4 Safest Crypto Exchanges in Singapore (Feb 2024)

January 19, 2024
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As cryptocurrencies continue to gain widespread adoption, the need for reliable, secure platforms to exchange them is becoming increasingly important. Choosing a safe crypto exchange is crucial for protecting your hard-earned money and ensuring the crypto ecosystem keeps running.

I recommend Capital as the safest crypto exchange in Singapore. Capital is regulated by the Financial Conduct Authority in the UK and the Australian Securities and Investments Commission (ASIC), making it a safe, trustworthy crypto exchange for Singaporean users.

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In this article, I’ll dive into the safest crypto exchanges in Singapore and point out the most importan factors you need to consider when choosing an exchange. I’ll also make the case for why Capital is the safest crypto exchange in Singapore. But first, let's gain a deeper understanding of crypto exchanges and their pivotal role in facilitating seamless cryptocurrency trading.

How I Chose The Safest Crypto Exchange In Singapore

When I was evaluating the exchanges below (and others that didn’t make the list), I looked at a variety of qualitative and quantitative metrics to determine how safe those exchanges are. Here are the four metrics I paid the most attention to:

  1. Security Measures: I looked for exchanges that implement robust security measures like two-factor authentication (2FA), encryption protocols, withdrawal verification processes, and cold storage solutions for storing user funds offline.
  2. Regulatory Compliance: I specifically sought out exchanges that comply with all of Singapore’s regulations. Compliance with Singapore’s regulatory standards indicates that the exchange adheres to certain operational and security protocols enforced by the Monetary Authority of Singapore and is a trustworthy exchange.
  3. Reputation and Track Record: I researched each exchange's history—including user reviews and past security incidents or breaches—to ensure it had a spotless past with no loss of user funds.
  4. Transparency: I assessed whether the exchange provides transparent information about its operations, team members, partnerships, audits, and insurance coverage for user funds. Transparent exchanges are more likely to prioritize their users' safety. 

By understanding the different types of crypto exchanges and considering key safety factors when evaluating them, you can make a more informed decisions about which platforms to trust with your valuable digital assets.

The 4 Safest Crypto Exchanges in Singapore

1. Capital — Safest Overall

Zero Fees
Capital

Trading fees: 0%
Supports: 100+ coins
Customer support: Excellent

Trusted by millions.

★★★★★

Rated 4.9/5

Capital allows users to trade crypto alongside stockscommodities, forex, market indices, ETFs and more—all without any trading fees. It supports 100+ cryptocurrencies, and users can trade with 2x leverage on crypto (up to 500x leverage on other assets).

Capital charges a tight spread ranging from 0.1% – 0.3% (depending on the asset), making the overall cost of using the platform (0% trading commissions + 0.1% – 0.3% spreads) very low. It has a fully functional desktop platform, a well-rated mobile app (4.7/5 on Android and iOS), and an excellent demo account where you can practice trading with real assets in real time.

Capital is licensed by the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK, which means it’s a safe, secure platform. Every user receives a dedicated account manager they can reach by email or phone anytime, which is part of the reason Capital’s customer support team receives such positive reviews.

Deposits and withdrawals are always free with Capital, and you’ll never pay trading commissions regardless of whether you place spot orders or limit orders. Capital is ISO 27001 certified for meeting robust information security standards, making it an extremely safe platform to trade with.

The biggest drawback of Capital is that it can take several days to have your account verified since their verifications team is overwhelmed with signups right now. If you sign up using my referral link, though, you can skip the waitlist and start trading immediately.

I’ve personally used Capital for more than 4 years, and based on my experiences and those of millions of other users, I can’t recommend it highly enough. 

Features

  • Zero trading commissions
  • Tight spreads (0.1% – 0.3%) 
  • Supports 100+ cryptocurrencies
  • Allows up to 500x leverage (2x leverage on crypto)
  • Fully functional demo account for paper trading
  • Free deposits and withdrawals via debit/credit cards, bank transfer, POLi, PayPal, Apple Pay, etc.
  • Dedicated account manager you can reach at any time
  • Excellent desktop trading platform
  • Well-rated mobile app (4.7/5 on both Apple and Google)
  • Licensed by the Australian Securities and Investments Commission (ASIC)
  • ISO 27001-certified for meeting extremely high information security standards

Cost

  • Trading fees: 0%
  • Spreads: 0.1% – 0.3%
  • Deposits & Withdrawals: Free

Signup Bonus

Skip the waitlist and have your account approved immediately by using my referral link below.

Best For

Investors looking for the best overall crypto trading experience with no trading commissions.

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2. Kraken — Low Fees & $10 Bonus

Best Overall
Kraken

Fees: 0.16%
Security: Best in class
Customer Support: Excellent

Top-notch security + lowest fees.

★★★★★

Rated 4.9/5

Based in the United States, Kraken is a highly transparent exchange with a longstanding history of reliability. As one of the largest crypto exchanges in the world, Kraken outperforms smaller exchanges for a number of reasons.

