Best Crypto Exchanges Singapore 2023

Singapore is a major financial hub that’s seen a rise in crypto adoption. With up to 93% of its population having moderate insights in the crypto industry, investors are looking for the best crypto exchange in Singapore.

This guide provides details on some of the most reputable and secure crypto exchanges along with the factors to consider when choosing a crypto exchange.

Cryptoassets are a highly volatile unregulated investment product. 

The Top Bitcoin Exchanges in Singapore Reviewed

Our review was graded based on their security, fees, regulations and technology. Here are the biggest crypto exchanges in Singapore with emphasis on the factors listed above:

1. Crypto.com – Overall Best Crypto Trading Platform  Singapore

Crypto.com is a global cryptocurrency exchange based in Singapore. The exchange was founded in 2016. Foris DAX Asia Pte. Ltd., a Singapore-based subsidiary of Foris DAX MT (Malta) Limited, owns the trademark.

The firm is the first fintech company to achieve the coveted Data Protection Trust Mark (DPTM) awarded by the Singaporean Infocomm Media Development Authority (IDMA).

Trading, investing, and staking can be facilitated at a reasonable price and accounts with a significant holding in CRO (Crypto.com’s native crypto asset) can receive discounts.

On Crypto.com, the maker and taker fees are 0.4% for level one users and 0.35% for level two users. CRO holders will see a 10% reduction in maker and taker fees, bringing the pricing down to 0.36% for level one traders and 0.315% for level two traders. The withdrawal fee is calculated differently depending on the asset.

Crypto.com’s minimum deposit is dependent on the fiat currency deposited and the payment method used. The Crypto.com exchange supports over 250 cryptocurrencies for trading, as well as 600 cryptocurrencies in its DeFi wallet.

To purchase assets, credit/debit cards, bank accounts, Crypto.com Pay, or an ERC-20-compatible wallet are supported on the platform.

We consider Crypto.com as the best Singapore crypto exchange, as it caters to both inexperienced and seasoned traders.

Crypto.com has implemented appropriate data protection measures for their personal data, in accordance with Singapore’s Personal Data Protection Act (PDPA). The platform also incorporates features of worldwide standards and best practices.

The exchange keeps a huge chunk of its crypto funds in cold storage for safety reasons. While the fiat currency of users is held in custodial bank accounts. Multi-factor authentication (MFA) is also used on the platform to ensure that hackers do not gain access to customer funds.

Cryptoassets are a highly volatile unregulated investment product.

2. Capital.com – Most Technologically Advanced Exchange

Capital.com is the best alternative to Crypto.com as one of Singapore’s most technologically advanced cryptocurrency exchange and CFD platforms. The platform enables users to trade the world’s largest and most popular markets via contracts for difference (CFD), and it employs Artificial Intelligence (AI) to enhance the trading experience. Looking to invest in cryptocurrency with ease, Capital.com is a suitable option.

The minimum deposit on Capital.com is SGD 20 and the withdrawal limit is SGD 64. In addition, the firm offers zero-fee services on all trading activities, deposits and withdrawals.

Capital.com uses the Buy/Sell spread model to generate income. This is the difference between the buy and sell prices and it is usually incorporated into the quoted rate. In terms of user experience, Capital.com has a straightforward user interface that’s easy to navigate.

Users can trade more than 400 cryptocurrencies through the fintech exchange. This means investors can buy Bitcoin and a host of other digital assets. In addition to a wide range of cryptocurrencies, Capital.com accepts funding options such as debit/credit cards, wire transfers, and other alternative payment methods such as ApplePay, Giropay, and iDeal.

The minimum deposit on Capital.com is SGD 20 and the withdrawal limit is SGD 64. In addition, the firm offers zero-fee services on all trading activities, deposits and withdrawals. Capital.com is regulated by many top-tier regulators, making it a top licensed global exchange. This includes securing approval to operate from the United Kingdom’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the Markets in Financial Instruments Directive(MiFID).

Capital.com also allows traders to buy stock CFDs in Singapore with competitive fees.

Cryptoassets are a highly volatile unregulated investment product.

3. Binance – Cheapest Platform to Buy Assets

Binance is regarded as one of the best Bitcoin exchanges in Singapore, offering a wide range of earning opportunities to investors. This exchange offers a robust earning program that employs a variety of decentralized financial products such as DeFi staking, yield farming, etc.

The platform has thousands of customers utilizing its trading services due to its low fees.

Binance charges an unusual 0.10% trading fee, while holders of its native token Binance Coin (BNB) pay a discounted rate of 0.075% for level one trades.

The crypto exchange is user-friendly and easy to use. New customers can easily get the hang of the platform in less than 10 minutes of signing up.

The minimum deposit on the platform is SGD 13. On Binance, crypto users are spoilt for choice when it comes to funding options. Users can deposit using bank wire transfers, credit/debit cards, peer-to-peer (P2P), and e-wallet alternatives.

Binance offers over 600 crypto assets to investors, who can trade them using spot, margin, futures, or perpetual trading options.

