Best Crypto Exchanges Singapore

Looking for the best crypto exchange in Singapore to dive into the digital currency market? Singapore, known for its progressive approach towards fintech, boasts a vibrant crypto ecosystem. Whether you’re a seasoned crypto investor or just starting your journey, navigating the world of cryptocurrency exchanges can be overwhelming.

Quick Takeaway:

1) OKX

2) Independent Reserve

3) Coinhako

4) Gemini

5) Etoro

6) Crypto.com

7) Kraken

This guide will help you find the best Crypto Exchange platform in Singapore for your needs. We’ll explore factors like security, fees, supported digital currencies (Bitcoin, Ethereum, etc.), pros & cons, and user-friendliness to ensure your Crypto Trading Platform experience is smooth and easy to navigate.

As a global financial hub, Singapore houses several top-tier crypto exchanges, offering a plethora of digital platforms for traders and investors alike to buy /sell a diverse array of assets. These exchanges serve as platforms for buying, selling, and trading various crypto assets, making them essential players in the evolving landscape of digital finance.

🏅 7 Best Crypto Exchanges in Singapore May 2024

OKX (Our favorite international exchange with low fees)

OKX Crypto offers a flexible platform catering to the needs of Singaporean users. With its user-friendly app available in three versions, including a beginner-friendly Lite version, OKX ensures accessibility for all levels of traders. The Pro version caters to seasoned traders with a plethora of advanced features, while the Web3 option appeals to NFT traders. Users can seamlessly trade over 350 cryptocurrencies on either the app or desktop.

OKX provides simple payment methods and prioritizes security and controls to enable users to harden their accounts. With a wide range of crypto assets for trading, including popular cryptocurrencies and futures, OKX accommodates high trading volumes, contributing to its prominence in the Singaporean cryptocurrency market.

Pros

• User-friendly and simple design

• Access over 350 cryptocurrencies and NFTs, tradable within a selection of 650+ trading pairs

• Wide array of local payment methods available

• Advanced trading features

• Low fees rate

Cons

• Limited payment options

• Newcomers may feel overwhelmed by the advanced features at first

• Lack of fiat bank withdrawal options

Independent Reserve

Independent Reserve stands out as one of Singapore’s top crypto exchanges, offering a licensed and secure platform. With a focus on security and regulatory compliance, it provides traders with peace of mind.

The exchange supports over 20 leading cryptocurrencies, ensuring ample diversity for investors. Low fees and significant liquidity further enhance the trading experience. SGD deposits are facilitated with FAST bank transfers, enabling quick access to funds.

Independent Reserve prides itself on efficient trading, catering to both individual traders and institutional clients. Its scalable fee structure, starting at 0.5% per trade, ensures fair pricing for all users. Robust API and integrations empower advanced traders, while expert support ensures a smooth journey for all customers.

• Fees: Low fees starting from 0.02% for makers and 0.5% trading fee, and the more you trade, the more you save with volume discounts. Plus, enjoy free deposits and withdrawals for amounts over SG$1,000

• Supported Assets: Over 20 cryptocurrencies

Pros

• Free multicurrency e-wallet with major deposit and withdrawal options

• Access to popular cryptocurrencies and major fiats

• Integrated AutoTrader for automated trading

• Top-notch account security

Cons

• Limited coin selection may restrict trading options

• Lack of advanced features (like mobile trading) limits trading capabilities

• Absence of crypto credit card option for transactions

Coinhako

Coinhako emerges as a leading crypto exchange platform in Singapore, boasting a broad array of altcoins and a high level of security, fostering user trust. Established in 2014, Coinhako offers a versatile payment system, including PayNow, FAST bank transfers, and credit cards, ensuring convenient transactions for users. Its Superwallet facilitates the storage, transaction, and trading of over 100 cryptocurrencies, catering to diverse investor preferences. The platform prioritizes user experience, ensuring seamless navigation and efficient trading. Users benefit from a seamless experience when buying, selling, or swapping cryptocurrencies in Singapore, solidifying Coinhako’s position as a trusted and user-friendly platform in the digital currency landscape.

• Fees: A simple 1% fee for trading. No charges for depositing or withdrawing SGD funds

• Supported Assets: Over 100 cryptocurrencies

Pros

• Fiat deposits accepted hassle-free

• No deposit requirements

• Premier crypto wallet service

• Intuitive interface for easy navigation

• Diverse range of tradable cryptocurrencies

Cons

• Higher transaction costs than competitors

• Slow customer support during peak times

Gemini

Gemini, operating in Singapore, prioritizes trust, security, and transparent financial practices, adhering to stringent security and data protection standards. Regulated by the Monetary Authority of Singapore (MAS), Gemini’s credibility is bolstered, offering users peace of mind.

The platform boasts a sophisticated storage system and top-tier security measures, ensuring the safekeeping of over 100 cryptocurrencies. Additionally, Gemini’s integration with Nifty Gateway provides users with access to an NFT marketplace, facilitating easy acquisition, sale, and storage of non-fungible tokens.

