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 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 through Independent Reserve
Independent Reserve, established in 2013 launches its Singapore-based exchange, currently offering SGD trading pairs for BTC, ETH, and XRP. The exchange attributes its trust and reputation to the likes of World-class security, 24/7 support, Low fees, and a VIP service desk for over-the-counter (OTC) trades.
Instant SGD deposits via Xfers
Tier based fee structure that decreases with volume traded
Over-The-Counter (OTC) desk for large orders
Automatic recurring purchases to dollar cost average
- Only offers three cryptocurrencies to trade
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 and sell Bitcoin at Remitano
Remitano is an online peer-to-peer escrowed marketplace that facilitates the buying and selling of cryptocurrencies. The cryptocurrency trading platform is designed to support the buying and selling of cryptocurrencies with both fiat and cryptocurrencies. That is, Remitano is only an intermediary third party to ensure the safest transactions, and transactions will be made directly between buyers and sellers together. According to the introduction, Remitano is a product of Babylon Solutions Limited based in the Republic of Seychelles (registration number Seychelles Reg. No. 168830).
Buy and sell Bitcoin at Huobi
Huobi is an exchange of Chinese origin, but accessible worldwide. Notably, in the market where exchanges are regularly hacked, Huobi has never been attacked during its operation.
Founded in September 2013, Huobi is one of the oldest exchanges in the field. Therefore, the reputation and safety of the exchange has been time tested.
Huobi has two different versions – Huobi OTC (that allows trading of cryptocurrencies with fiat currencies at zero fees) and Huobi Pro (that is for advanced trading capabilities). Huobi is coming up with a cryptocurrency exchange-traded fund (ETF) to be named HB10.
One of the reasons for Huobi’s popularity is its massive offering. The exchange features more than 50 trading pairs that are available at all times, just like the exchange’s customer support. All USD fees are 0.1% large, while crypto-to-crypto fees are even lower, at 0.05%.
With all of this combined, in addition to high-quality analytics, an excellent reputation, high liquidity, and more — it is easy to understand why Huobi is advancing as rapidly as it is.
Buy Bitcoin in Singapore at 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 and sell Bitcoin in Singapore at CEX.io
CEX.io is another popular option that allows the use of credit cards, debit cards, and some bank purchases. In addition to fiat types, they also offer cryptocurrency exchanges with each other.
CEX.io also offers a custodial wallet to store cryptocurrencies, but this is usually never a good option on any exchange. After buying cryptocurrency on an exchange, always transfer it to a wallet you have control over.
Although the transaction fee of CEX.io seems low, however, this exchange has a high premium on the price of each currency. The premium is when the listed price is higher than the rate of departure. It is difficult to say precisely what price you will pay, but the number is between 7% -8%.
Other than the somewhat high premium, CEX.io is a safe, secure option to buy Bitcoin and other cryptocurrencies.
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.
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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