How to Buy Cryptocurrency in Singapore

Buying cryptocurrency in Singapore

Buying cryptocurrency in SingaporeMore recently, Singapore has come to the fore as a hub for cryptocurrencies and blockchain technologies. At the same time, the Monetary Authority of Singapore (MAS), the financial regulatory body of Singapore, has been working to actively regulate Singapore’s cryptocurrency business. MAS believes in regulation of the cryptocurrency ecosystem for the purpose of monitoring crypto-activity-associated risks like terrorism financing and money laundering, but also making sure that it doesn’t stand in the way of innovation. The Payment Services Act (PSA) was implemented in January 2020, and its purpose was to regulate both traditional and cryptocurrency exchanges and payments. The act also presents a framework to procure a license to run cryptocurrency business in the country and highlights money laundering compliances cryptocurrency operators must meet. In legal terms, the country offers great conditions for cryptocurrency transactions, and since cryptocurrencies are considered legal in Singapore, contracts involving said cryptocurrencies aren’t deemed illegal.
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Singapore. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below

CoinCorner

Based in Isle of Man. Over 200,000 customers with min deposit as little as ÂŁ5. Simple site for getting into Bitcoin.

Pros
  • Simple user interface
  • Autobuy feature for regular crypto saving / DCA
  • You can earn Bitcoin on your shopping with their browser extension
Cons
  • Limited range of coins
  • No e-wallet feature
  • No live chat support

Bitfinex

Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.

Pros
  • Very low trading fees
  • Large range of coins and trading pairs
  • High liquidity
Cons
  • Slow account verification
  • Two major hacks
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OKEx

OKEx is the second-largest cryptocurrency exchange in the world by volume. It posts over $2 billion in trades daily and has over 400 trading pairs.

Pros
  • Good range of coins
  • DEX trading
  • No hacking history
Cons
  • Not available in US
  • KYC required
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Kucoin

Founded in 2017, KuCoin has already managed to establish itself as “The People’s Exchange.” With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.

Pros
  • Vast selection of altcoins
  • Ability to stake & earn crypto yields
  • Robust security features
  • No forced KYC checks
Cons
  • No fiat currency deposits
  • Trading volume is low

Changelly

Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesn’t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.

Pros
  • Non-custodial exchange
  • Great way to switch altcoins
  • Doesn’t require extensive KYC
  • 2FA security and high exchange limit
Cons
  • A high transaction fee of 0.5%
  • Unclear owners
  • Sometimes their service is quite slow
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Kraken

Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan

Pros
  • It can be used to trade against fiat options
  • Robust security measures
  • Free SEPA deposits in Europe
Cons
  • Not a very beginner-friendly interface.
  • No card deposit options
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