Bitcoin has went from the high of close to 20k USD in 2017, to a low of 3156 USD in 2018 and currently stand over 10k as of 2019 June. And with Facebook’s recent announcement of Libra, cryptocurrency is here to stay. This is a post dedicated on buying and selling cryptocurrency in Singapore
This is an updated post of my previous post in 2017 of buying cryptocurrency in Singapore. A lot has changed since then with new providers introduced.
Exchanges available in Singapore
Currently there are a few exchanges in Singapore but most people would pick from the below
- Binance.sg with commission fee at 0.6%
- Coinhako.com with fees at 0.7% with promo code PENNYWISE and possibly even lower with the rewards that you can claim with points
Which exchanges to use
Let’s list down the steps required to purchase from the above 3 exchanges we can evaluate from there
1. Binance.sg
Binance.sg require an xfers.io account, this meant that you need to register an account from both Binance and xfers.io, and submit identity document for both accounts which may be a hassle. However the only coins available on binance.sg is Bitcoin, Ethereum and Binance Coin, if you are keen in other coins, you may want to consider other exchanges, or moving bitcoin to other exchanges to purchase alt coins with bitcoin.
There’s a support channel in telegram in place to assist new user onboard at https://t.me/Binance_Singapore
2. Coinhako
Coinhako.com allow a direct bank transfer, this means that we only have to set up account and submit verification for it. The interesting factor is the point system. You get points from logging in daily or when you buy/sell cryptocurrency on their platform.
You can earn around 200 points easily within 2 weeks of consecutively logging into coinhako mobile application. With 20% off, this can cut down the fees from 0.7% to 0.56%, lower than binance.sg commission fee.
Their official telegram channel can be found at https://t.me/CoinhakoSingapore
What about the other exchanges?
A popular exchange used to be Gemini, however the fees is longer competitive, it is around 1.99% as per https://gemini.com/web-fee-schedule/#web-fee-schedule, not including the DBS remits exchange rate loss that you will incur when remitting money over.
If you like this article, please give a clap, or better still sign up Binance or Coinhako with my referral link
Binance: https://www.binance.sg/en?ref=35000077
Coinhako: https://www.coinhako.com/affiliations/sign_up/STEVENG_121787
