How to Buy Cryptocurrency in Singapore

Buying cryptocurrency in Singapore

Buying cryptocurrency in Singapore More 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

Open a CoinCorner Account

CoinCorner

Based in Isle of Man. Over 200,000 customers with min deposit as little as £5. 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

Open a Bitfinex Account

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

Brand

Coins

Security

Usability

App

Service

Open a OKEx Account

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

Brand

Coins

Security

Usability

App

Service

Open a Kucoin Account

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

Open a Changelly Account

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