Your custom text
Crypto GuidesGuides

The Best Platform to Buy Crypto in Singapore in 2022

The Best Platform to Buy Crypto in Singapore in 2022
Spread the love

If you are looking for the best platform to buy crypto in Singapore, then this article is for you! We have done all the hard work of testing and comparing platforms so that you don’t have to. 

The results are in, and our favorite platform is CoinHako. This bitcoin exchange has a great interface, supports multiple cryptocurrencies, offers competitive rates on transaction fees, and charges no deposit fees.

1). Coinhako: Best for local bank transfers and trading in Singapore dollars

CoinHako is the best place to buy crypto in Singapore and charges no deposit fees.

Has a great interface, supports multiple cryptocurrencies, offers competitive rates on transaction fees.

But it doesn’t offer any deposit fee or support cryptocurrency deposits at all! 

With CoinHako you can also withdraw your money instantly by sending them to your bank account for free. They even send you an email notification after each withdrawal is processed. You will not find this type of convenience anywhere else in the market today!

It does however charge a 0% commission for using their platform which allows people like me and you to maximize profits without having increased risk due to commission fees paid every time we trade bitcoin.

So let’s not waste time and get straight to the point. Here are our top reasons why CoinHako is a must-try if you want to buy crypto in Singapore: 

Sign up for free! You can signup, deposit money into your account and start trading cryptocurrencies within minutes without paying anything. 

No commissions & no deposit fees mean that there will be ZERO additional costs on top of the spread whenever you trade bitcoin or any other cryptocurrency listed on their platform.

They support both bank transfer as well as cash deposits via convenience store chain/kiosks called “KiNET” allowing you to deposit cash in your account.

Pros

  • Quick, simple and easy to use
  • Suitable for both beginners and professionals
  • A high level of customer service
  • Competitive rates and fees
  • Highly secure wallet included

Cons

  • Requires an Xfers wallet linked to a Singaporean bank account or a Malaysian bank account to get full usage
  • Bound by the restrictions, such as transfer limits, of an Xfers wallet in addition to any Coinhako restrictions

2). Binance

Binance is the second best platform to buy crypto in Singapore that we recommend if you want to buy crypto in Singapore. 

This exchange has a great user interface, supports multiple cryptocurrencies, and offers competitive rates on transaction fees (0.05% for each trade).

They also offer free withdrawals to your bank account which means you won’t be paying anything extra when withdrawing money from Binance to your bank account! 

The only downside is their deposit fee of 0.04 BTC (~$170) or the equivalent value of another cryptocurrency at the time of writing this article . 

READ ALSO  5 Must-Have Apps for Buying Crypto in South Africa

So it definitely isn’t free but still very reasonable considering what you are getting out of it ($170 will get you approximately $15 worth of bitcoin today). 

If there was no withdrawal fee then they would have been our top choice.

Offers a very user-friendly interface with an easy-to-use dashboard.

They also offer competitive rates on transaction fees (0.05% for each trade) and charge no deposit fee at all! 

If you’re looking for a place to buy crypto in Singapore then Binance is the best platform after CoinHako as they support credit card deposits, withdrawals, and trading of multiple cryptocurrencies including Bitcoin, Ethereum etc. 

Pros

  • Established industry presence
  • Excellent reputation
  • Safe & secure
  • Many trading options (spot, margin, P2P, stock token, and more)
  • It has its own exchange token (BNB), which gives you many exclusive rights such as launchpad investing eligibility, lower trading fees, the ability to convert low [other] crypto balances into BNB, and more.
  • More than 500 crypto assets and pairs tradeable
  • Many useful features
  • Numerous payment options available
  • Active social channels

Cons

  • Perhaps not ideal for complete beginners
  • Lacking phone customer support

3). Coinbase

Coinbase is the third best platform to buy bitcoin in Singapore. 

This exchange has a user-friendly interface, supports credit card deposits and charges no deposit fees (but it does incur a 0.15% trading fee per trade).

The downside is that you won’t be able to withdraw any crypto from Coinbase as they don’t support withdrawals of cryptocurrencies into fiat currency like SGD or USD ($). 

