How To Buy Bitcoin Singapore

If you are a resident of Singapore and want to buy bitcoin, we list step-by-step instructions for buying Bitcoin (BTC) with SGD (Singapore Dollars). 

Cryptocurrencies are becoming more and more prominent in everyday life, including in Singapore. With the price of BTC hitting an all time high of ~US$64,895 (S$86,480) on 14 April 2021, many people started noticing and you might be one of them. If you would like to ride the cryptocurrency wave and want to get some exposure to Bitcoin, read on. 

After a filling with the U.S. Securities and Exchange Commission (SEC) revealed a Tesla purchase worth of $1.5 billion of Bitcoin and DBS (SGX: D05) announcing it will set up a digital exchange, cryptocurrencies and Bitcoin are here to stay.

We will go over how to buy and start trading Bitcoin in Singapore. Many trading platforms allow you to buy it directly and accept SGD.

How to Buy BTC in Singapore

There are two ways to buy cryptocurrencies in Singapore. You can go online and buy from a bitcoin exchange or head to a local ATM where you can exchange SGD for Bitcoin. To buy crypto or start trading, you need an exchange account, though safer storage practices are recommended.

Here are the steps on how to buy BTC as a Singaporean:

  1. Compare crypto exchanges
  2. Choose an Bitcoin exchange
  3. Create an account
  4. Deposit SGD
  5. Click on “Buy”
  6. Enter the amount
  7. Review the transaction
  8. Click “Buy”
  9. Start Trading or Store it in a Crypto Wallet

You can either buy $100 worth of Bitcoin or even less. You don’t have to buy the full amount of 1 BTC, but just a fraction.

Where to Buy Cryptocurrencies in Singapore –  Best Trading Platforms For Bitcoin in Singapore

The best platform to buy BTC In Singapore is IQ Option or eToro. They charge no deposit fees or have any additional fees. You can find the top exchanges to purchase Bitcoins and other popular cryptocurrencies below.

ExchangeFeesPro AccountSupported CryptocurrenciesDeposit Fees
IQ Option2.9%YesBTC, ETH + others$0
eToro0.75%YesBTC + others$0
Binance Singapore0.1% spot trading fee; 0.5% Instant Buy/Sell fee/300+Deposit with Xfers is free
Huobi GlobalN/A/N/AVaries
CoinbaseVariable percentage fee 1.49% – 3.99%/N/AVaries (3.99% + 7% of transaction fee)
or
$25 for SWIFT transfers

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Things to know before you buy

Bitcoin investing consideration

When it comes to cryptocurrencies, bitcoin is the granddaddy of them all. Bitcoin is a digital currency that was created in January 2009 by Satoshi Nakamoto. It is the longest surviving cryptocurrency and has the largest market capitalization. 

This longevity, rapid growth and adoption makes bitcoin the best in terms of long-term investing.

While bitcoin is in a category of its own, all other coins are known as Altcoins (alternative coin). The most popular altcoin being Ethereum, which serves as a platform for decentralized apps (dApps) and smart contracts.

Yes, it is completely legal to buy bitcoin in SG. However, Bitcoin and cryptocurrencies are not regulated by the MAS (Monetary Authority of Singapore). They are not considered legal tender. There is no protection available if you lose money from investing in digital currencies such as Bitcoin.

Just recently, El Salvador became the first country to adopt bitcoin as legal tender. In a nutshell, this means Salvadorans could use Bitcoin as an official form of payment in El Salvador.

MAS (Monetary Authority of Singapore) Regulation on Cryptocurrencies in Singapore

Cryptocurrencies are new, and regulation is still in its infancy in Singapore. MAS classifies Cryptocurrencies as digital payment tokens (DPT) and some regulation comes with the Payment Services Act 2019. The act mainly tries to prevent money laundering and terrorism financing.

The Monetary Authority of Singapore doesn't safeguard your transaction or regulate them. In a nutshell, you are not protected.

However, things are changing. In the beginning of 2021 (Jan 4) MAS announced enhancements to the Payment Services Act. Providers of storage or exchange of DPTs (cryptocurrencies) will have to comply with rules and regulations set by MAS.

Why invest in Bitcoin?

Bitcoin and cryptocurrencies in general appeal to supporters for a number of reasons. These are the most popular reasons to invest in bitcoin.