With a user-friendly mobile app and active trader platform, Gemini caters to a wide range of investors. Moreover, investor protection measures are in place, further enhancing the platform’s reputation as a secure and trustworthy crypto exchange in Singapore.

• Fees: Trade with us for a flat 1.49% fee on all transactions. Plus, no extra fees for depositing or withdrawing SGD

• Supported Assets: Over 100 Cryptos

Pros

• Two-tiered platforms cater to both novice and expert traders

• Complete range of products at your disposal

• Certified cybersecurity and data protection measures ensure safety

• Dive into a pool of over 80 cryptocurrencies

Cons

• Higher fees compared to competitors

• Limited customer support channels

Etoro

eToro is an excellent choice for traders looking for a reputable, user-friendly, and secure platform with a diverse portfolio of assets and moderate fees. eToro is an excellent alternative for traders of all skill levels due to its commitment to regulatory compliance, excellent customer support options, and flexible deposit methods. The platform accepts not only cryptocurrency, but also traditional stocks and other forms of investment.

eToro is also a registered and licensed platform, so customers can be confident that they are protected by regulatory controls. The European Securities and Markets Authority (ESMA), CySEC, the Financial Conduct Authority (FCA), and other key regulators regulate and license the platform. This ensures that eToro abides by all applicable rules and regulations, giving users the security and peace of mind they require to trade confidently.

Pros

• Provides lots of powerful functionality for traders
• Has a unique “copy trading” feature that allows you to copy trades of other users on the platform
• Has social networking functionality built in to enable you to interact with other users and learn more
• Supports copy trading for crypto and stocks

Cons

• Can be complicated and overwhelming for new users
• It can be challenging to choose the appropriate trader to copy
• A limited number of cryptocurrencies are available
• Fees and spreads may be higher than those found on crypto exchanges.

Crypto.com

Crypto.com is a leading cryptocurrency platform with a huge user base of over 80 million globally, including Singaporean investors. It offers custodial insurance and audited proofs-of-reserves for added security. With a vast selection of over 250 cryptocurrencies, users can easily buy, sell, and trade their favorite digital assets.

The Crypto.com Visa Card provides perks like 5% cashback on purchases and no annual fees, adding value to users’ experience. With support for 21+ cryptocurrencies and stablecoins, users can enjoy a diverse range of options.

The platform prioritizes security, compliance, and user experience, especially in Singapore. This makes it a preferred choice for both seasoned traders and newcomers to the crypto market

• Fees: Enjoy a low 0.6% trading fee, along with free deposits and withdrawals in SGD

• Supported Assets (Over 250 Cryptos)

Pros

• Diverse range of cryptocurrencies and trading options

• Low fees for cash transfers, maximizing savings

• Easy-to-understand staking program for hassle-free participation

Cons

• Higher withdrawal fees for cryptocurrency transactions, considering costs.

• customer support may sometimes be slow

Kraken

Kraken is among the best crypto exchanges in Singapore, offering top-notch security and low fees. It provides multiple features including crypto portfolios and up to 5x leverage for margin trading. With over 200 cryptocurrencies available, traders can explore various trading techniques across 100 markets.

Established in 2011, Kraken does not charge deposit fees in USD, though withdrawal fees may vary. Unfortunately, it doesn’t support SGD. Kraken offers two mobile applications for iOS and Android devices, ensuring accessibility for users on the go.

• Fees: Kraken charges fees for buying and trading cryptocurrencies, with fees varying based on factors such as trading volume, cryptocurrency pair, and trading type, typically ranging from 0% to 0.26% for taker fees and 0% to 0.20% for maker fees

• Supported Assets: over 200 cryptocurrencies are available

Pros

• Vast array of digital assets available

• Competitive fees tailored for experienced traders

• Customer service options include chatbot and phone support

• Robust security record with a good reputation worldwide

Cons

• Limited account funding choices

• Elevated fees for USD purchases

Is Crypto Legal in Singapore?

 

Yes, cryptocurrencies are legal in Singapore, but it’s not a free-for-all. The Monetary Authority of Singapore (MAS) takes a balanced approach, allowing ownership and trading of cryptocurrencies while implementing regulations to ensure a safe environment. This is evident in their requirement for crypto businesses to be licensed under the Payment Services Act (PSA). This licensing process helps prevent fraud and money laundering, protecting both consumers and the reputation of Singapore’s financial sector.

It’s important to note that while some merchants in Singapore might accept crypto for transactions with MAS approval, cryptocurrencies themselves are not considered legal tender. The Singapore Dollar remains the official currency. However, Singapore’s stance on crypto regulation is seen as forward-thinking. By establishing a clear framework, they aim to attract innovation in the crypto space while mitigating the risks associated with this new asset class. This measured approach positions Singapore as a potential hub for the future of digital finance.