They will only allow you to withdraw your cryptocurrency back into their wallet which can have multiple issues with transaction speed etc… so we recommend against using them if you are looking for an easy way out. 

Withdrawing money through Coinbase means losing up on some profits due to the high withdrawal fees charged by global financial institutions when moving funds into SGD etc.

Coinbase charges 0% deposit fees (but it does incur 0.15% trading fee per trade). 

It is however the best option if you want to buy crypto in Singapore using credit card or debit cards as they support multiple cryptocurrencies including Bitcoin, Ethereum and Litecoin. 

This makes them a great choice for people looking forward to buying cryptocurrency in Singapore with their credit/debit cards without much hassle! They also have a very user-friendly interface which allows even beginners to navigate easily around. 

We recommend Coinbase over other websites that offer similar services such as CoinHako due to ease of use when dealing with fiat currency like SGD etc… 

Pros

  • Solid variety of altcoin choices
  • Extremely simple user interface
  • Very high liquidity

Cons

  • High fees when not using Coinbase Pro
  • Reports of hacks draining users’ accounts
  • May not have as many altcoins as some other exchanges

4). Kraken

Kraken is the fourth platform that we recommend if you want to buy crypto in Singapore. 

This crypto exchange in Singapore has a user-friendly interface, supports multiple cryptocurrencies, and charges relatively competitive transaction fees (~0.16% for each trade). 

Like Coinbase they do not support withdrawals of cryptocurrency into fiat currency like SGD or USD($) which makes it hard when looking forward to withdrawing your profits back into your bank account. 

We therefore would only recommend Kraken as an option after CoinHako and Binance but before Coinbase (because at least with them you can withdraw crypto instead of having to sell first then withdrawal what’s left after trading fees etc.). 

READ ALSO  Top 4 Ways to Buy Cryptocurrency in South Africa

They also offer 0 deposit fee and charge no additional trading commission on top of spreads making them one of the cheapest options in Singapore (for people looking forward to buying/selling crypto with SGD).

Offers a very user-friendly interface and charges 0% deposit fees. 

However, they do not support multiple cryptocurrencies like CoinHako, Binance, or Kraken which makes them relatively less preferable than these three exchanges. 

On top of that their trading fee is also pretty high compared to others at ~0.25%. 

There’s no point using it when there are other platforms that offer better services for much lower prices! 

They only allow you to withdraw your cryptocurrency back into your wallet making it hard if you want to sell and withdraw money back into your bank account instead. 

Pros

  • High-security measures, very safe to use, two-factor authentication on the account login
  • Reasonable fees on deposit/withdrawal
  • Sleek design, a good overview of the trading market with lots of customizations

Cons

  • Not exactly beginner-friendly

5). Gemini

Gemini is the fifth best platform to buy crypto in Singapore. 

This exchange has a user-friendly interface, supports withdrawals of cryptocurrency into fiat currency like SGD or USD($), and charges no deposit fees (but it does incur a 0.25% trading fee per trade). 

Their security also seems quite robust as they store most of their crypto offline. 

They only allow you to withdraw your cryptocurrencies back into your wallet making it hard if you want to sell and withdraw money back into your bank account instead. 

We, therefore, recommend against using Gemini unless you have no other option available as there are better alternatives that offer almost the same services for much lower prices! 

Offers easy withdrawal of cryptocurrency into fiat currency like SGD or USD($). However, they do not support multiple cryptocurrencies like CoinHako, Binance, or Kraken which makes them relatively less preferable than these three exchanges.

On top of that their trading fee is also pretty high compared to others at ~0.25%. 

There’s no point using it when there are other platforms that offer better services for much lower prices! 

They only allow you to withdraw your cryptocurrency back into your wallet making it hard if you want to sell and withdraw money back into your bank account instead.

Pros

  • More than 50 cryptocurrencies.
  • Site insurance of digital assets against exchange hacks.
  • Available in all U.S. states.

Cons

  • Higher fees than some other crypto exchanges.

6). Bitfinex

Bitfinex is the sixth best platform to buy crypto in Singapore. 

This exchange has a user-friendly interface, supports multiple cryptocurrencies, and charges relatively competitive transaction fees (~0.16% for each trade). 