  • Supporters are rushing to buy cryptocurrencies because the technology is still in its infancy. 
  • The supply is limited to 21 Million. It is a simple supply and demand mechanic.
  • Many supporters like the fact that cryptocurrencies are decentralized and remove central banks.
  • The technology behind Bitcoin and other altcoins. The decentralized processing and recording system is more secure than current payment systems.
  • Speculators like it for its great returns and volatility. The ROI (return on investment) has been great for long term buy and hold investors as well as day traders.
  • Recent events and governments recognizing cryptocurrencies add to its adoption and acceptance.
  • Capital Gains Tax – it depends on the country you live in, but generally it is less due to the lack of regulation.
  • Some supporters view it as Gold 2.0 – as a store of value.

Should you invest in Bitcoin – is it a good investment?

Bitcoin liquidity makes it a great investment if you are looking for short-term profits. Cryptocurrencies can also be a good long term investment because of high market demand and speculative nature.

Other reasons why bitcoin is a good investment include:

  • Low Inflation Risk – Bitcoin is immune to inflation, unlike many of the world's currencies, regulated by governments
  • Liquidity – Bitcoin is one of the most liquid investment assets due to the number of trading platforms, exchanges and online brokers.
  • Still early – Many believe cryptocurrencies are still in the very early stages and will continue to evolve and grow.

Cons of investing in Bitcoin

  • Highly volatile – Price is notorious for always fluctuating back and forth. The cryptocurrency market is always changing and you should keep a close eye on the markets if you invest.
  • Prone to online hacking – There have been a couple of cyber attacks on exchanges in recent years. Investors that held their Bitcoin in those exchanges lost their investments. For example, this hack of Singapore headquartered exchange KuCoin that drained $280M from the exchange.
  • Regulation – The bitcoin market is not regulated and is prone to scams and fraud.
  • Not widely accepted – Bitcoin is still in early phases and not accepted by many companies as a form of payment.
  • Prone to theft or being lost – Private key can be lost or you hard drive can crash. You can go from a wealthy crypto millionaire to bankrupt in seconds.

How To Pay For Bitcoin in Singapore

It might be that the exchange you pick doesn’t accept your preferred payment method. Pick an online crypto broker that accepts your desired payment method. 

Singapore residents can purchase bitcoins by using one of the following methods: credit cards, debit cards, wire transfer, e-wallets or with other cryptocurrencies.

Buy Bitcoin with Credit Card

The easiest way to buy bitcoin with a credit card is to use an exchange like IQ Option or eToro. Transactions are super fast and you get your bitcoin instantly. 

Buying Bitcoin With a Bank Account

Most cryptocurrency exchanges support bank transfers as a form of payment. Payment services such as Xfers and PayNow are supported. Bank transfers are nearly instant and often free.

If you are using an exchange that is based outside Singapore, you will see an option of wire transfer or SWIFT payment. Wire transfers can take up to a week and are subject to fees. Fees are a lot higher and include currency exchange fees and bank transfer fees.

Buy Bitcoin With Cash In Singapore

You might want to buy bitcoin with cash. One of the ways is to find someone and exchange in-person, cash for BTC.

While buying Bitcoin with cash might be convenient, it also has the highest fees of any methods we outline. 

Crypto ATM Singapore

Another option is to find a bitcoin ATM near you and simply deposit cash which is converted to Bitcoin. Singapore currently has 10 Bitcoin ATMs.

This is the list of crypto ATMs in Singapore:

Source: Coin ATM Radar
Operator's NameLocationOpening HoursFeesRating
Bitcoin Exchange (Singapore)531 Upper Cross St 03-11,
Singapore 050531
(link)
24/7SGD 18.00 + 4.5%Good
Coinunited.io226 Upper Thomson Rd,
Singapore 574363
(link)
Mon-Sat: 10:00 am – 9:00 pmSGD 10.00 + 9.1%N/A
 Bitcoin Exchange (Singapore)1 Rochor Canal Rd,
Singapore 188504
(link)
24/7SGD 18.00 + 4.5%Good
Daenerys Crypto ATM11 Collyer Quay #02-28,
Singapore 049317
(link)
Mon-Fri: 7:00 am – 8:00 pm
Sat: 7:00 am – 7:00 pm
Sun: Closed
N/AOk
Daenerys Crypto ATM68 Orchard Road #01-59,
Singapore 238839
(link)
Mon-Sun: 11:00 am – 7:00 pmN/AOk
Daenerys Crypto ATM13 Stamford Rd,
Singapore 178905
(link)
Mon-Sun: 5:30 am – 12:30 amN/AOk
Cryptonic304 Orchard Road,
Singapore 238863 (link)
Mon-Sun: 11:30 am – 7:00 pmN/AGood
Daenerys Crypto ATM109 North Bridge Rd, Singapore 179097 (link)Mon-Sun: 10:00 am – 10:00 pmN/AOk
Daenerys Crypto ATM10 Paya Lebar Road,
Singapore 409057 (link)
Mon-Sun: 7:00 am – 11:00 pmN/AOk
Daenerys Crypto ATM11 Collyer Quay #02-28,
Singapore 049317 (link)
Mon-Fri: 10:00 am – 6:00 pm
Sat-Sun: Closed
N/AOk