Final Thoughts

Singapore’s crypto scene shines with safe and easy-to-use exchanges. Unlike the Wild West of crypto, Singapore offers a pick of reliable platforms backed by clear rules. From Gemini to Coinhako, these exchanges boast a wide range of cryptocurrency coins to buy and sell, all while keeping things secure. So dive in, but remember, crypto is still a rollercoaster ride!

Frequently Asked Questions (FAQs)

How can I find the best bitcoin exchange in Singapore?

Consider security measures, user interface, supported cryptocurrencies, transaction costs, customer support availability, and regulatory compliance with Singapore’s Monetary Authority (MAS).

Can I use Singaporean dollars (SGD) to purchase cryptocurrency on exchanges?

Yes, several exchanges in Singapore accept SGD deposits directly from your bank account to acquire cryptocurrencies. Look for exchanges that offer SGD trading pairs.

What are the hazards of trading cryptocurrency on Singaporean exchanges?

Market volatility, hacking attacks, regulatory changes, and the possibility of losing assets due to human error are all risks. Always be cautious and use reliable exchanges.

What is a cryptocurrency exchange?

A cryptocurrency exchange is an online platform that allows you to buy, sell, and trade cryptocurrencies like Bitcoin, Ethereum, and others. It acts similarly to a typical stock exchange but focuses on digital currency.

Are cryptocurrency exchanges allowed in Singapore?

Cryptocurrency exchanges are permitted in Singapore. The country has a legal framework in place that oversees cryptocurrency exchange operations and requires them to follow anti-money laundering (AML) and counter-terrorism financing (CFT) legislation.

What documents must I give to register on a cryptocurrency exchange in Singapore?

Typically, cryptocurrency exchanges in Singapore need users to go through a Know Your Customer (KYC) process, which includes submitting identifying documents like a passport or national ID card, proof of address, and sometimes further verification depending on the exchange’s requirements.

How can I make deposits and withdrawals on a bitcoin exchange?

Most cryptocurrency exchanges accept deposits via bank transfers, credit/debit cards, or other payment methods. Withdrawals are often processed using comparable routes. Each exchange may have its unique deposit and withdrawal procedures, therefore it is critical to review the specific options available.

What are trading fees, and how much do they usually cost on cryptocurrency exchanges?

Trading fees are the fees charged by cryptocurrency exchanges for executing trades on their platforms. These costs might vary significantly between exchanges and are often set as a percentage of the trading amount. Some exchanges charge additional fees for deposits, withdrawals, and some trading services.

Is it safe to keep my cryptocurrencies on a cryptocurrency exchange?

While cryptocurrency exchanges use security safeguards to secure users’ assets, it is generally safer to keep large amounts of cryptocurrency in a personal wallet under your control. Exchanges are subject to hacking and technical concerns, thus long-term storage should be done with a hardware wallet or a secure software wallet.

How can I safeguard my account and funds on a crypto exchange?

To secure your account and cash on a cryptocurrency exchange, turn on two-factor authentication (2FA), use strong and unique passwords, and be wary of phishing attempts or strange links. Consider using a hardware wallet to store large amounts of cryptocurrency over time, and keep an eye on your account for any unwanted activity.

What is the distinction between centralized and decentralized cryptocurrency exchanges?

A centralized cryptocurrency exchange is run by a central body that enables trading and manages order books. Users trade via the exchange’s platform, which serves as a mediator. A decentralized exchange (DEX) operates without a central authority, allowing users to trade directly with one another via smart contracts on a blockchain.

Can I buy cryptocurrencies using Singapore dollars (SGD) on cryptocurrency exchanges?

Yes, certain cryptocurrency exchanges offer fiat-to-crypto trading pairs, including SGD. You can put SGD into your exchange account by bank transfers or other payment methods, and then use it to buy cryptocurrencies like Bitcoin, Ethereum, and other supported digital assets.

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Source(s) cited:

“Reuters.Com” www.reuters.com/technology/crypto-exchange-okx-receives-in-principle-approval-singapore-payments-licence-2024-03-13/. Accessed 23 Apr. 2024.

“Achieving In-Principle Approval From MAS in Singapore” 13 Mar. 2024, www.okx.com/learn/okx-in-principle-approval-mas-singapore. Accessed 23 Apr. 2024.

Crypto Exchange Singapore [Online]. Cryptocurrency Trading. Available at: https://www.independentreserve.com/sg (Accessed: 23 April 2024).

[Online]. Available at: https://complyadvantage.com/insights/mas-issues-fifth-dpt-license-to-crypto-exchange-coinhako/ (Accessed: 23 April 2024).

“Best crypto exchange to buy cryptocurrency in Singapore.” Coinhako. Accessed April 23, 2024. https://www.coinhako.com/.

“Open Reward.” Accessed April 23, 2024. https://www.coinhako.com/coin-status.

Maintenance, https://www.mas.gov.sg/.

Ray in Manila, CC BY 2.0 <https://creativecommons.org/licenses/by/2.0>, via Wikimedia Commons