For starters, Kraken's fees are far lower than most other exchanges, with most users paying 0.16% per transaction (fees decrease down to 0% if you trade high volumes). Kraken's spreads are also absurdly low, typically around $0.10 per Bitcoin, which is 0.0003%. Compare that with other exchanges—which routinely charge up to 2% in trading commissions plus an additional 2% or more in spreads—and it's easy to see why Kraken is such a popular exchange.

Kraken also has better customer support than most other exchanges, and is one of the only exchanges out there that still offers telephone support (available in English, French and Spanish). It supports 100+ cryptocurrencies and has a world-class trading platform and mobile app that's powerful yet easy to use.

If that wasn't enough, Kraken's trading platform is professional and robust, offering features like NFT trading, staking and support for a wide range of fiat currencies including USD, EUR, and more.

Overall, Kraken is an excellent fit for many crypto investors because it has lower fees, better support and a better trading platform overall. If you're looking to start trading crypto, we strongly recommend Kraken.

Features

  • Extremely low trading commissions (0.16%)
  • Extremely low spreads (0.0003%)
  • Trade 100+ cryptocurrencies
  • Stake 100+ cryptocurrencies
  • Simple, intuitive user interface
  • Kraken Crypto Watch allows you to keep track of the crypto market
  • NFT trading inside the Kraken app
  • 24/7 customer support via phone, email and live chat
  • Plenty of free educational resources available to users
  • 95% cold storage policy

Cost

  • Trading Fees: 0.16% (spot trades cost 0.26%)
  • Spreads: 0.0003%
  • Fiat Deposit Fee: 0%
  • Fiat Withdrawal Fee: $0 – $5 USD

Signup Bonus

  • $10 when you use our referral link below

Best For

Cryptocurrency investors looking to trade with extremely low fees.

3. Moomoo — 16 Free Stocks + $100 In Cash

Moomoo is a US-based online brokerage that offers commission-free trading of stocks, ETFs, options, futures, and foreign exchange. It also offers a variety of other features, including real-time market data, research tools, and a mobile app.

Moomoo users can't buy crypto directly, but you can buy crypto ETFs, and the signup bonus Moomoo is currently offering (up to 16 free stocks + $100 in cash) is too good to pass up.

Features

  • Commission-free trading: Moomoo offers commission-free trading on crypto, stocks, ETFs, options, futures, and forex. This means you don't pay any fees when you buy and sell these assets.
  • Real-time market data: Moomoo offers real-time market data for all of the assets it offers, giving you the most up-to-date information for making smart investing decisions.
  • Research tools: Moomoo offers a variety of research tools, including stock screeners, news articles, and analyst ratings, all right inside its app.
  • Educational resources: Moomoo offers a variety of educational resources, including articles, videos, and webinars to help you to learn more about trading and investing.

Cost

  • Trading fees: 0%
  • Spreads: 0.1% – 0.3%
  • Deposits & Withdrawals: Free

Signup Bonus

Up to 16 free stocks + $100 in cash by using my referral link.

Best For

Investors looking to trade a wide variety of assets with no trading commissions.

4. Crypto.com

Best For Altcoins
Crypto.com

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.3/5

Crypto.com is a major global player that brings a mature, proven exchange to experienced crypto investors. It supports 100+ cryptocurrencies, making it an ideal fit for anyone looking to invest in undiscovered altcoins before the masses.

Crypto.com offers some unique features that no other cryptocurrency exchange 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 also has invested an enormous amount of money into its platform's security, making trading with them extremely safe. The exchange is lightning quick (prices update dozens of times per second), which gives day traders an upper hand over the rest of the market.

Overall, Crypto.com is a solid exchange for investors looking to cash in on brand-new altcoins.

Features

  • Average trading fees (0.4%)
  • 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
  • Free deposits from all cryptocurrencies

Cost

  • Account Opening: Free
  • Trading Fees: 0.4%

Best For

Investors looking to buy altcoins and other new crypto assets before they go mainstream.

Why you should trust me

  • Experienced
    I bought my first cryptocurrency (Bitcoin) in 2013, bought Ethereum in 2017, and have held active accounts with at least 5 exchanges since 2018.
  • Unbiased
    All of my selections are supported by multiple data points, including crypto thought leaders, security experts, and Trustpilot reviews.
  • Deep Research
    My team and I spent more than 20 hours researching exchanges before choosing our top picks, and we update them almost daily as the industry continues to change.

Different Types of Crypto Exchanges In Singapore

There are three main types of crypto exchanges: centralized, decentralized, and hybrid exchanges. Each type has its own advantages and considerations when it comes to safety. 

#1 Centralized Exchanges

Centralized exchanges (CEX) are the most common type of exchange in the crypto market. They operate under a centralized authority that controls user funds and executes transactions on behalf of those users.

CEXs provide liquidity by maintaining order books and matching buy and sell orders for various cryptocurrencies. While CEXs offer ease of use and high trading volumes, they also pose certain security risks, since they control users' private keys and store their funds on centralized servers.

