As we step into 2024, it’s crucial to assess the trends that will persist in the coming years, now that the new year has commenced We are talking about the rise of cryptocurrency in different parts of the world. Cryptocurrency is here to stay for longer as several countries are now adopting and accepting bitcoins as a payment method in various industrial specifics.
The cryptocurrency exchange is not just a topic of discussion on the news anymore. Several industry leaders like Venmo, PayPal, and Tesla have begun accepting crypto payments due to high volatility benefits and minimal fees. It is just a matter before all industrial leaders start trading with bitcoin payments. Such a demand for digital currency in the market lures Asian countries too.
Singapore, a hub for financial innovation, has also been drawn to the exciting world of cryptocurrency Singapore. In this segment, we’ll delve into the world of cryptocurrency exchanges in Singapore and guide you on how to buy and sell your digital assets through the best crypto exchange Singapore has to offer, all while keeping transfer fees to a minimum.
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Best 11 Crypto Exchanges Singapore
Here we have reviewed some of the leading, and the best Singaporean crypto exchanges, & below are their details for you so that you can choose the preferable one:-
1. Bittrex – Easiest Cryptocurrency Exchange
Bittrex Global is a European company that complies with European laws regulating AML/KYC obligations. It operates as a digital asset exchange & offers custodial top crypto wallets services to its clients. Bittrex was founded in the USA and was soon functioning as the best crypto exchange in Singapore. It trades with digital payment tokens with nominal trading fees using your credit or debit card.
- Great choice of cryptocurrencies under monetary authority.
- Buying and selling process is quick and efficient.
- One of the most secure crypto exchanges in Singapore.
- Case-specific and unique security features under the Payment Services Act.
- A platform for efficient transactions.
- There is a flat cost of 0.25% on transfer fees on all crypto trades.
- Makes space for anonymous buying & selling.
- Deposits or withdrawals settlements are free.
2. Huobi Global – Largest Crypto Exchange
Huobi is one of the largest crypto exchanges in Singapore, catering to Asian audiences under Binance Asia services and has been operating since 2013. When you search for this crypto exchange, you will find that the company made some adjustments in its branding offering and holdings to trade crypto under a large variety of stable coins.
Huobi introduced its digital payment token called the Huobi Token (HT). The crypto platform is working to market utility tokens as it works immensely to promote genuine trading services and referral programs. Huobi Global also has an insurance policy to secure your crypto balance. Click here to know more.
- Chat with a customer care representative 24 hours a day.
- Major cryptocurrencies are available.
- A USD50 minimum deposit fees is required.
- Apps for iOS and Android are available.
- A website that is both functional and user-friendly platform with a referral program.
- A wide range of advanced features with crypto assets with lower trading fees.
3. Coinhako – Nominal Withdrawal Fees
Founded in 2014, Coinhako is a Singapore-based exchange offering a nominal withdrawal fee under a secure channel. Crypto investors can trade their favourite tokens and coins in the easiest manner possible on Coinhako.
Newbies can pay and trade easily and deposit cash on the website without much trouble and with lower transfer fees. Trading cryptocurrencies at the Coinhako account is an exclusive finance trade where you can withdraw digital currency for free. Investors can trade their favourite tokens and coins in the easiest manner possible on Coinhako.
- Multi-payment method options.
- Cryptocurrency spot trading.
- Top exchanges along with well-known cryptocurrencies.
- Beginner-friendly, simple to use UI.
- Quick and dependable with excellent customer service.
- High level of safety.
- You have the option of trading in SGD or USD.
4. Bybit – Cost-Effective Cryptocurrency Exchange
Bybit was founded in 2018 and is known to be one of the fastest-growing cryptocurrency derivatives exchanges in the crypto world. Headquartered in Singapore, it is registered in the British Virgin Islands. It was established by a team of professionals with expertise in investment banking and the New York trust company department with adequate knowledge about the publicly listed company.
It is a customer-focused platform that provides a fine user experience accepting Singapore dollars. The daily trading volume on this website is increasing rapidly. Read this thorough Bybit review to learn more about the features and user experience of the platform.
- Intuitive user interface for the crypto community.
- No KYC is required for a new user. It’s simple to get started trading on this website.
- Bybit offers high leverage, very low trading fees, and a market maker rebate.
- A Guarantee that the Insurance Fund will mitigate and compensate losses.
