fixed withdraw fee of S$2.

  • No deposit fees and low fixed withdraw fee
  • Quick verification
  • Good buy and sell limits
  • Based in Singapore
  • In-depth FAQ section
  • Indefinite suspension of new user registration since 11 January 2020
  • A few claims of slow customer service
  • Trading feed of 0.9% which is not good for active traders
  • Only available to Singaporean and Malaysian customers
  • No altcoins available (Only Bitcoin and Ethereum)

3. LocalBitcoins

If you prefer to go the over-the-counter route, consider LocalBitcoins. It helps to facilitate Bitcoin trading between two people, who can keep their identities secret.

However, this anonymity comes at a premium, with considerably higher exchange rates as compared to other coin exchange sites.

  • No ID or personal information required for signup
  • Fast trades via cash deposit
  • No fees for buying or selling
  • 1% fee for completing advertised trades
  • Current outgoing transaction fee to non LocalBitcoin wallets: 0.00019577 BTC
  • You can get scammed
  • Meeting buyers/sellers in person can be dangerous
  • Harder to buy large amounts of Bitcoins compared to other exchanges (you need to find a buyer willing to sell that amount of BTC)
  • As the name suggests, the only cryptocurrency available on the site is Bitcoin

4. NuMoney

A unique experience, NuMoney is a startup that allows you to buy an assortment of altcoins at a physical location.

Located near Tai Seng MRT, this appointment-only store only accepts cash payments.

Current rates for BTC are S$14,774.35 as of 25 January.
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  • Skip the hassle of verifications
  • Fast transfers and sales
  • Directly purchase altcoins
  • Trade large amounts of cash/crypto
  • Staff can help you set up wallets, etc.
  • Cash only. Might be risky to carry around large amounts of cash
  • Location can be inconvenient to travel to

Never too late to jump in

After USA and Switzerland, the Little Red Dot is the third largest Initial Coin Offer (ICO) market globally, which just means Singapore is a thriving hotbed of activity for the cryptocurrency industry.

With the meteoric rise of Bitcoin in 2020, the world has awakened to the perpetually bullish market that is cryptocurrencies.

That is not to say that the time has passed to get into Bitcoin, or rather cryptocurrency as a whole.

With every passing day, the list of altcoins keeps steadily expanding.

As each one provides a different function, the world of alternative cryptocurrency is mysterious, vast and sometimes ridiculous.

An actual thing that was literally memed into existence
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Not every altcoin is a winner, though. We at MSN urge prospective investors to exercise caution when trading in cryptocurrencies.

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