How to buy Crypto in Singapore
The process of buying digital assetsin Singapore can be confusing for new investors because you cannot get exposure to real Bitcoin or crypto through traditional financial markets. Instead, investors in Singapore will need to find a trusted cryptocurrency exchange in the country to register with and deposit Singaporean Dollars.
The guide below is a quick 5 step summary of how to buy Crypto in Singapore using Independent Reserve who are licensed under the Monetary Authority of Singapore (MAS).
- Visit Independent Reserve and verify your Personal or Company account in Singapore.
- Select 'Quick Deposit' to deposit Singapore Dollars (SGD) from any bank.
- Select the 'trade' button at the top of the screen and find the asset you want to invest in.
- Input the amount of SGD amount you want to buy and execute your trade.
What are the Fees when Investing in Digital Assets?
The main fees to consider when investing in digital assets are the SGD deposit fees, platform trading fees and the price spread. Most exchanges charge a fee for each SGD deposit, so make sure to check this when choosing an exchange.
Independent Reserve charges 0.5% as the trading fee for all Crypto trades. The fee can get as low as 0.02% depending on the trading volume you have over 30 days. Their spreads are also the tightest in Singapore, which means you can get efficient execution on large orders.
When it comes to deposits, they charge a fee of $2.50 for deposits under $1,000 SGD in value. The withdrawal fee is always fixed at $1.50.
Best Alternative Exchanges in Singapore
In addition to Independent Reserve, there are other exchanges in Singapore that have MAS licenses and offer cryptocurrency trading.
- CoinHako: CoinHako is an exchange based in Singapore and serves customers from all over the world with low fees and a wide selection of cryptocurrencies available for purchase. They also accept bank transfers, credit cards, and paypal.
- Coinut: Coinut is one of Singapore's most popular cryptocurrency exchanges, offering low fees and fast execution on trades. They also have an extensive selection of coins available for purchase.
- Gemini: Gemini is a US-based exchange that has also obtained an MAS license to operate in Singapore. They offer low trading fees, fast execution on trades, and secure storage of your funds.
- Bitrue: Bitrue is a Singapore-based crypto exchange that offers low fees and fast execution on trades. They also have an extensive selection of coins available for purchase.
What is the best Crypto OTC Desk in Singapore?
Over-the-Counter Bitcoin refers to a private trading desk that offers personalised services for institutional and high net worth investors to fill very large orders of Bitcoin seamlessly.
Potential investors of Bitcoin may look to buy Bitcoin through an OTC desk over a typical exchange because their orders are submitted privately and will not disrupt the open market. If you are looking to buy Bitcoin OTC, we would recommend Independent Reserve as the best OTC desk to buy Bitcoin with Singapore Dollars (SGD), US Dollars (USD) or Australian Dollars (AUD).
Is Buying Bitcoin Legal in Singapore?
Singapore has been renowned for its status as a global hub for finance and technology, so it comes as no surprise to see the countries officials take rapid steps to help bolster the adoption of Bitcoin and cryptocurrencies in the nation. Similar to many other countries, Bitcoin is not considered as legal tender in Singapore, however cryptocurrency and Bitcoin exchanges are are required to register with The Monetary Authority of Singapore (MAS).
The Monetary Authority of Singapore (MAS) is Singapores key financial services regulatory body and has clarified that there is no real need to regulate Bitcoin and cryptocurrencies yet, however has warned investors in Singapore about the potential risks underpinning digital assets. MAS have worked to put in a framework for money laundering and counter terrorism financing like many other financial regulators around the world. This means major institutions like DBS Bank will allow you to buy and sell crypto through regulated exchanges.
In terms of regulations for cryptocurrency exchanges, all they need to comply with at the current time is MAS' anti money laundering and counter terrorism financing frameworks. These regulations are put in place to keep an eye on the risks underlying Bitcoin as a payment system.
Buying Bitcoin and other cryptocurrencies in Singapore is easy using a reputable exchange like Independent Reserve. With their quick deposit system and low fees, you can get started quickly and easily with your crypto investments.
Make sure to do your own research before investing in digital assets as they are subject to market risk and price volatility. In addition, it’s important to understand the regulations around cryptocurrency in Singapore and any other country you plan on investing in.