With local regulations tightening around crypto trading, here’s a list of approved crypto exchanges in Singapore that you can hop onto.
Singapore has emerged as a leading hub for innovation and adoption within the cryptocurrency industry. The Monetary Authority of Singapore (MAS), Singapore’s central bank, has taken a progressive approach towards cryptocurrencies, establishing clear regulations and licensing frameworks for crypto businesses and fostering a safe and secure environment for investors interested in buying or trading crypto in Singapore.
This guide explores a list of approved crypto exchanges in Singapore which have been selected based on their ease of use, competitive fee structures, robust security measures, and, most importantly, their approval by MAS to operate in Singapore.
Coinhako: User-Friendly Platform for Beginners and Seasoned Traders Alike
Established in 2014, Coinhako is one of the candidates on the list of approved crypto exchanges in Singapore. The platform is renowned for its user-friendly interface and emphasis on security. Coinhako Singapore offers one of the best crypto wallet in Singapore with a built-in exchange, allowing users to store, trade, and swap over 100 cryptocurrencies seamlessly.
Here’s a breakdown of Coinhako’s key features:
- Beginner-Friendly Platform: Coinhako boasts a user-friendly interface catering to novice and experienced crypto investors. The platform’s straightforward design and intuitive navigation make it easy for beginners to buy Bitcoin in Singapore or other cryptocurrencies for the first time.
- Diverse Payment Options: Buying crypto in Singapore with Coinhako is a breeze. They support various payment methods, including PayNow, FAST bank transfers, and even credit cards, ensuring a convenient experience for users.
- Competitive Fees: Coinhako charges a simple and transparent 1% fee for all trades, making it a cost-effective option for casual and frequent traders.
- High Liquidity: Coinhako offers good liquidity, ensuring smooth and efficient execution of trades.
- Robust Security: Security is paramount at Coinhako. They employ industry-leading security practices to safeguard user funds and digital assets.
While Coinhako is an excellent platform for many, here are a few things to consider:
- Limited Customer Support: There have been reports of slower customer support response times during peak hours.
- Higher Transaction Fees Compared to Some Competitors: While Coinhako’s fees are transparent, some other exchanges in Singapore might offer slightly lower trading fees.
Sign up for your Coinhako account here!
Coinhako is a strong contender for being one of the best on the list of approved crypto exchanges in Singapore. It’s a secure and user-friendly platform that caters to a broad range of investors, from beginners to seasoned traders. For users who prioritise a user-friendly experience and a wide range of payment options, Coinhako is worth considering.
However, if you’re a high-volume trader seeking the absolute lowest fees, you might want to explore other options on this list.
Independent Reserves: Licensed and Secure Exchange for Experienced Traders
Independent Reserves is another prominent cryptocurrency exchange in Singapore that prioritises security and regulatory compliance, hence it is on our list of approved crypto exchanges in Singapore. They offer a secure platform licensed by MAS, providing peace of mind for investors concerned about regulations.
Here’s a closer look at what Independent Reserves offers:
- Focus on Security: Independent Reserves strongly emphasises security, employing advanced security measures to protect user funds and digital assets.
- Licensed and Regulated: As a licensed exchange by MAS, Independent Reserves operates within a clear regulatory framework, fostering trust and transparency.
- Low Trading Fees: Independent Reserves boasts a competitive fee structure with fees starting from as low as 0.5% per trade. They also offer volume discounts for high-volume traders.
- Support for Popular Cryptocurrencies: Independent Reserves offers a good selection of over 20 leading cryptocurrencies, catering to the needs of most investors.
- Advanced Features for Experienced Traders: Independent Reserves caters more towards experienced traders by offering features like a robust API for automated trading.
Here are some things to consider with Independent Reserves:
- Limited Coin Selection: While offering over 20 cryptocurrencies, the selection might be limited compared to other exchanges and could restrict trading options for users interested in the broader variety of crypto assets.
- Lack of Mobile App: Currently, Independent Reserves does not offer a mobile app for trading on the go, which might be a drawback for users who prefer the flexibility of mobile trading.
- Focus on Experienced Traders: The platform’s interface and features might be geared more towards experienced traders. Beginners might find Coinhako or Crypto.com more user-friendly.
Sign up for your Independent Reserves account here!
Independent Reserves is a solid choice for security-conscious investors and experienced traders who value a regulated environment and competitive fees. However, other options on this list might be a better fit for beginners seeking a more user-friendly platform with a wider variety of cryptocurrencies.
Crypto.com: Feature-Rich Platform with Global Reach
Crypto.com has established itself as a leading force in the global cryptocurrency market, and its Singapore presence is no exception, which is why it is also on our list of approved crypto exchanges in Singapore.
They boast a user base of over 80 million globally, including many Singaporean investors. Crypto.com prioritises security, compliance, and user experience, making it a compelling option for both seasoned crypto enthusiasts and newcomers to the market.
Here are some of the key features that make Crypto.com stand out:
- Extensive Cryptocurrency Selection: Crypto.com offers a vast selection of over 250 cryptocurrencies catering to diverse investor preferences.
- Competitive Trading Fees: Crypto.com offers a low trading fee of 0.6% and free deposits and withdrawals in SGD, which makes it a cost-effective option for many investors.
- High Liquidity: With a large user base, Crypto.com generally offers good liquidity, ensuring smooth execution of trades.
- Security Features: Crypto.com employs industry-standard security practices to safeguard user funds and digital assets. They also offer additional security features like custodial insurance and audited proofs-of-reserve for added peace of mind.
- Integrated Crypto Visa Card: Crypto.com goes beyond being an exchange by offering a unique perk – the Crypto.com Visa Card. This card allows users to earn cashback rewards on purchases using their crypto holdings, adding a layer of utility to their crypto investments.