Binance abides by the regulatory policies of the countries in which it conducts business and while it offers trading services in Singapore, it’s not licensed to operate in the country.

The exchange protects user data with two-factor authentication, advanced data encryption, whitelisting, and a SGD 980 million Secure Asset Fund for Users (SAFU).

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection

4. Coinbase – Best Crypto Platform for Beginners

Coinbase is a user-friendly platform that focuses more on the needs of inexperienced Singaporean traders. The platform offers learning programs to help novice crypto investors learn trading strategies and the fundamentals of cryptocurrencies.

Coinbase is one of the top cryptocurrency exchanges in Singapore, with reasonable fees. The minimum deposit on the crypto exchange is SGD 2.7 in digital currency denominated in the investor’s local currency.

Fees on the crypto platform are calculated at the time of order placement and are determined by a number of factors. Some of these factors include payment method, order size, and market conditions. Coinbase charges 2% on all crypto trades.

Automatic Clearing House (ACH) transfers, Debit cards, Apple Pay, Google Pay, Wire Transfer, and PayPal are all supported payment options available on the platform. Investors can use these methods to access 172 cryptocurrencies.

Coinbase abides by the Bank Secrecy and is registered as a Money Services Business, regulated by the Financial Crimes Enforcement Network (FinCEN). The platform is also regulated by the Financial Conduct Authority (FCA). However, Coinbase Singapore is not regulated by the Monetary Authority of Singapore (MAS) but instead operates under a licensing exemption.

To enhance security, the trading platform stores 98% of deposits in safe cold storage. The platform uses Multi-factor Authentication (MFA), which includes hardware key support, for all accounts.

Cryptoassets are a highly volatile unregulated investment product.

5. Independent Reserve – Most Secure Crypto Exchange

Independent Reserve is a popular platform that is focused on creating the most secure and trusted way of investing in cryptocurrencies and is rated one of the best crypto exchanges in Singapore.

The platform aims to transform cryptocurrency technology into a secure, robust and regulated financial service to meet investors’ needs.

Independent Reserve provides its users with secure access to cryptocurrencies although the price structure on the crypto trading platform is a little complex.

Depending on the payment method used, the platform will not charge users fees for deposits for certain payment methods but will charge SGD 15 for Singaporean Dollar Telegraphic Transfer (SGD TT) deposits. Independent Reserve also charges SGD 2.5 for deposits below SGD 1,000 but users do not incur fees for SGD FAST deposits.

There are no minimum deposits when using this crypto exchange.

When using electronic funds transfer as a withdrawal method, investors are not charged any fees; however, other withdrawal methods incur fees that are dependent on the amount withdrawn or the cryptocurrency.

Investors can use electronic funds transfer deposits, PayID/Osko deposits and SWIFT deposits as valid payment methods to gain access to the 35 cryptocurrencies supported on the exchange.

Independent Reserve is a registered Singaporean company and is licensed under the Payment Services Act. As its on-platform security measure, Independent Reserve offers users two factor authentication (2FA) and utilises top-tier underground vaults to protect user data and crypto.

6. Zipmex – Most User-friendly Exchange

Zipmex is a global digital assets exchange that offers investors a variety of opportunities in the crypto industry. The platform is intuitive and provides access to anyone seeking investment returns.

The platform is one of the best Singaporean crypto exchanges because it offers low trading fees, unique financial products and fiat currency pairings.

On Zipmex, the deposit and withdrawal fees are regularly reviewed and adjusted on the first business day of every week. However, all cryptocurrency deposits are free of charge and there are no minimum deposits.

For each crypto withdrawal, a flat fee is deducted from the total amount. This fee is dependent on the cryptocurrency. For fiat withdrawals and deposits, USD deposits require a deposit fee of SGD 34 and a withdrawal fee of SGD 34. The minimum withdrawal amount is SGD 41.

Singaporean dollar deposits are free, while Zipmex charges a withdrawal fee of 0.3% for all withdrawals.

Zipmex also charges commissions on trades based on user subscription levels. Standard maker fees and taker fees start at 0.20% with no discounts. For VIP 1 members, maker and taker fees are at 0.18% with a 10% discount. VIP 2 members enjoy 20% off with maker and taker fees at 0.16%. .

Investors can buy and sell 42+ cryptocurrencies on the crypto exchange and can make deposits using Virtual accounts such as Permata and Mandiri virtual account and e-wallet options like OVO, ShopeePay and DANA.

Zipmex is registered with the Commodity Futures Trading Regulatory Agency of Indonesia (BAPPEBTI) and is in pursuit of a license for digital asset trading.

The Best Singaporean Crypto Exchanges Compared

If you’re looking for the best cryptocurrency exchanges in Singapore you’re in the right spot. Keep reading as we reveal everything you’ll need to know about these leading crypto exchanges.

How to Choose the Best Cryptocurrency Exchange for You

As an investor looking for the best crypto exchange in Singapore, here are some features you should look out for when selecting one.

