There are many ways to get your hands on Bitcoin (BTC), whether it's through the use of a cryptocurrency broker, a Bitcoin ATM, or even by mining it yourself. However, the easiest way for Singaporeans to buy and sell Bitcoin by far is through a cryptocurrency exchange. These platforms allow you to swap fiat currencies like the Singapore dollar (SGD) to cryptocurrencies like Bitcoin (BTC) easily and effectively.
As you'll see in the post below, Singapore has a wide array of well-regulated, highly secure crypto exchanges to choose from if you want to engage in Bitcoin trading. Our #1-rated crypto trading platform for Singapore, however, would have to be Crypto.com: with its huge array of supported cryptocurrencies, its lightning-fast price updates that give you an edge over the competition, and even its own cryptocurrency debit card, I simply can't recommend Crypto.com highly enough.
What Is Bitcoin?
Bitcoin (BTC) is a digital currency that allows users to send and receive money quickly without the need for any central authority or bank. The concept of Bitcoin was originally conceived by Satoshi Nakamoto, a pseudonymous person or group of people whose real-world identity has still not been revealed.
New Bitcoins are created whenever Bitcoin miners use extremely powerful computers to solve very complex mathematical problems in the Bitcoin network, and they get rewarded with Bitcoin as a result. This way of creating new crypto is known as proof of work, and it's called that way because miners are rewarded for the work they do in solving those problems.
Bitcoin has a fixed supply of 21 million total coins, which means there will never be more than 21 million Bitcoins in circulation. This makes Bitcoin a finite resource, like gold, which causes it to be deflationary in nature.
The smallest unit you can have for Bitcoin transactions is known as a Satoshi, which is worth one hundred millionth of one Bitcoin. Given that Bitcoin can be broken down into such small pieces, Bitcoin transactions can be even more precise than fiat (cash) transactions, making Bitcoin a great solution for the growing number of micro-transactions underpinning the web.
Pros & Cons Of Bitcoin
- Huge investment returns: Bitcoin's compounded annual growth rate has been around 144% per year from 2012 to 2022, outpacing any other asset class currently around. This means that investing in Bitcoin can lead to very high investment returns, depending on how its market fluctuates.
- Currency without borders: Considering Bitcoin can be sent across international borders without much issue, the overall flow of wealth becomes much simpler and less expensive.
- Decentralization: Bitcoin also doesn't have a third party to worry about, be it the government or a central bank, so it's difficult for any authority to have any power over the transactions that you conduct when using cryptocurrencies.
- Volatility: Bitcoin's potential for high investment returns is a double-edged sword. Cryptocurrencies in general are extremely volatile, and their price can vary wildly depending on how the market fluctuates, meaning that they're a very unpredictable investment vehicle.
- Lack of regulation: Bitcoin's partial lack of supervision by authorities means that you could lose your investments if you make a mistake or get scammed by someone else.
- Irreversible transactions: Even transactions made by mistake or fraudulently are irreversible whenever you deal with Bitcoin. A traditional banking system might be more beneficial in situations like these because you'd be able to reverse some transactions then.
Is Bitcoin Legal In Singapore?
Yes, digital payment tokens like Bitcoin (BTC) are legal to buy, sell, trade, and keep in Singapore. The Singaporean Government recognizes cryptocurrency's social and economic potential, but it also has its reservations, as it seeks to identify the risks involved with cryptocurrencies as well. Because of this, Singapore implements crypto-related AML regulations (which are outlined in Notice PSN02, issued by the Monetary Authority of Singapore (MAS)).
Additionally, cryptocurrencies are not considered legal tender in Singapore, which means that not all retailers are obligated to accept them as a form of payment and that they cannot be used to complete certain kinds of transactions (such as paying an electrical bill, for instance).
Is Bitcoin A Good Investment?
Despite Bitcoin's potential for high investment returns, it's hard to say with 100% certainty whether or not Bitcoin is a good investment. Cryptocurrency trading is risky in general, and you should always exercise caution whenever investing in crypto. Evaluating your risk tolerance is a must, as you can always lose a substantial amount of money whenever you deal with crypto.
However, considering crypto's substantial growth in the last couple of years compared to the stock market, it's easy to see why people choose to invest in crypto. All in all, crypto investments are highly dependent on the trader, and if you find crypto to go beyond your risk limit, it may not be an ideal investment vehicle for you altogether.
How To Buy Bitcoin In Singapore: 3 Steps To Follow
1. Look For A Cryptocurrency Exchange
Cryptocurrency exchanges are, by far, the easiest way for you to conduct cryptocurrency transactions in Singapore. A crypto exchange is a platform that will allow you to swap a fiat currency (such as Singapore dollars (SGD) or American dollars (USD)) for a cryptocurrency such as Bitcoin (BTC) or any other altcoin supported by the exchange itself (common examples include Ethereum (ETH), Dogecoin (DOGE), and SushiSwap (SUSHI)).