- Top three established exchanges in terms of crypto derivatives trading volumes.
- Bybit costs, especially withdrawal fees, are among the lowest in comparison to other exchanges.
5. Changelly – Easy and Reliable Crypto Exchange
Changelly is a non-custodial exchange offering trade-in several digital currencies. In our opinion, the website offers an easy-to-use service that is simple and holds on to its users with a minimal transaction fee. However, the number of investors and transfers is on the lower side as the crypto platform does not operate in the United States. Although, the site has also provided a FAQ section so that users can solve their small doubts.
- Trading service for non-custodial cryptocurrencies.
- Accepts a variety of standard traditional currencies.
- It’s easy to sign up for this platform.
- Major cryptocurrencies are available on the website.
- Low costs for the crypto-to-crypto trading exchange.
- Compatible with a variety of wallets.
6. CoinSpot – Easy Ways To Transfer Digital Currencies
Coinspot was first established in Australia in 2013 and is known to be at the forefront of finance and blockchain technology revolutions. Investing on this platform is hassle-free as it understands the needs of its users looking for better investments. It helps users with easier ways of transferring their digital currencies and improves investment. CoinSpot also added DeFi and NFTs to its trading crypto assets finance list.
- No-hassle, low-cost, and efficient service leaves people pleased.
- Plenty of tools and customized trading possibilities.
- Excel at a basic set of functions.
- You may immediately purchase and sell trades once you’ve been verified.
- A wide range of coins, NFTs, and DeFi are available.
- You may dollar cost average by scheduling automated purchases on a weekly, monthly, or daily basis.
- Regulated by AUSTRAC and accredited by ISO.
Gemini is one of the top crypto exchanges, providing a beginner-friendly trading platform with robust educational tools for new crypto traders. It offers an easy-to-use mobile app and a variety of yield-earning Gemini products, including Gemini Credit Card, Gemini Custody, Gemini Staking, and Gemini Earn. The platform supports over 100 digital currencies bought, sold, and stored in Gemini’s secure wallet infrastructure. With high-performance trading tools, active traders can execute their strategies With the Gemini ActiveTrader platform. Traders on Gemini can also access the premier NFT marketplace called Nifty Gateway to trade and store non-fungible tokens with industry-leading security measures that keep NFTs safe on the platform.
- Charges transaction fees, convenience, Gemini Earn, and withdrawal fees.
- It uses two-factor authentication to make withdrawals or log into the trading account
- Supports more than 100 cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and more
- Convenient portfolio management, Gemini Staking rewards, Nifty Gateway, ActiveTrader, and Gemini Earn.
8. KuCoin – Best Client Service
When it comes to crypto investments, KuCoin is a well-renowned name to manage all operations related to crypto trading. With minimal transfer fee, the platform offers various services, including margin and futures trading, instant-exchange services and Pool-X opportunities. Users opt for investing with KuCoin because of its lowest withdrawal fees and other trading fees with upside potential.
KuCoin accounts offer generous profit-sharing incentives and a huge community helping to make profits with kuCoin Shares (KCS) tokens. Withdrawing crypto is also an easier and more secure procedure with KuCoin.
- KuCoin’s margin trading lets you leverage your stake.
- KuCoin also has a mobile app that lets users employ bots.
- Pool-X, a KuCoin-backed startup, allows you to stake coins.
- You may lend your cryptocurrency and be reimbursed for the interest.
- Low fees.
- Large user base.
- A wide variety of coins are available.
- Interest may be earned on your cryptocurrency.
- Features for advanced traders.
- Excellent client service.
9. OKX – World’s Major International Crypto Exchange
OKX was founded in 2014 and operated in Hong Kong. It is one of Asia’s best crypto exchanges with strict policies and restrictions related to money laundering and gas fees. Since the platform is focused on international markets, making it the best crypto exchange in the Asian region.
Several users are linking their bank accounts with OKX as the MAS investor alert list has pointed out various proponent companies like Hotmail and Tesla using OKX. Check out the platform adhered to all Singapore’s capital reserve requirements and insurance policies.
- Major international exchange resembling high-end traditional financial markets.
- Weekly, bi-weekly, monthly Bitcoin, Ethereum, and EOS futures trading available.
- Pro trading choices include futures and cryptocurrency support.
- Trade cryptocurrency at a high level.
- Trading with leverage.
