How to buy and sell Bitcoin in Singapore?
Singapore’s largest bank, DBS, labeled Bitcoin a Ponzi scheme in November 2017. Besides, the Singapore Domestic Revenue Agency considers Bitcoin not a currency but a commodity, so Anyone who uses it will have to pay taxes on goods and services. Furthermore, the Singapore Code has introduced a bill to ensure that cryptocurrencies are not considered legal and have also warned businesses to accept payments in cryptocurrency. Therefore, highly likely questions on how to buy Bitcoin in Singapore is also a difficult question.
Bitcoin legal in Singapore
Singaporeans interested in buying Bitcoin for peer-to-peer payments, or as an investment vehicle, can quickly get cryptocurrencies thanks to a range of options.
In May 2018, digital asset banker Tangem launched smart Bitcoin banknotes in Singapore to take ownership and circulation of cryptocurrencies more mainstream in nature. These notes are available in denominations of 0.01 BTC and 0.05 BTC and can be purchased from the company’s Suntec City store in Singapore.
Of course, buyers would have to deposit Bitcoin into their banknotes, but Anyone who wanted to buy Bitcoin could buy a Tangem banknote from the one who had it. Tangem claims that its anti-counterfeiting chip technology will prevent banknotes from hacker attacks. Users need to touch the note with an NFC-capable smartphone to find out if it holds Bitcoin valid or not. If so, users only need to pay an equivalent amount of fiat money to the owners of paper money to buy their Bitcoin.
More importantly, Tangem aims to circulate 1 million banknotes in the third quarter of 2018, so they can be used like real cash at retail chains and convenience stores. Therefore, reaching out to a person in Singapore is not difficult in the future. Moreover, Tangem said that there are no transaction fees related to these smart banknotes, so they offer users the cheapest way to buy Bitcoin in Singapore.
Finally, it can be concluded that there are both traditional and innovative ways to buy Bitcoin in Singapore that users can choose, depending on many different factors such as related costs, convenience, and availability.
Buy Bitcoin in Singapore in Coinbase
This is one of the most comfortable places to buy Bitcoin for newbies in Singapore. With an easy-to-use mobile interface and app, you can buy and sell Bitcoin directly from your computer or mobile phone.
Coinbase is one of the most popular Bitcoin exchanges in the world. Based in the US, this is a government-regulated exchange supporting buyers from Singapore. You have the option to have Bitcoins buy with your credit or debit cards as well as through an xfers virtual wallet account. Transaction fees on Coinbase are also quite high. If paying by credit card, you will lose about 3.99% of the fee. If paying via Xfers.io, you will lose about 1.49% of the total transaction. Currently, Coinbase does not charge a local transfer fee to your xfers account, but there may be a 1% fee (min SGD $ 5) for each future transaction.
- Credit card payment is fine, but the fee per transaction can be as high as 3.99%.
- Support local bank transfer to transfer virtual money, but it will take a few days to verify your identity (3 days) with xfers.io, then you can transfer money from your local bank to your xfers.io wallet within the same day.
- The platform is easy to use and comes with a mobile application.
- Gives you access to the top 3 coins: BTC (Bitcoin), ETH (Etherium), LTC (Litecoin).
- Can buy and track your BTC in Singapore dollars, this helps you not to worry about the USD/SGD exchange rate
- High fee: 1.49% when using the virtual wallet and 3.99% if paying by credit or debit card (per transaction – purchase/sale).
- There is no access to Altcoins, but this does not matter if all you want to buy is Bitcoin.
- The Xfers service may not have been reliable for a week, many people have complained to me that local money transfers have been suspended. This does not leave me with much assurance.
- Fees for transferring money from your Coinbase wallet to any other wallet, so if you want to use your BTC to buy replacement coins on different exchanges, you’ll have to pay fees when transferring your Bitcoins to exchanges.
Buy Bitcoin at Gemini exchange
Gemini is a federally regulated Bitcoin exchange founded by the Winklevoss twins (one of the wealthiest Bitcoin owners). Gemini transaction fees are very competitive, at 0.25% per transaction. This exchange has no hidden fees, but the Bitcoin price on the Gemini exchange tends to be about $ 100 – $ 200 higher than unregulated exchanges like Bitfinex, Bitstamp, etc.
- Price is better than Coinbase, Bitcoin price on Gemini tends to be close to the price you traded BTC on major exchanges with lots of liquidity but not necessarily support buyers from Singapore.