Buying Bitcoin with PayPal in Singapore

To buy with Paypal, you need to use a trading platform like IQ option which accepts Paypal. Once you create an account, you will need to deposit funds through Paypal and then buy BTC.

One problem of using Paypal to buy BTC is the risk of chargeback fraud. This is when someone buys with Paypal and then requests a chargeback. In theory they get to keep both their money and bitcoin. 

A workaround is to use a peer-to-peer exchange like Paxful or an exchange like eToro or IQ Option which accept Paypal. These p2p exchange platforms are great for trading, but not long term holding.

Another option is to use something like xCoins, which was specifically built to facilitate Paypal to BTC transactions. It is still a little rough around the edges, and doesn’t have the best security track record.

P2P Exchanges (Peer-To-Peer)

Another option of buying bitcoin is to use a P2P crypto exchange like Binance P2P. This platform enables peer-to-peer buying and selling of cryptocurrencies.

Buy Bitcoin with Another Crypto

The easiest way to buy BTC with another crypto is on an exchange. Make sure the desired pair is listed on the exchange. To buy BTC with ADA for example, you need to find the pair BTC/ADA. Once you find the desired pair, you can buy by following these steps. Make sure the exchange rate on the pair is fair.

  1. Create account
  2. Deposit the desired cryptocurrency
  3. Go to the desired pair
  4. Click Buy BTC or Sell ADA
  5. Enter the amount you want to buy or sell
  6. Create a limit or market order

Choosing a Bitcoin Trading Platform

You should look for a well regulated trading platform that is safe and secure, has low trading fees, reasonable transaction limits, supports your currency, has great customer support, and reputation.

How to store your Bitcoin

Bitcoins are stored in a wallet, called a digital wallet.

Cold Wallets

The best place to store bitcoin is in a cold wallet, called the digital wallet. Digital wallets are web-based or hardware-based (like a USB stick). You can store bitcoin on a mobile device, desktop computer, hardware wallet and keep it safe with private keys.

Hot Wallets

The other option is a hot wallet. Most exchanges allow you to keep your bitcoins in a hot wallet to stay liquid for easy trading and withdrawals. Hot wallets are not as safe as cold wallets.

How to Sell Bitcoin in Singapore

To sell your Bitcoins in Singapore, you can do it on an exchange, in-person or at a local Bitcoin ATM. 

Many exchanges offer the trading pair SGD/BTC so you can easily cash out you bitcoins when the time comes.

Another option of selling your bitcoin is to use a service like LocalBitcoins. This peer-to-peer (P2P) platform allows you to buy and sell bitcoin with a variety of payment methods. 

Top Cryptocurrencies by Market Cap

RankCryptocurrencyPriceCirculating SupplyMax. SupplyMarket Cap
1Bitcoin (BTC)$34,114.1818,741,143 BTC21,000,000$648,720,667,162
2Ethereum (ETH)$2,000.80116,407,814 ETHUnlimited and
18,000,000/year
$236,342,384,881
3Tether (USDT)$1.0062,699,736,754 USDTN/A$62,755,733,312
4Binance Coin (BNB)$300.74153,432,897 BNB170,532,785 BNB$47,298,075,068
5Cardano (ADA)$1.2831,946,328,269 ADA45 billion$41,661,873,716
6Dogecoin (DOGE)$0.2369130,143,355,580 DOGEN/A$31,324,106,547
7XRP (XRP)$0.645246,244,517,593 XRP1 billion$30,471,717,468
8USD Coin (USDC)$1.0025,293,863,495 USDCN/A$25,303,987,692
9Polkadot (DOT)$16.30954,345,815 DOTN/A$15,943,251,422
10Uniswap (UNI)$18.47575,202,575 UNI1.000.000.000 UNI$10,621,963,744

IQ Option – Award Winning Platform

  • Award winning trading platform
  • Regulated by CySec
  • Advanced Trading Tools
  • Free Deposits and Withdrawals
Compare IQ Option