If you are a resident of Singapore and want to buy bitcoin, we list step-by-step instructions for buying 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 is 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.
Buy Bitcoin in Singapore
There are two ways to invest in 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 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:
- Compare crypto exchanges
- Choose an Bitcoin exchange
- Create an account
- Deposit SGD
- Click on “Buy”
- Enter the amount
- Review the transaction
- Click “Buy”
- 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 Exchanges For Bitcoin in Singapore
The best platform to buy crypto In Singapore is Stormgain. They charge no deposit fees or have any additional fees. You can find the top exchanges to purchase Bitcoins and other popular cryptocurrencies below.
| Exchange | Fees | Pro Account | Supported Cryptocurrencies | Deposit Fees |
|---|---|---|---|---|
| Stormgain | 0.095% (BTC) | Yes | BTC + others | $0 |
| Binance Singapore | 0.1% spot trading fee; 0.5% Instant Buy/Sell fee | / | 300+ | Deposit with Xfers is free |
| Huobi Global | N/A | / | N/A | Varies |
| Coinbase | Variable percentage fee 1.49% – 3.99% | / | N/A | Varies (3.99% + 7% of transaction fee) or $25 for SWIFT transfers |
Stormgain- Best For Cryptocurrency Singapore
- Award-winning trading platform
- 1 interest rate provider for cryptocurrency traders on CoinMarketCap
- Member of the Blockchain Association of the Financial Commission since 2019
- Great Trading Platform
- Many Withdrawal Options
Things to know before you buy
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.
Is buying Cryptocurrency Legal in Singapore?
Yes, it is completely legal to buy crypto in Singapore. 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:
- Supporters are rushing to invest in 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 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 Cryptocurrency with a Credit Card
The easiest way is with a credit card is to use an exchange like Stormgain. Transactions are super fast and you get your bitcoin instantly.
Buying 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 With Cash In Singapore
You might want to buy with cash. One of the ways is to find someone and exchange in-person, cash for BTC.
While buying 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:
| Operator's Name | Location | Opening Hours | Fees | Rating |
|---|---|---|---|---|
| Bitcoin Exchange (Singapore) | 531 Upper Cross St 03-11, Singapore 050531 (link) | 24/7 | SGD 18.00 + 4.5% | Good |
| Coinunited.io | 226 Upper Thomson Rd, Singapore 574363 (link) | Mon-Sat: 10:00 am – 9:00 pm | SGD 10.00 + 9.1% | N/A |
| Bitcoin Exchange (Singapore) | 1 Rochor Canal Rd, Singapore 188504 (link) | 24/7 | SGD 18.00 + 4.5% | Good |
| Daenerys Crypto ATM | 11 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/A | Ok |
| Daenerys Crypto ATM | 68 Orchard Road #01-59, Singapore 238839 (link) | Mon-Sun: 11:00 am – 7:00 pm | N/A | Ok |
| Daenerys Crypto ATM | 13 Stamford Rd, Singapore 178905 (link) | Mon-Sun: 5:30 am – 12:30 am | N/A | Ok |
| Cryptonic | 304 Orchard Road, Singapore 238863 (link) | Mon-Sun: 11:30 am – 7:00 pm | N/A | Good |
| Daenerys Crypto ATM | 109 North Bridge Rd, Singapore 179097 (link) | Mon-Sun: 10:00 am – 10:00 pm | N/A | Ok |
| Daenerys Crypto ATM | 10 Paya Lebar Road, Singapore 409057 (link) | Mon-Sun: 7:00 am – 11:00 pm | N/A | Ok |
| Daenerys Crypto ATM | 11 Collyer Quay #02-28, Singapore 049317 (link) | Mon-Fri: 10:00 am – 6:00 pm Sat-Sun: Closed | N/A | Ok |
Buying with PayPal in Singapore
To buy with Paypal, you need to use a trading platform like Stormgain 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 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 Stormgain 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 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 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.
- Create account
- Deposit the desired cryptocurrency
- Go to the desired pair
- Click Buy BTC or Sell ADA
- Enter the amount you want to buy or sell
- 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
| Rank | Cryptocurrency | Price | Circulating Supply | Max. Supply | Market Cap |
|---|---|---|---|---|---|
| 1 | Bitcoin (BTC) | $34,114.18 | 18,741,143 BTC | 21,000,000 | $648,720,667,162 |
| 2 | Ethereum (ETH) | $2,000.80 | 116,407,814 ETH | Unlimited and 18,000,000/year | $236,342,384,881 |
| 3 | Tether (USDT) | $1.00 | 62,699,736,754 USDT | N/A | $62,755,733,312 |
| 4 | Binance Coin (BNB) | $300.74 | 153,432,897 BNB | 170,532,785 BNB | $47,298,075,068 |
| 5 | Cardano (ADA) | $1.28 | 31,946,328,269 ADA | 45 billion | $41,661,873,716 |
| 6 | Dogecoin (DOGE) | $0.2369 | 130,143,355,580 DOGE | N/A | $31,324,106,547 |
| 7 | XRP (XRP) | $0.6452 | 46,244,517,593 XRP | 1 billion | $30,471,717,468 |
| 8 | USD Coin (USDC) | $1.00 | 25,293,863,495 USDC | N/A | $25,303,987,692 |
| 9 | Polkadot (DOT) | $16.30 | 954,345,815 DOT | N/A | $15,943,251,422 |
| 10 | Uniswap (UNI) | $18.47 | 575,202,575 UNI | 1.000.000.000 UNI | $10,621,963,744 |
Stormgain- Best For Cryptocurrency Singapore
- Award winning trading platform
- 1 interest rate provider for cryptocurrency traders on CoinMarketCap
- Member of the Blockchain Association of the Financial Commission since 2019
- Great Trading Platform
- Many Withdrawal Options