- This is a large government-regulated exchange owned by the Winklevoss twins who have invested in BTC since the early days and last week became the first Bitcoin billionaire.
- Quickly and easily verify the identity and address I completed within two days.
- There is no charge for transferring funds to your Gemini account from Singapore.
- Lower Coinbase fee – 25 bps (0.25%) per transaction.
- You can buy Bitcoin as well as Ethereum on Gemini.
- There is no charge to transfer your bitcoins to another exchange to buy Altcoins.
- Easy to use with the simple interface; however, there is no charting tool on the platform.
- Time deposit as well as withdrawal long. Usually, this takes 2-3 days to transfer using DBS Remit, which means you can miss out on buying when the price is right.
Buy Bitcoin in Singapore at Luno exchange
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 until January 2017.
- One of the most reliable Bitcoin exchanges in Asia.
- Free deposit and low withdrawal fee.
- Low fees; 0% for market makers and only 0% – 1% for market participants (depending on fiat).
- The limit of exchange is high to infinite, depending on the level of verification.
- Only support Bitcoin and Ethereum.
Buy Bitcoin through Coinmama
Coinmama allows customers in almost every country to buy bitcoins using credit or debit cards. They charge ~ 6% for each purchase. Customers in Europe can also buy Bitcoin with SEPA transfers for a lower fee.
- Works in most countries.
- Highest limit to buy bitcoin with a credit card.
- Reliable and reliable broker.
- Some of the highest fees among credit/debit card bitcoin brokers.
Buy Bitcoin at CoinHako
CoinHako is a Singapore-based Bitcoin broker, backed by investors from the United States. They accept bank transfer from Singapore or Malaysia and international wire bank. You can also fund your CoinHako account with Xifts, allowing you to buy Bitcoin within 10 minutes.
- Superfast way to buy bitcoins in Singapore.
- Reasonable fee at 0.9%.
- A small amount of bitcoin can be purchased without verification.
- Reliable exchange.
- Not private in more significant amounts due to identity verification requirements
Xfer limit is only SGD 100 without verification.
- Other payment methods are limited to SGD 200 without verification.
- Buy Bitcoin at FYB-SG.
Buy Bitcoin at FYB-SG
FYB-SG is a Singapore-based Bitcoin exchange, first established there. You can deposit money into your trading account via online bank transfer for a 0% fee or via a cash deposit.
- Low fees; Exchange only charges 0.6% per transaction.
- Market makers get 50% off fees with super low 0.3%.
- Instant deposit and withdrawal options for SGD.
- Not private because it requires identity verification, this process can be quick in 30 minutes.
- Single payment method.
Buy Bitcoin in Binance.sg
In April, Binance launched Binance Singapore, enabling users in Singapore to purchase and sell crypto assets like Bitcoin using the Singaporean dollar (SGD) through FAST, better known as Fast and Secure Transfers electronic funds transfer system.
Binance Singapore has a partnership with Xifts, a local fintech startup, to allow the platform to charge the lowest transaction fees of any Singapore cryptocurrency exchange. Singapore FAST takes care of deposits and withdrawals on exchanges.
- Binance is a secure exchange.
- The interface is simple, neat and easy to use.
- 24/7 customer support.
- The platform only supports three cryptocurrencies and one fiat type.
- Not great if you do not have an account with Xfers.
- This is a fiat bridge and cannot be used for trading purposes. This means that traders can only buy cryptocurrencies on this platform and trade them elsewhere.
Buy Bitcoin by using P2P marketplaces Localbitcoins
LocalBitcoins is an escrow service that also helps fit bitcoin buyers and sellers. The most common payment method for purchases is cash. However, users can advertise transactions for any payment method they like.
- Can be private, fast, and easy.
- Direct transactions do not require personal information.
- Buying Bitcoins can be done quickly through deposits.
- Beware of scams; Always obey the rules.
- It is harder to buy large amounts of bitcoin than the major exchanges.
- The price is slightly higher than regular exchange; Premium for more top privacy.
Buy Bitcoin in Singapore from Bitcoin ATM
You can always use Bitcoin ATM to receive your Bitcoin because Singapore has had these machines since 2014.
What you need is a cryptocurrency wallet. You can get one on a mobile phone that may be convenient but not the safest option. Have a QR code in your wallet to scan at ATM to transfer Bitcoin to your electronic wallet.
Fees are charged at 3.5% for all transactions. That may not be the best deal, but it’s cheaper, faster, and more accessible than Coinbase.
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