Although they're not as easy to use compared to a cryptocurrency broker, which serves as a mediator between crypto buyers and sellers, they almost always offer far lower fees compared to crypto brokers, which is important considering you could lose thousands of dollars to fees if the trades are large enough.
Crypto exchanges are also usually a better option compared to crypto mining, especially when you consider the electrical bills involved with crypto mining, as well as the fact that a mining rig can cost thousands of dollars to set up.
2. Create An Account In The Exchange You Chose
Creating an account in a crypto exchange tends to be pretty easy, but some crypto exchanges ask you to provide more information than others. In general, however, most ask for basic items such as your country of residence, your email, a password for your account, and your phone (often to set additional security measures such as 2-factor authentication, or 2FA).
Once you've provided this information to the exchange, you should be well on your way to buying Bitcoin and other cryptocurrencies in Singapore. However, don't be surprised if the exchange asks for additional information during the account verification process, as most crypto exchanges use a tiered account verification system. Common KYC requirements from crypto exchanges include:
- Full legal name.
- Date of birth.
- Proof of address/phone jurisdiction.
- Description of source assets.
- Passport or other similar government-issued identification.
- Facial verification.
3. Buy Bitcoin
Once your account's fully verified and ready to go, then you've arrived at the step you've been waiting for all this time: buying Bitcoin through your preferred exchange. Depending on the exchange, this can be easier or harder to pull off, but overall, the exchange should have a Buy and Sell section which you'll be able to access from your dashboard once you've logged on to your account.
Once you've accessed said section, head to the “Buy” category, where you'll be able to choose the crypto coin you can buy. Fortunately, Bitcoin is the most widely recognizable crypto around today, so you'd be hard-pressed to find a crypto exchange that doesn't support Bitcoin in this day and age.
After clicking on the “Buy” button of the asset you chose (in this case, Bitcoin), the exchange will ask for the payment method you'll use to get your Bitcoins (one example being a bank transfer). Once you settle that, you'll acquire the Bitcoins and your balance should be updated in your crypto exchange account. Congratulations!
4. Store Your Bitcoins
Now that you own some Bitcoins, the next step will be to find a safer place to store them. Sure, you can store cryptocurrency in your crypto exchange account, but that would be a very unsafe storage option, and most crypto traders would agree, especially considering how crypto exchanges have a bad history of going bankrupt, getting hacked, or having their founders run off with millions of dollars.
If that's the case, then what could you do? The answer lies in a crypto wallet. Bitcoin wallets protect your Bitcoin through a combination of public keys (which allow others to send you funds) and private keys (which allow you to send others funds). A cryptocurrency wallet can fall anywhere between three major categories:
- Paper wallets: This cryptocurrency wallet consists of writing down your private keys on a piece of paper and then storing them in a safe location. The advantage to these wallets is that they are free and relatively secure, but prone to loss of funds. If you lose that piece of paper, you're losing your Bitcoins as well.
- Software wallets: These crypto wallets consist of software that handles the storage of your crypto funds for you. Most of the time, these cryptocurrency wallets are free, but they are also prone to lacking key security features, depending on the software wallet you choose. Additionally, these wallets are not immune to being hacked, so they're not 100% guaranteed safety.
- Hardware wallets are physical crypto wallets that usually resemble a USB drive, only bigger in size. These crypto wallets are often regarded as the safest crypto wallet type and are highly secure, mainly because they store your cryptocurrencies offline and are therefore far away from the hands of hackers and thieves. However, one noticeable con regarding them is that they are very pricy, costing upwards of $50 to $200 to buy.
3 Best Cryptocurrency Exchanges In Singapore
Crypto.com is a major global player as far as exchanges go. It supports 100+ cryptocurrencies, making it an ideal fit for anyone looking to invest in undiscovered altcoins before the masses.
Crypto.com also offers some unique features that few other exchanges can match. Users can trade options and futures contracts, earn interest by staking their coins, and make trades with up to 10x leverage when they feel particularly confident in a coin.
Crypto.com has invested an enormous amount of money into its platform security, which makes trading with them extremely safe. The exchange is also lightning quick (prices update dozens of times per second), which gives day traders an upper hand over the rest of the market.
- Supports 100+ cryptocurrencies
- Allows up to 10x leverage
- Trade crypto derivatives (futures and options contracts)
- Earn daily interest by staking your coins
- Purchase newly-listed coins at up to 50% off
- 0.4% per trade in fees
- Free deposits from all cryptocurrencies
- Trading Fees: 0.4%
Investors looking to buy altcoins and other new crypto assets before they go mainstream.
Binance is an international cryptocurrency exchange that currently serves as the world’s largest crypto trading platform by volume of daily trading. It began operations in 2017 and is now headquartered in the Cayman Islands.