While Crypto.com offers a compelling package, here are a few things to consider:
The primary purpose behind the halving process is to combat inflation by maintaining a limited supply. In simpler terms, with fewer new bitcoins entering circulation, the theory suggests that demand will remain constant or even increase, potentially driving up the price of crypto.
- Higher Withdrawal Fees for Crypto Transactions: While deposits and withdrawals in SGD are free, Crypto.com charges higher fees for cryptocurrency withdrawals, which is something to factor in for users who frequently move their crypto holdings between hot wallets and cold wallets, or to exchanges.
- Customer Support: Occasional reports of slow customer support response times have occurred.
Sign up for your Crypto.com account here!
Overall, Crypto.com is a feature-rich platform with a global reach. It offers various cryptocurrencies, competitive fees, and a unique rewards program with the Crypto.com Visa Card, which makes it a strong contender for Singapore’s best crypto platform title. However, users frequently withdrawing cryptocurrencies might want to consider the potential withdrawal fees.
For users seeking a platform with a vast selection of cryptocurrencies, integrated services like the Crypto.com Visa Card, and a focus on user experience, Crypto.com is an excellent choice. However, if you prioritise the absolute lowest fees or require exceptional customer support, you might want to explore other options on this list.
Coinbase Singapore: Trusted Platform Ideal for Beginners
Coinbase Singapore, the localised arm of the globally renowned crypto exchange Coinbase, offers a user-friendly and secure platform tailored explicitly for the Singaporean market. Plus, they have clinched approval from MAS to operate in Singapore, which is why we have added the platform to our list of approved crypto exchanges in Singapore.
The global exchange is a well-established crypto brand known for its focus on security and regulatory compliance. Here’s a breakdown of what Coinbase Singapore offers:
- Beginner-Friendly Platform: Like Coinhako, Coinbase Singapore boasts a user-friendly interface catering to crypto newcomers. The platform’s clear layout and straightforward buying and selling options make it easy for beginners to take their first steps into cryptocurrency.
- Strong Security Measures: Coinbase prioritises security, employing industry-leading practices to safeguard user funds and digital assets. They also offer insurance on all cash balances up to a specific limit, providing additional peace of mind for users.
- Support for Popular Cryptocurrencies: Coinbase Singapore offers over 170 cryptocurrencies, including all the major players, which ensures users can access the most popular crypto assets without multiple exchanges.
- Multiple Payment Methods: Coinbase Singapore supports a variety of payment methods, including bank transfers, debit/credit cards, and even instant purchases with debit cards (although with higher fees for convenience). This flexibility allows users to choose the payment method that best suits their needs.
While Coinbase Singapore is an excellent platform for beginners, here are a few things to consider:
- Higher Fees: Coinbase Singapore’s fees tend to be higher than those of other exchanges on this list, particularly for instant purchases using debit/credit cards.
- Limited Features: Coinbase Singapore caters to a beginner audience and may need more advanced features offered by other exchanges, such as margin trading or advanced order types.
Sign up for your Coinbase account here!
Overall, Coinbase Singapore is a well-trusted and secure platform ideal for beginners looking to buy and sell cryptocurrencies effortlessly.
However, if you’re a more experienced trader seeking the lowest fees or advanced trading features, other options on this list of approved crypto exchanges might be a better fit if you are looking to trade crypto in Singapore.
Upbit Singapore: Feature-Rich Platform for Experienced Traders
Upbit, a South Korean crypto exchange, is another candidate that has expanded its reach to offer its services in Singapore by clinching approval from MAS and making it onto our list of approved crypto exchanges in Singapore. While less widely recognised than other exchanges on this list, Upbit boasts a robust platform with many features.
However, it’s important to note that Upbit Singapore caters best to experienced traders due to its complex verification process.
Here’s a glimpse into what Upbit Singapore offers:
- Extensive Cryptocurrency Selection: Upbit Singapore offers a vast selection of over 297 cryptocurrencies, providing access to a broader range of digital assets compared to some competitors.
- Competitive Trading Fees: Upbit Singapore boasts a transparent fee structure with fees ranging from 0.05% to 0.25%, depending on your trading volume.
- Advanced Features: Upbit Singapore caters to experienced traders by offering features like margin trading and various order types for more sophisticated trading strategies.
- Mobile App Availability: Upbit offers a mobile app for iOS and Android devices, allowing users to trade on the go.
While Upbit Singapore presents a feature-rich platform, here are some things to consider:
- Limited Fiat Support: Upbit Singapore only supports a limited number of fiat currencies for deposits and withdrawals, which also acts as a fiat on-ramp for SGD, and it can be a drawback for users who prefer more flexible payment methods.
- Complex Verification Process: Upbit Singapore has a multi-tiered verification process that can be quite complex for some users, especially beginners.
- Limited Global Availability: While Upbit offers services in Singapore, it’s unavailable to users in the United States or other countries due to regulatory restrictions.
Upbit Singapore is a strong option for experienced traders seeking a feature-rich platform with a vast selection of cryptocurrencies and competitive fees.
However, the complex verification process, limited fiat support, and lack of availability in certain regions make it less suitable for beginners or users prioritising a user-friendly experience.
Navigating the Crypto Exchange Landscape in Singapore
This guide explores some of the top cryptocurrency exchanges in Singapore. While these exchanges have gained the approval of MAS, which signifies a baseline level of trustworthiness, it’s important to remember that the cryptocurrency market is dynamic and ever-evolving.
Conduct your research before making any investment decisions and consider factors like fees, security features, customer support, and the variety of cryptocurrencies each offers.
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