Summary: Singapore's leading crypto exchanges have garnered their solid reputations through strict licensing and ongoing oversight by the Monetary Authority of Singapore (MAS). Complying with meticulous rules and undergoing exhaustive assessments from third-party financial experts, these platforms put investor safety and security in Singapore at the forefront.
We've carefully selected the top 5 crypto exchanges in the city-state, each providing intuitive user interfaces, a diverse range of trading possibilities, and appealing fee schedules.
- Most trusted in Singapore and was the first MAS-licensed crypto trading platform.
- Trade 40+ Cryptocurrencies and Stablecoins with low fees and tight spreads.
- Most popular institutional and OTC desk with white-glove service.
Best Cryptocurrency Exchanges Singapore
Given the number of wide variety platforms, selecting the right one can sometimes feel like navigating a maze. Our team has rigorously analyzed more than 20 crypto exchanges, spotlighting the top 5 perfectly suited for investors in Singapore. Each of these picks has been meticulously reviewed, considering their advantages and points that could be fine-tuned. Here's a straightforward and succinct rundown of the top 5 crypto exchanges for those in Singapore, equipping you with the essential knowledge for your investment endeavors.
1. Independent Reserve
Independent Reserve is the top choice for Singaporean crypto investors, being the first to earn a license under the Payment Services Act by the Monetary Authority of Singapore. Founded in 2013 and known for its stringent security measures, including ISO 27001 certification, it also offers the deepest liquidity on major pairs like BTC/SGD, ETH/SGD, and USDT/SGD.
The platform stands out for its dynamic fee structure, quick SGD deposits via FAST transfers, and a specialized OTC desk for large trades. With a strong focus on compliance and user security, Independent Reserve offers a reliable and efficient trading experience for both individual and institutional investors in Singapore.
Bybit rises as Singapore's second-best crypto exchange, founded by the esteemed Ben Zhou and headquartered right in the city-state. Specializing in cryptocurrency derivatives, Bybit provides traders the option of leveraging their positions up to 100x. What distinguishes Bybit is its unwavering focus on user security, ensuring funds are stored securely in offline cold wallets.
The platform also offers around-the-clock customer support in English, Chinese, and other languages, as well as a broad product portfolio that includes over 770 assets, making it a comprehensive trading hub. Coupled with trading tools and a commitment to transparency, Bybit is an excellent choice for investors looking for versatility and peace of mind in the crypto trading.
Coming in third on our list is Coinhako. Established in 2014 and fully licensed under Singapore's Payment Services Act, this platform provides a user-friendly and reliable trading experience across over 100 crypto assets The platform's standout feature is its Superwallet, developed by an in-house team of experts, allowing secure storage and seamless transactions. Coinhako also ensures robust security measures, including cold storage and ISO 27001 certification, and offers real-time spot pricing through partnerships with leading liquidity providers.
Beyond its core features, Coinhako adds value to the user experience through a loyalty rewards program, where frequent users can earn points redeemable for various rewards. With multiple payment options like PayNow, FAST bank transfers, and Visa and Mastercard, the platform offers a flexible and secure trading environment, making it a trusted choice for investors.
Claiming the fourth spot on our list is Gemini, a platform available in Singapore that offers over 200 crypto assets and supports for USD, AUD, CAD, HKD, EUR, SGD, and GBP. As a user, you'll benefit from its easy-to-use mobile app, which simplifies the process of buying and selling crypto. In terms of security, Gemini is SOC 2 Type 2 compliant and provides robust security features. Most of your assets are stored in cold storage, and those in hot wallets are fully insured.
However, it's important to note that as of October 15, 2023, Gemini has suspended new staking requests for non-accredited retail customers in Singapore to comply with MAS regulations. Starting November 1, 2023, these assets, along with any accrued rewards, will be transferred back to the respective customer’s Gemini account. The exchange is making these changes to align its services with evolving regulatory landscapes, particularly in Singapore, where retail customers must now be Accredited Investors to continue staking with Gemini.
Securing the fifth position on our list is OKX, a Hong Kong-based cryptocurrency exchange founded in 2017. OKX has rapidly gained prominence with its extensive trading offerings, which include not just Spot but also Futures, Options, and Margin trading. For those interested in leveraging their trades, OKX offers up to 100x leverage. The platform has a strong global presence, boasting over 20 million users worldwide, and is a go-to for traders interested in derivatives and DeFi (Decentralized Finance) applications thanks to their intuitive OKX Wallet.
What sets OKX apart further is its substantial crypto variety, offering trading in over 350 cryptocurrencies and supporting staking for more than 50 tokens. For traders seeking diverse investment opportunities, OKX also provides various earning methods such as staking, loans, and dual investments.
Is Crypto Investing Regulated in Singapore?
Yes, the regulation of digital assets is overseen by the Monetary Authority of Singapore (MAS), which plays a critical role in safeguarding the integrity of the country's financial landscape. Any cryptocurrency exchange wishing to operate in Singapore must obtain a license under the Payment Services Act enforced by MAS. This involves complying with rigorous regulations aimed at protectinginvestor interests. Factors such as transparent financial reporting, strong anti-money laundering (AML) protocols, and regular audits are mandated.
It's important for traders to note that all the cryptocurrency exchanges we have listed for Singapore are fully licensed and regulated by the MAS. These platforms not only meet the initial criteria for licensing but also continue to adhere to stringent regulatory requirements. MAS regularly reviews and audits these exchanges to make sure they maintain high standards of compliance, ensuring a secure and reliable digital asset ecosystem.
How is Crypto Taxed in Singapore?
In Singapore, the taxation of cryptocurrencies is quite straightforward but distinct from other financial assets. Here's a quick rundown of the key points:
- Capital Gains: Unlike some jurisdictions, Singapore does not tax capital gains, which includes profits from selling cryptocurrencies.
- Income Tax: If you actively trade cryptocurrencies as a business, the profits are considered ordinary income and are subject to income tax.
- Goods and Services Tax (GST): As of January 1, 2020, the Monetary Authority of Singapore (MAS) has exempted cryptocurrencies from GST to promote their adoption. However, GST may still apply if you are buying goods or services with cryptocurrencies.
- Deductions: Business-related expenses like the purchase price and transaction fees can be deducted when calculating taxable income for active traders.
- Reporting: While there's no capital gains tax, accurate record-keeping and reporting of transactions are essential for income tax calculations if you're trading cryptocurrencies as a business.
- Mining & Staking: Revenue from mining and staking may be considered ordinary income and thus could be subject to income tax, depending on the scale and intent behind the activity.
For the most current and accurate information on crypto taxation in Singapore, it's advisable to consult a local tax advisor. Regulatory frameworks can change, and the Inland Revenue Authority of Singapore (IRAS) is the principal agency responsible for taxation.
In summary, Singapore's top 5 crypto exchanges offer not only diverse trading options but also prioritize investor security, under the strict regulation of the Monetary Authority of Singapore (MAS). From Independent Reserve's dynamic fee structure to Coinhako's vast crypto variety, each platform has unique advantages tailored to different investor needs. With rigorous compliance to MAS guidelines, these exchanges provide a trustworthy and efficient environment for crypto trading in Singapore. This article aims to equip you with the essential information you need for your investment journey, backed by comprehensive research and expert insights.