We, therefore, recommend it as an option after CoinHako and Binance but before Coinbase (because at least with them you can withdraw crypto instead of having to sell first then withdrawal what’s left after trading fees etc.). 

They also offer 0 deposit fee and charge no additional trading commission on top of spreads making them one of the cheapest options in Singapore (for people looking forward to buying/selling crypto with SGD). 

Pros

  • Low fees;
  • Advanced trading options;
  • Many order types;
  • Wide selection of crypto.

Cons

  • Transparency issues;
  • Security concerns;
  • Controversial connections;
  • Limited number of fiat payment options.

7). Huobi Global

Huobi Global is the seventh best platform to buy crypto in Singapore. 

This exchange has a user-friendly interface, supports multiple cryptocurrencies, and charges relatively competitive transaction fees (~0.16% for each trade). 

We therefore recommend it as an option after CoinHako and Binance but before Coinbase (because at least with them you can withdraw crypto instead of having to sell first then withdrawal what’s left after trading fees etc.). 

READ ALSO  How Does Online Trading Work In India? [100% ANSWERED]

They also offer 0 deposit fee and charge no additional trading commission on top of spreads making them one of the cheapest options in Singapore (for people looking forward to buy/sell crypto with SGD). 

Pros

  • Multiple intuitive trading platforms
  • A minimum deposit of just $50
  • A good selection of educational resources
  • 24/7 customer service support
  • Vast range of cryptocurrencies for trading

Cons

  • Not regulated
  • Cryptocurrency trading only
  • No stocks, commodities or forex trading
  • No MetaTrader trading platforms
  • No USA clients

Things to consider when choosing a platform to buy crypto in Singapore

a).  How much crypto do you own

If you are a beginner and plan to invest $100-$3000, then CoinHako or Binance is the best platform for you. 

If instead want to buy more than that (e.g., >$10000) – Bitfinex might be better depending on how often do you trade. 

It has lower spreads but not as low transaction fees which can add up if trading frequently (>0.16%). 

b). How long have been using cryptocurrency exchanges before? 

If you are a newbie and have no idea what is cryptocurrency exchange – do not use Coinbase. 

This platform has relatively higher fees, limited services compared to other platforms (e.g., SGD deposit/withdrawal only), and lack of security features like multi-factor authentication which makes it less preferable than CoinHako or Binance even though they allow you to buy cryptocurrencies with fiat currency too! 

c). What type of trading experience do you want? 

If your goal is to simply diversify into different cryptocurrencies because the price seems right for each individual coin then this might be useful but if you’ve had prior trading experiences (especially on stock exchanges), Bitfinex would most likely provide more value instead of as they offer lower spreads per trade and detailed trading analytics tools.

d). What type of account do you want to register (personal or corporate)?

As mentioned earlier, if your goal is to make money from trading cryptocurrencies then Bitfinex could be the right choice for you because they allow margin trading. 

On top of that, there’s also no deposit fee which makes them even more competitive compared to Coinbase! 

e). Do you have any experience with cryptocurrency exchanges? 

If yes, what are some features/functions each platform has that you like/don’t like about it? 

Acknowledge different types of crypto exchange service models out there now already exist in the market today along with their advantages & disadvantages.

 For example:  Crypto-crypto only vs Crypto-fiat vs Crypto-crypto with fiat – While crypto-to-crypto exchanges are cheaper because they do not charge a transaction fee for trading, there is no option to withdraw your cryptocurrencies back into fiat currency. 

You need to first sell your cryptocurrency on the platform and only then be able to withdrawal what’s left after trading fees etc.). 

e) Additional charges like withdrawal fees 

If you plan to withdraw your cryptocurrencies back into fiat currency, not all exchanges charge the same withdrawal fees (e.g., Coinbase charges a fixed fee of $25 and Bitfinex does not).

f) Security 

How secure is the platform? Does it provide multi-factor authentication? 

g). How is their customer service/technical support(if any)? 

This should be the last thing you care about when joining a platform to buy/sell cryptocurrency.

After all, what’s important is that your funds and information are safe and secure first before anything else!


Spread the love

Share this post

About the author

Leave a Reply

Your email address will not be published. Required fields are marked *