- Low Fees charges for a wide choice of over 100 coins.
Kraken is a high-profile cryptocurrency exchange that offers more than 185 cryptocurrencies. Traders can buy their choice of crypto for as low as $10. Moreover, the exchange has more than 9 million traders across 190 countries, with a quarterly trading volume of over $207 billion. Kraken traders can build their crypto portfolio and earn rewards up to 24% annually by staking their assets with the platform. With the Kraken Po exchange, traders can trade in margin, futures, and spot orders in one powerful user interface.
- Strong security with 2FA, cold storage, API controls, surveillance, and SSL encryption.
- Convenient minimum deposit requirements of $10
- Supports over 185 cryptocurrencies incl. Bitcoin, BCH, Chainlink, ETH, Litecoin, and Cardano.
- Offers low spreads, deep liquidity, and high rate limits with low latency and robust APIs
Crypto.com is the most trusted crypto platform, with over 70 million traders from around the world. It supports more than 250 cryptocurrencies along with over 20 fiat currencies that can be bought, sold, and stored using debit or credit card payments and bank transfers. Crypto.com also offers a metal Visa Card with up to 5% cashback on all spending. Some popular Crypto.com products include DeFi Wallet, DeFi Swap, Margin, Derivatives Trading, Crypto Earn, Crypto Credit, and Crypto NFT marketplace.
- No minimum deposit requirement
- No transaction or trading fees are charged for purchasing cryptocurrencies
- Top-notch security with multi-factor authentication and Whitelisting.
- Earn rewards through staking with 40 crypto and stablecoin options in Crypto Earn.
Why Do You Need Crypto Exchange?
Cryptocurrency requires no introduction to users. Recently, in April 2021, the price of Bitcoin skyrocketed to USD88,244. Other digital currencies like Cardano and Ethereum also saw all-time high prices around the same time. This is one of the reasons why advanced investors are also looking to purchase and wager in digital payment mode.
However, currencies are not available at banks and investment firms to buy from. If you wish to bet using Bitcoin or other coins and tokens, you must create a crypto trading platform account to transfer your fiat currencies to digital assets. This is where a cryptocurrency exchange comes into the picture.
Crypto exchange platform lets you buy and sell crypto where you can buy/sell and convert one currency into another under menial withdrawal fees. Users can also check their crypto balance in their respective wallets.
Your cryptocurrency exchange platform will reflect the current market price of the digital currencies where you can convert or purchase currencies to fiat currencies (like US Dollars) and withdraw the same to your bank account from your own wallet.
How to Trade Cryptocurrency in Singapore?
It would help if you had a wallet on a cryptocurrency exchange first to trace and purchase crypto in a country like Singapore. Consider this exchange as an online brokerage account in the crypto market that will allow you to invest in digital assets under a lower fee structure.
Cryptocurrency exchanges will allow you to buy/sell any coin or token it supports and transfer it into your accounts. It is similar to any online brokerage account that lets you trade shares but with lower or no withdrawal fees.
Some users in Singapore often wonder if they can use the stock brokerage wallet they are holding on to! Why do any users require a different trading platform to buy/sell cryptocurrencies? The cryptocurrency trading process in Singapore only works with the best cryptocurrency exchange in Singapore.
So if you wish to trade cryptocurrencies, you need a cryptocurrency exchange platform. Funding your exchange with a credit or visa card is, in fact, possible after two-factor authentication with lower trading fees incurred.
How to Select the Best Singapore Based Crypto Exchange?
Cryptocurrency exchanges play the role of a marketplace for digital tokens and currencies under low trading fees and free withdrawals. However, find more about them and explore. Although there are other Singapore crypto exchanges to choose from, there are a few factors that a user must take into consideration while choosing the right platform for their requirements. For instance, how many cryptocurrencies other than Bitcoin are accepted on the exchange.
Users must look for transparent and trusted exchanges with their fees and credible legal tender. One must also consider how funds are transferred and the platform’s clarity regarding cryptocurrency regulations.
If you are a user from Singapore, make sure the following factors are answered in your favor before choosing from the list of top cryptocurrency exchanges.
Is that crypto exchange support SGD (Singapore Dollar)?
Several crypto exchanges offer low trading fees when searching for it, which is only applicable for trades done in US dollars. Some of these exchanges do not support the Singapore Dollar, affecting the Asian market.
