Tuesday, 21 January 2025
by BD Banks
Thinking about diving into the world of cryptocurrency in Singapore? You’re in the right place.
Singapore embraces digital currencies, combining cutting-edge innovation with solid regulations to ensure a safe trading environment. The Monetary Authority of Singapore (MAS) keeps the market secure through rules that protect investors while encouraging growth.
In this guide, we’ll walk you through everything you need to know on how to buy cryptocurrency in Singapore. Whether you’re a beginner or a seasoned trader, you’ll find practical tips and insights to confidently navigate the vibrant crypto market.
Cryptocurrency is a digital currency form that uses cryptographic technology to secure transactions and control the creation of new units.
Compared to traditional currencies, cryptocurrencies operate on decentralised networks, often powered by blockchain technology. This ensures transparency, security, and independence from central authorities like banks or governments.
While Bitcoin, introduced in 2009, is the most well-known cryptocurrency, there are thousands of cryptocurrencies with various use cases today. These include Ethereum for smart contracts, Tether as a stablecoin, and many others that cater to diverse needs in the financial and technological landscape.
Cryptocurrency exchanges are online platforms that allow you to buy, sell, and trade crypto. They facilitate transactions between buyers and sellers.
In Singapore, choosing a licensed exchange is crucial to ensure safety and compliance with regulations. These platforms, such as Binance.sg and Coinhako, provide users with secure environments to manage their digital assets. Each exchange varies in terms of fees, user interface, and features, so selecting the right one depends on your specific needs.
As of now, Singapore has 30 major payment institutions with digital payment token service licences. This is inclusive of BitGo, one of the latest to receive its license in 2024. Anchorage Digital and Gemini have currently received their respective in-principal approvals, potentially including these two organisations into the list too.
The table below showcases select cryptocurrency providers and a snapshot into their offerings and target audience here.
| Cryptocurrency Exchange | Features | Target Users |
|---|---|---|
| moomoo | No need for crypto wallet setup, small investment entry point | new and experienced traders |
| Coinhako | User loyalty rewards on its platform | Individuals, accedited investors, OTC accounts |
| DBS Vickers Securities | online platform with tools for research and analysis | beginners, savvy investors |
| Revolut | Provides lessons for crypto, cold wallet crypto storage | new to mid-level experience investors |
| Crypto.com | zero-fee USD deposits via SWIFT, automated recurring buy feature | new-to-experienced investors |
Source: Monetary Authority of Singapore
| Cryptocurrency | Feature |
|---|---|
| Bitcoin (BTC) | Most famous and widely adopted cryptocurrency, surpassed $100,000 in 2024 |
| Ethereum (ETH) | Leading smart contract platform |
| Ripple (XRP) | Speculated for institutional adoption |
| Solana (SOL) | High-performance blockchain |
| Cardano (ADA) | Proof-of-stake blockchain platform |
| Tron (TRX) | Blockchain-based decentralised platform, entered top 10 rankings in 2025 |
Source: Cryptoslate
Select an exchange that best meets your needs. Beginners may prefer platforms like Coinhako, while advanced traders might lean toward Binance.sg for lower fees and more tools.
Sign up on your chosen exchange and complete the Know Your Customer (KYC) process. This involves submitting identification documents, such as your NRIC or passport, for verification.
After verification, deposit your funds using bank transfers via PayNow, FAST, or debit/credit cards. Bank transfers tend to have lower fees compared to card payments.
When you reach the exchange’s trading section, select your cryptocurrency and place a buy order. You can specify the amount in SGD or cryptocurrency.
Once your crypto purchase is complete, transfer your cryptocurrency to a secure wallet. Use hot wallets like MetaMask for frequent trading or cold wallets like Ledger for long-term storage to reduce hacking risks.
To sell cryptocurrency, transfer your assets back to your exchange account. Place a sell order at the current market price or set a limit price. Once sold, withdraw your SGD to your linked bank account. Note that selling fees may apply, so check your exchange’s fee structure.
Start small and invest only with funds that you’re willing to lose. Consider using dollar-cost averaging (DCA) to reduce market volatility risks. Always research cryptocurrencies thoroughly before purchasing, and prioritise licensed platforms to ensure safety.
Whether you choose popular exchanges like Coinhako, Kraken, or Coinbase, or opt for local services like DBS Vickers, the process of purchasing crypto in Singapore typically involves creating an account, completing verification, funding your account, and then making your purchase.
As Singapore continues to position itself as a crypto-friendly hub, it’s crucial for investors like you to stay informed about the evolving regulatory landscape and to prioritise security when buying and storing your digital assets.
By following the steps outlined in this guide and choosing a method that aligns with your needs and risk tolerance, you can confidently begin your crypto journey. Remember, while the process of how to buy cryptocurrency in Singapore is relatively simple, it’s always wise to start with thorough research and invest responsibly.
1. What are the fees for buying cryptocurrency in Singapore?
Most exchanges charge fees, but these vary, depending on the platform and also payment method.
2. Are crypto gains taxable in Singapore?
Long-term capital gains are typically not taxed. However, profits from frequent trading or business-related activities may be subject to income tax.
4. Can I buy cryptocurrency with a credit card?
Yes, many exchanges support credit card purchases, but this method often incurs higher fees than bank transfers or PayNow.
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