In this guide, we go over the best cryptocurrency exchanges in Singapore. Cryptocurrencies have been getting more and more popular in recent years. If you want to buy some crypto before it gets mainstream…read on.
We also wrote an extensive guide on how to buy bitcoin in Singapore.
Table of Contents
- Best Crypto Trading Platforms in Singapore 2023
- 1. AvaTrade – Tight Spreads for Crypto Trading
- 2. Coinbase – Biggest Exchange Specializing in Crypto Only
- 3. Kraken- Specializing in Crypto Only
- 4. Crypto.com
- 5. Gemini
- 6. Binance.sg
- SGD and USD Trading
- Fees
- Deposits and Withdrawals
- SGD Supported Crypto Exchanges
- Regulation of Cryptocurrency Exchanges in Singapore
- Are Cryptocurrencies legal in Singapore?
- Security
- How do you pick a crypto exchange?
Best Crypto Trading Platforms in Singapore 2023
There are many options, but here is our shortlist of Singapore's best crypto trading platforms.
- AvaTrade – Best Crypto Exchange Singapore Overall
- Coinbase – One of The Biggest Crypto Exchange Singapore
- Kraken – Great Crypto-Only Exchange Singapore
- Crypto.com – Good Cryptocurrency Trading Platform Singapore
- Gemini
- Binance.sg
We examined the top rated crypto trading platforms in Singapore to give you the top choices for crypto investors in Singapore. We base our research on factors such as safety, regulation, trading fees, deposit methods, SGD availability, and more.
Based on our analysis, here is a detailed view of the top exchanges for crypto in Singapore.
Disclaimer: The Monetary Authority of Singapore (MAS) requires us to provide a risk warning to potential digital payment token (DPT) customers. Before you invest any money or DPT with a DPT service provider, be sure to know the following.
- No matter if your DPT service provider is licensed by MAS or not, it does not mean that you will be able to recover the money or DPTs you paid your DPT service provider if your provider fails.
- Do not transact in the DPT if you are not familiar with that DPT. If you are not familiar with the technology of the DPT it may not be suitable for you.
- Be aware that the value of DPTs can fluctuate greatly. You should only buy DPTs if you know and accept the risks of losing all the money you put into the DPTs.
1. AvaTrade – Tight Spreads for Crypto Trading
- Ultra Low Spreads and Fees
- Major Cryptocurrencies Offered
- Well Regulated
- One of the best Mobile Apps
- Top Trading Tools
- AvaSocial – Copy Trading
2. Coinbase – Biggest Exchange Specializing in Crypto Only
- Specializes in Crypto Only
- Secure Storage
- Industry Best Practices
- Insurance Available
3. Kraken- Specializing in Crypto Only
- Specializes in Crypto Only
- 24/7 Support
- Great Security
- 50+ Cryptocurrencies Available
4. Crypto.com
- 10m+ Users Worldwide
- Crypto.com Visa Card with up to 8% cash back
- Low Fees
- Fast and Secure
- Earn Rewards
5. Gemini
- Variety of tools to buy, sell and store crypto
- High Level Security
- Insurance Coverage
- SOC 1 Type 2 and SOC 2 Type 2 certified crypto exchange
6. Binance.sg
- Secure and Reliable
- Easy to Use
- 24/7 Support
SGD and USD Trading
If the exchange offers SGD as the base currency and offers SGD/BTC trading pair, that is an added plus. Buying crypto with SGD is straightforward and doesn’t require SGD/USD currency conversion. On the other hand, USD cryptocurrency pairs usually have lower fees and more pairs available.
Fees
Different exchanges have different trading fees. Most of the time, trading platforms offer different account types. Depending on the account type, different fees apply. We recommend top-tier accounts, as these are associated with lower trading fees. An added benefit of top tier accounts is also a better UI of the platform, with more tools, research and overall trading experience.
For example, let's say that exchange 1 has a 0.25% trading fee and exchange 2 has a 0.45% trading fee. At first, that doesn’t seem like much but adds up in the long run.
If you buy S$10,000 worth of crypto:
- 0.25% fee is S$25
- 0.45% fee is S$45
Now multiply that by a few trades or higher trade value, and fees add up.
Deposits and Withdrawals
Deposits and withdrawals of your crypto are subject to fees. The percentage you pay depends on which cryptocurrency you are transferring and the type of transfer. Crypto to wallet, cash conversion, or transfer to another exchange have different fees.
SGD Supported Crypto Exchanges
Not all exchanges support SGD for crypto purchases. Here are the ones that do:
| Exchange | Crypto offered | Fees | SGD Available |
|---|---|---|---|
| AvaTrade | 17 | Spread | No |
| Coinbase | 3000+ | 2.49% | No |
| Kraken | 69 | 0.9% – 3.75% | No |
| Crypto.com | 100+ | 0.1% – 0.4% | Yes |
| Gemini | 40+ | 0.25% | Yes |
| Binance.sg | 8 | 0.6% | Yes |
Regulation of Cryptocurrency Exchanges in Singapore
MAS (Monetary Authority of Singapore) does not consider cryptocurrency as legal tender or securities. MAS calls crypto DPT (digital payment tokens) and does not regulate them.
There is no legal protection if you buy or sell cryptocurrencies and something goes wrong. MAS states that they will not be able to help you if you lose money dealing with digital tokens. Further, they state that even if you deal with an entity regulated by MAS, the digital token is still not regulated.
Under the Payment Services Act 2019 cryptocurrencies or persons that buy, sell, or facilitate the exchange of cryptocurrencies, MAS regulates these activities only for money laundering terrorism financing risk. There is no obligation for protecting your cryptocurrency or ensuring all transactions are processed properly.
A full list of DPT providers in Singapore can be found here.
Currently, only one broker received a green light from MAS for trading cryptocurrencies in Singapore – Independent Reserve exchange from Australia.
Are Cryptocurrencies legal in Singapore?
Yes, it is legal to own and trade cryptocurrencies in Singapore. Singapore is actually embracing the use of blockchain and DLT like Estonia and Switzerland.
Security
Not your keys, not your coins. That is a popular saying in the crypto space and it means that if you don’t own the private keys to your coins, you are handing over the control to a third party. For example, if you hold your coins on an exchange, the private keys are in the hand of that exchange.
The safest way to store your crypto is by transferring it to a cold wallet where you are in complete control of your private keys.
How do you pick a crypto exchange?
There are a few key factors to consider when picking a crypto exchange. Fees, security, and the number of coins offered are just a few.
There are a few things you need to keep in mind, before choosing a cryptocurrency exchange such as:
- Do they offer SGD as base currency?
- Is the exchange regulated?
- Does the exchange have a good track record?
- Deposit and withdrawal fees
- Trading fees on a maximum S$30,000 yearly limit set by MAS