So if you are a user based in Singapore, it might not be feasible for you to register a trading account on such a platform. Rather, having an account on an exchange that supports SGD and USD withdrawals will be a hassle-free process for you. An independent reserve exchange in a country will let you trade with SGD.
Crypto Exchange’s Fee Structure
One interesting thing to be aware of is the link between the user interface of a crypto exchange and the associated fee structure.
If the user wishes to choose the simple interface on crypto exchanges, the fee structure is higher in comparison to the complex crypto exchange interface. For instance, a Gemini account charges 1.49% for a simpler user interface and 0.25% trading fees and withdrawal fees using a Gemini dollar for a complex interface. So make sure you check the trading fees on every independent reserve before you sign up and choose the best crypto trading platform.
Deposits and Withdrawals Charges
The deposits, withdrawal fees, and free settlements are typically different for each crypto exchange, and resources suggest that the fee structure can vary from platform to platform. But, it is recommended that all users check out the low fees of withdrawal in particular, as it might shock them.
For instance, if you wish to withdraw 0.2 ETH and the withdrawn fee is 0.1ETH, it means half of your amount is wasted in just paying the transaction fee. Consumers must be careful with such a fee structure. Also, look for all the wallet’s cheaper deposit and withdrawal fee structures.
Transparency and security measures are a factor of loyalty to any financial transaction in digital currency, especially when you withdraw the currency. For beginners, in particular, security at the best cryptocurrency exchanges with minimal trading fees or free transactions matters greatly. Buying or selling at a platform with no information on regulators, independent reserve, and jurisdiction is extremely risky.
At any point, you are at risk of losing your digital currency. It is difficult to withdraw the currency with whooping withdrawal fees, and your entire investment will also be at a loss. Thus, it is important to choose the finance platform were transacting, buying cryptocurrencies, or selling the digital currency with your debit card is regularized by the regional jurisdiction. In this case, it is MAS under the PS act of Singapore.
Is that licensed or not by MAS under the Payment Services Act?
Under the Payment Services Act, most crypto exchanges are operated under the authority of Singapore MAS, which formalizes the transitions under the licensing framework with lower transaction fees. So, choosing a MAS-compliant crypto exchange to stock tokens and digital coins with your credit or debit card is vital.
Suppose you find a popular crypto exchange that supports top cryptocurrencies trading on the platform with a lower transaction fee, but the MAS regulation is missing. In that case, you do not want to trade on such a platform as the benefits will be limited. You might face the liability of converting US Dollars and Singapore Dollars, which can be an additional complicated process. The transfer fees in such matters increase simultaneously, and you miss the opportunity to avail of free cryptocurrency transactions.
Several crypto exchanges in Singapore have great trading volume records to begin your cryptocurrency trading. But choosing the right one from various Singaporean crypto exchanges is what will benefit you in the near future. As you go through different crypto exchanges lists and associated trading fees, make your choice a wise one.
Make sure to have an international bank account that recognizes the legal transaction of crypto assets on your bank account. The best crypto exchange in Singapore provides you with a secure platform to pay and buy/sell cryptocurrency at your comfort with no involvement of any third-party financial institutions. So choose the right platform authorized under the monetary authority act of Singapore to earn some worthy crypto assets.
Which Crypto Exchange Is Licensed in Singapore?
All global crypto exchanges operating in Singapore under the monetary authority of Singapore are licensed ones. So check for the banking compliance standards and license information before proceeding with any wallet.
Can You Trade Crypto in Singapore?
Yes, you can. However, crypto investors must look only for the licensed exchange. A separate legal entity of the exchange is positive as it enhances the credibility of the retail investors, where you can pay and transfer crypto without any hassle.
Is Crypto Legal in Singapore?
Yes, trading in cryptocurrency is legal in Singapore. But all the SGD deposits realized on any cryptocurrency exchange must be made by the cryptocurrency service providers under MAS regulations.
Which Crypto Exchange Is Approved in Singapore?
Cryptocurrency exchange operating under the authority of Singapore MAS is an approved exchange in Singapore, and Singapore users must register only for these licenses.
Which are the best Crypto Exchanges in Singapore?
Bittrex, Changelly, and Huobi Global are few of the best crypto exchanges in Singapore.
How to buy Crypto in Singapore?
Singapore citizens can buy Crypto when they register with a brokerage, app or exchange like Binance.