How to buy cryptocurrencies using SGD in Singapore


Disclaimer: Do your own due diligence before buying/investing into any cryptocurrencies. This is currently an unregulated market.

Related Post: How To Dollar-Cost Average Into Ethereum?

Exchanges

You can buy/sell cryptocurrencies through the following exchanges.

Coinbase

URL: https://www.coinbase.com

Pros:

  • Coinbase is licensed by the US government to engage in money transmission in U.S. jurisdictions
  • Coinbase’s online digital currencies (comprising of 2% of all of their balances) are insured

Cons:

  • You can only purchase crypto through credit cards, and hence, incurring large fees (3.99%)
  • Only the more well-known cryptocurrencies are available for purchase
  • No ability to sell cryptocurrencies (it’s a one-way street)

Note: In order to purchase crypto with credit cards, you will be required to verify your credit card. Coinbase will charge a small amount to your card and you will be required to provide the exact amount of small charge (in order to verify that the card is yours). You might need to call your bank if the charge is not showing up on online banking.

Coinhako

URL: https://www.coinhako.com

Pros:

  • Larger offerings of cryptocurrencies than Coinbase
  • Ability to use Xfers (a local online digital payment service) to purchase cryptocurrencies
  • Lower fees (1%) than Coinbase

Cons:

  • The spread (difference between buy and sell) can be quite large
  • The rates are typically worse than Coinbase

Liquid

URL: https://www.liquid.com/

Pros:

  • No fees for crypto/SGD trading pairs!
  • No fees if you deposit SGD
  • Ability to “lend” SGD out on the platform (rates can be better than the paltry interest rates offered by local banks)

Cons:

  • Low trading volume for crypto/SGD pairs (your purchase might shift the price up by a fair bit)
  • There is a small withdrawal fee for SGD (if you decide to cash out)
  • Long withdrawal times for crypto (withdrawal only processed the following day)

Gemini

URLhttps://gemini.com/

Pros:

  • Lower fees (variable according to your trading volume) than the others

Cons:

  • Only the more well-known cryptocurrencies are available for purchase
  • You will need to wire money overseas

 

Peer-to-peer

Local Ethereum

URL: https://localethereum.com/offers/Singapore or https://localethereum.com/offers/Singapore/Buy

Pros:

  • Not subjected to limits as you can use cash
  • “Instant” purchase (with PayNow) – no more waiting for your deposits to the exchange to clear

Cons:

  • Bad rates
  • It’s the wild wild west. Be careful of scams
  • Unregulated?

If you have good experiences in other ways of buying crypto with SGD in Singapore, feel free to leave a comment below!


Sunshine

Dabbling with random things in his free time.

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