Singapore has a free market and a highly developed economy. Thanks to its clear and strong laws and political stability, Singapore continues to attract FDI or Foreign Direct Investment. The city-state’s financial services regulator, MAS or The Monetary Authority of Singapore regulates the operations of all cryptocurrencies. Therefore, for any bitcoin exchange platform to ply its trade in Singapore, it needs to comply with the measures laid down by MAS.
Cryptocurrency exchanges present one of the easiest ways to buy bitcoin in Singapore. There are several such exchanges in the city-state, and you can easily select one of them based on your preferences and requirements. However, users need to know that different exchanges tend to attract different payment modes, withdrawal limits, verification processes, and transaction fees. Also, certain bitcoin exchanges in Singapore require users to get a wallet of their own before they start trading in the bitcoin market. It is recommended that you own a wallet for trading purposes for security reasons.
Here are some steps that can be followed to buy bitcoin in Singapore:
1. After selecting a cryptocurrency broker or exchange and opening an account with them, you can sign in to your account.
2. Select your cryptocurrency buying option as Bitcoin (BTC)
3. You need to have enough fiat currency or SGD in your bank account before you decide on the amount for buying bitcoins.
4. After selecting the amount, you can preview your purchase.
5. After making sure that all the entered details are correct, complete your purchase by hitting the option ‘Buy’.
Given below are some of the best bitcoin exchange platforms in Singapore:
How to Buy Bitcoin in Singapore 2023
1. Binance
When you’re looking for a bitcoin exchange company in Singapore, Binance is a prominent name that comes to mind. Binance is regulated and well-trusted in Malta where it is regulated by the Maltese Virtual Financial Assets Act. With Binance, users can buy and sell bitcoins directly using a debit or credit card alongside other payment options, like a bank transfer. The best part about trading bitcoin using Binance is that they charge one of the lowest transaction fees, from 0.1%. Getting started with Binance is easy. The verification process with the company is convenient and fast. After uploading a few documents online, your account will be verified in a matter of minutes.
2. Paxful
Came into existence in 2015, Paxful has made rapid strides as a cryptocurrency exchange services provider. Today, the company has several offices across the globe and has more than 200 employees on its rolls. Paxful’s versatile platform allows users to buy and sell bitcoins whenever they want. In all, Paxful emerges as a great alternative for buyers, when the traditional exchanges fail to cut. A majority of exchanges suffer from limited payment methods or geographic restrictions, but Paxful, on the other hand, gives the power to users to trade with bitcoins and thereby facilitating a trading market that is a decentralized one.
3. CEX.IO
CEX.IO was established in London in 2013 as a cloud mining and bitcoin exchange service provider. However, after two years in operation, the service provider shut down its cloud mining operations and now solely focuses on cryptocurrency exchange services. The company is FINCEN registered and complies with both KYC and AML policies to ensure all clients have verified their identity before they start trading in cryptocurrencies, including bitcoin. The process of bitcoins on CEX.IO is straightforward. After visiting the platform, you need to click on the ‘buy/sell’ option. Choose ‘bitcoin’ as your option and your payment currency. Thereafter, select the amount required for buying bitcoin and click on ‘buy’. Enter your payment details. In the last step, you can withdraw the coins to your wallet.
4. Coinbase
Coinbase continues to be one of Singapore’s favorite bitcoin exchange platforms. Having been around for a long time, Coinbase started as a bitcoin brokerage service but slowly explored other territories to include additional services. Its user-friendly interface has what made Singaporeans hooked to Coinbase’s services. Its wallet services came into existence in 2018 when it launched its independent wallet for Android and iOS devices. In this wallet, users can store their funds, and only then can have access to it. Another useful feature of Coinbase is that it provides online merchants a dedicated plugin through which they can accept cryptocurrencies through their websites.