#2 Decentralized Exchanges

Decentralized exchanges (DEX) operate on blockchain networks without relying on a central authority or intermediaries.

DEXs allow users to trade directly with each other using smart contracts, rather than relying on third-party custody services for fund storage. By eliminating the need for intermediaries, DEXs offer greater privacy and control over funds but may face lower liquidity and limited trading options compared to centralized exchanges.

DEXs also tend to be less user-friendly than CEXs, which can lead to users losing funds due to confusion with how the DEX works. 

#3 Hybrid Exchanges

Hybrid exchanges combine features from both centralized and decentralized exchanges.

Hybrid exchanges leverage the benefits of decentralized systems like user control over funds, while still maintaining order books and providing liquidity like centralized exchanges. Hybrid exchanges aim to strike a balance between security, privacy, and volume, offering users a more flexible trading experience.

The Benefits of Regulated Exchanges

While it can be tempting to trade with an unregulated crypto exchange, you benefit from several advantages by choosing a regulated exchange: 

  1. Regulatory oversight: Regulatory oversight provides an added layer of protection as it ensures that exchanges adhere to strict security standards. Regulated exchanges are more likely to implement robust security measures like encryption protocols, multi-factor authentication, cold storage for funds, and regular security audits, which significantly reduces the risk of hacks or unauthorized access to users' assets. 
  2. MAS supervision: Regulated exchanges are subject to ongoing supervision by regulatory bodies like MAS. This means that they’re held accountable for their operations and need to comply with the MAS’ stringent regulations related to customer protection and financial stability. In the event of any disputes or issues arising between customers and regulated exchanges, users can seek resolution through the established channels and dispute resolution mechanisms provided by the regulatory authorities.

The involvement of the MAS ensures that licensing requirements are met by exchanges while providing investors with confidence in the legitimacy and credibility of these platforms. By choosing regulated exchanges in Singapore, users can enjoy enhanced security measures and have peace of mind knowing that they are trading on platforms overseen by a competent regulatory authority.

In Summary

All of the exchanges above are regulated in Singapore and provide a secure method for trading cryptocurrencies. The Monetary Authority of Singapore supervises them closely, keeping the crypto landscape in Singapore safe and secure.

I recommend Capital as the safest crypto exchange in Singapore. Capital is fully regulated and also our top-rated crypto exchange in Singapore, making it an excellent choice for Singaporean crypto investors seeking low fees from a highly trustworthy exchange.

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Safest Crypto Exchange In Singapore FAQs

How does Singapore approach crypto regulation?

Singapore has positioned itself as a leading hub for the cryptocurrency industry by establishing a robust regulatory framework that ensures investor protection and maintains the integrity of the financial system. The key authority responsible for overseeing this framework is the Monetary Authority of Singapore (MAS). With its forward-thinking approach, the MAS has created an environment that fosters innovation while keeping potential risks in check.

What is the Monetary Authority of Singapore (MAS)?

The Monetary Authority of Singapore (MAS) is Singapore's central bank and financial regulatory authority. Its primary objective is to ensure price stability and promote sustainable economic growth, though as part of its mandate, the MAS also regulates cryptocurrency activities within Singapore. The proactive stance taken by MAS has earned it a reputation as a globally respected regulator in the crypto space.

Under MAS's purview, various guidelines and regulations have been put in place to govern crypto exchanges operating in Singapore. These measures are designed to safeguard investor interests, enhance transparency, prevent money laundering, and mitigate potential risks associated with cryptocurrencies.

What licensing requirements do crypto exchanges in Singapore face? 

In order to operate legally within Singapore, crypto exchanges must comply with stringent licensing requirements set forth by MAS. These requirements are aimed at ensuring that exchanges meet certain criteria regarding security, risk management, compliance with anti-money laundering regulations, and strong governance practices.

Crypto exchanges seeking a license must demonstrate robust cybersecurity measures to protect user data and funds from cyber threats. They also need to have adequate risk management systems in place to mitigate operational risks and prevent unauthorized access or fraudulent activities on their platforms.

Licensed exchanges in Singapore are required to implement comprehensive anti-money laundering (AML) and counter-terrorism financing (CTF) procedures to minimize the risk of their platforms being used for illicit activities. This includes conducting thorough customer due diligence, monitoring transactions, and reporting suspicious activities to the relevant authorities.

Which crypto exchanges are legal in Singapore?

All of the crypto exchanges listed above operate in Singapore legally. Each of them is regulated by the Monetary Authority of Singapore (MAS) and follow all of the rules set out by the government of Singapore.

Is Coinhako safe in Singapore?

Yes, Coinhako is a safe crypto exchange in Singapore, though it’s not my recommended exchange due to its high trading fees of 1% on each side of the transaction. If you’re looking for a secure exchange with zero trading fees, I recommend Capital.

Is KuCoin safe in Singapore?

Yes, KuCoin is a safe crypto exchange in Singapore, though it’s not my recommended exchange due to its poor customer support and clunky user interface. If you’re looking for a trustworthy exchange with a great mobile app and quick, helpful customer support, I recommend Capital.

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