Binance was founded in Hong Kong but later moved its headquarters overseas due to increased government intervention in cryptocurrencies. It has several notable characteristics, including powerful charting tools and access to the Binance Earn feature, as well as a Binance Visa Card.
- The largest array of supported cryptocurrencies (300+)
- A wide array of supported fiat currencies (50+)
- Binance Earn feature
- Binance Visa Card
- Advanced charting tools
- Earn lower fees by using the exchange’s native currency (Binance Coin)
- Crypto deposit fees: Free
- Fiat deposit fees: From 0% to 3.5%
- Crypto withdrawal fees: From 0% to 2,5%
- Taker fees: From 0.04 to 0.1%
- Maker fees: From 0.02 to 0.1%
- Futures trading maker fees: 0.02%
- Futures trading taker fees: 0.04%
- Instant buy/sell trade fees: 0.5%
- Debit/credit card purchases: 4.5%
International cryptocurrency investors that are interested in investing in rare or relatively unknown altcoins.
FTX is a cryptocurrency exchange based in the Bahamas, and is among the five biggest crypto exchanges in the world, behind Coinbase, Binance, and Bitfinex. Compared to its competitors, FTX ranks high thanks to its very low fees, starting at 0.07% and 0.02%, and its access to over 300 cryptocurrencies.
FTX is regulated by the Securities Commission of the Bahamas (SCB), and in terms of security, it offers 2FA authentication and hot and cold wallets. FTX supports futures, margins, spot, and leveraged trading, and you can earn rewards by staking crypto. Additionally, they offer advanced research tools for experienced investors and fiat-to-crypto purchases (supporting currencies such as SGD, USD, GBP, EUR, AUD, HKD, and CAD).
As a new FTX user, you can receive a 5% rebate off all fees by using this link.
- Supports futures, margins, and spot trading.
- Leveraged trades.
- Advanced research tools.
- Supports fiat-to-crypto.
- Supports 300+ cryptocurrencies.
- Earn rewards by staking crypto.
- Hot and cold wallets are available.
- 2FA authentication.
- Deposit Fees: Free.
- Withdrawal Fees: Free (very small withdrawals incur a 0.1% fee).
- Maker’s Fee: From 0.02% to 0.00% (based on volume).
- Taker’s Fee: From 0.07% to 0.04% (based on volume).
5% off all trading fees using this link.
New and experienced traders looking for low fees and fiat-to-crypto purchases.
There are many ways to get your hands on Bitcoin (BTC), whether it's through the use of a cryptocurrency broker or even by mining it yourself. However, the easiest way for Singaporeans to buy Bitcoin by far is through a cryptocurrency exchange. These platforms allow you to swap fiat currencies like the Singapore dollar (SGD) to cryptocurrencies like Bitcoin (BTC) easily and effectively.
As you'll see in the post below, Singapore has a wide array of well-regulated, highly secure crypto exchanges to choose from. Our #1-rated crypto trading platform for Singapore, however, would have to be Crypto.com: with its huge array of supported cryptocurrencies, its lightning-fast price updates that give you an edge over the competition, and even its own cryptocurrency debit card, we simply can't recommend Crypto.com highly enough.
How To Buy Bitcoin In Singapore FAQs
Where Can I Buy Cryptocurrency In Singapore?
You can buy cryptocurrency in Singapore by using cryptocurrency exchanges or cryptocurrency brokers. Crypto exchanges are platforms that allow you to swap fiat currencies for crypto (and sometimes crypto for other cryptos), whereas crypto brokers are trading platforms where crypto buyers and sellers can gather around to make transactions.
How Can I Buy Bitcoin In Singapore?
To buy Bitcoin in Singapore, you can use cryptocurrency exchanges or cryptocurrency brokers. I recommend using crypto exchanges like Crypto.com, FTX, and Binance to buy crypto like Bitcoin in Singapore, mainly because these platforms have very competitive fees.
How Do You Invest In Cryptocurrency In Singapore?
There are many ways you can invest in cryptocurrency in Singapore: you could use a cryptocurrency broker to buy and sell crypto, use one of multiple Bitcoin ATMs across the territory to buy Bitcoin, or even buy your own mining rig to mine the cryptocurrency yourself.
How Do You Trade Cryptocurrency In Singapore?
To trade cryptocurrency in Singapore, you can use a cryptocurrency broker to buy and sell different crypto tokens, or you can use a crypto exchange to swap one crypto for another (or trade your crypto tokens with other users, if the crypto exchange supports that feature). For this purpose, I recommend using platforms such as Crypto.com, Binance, or FTX, mainly because of how competitive their fees are.
What Is The Cheapest Way To Buy Bitcoin In Singapore?
The cheapest way to buy cryptocurrency in Singapore is to use a cryptocurrency exchange like Crypto.com, Binance, or FTX. This is because crypto exchanges have lower fees compared to crypto brokers, and crypto mining usually costs a fortune in comparison.