Regulation

Due to state or national rules, you may be unable to buy or sell cryptocurrencies on specific exchanges depending on your region. Some countries, like China, have outrightly prohibited individuals from trading crypto.

Therefore, check to see if the exchange you choose has an operating licence. By default, a regulated exchange is safer and more accountable with user funds, thereby keeping you safe from fraudulent activities.

Tradable Cryptos

Not all cryptocurrencies are available on every exchange. If you’re looking for a popular coin like Bitcoin or Ethereum, you’ll certainly find them on many crypto exchanges. You might require additional research for the best altcoins, currencies with a modest market size, and meme coins. The number of currencies on a platform provides investors with choices to open more profitable trades.

Sign up offers

Sign up bonus can be added to a user’s deposit. So, a platform’s signup bonus can be an added boost to your overall capital.

Fees

Different crypto exchanges have various transaction fee structures. Understanding a crypto exchange’s fee structure is important since it lets you know what you’re getting into before trading.

Ensure the platform you choose has no hidden transaction costs or inactivity fees. For example, you can select a platform with flat transaction charges or one with a more flexible structure.

Tools & Features

If you’re new to cryptocurrencies, seek a user-friendly platform with plenty of instructional tools to help navigate this complex, fast-changing industry.

Coinbase, for example, has a program called Coinbase Earn that rewards users for learning about new coins. Others, such as Gemini’s Cryptopedia or Binance Academy, provide on-site classes and materials to assist you in learning about crypto markets, history, and developments.

Payment Methods

Buying cryptos differs depending on the platform. For example, some systems accept bank transfers, others PayPal, yet others credit and debit cards, and still others solely accept bitcoin for purchases.

Examine the numerous payment choices offered by the sites and select the one that best suits your needs. If you don’t have any coins, choosing a platform that accepts fiat currency is critical because it lets you trade the market with less stress.

Customer Service

There are a few circumstances where a lack of customer assistance can be detrimental while utilising a bitcoin exchange. An instance could be a platform glitch that could see you lose out on profitable trades. Another could be a cyberattack or hack.

When this happens, interactions with a sluggish customer support system could disrupt your trading activities and cause investors to lose opportunities.

You can greatly reduce this risk by choosing an exchange that is customer-focused with a swift response time and lots of communication channels.

How to Use a Crypto Exchange in Singapore

1. Create a Crypto.com Account

Go to the official Crypto.com website and click the ‘Trade now’ button. To open an account in minutes, provide your personal information, such as your name, address, and email address. Capital.com offers a quick signup process by connecting your Google or Apple account.

2. Verify Account

It’s critical to validate your new account by uploading a copy of your government-issued ID card. For example, your National Registration Identity Card (NRIC), Singapore passport, or driver’s license could all be used. Your full name, with middle names included, address, and the date the document was issued must all be included on the paperwork. Also, the certificate must have been issued within the last six months.

The complete document must be scanned or photographed and delivered. The document’s four edges and sides must be visible. The supplied document should have all of the information visible.

The documents are typically evaluated within 48 hours. After your documents have been reviewed, you will receive an email confirmation.

3. Deposit

Once the exchange has verified your documents, you can proceed to fund your account.

You can deposit using a credit card/debit card, ApplePay, Webmoney, or a Bank Wire Transfer on Capital.com. The minimum deposit amount is $20 (27.04 SGD) for credit/debit cards and Apple Pay and $250 (338.01SGD) for bank transfers.

4. Buy Cryptocurrency

Click the ‘Trade’ button, enter your SGD buy amount, and let Crypto.com handle the rest. There is no transaction cost on the exchange, and there are two main buying options: Instant purchase and Spot buy.

Are Crypto Trading Platforms Legal in Singapore?

Singapore allows cryptocurrency exchanges and trading, and the city-state has taken a more welcoming approach to the nascent industry than some of its regional neighbours. Although cryptos are not yet recognised as legal money in Singapore, the tax office treats them as “goods” and charges crypto investors under the Goods and Services Tax.

The Singapore Monetary Authority (MAS) has taken a neutral stance on the rise of cryptocurrencies, clarifying in 2017 that, while it would not seek to control virtual currencies, it would regulate digital payments tokens (DPT) if defined as securities.

However, Singapore’s parliament has passed legislation that will strengthen regulations for cryptocurrency exchanges in the city-state.

Virtual asset service providers in Singapore who solely do business overseas will be required to be regulated under the new legislation. This is commonly interpreted as Singapore’s cautious embrace of the cryptocurrency business.

Conclusion

Cryptocurrency exchanges are essential for successful trading and investing. As a result, knowing how to choose from the top crypto exchanges in Singapore is necessary. The platforms listed above are some of the best available to traders all over the world with features like deep liquidity, high security, and low fees.

For those who want to get started investing in cryptocurrency, an exchange like Crypto.com is recommended as the best bitcoin exchange in Singapore. It offers competitive fees for trading while also administering a high level of security to keep your deposit and assets safe.

Cryptoassets are a highly volatile unregulated investment product.

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