[Updated Jan 2024. This article was first published in Nov 2021.]
Most readers are familiar with stock brokers and exchanges but can be quite clueless as to how to buy cryptocurrencies.
Cryptocurrency exchanges play the role of a broker as well as a marketplace. This is unlike stocks where you can have multiple brokers putting orders in the same exchange. This also means that you can have different price quotes on Bitcoin on different exchanges. Fees, price spreads, order types, liquidity, and the types of coins offered can differ widely too.
According to Coinmarketcap, there are over 229 crypto exchanges to choose from. With so many options, which should you choose?
To me, these are the key considerations when choosing a cryptocurrency exchange:
- Number of cryptocurrencies
- Trading fees
- Withdrawal fees
- Fund transfers
- Regulations
Alas in Singapore, we do not have access to all the crypto exchanges available due to the current regulations and a need for KYC. Hence, if you wish to get some crypto to hedge your portfolio, your choices are somewhat limited.
Here, we share the best Crypto Exchanges to use in Singapore, as of Jan 2024.
Best Crypto Exchanges in Singapore
| Cryptocurrency Exchange | Number of cryptocurrencies offered | Trading Fees | Withdrawal Fees | Fund Transfer Method | Exemption from Payment Services Act by MAS | Comments |
|---|---|---|---|---|---|---|
| Crypto.com | 523 | 0.075% | Varies with coin/token | FAST, Credit Card (3.5% fee),StraitsX (0.5% fee) | Yes (FORIS DAX ASIA PTE. LTD.) | |
| Tokenize Xchange | 90 | 0.6% | Varies with coin/token | Debit/Credit card (2.9% fee), StraitsX (0.3% fee), GrabPay (1.5% fee),Bank transfer (Only for Premium & Platinum members) | Yes (Amazingtech Pte Ltd) | |
| Coinbase | 238 | 0.6% | 1% fee + network fees | Debit/Credit card (Credit card fees apply),FAST | Yes (COINBASE SINGAPORE PTE. LTD.) | |
| Coinhako | 67 | 0.6% | Varies with coin/token | Bank Transfer,PayNow,Debit / Credit Card (Credit card fees apply),StraitsX (0.55% fee), Grabpay (2.8% fee) | Coinhako has obtained the Major Payment Institution (MPI) Licence in May 2022. | |
| Independent Reserve | 30 | 0.5% – 0.02% | From S$1.50 | FAST (S$2.5 fee for deposits under S$1,000) | Licensed under PAS Act (PS20200517) | |
| Kraken | 224 | 0.26% | Varies with coin/token | Credit Card (Credit card fees apply), SWIFT Bank Transfer (USD) | No | |
| Okcoin | 5 | 0.2% | Varies with coin/token | Bank Transfer | Yes(OKCOIN PTE. LTD.) | |
| Binance | 385 | 0.1% | Varies with coin/token | Nil | No/ Binance.sg has stopped its services in Singapore. | Binance is one of the largest exchanges and still deserves a mention. |
| Gemini | 116 | 0.4%(Active trader) | Flat fee for most coins.Dynamic fee for ETH or ERC-20 tokens. | FAST,Bank Transfer,Credit Card,Apple & Google Pay | Yes (GEMINI TRUST COMPANY, LLC) | Previously our favorite but they have been in trouble since the FTX blow up and don’t look safe at the moment. |
No longer serving Singapore | No | Kucoin no longer serves the Singapore market. |
I hope the table above has helped to narrow down your options.
To help you further, I pick 3 of the best crypto exchanges, based on select criteria:
Best crypto exchange (Lowest fee): Crypto.com
As of Aug 2022, crypto.com had reduced their trading fees by 80%, down to 0.075% for Spot trades. CRO stakers and VIPs enjoy even lower fees.
Lowered fees along with the capability to deposit your fiat via FAST transfer with no fees makes crypto.com a great crypto exchange option for Singapore investors.
The crypto.com app also comes with a pretty user-friendly UI that is easy to use.
While the crypto.com card used to be hugely popular thanks to the perks offered, the latest revisions in their terms have cost them to lose their shine. However, if you’re planning to invest a substantial amount with crypto.com, you may want to consider it.
In ending, crypto.com also offers a good range of coins which makes it a good option for both beginner and existing crypto investors.
Best crypto exchange (Ease of deposit): Coinhako
I totally missed this out when this post was originally published. Thanks to the suggestions given by readers, I discovered Coinhako and have since opened an account with them. It is a Singapore startup and hence we should support it!
It only offers in-app trading and the trading fees are higher on Coinhako, at a flat 0.6% 1%. But it is easy to use and if you don’t want the hassle of using a desktop to make the trade, Coinhako would be a good choice and is cheaper than the 1.49% trading fee on Gemini app. It is pretty popular among locals.
Coinhako accepts SGD transfers and is exempted having a payment license. You can easily withdraw fiat to your bank account too.
P.S. as of May 2022, Coinhako is no longer exempted under the MAS PAS list as they have obtained the Major Payment Institution (MPI) Licence.
Worthy Mention (HQ in Singapore): Tokenize Xchange
Tokenize Xchange is a cryptocurrency exchange that is headquartered in Singapore.
Like coinhako, it offers a base trading fee of 0.6%. Premium or Platinum members get to enjoy lower fees:
Tokenize Xchange Trading Fees
| Trading Fees | Normal | Premium | Platinum | |||
| Revised fee | Revised fee | Revised fee | ||||
| Fiat-Crypto | 0.80% | 0.60% | 0.50% | 0.30% | 0.10% | 0.05% |
| Crypto-Crypto | 0.25% | 0.15% | 0.20% | 0.05% | 0.10% | 0.01% |
It also offers a couple of ways for you to deposit fiat into your account;
- Debit/Credit card (2.9% fee)
- StraitsX (0.3% fee)
- GrabPay (1.5% fee)
- Bank transfer (Only for Premium & Platinum members)
The most interesting option here is that you can use GrabPay to fund your account (although there is a 1.5% fee).
You’ll also need to note that the zero-fee bank transfer option is only valid for Premium and Platinum members.
To become a Premium member, you’ll need to pay 30 TKX* per year, while to become a Platinum member, you’ll need to pay 80 TKX and stake 720 TKX per year. Members enjoy extra perks such as lower trading fees, zero fiat transaction fees and more.
TKX is Tokenize Xchange’s token. At the point of writing, it is trading at about US$6 which means the Premium membership costs about US$180 and Platinum membership costs ~US$4,800.
Worthy Mention: Binance
Binance is still the largest crypto exchange in the world by trading volume despite all the regulatory challenges it is facing right now.
It is known for its low fees and extensive range of coins available for trading. However, there’s a difference between Binance and Binance.sg. The former is the international version while the latter is targeted at Singapore with fewer services but accept SGD. The international version has been banned from offering its platform in Singapore.
The international site also offers many other services like lending, futures contracts, options contracts and mining pool.
I have a Binance account but have moved most of my cryptos out. I have an NFT remaining on it.
Note on use of Binance for Singapore Crypto Investors
But for those who just want the major coins and cheap commissions, Binance.sg would be good enough. It has an office in Singapore and is exempted from the Payments Services Act by (MAS).
Update: As of 13 Dec 2021, Binance Asia Services, the operator of Binance.sg, has withdrawn its application to the Monetary Authority of Singapore (MAS) to operate a regulated cryptocurrency exchange in the country. Binance.sg had stop services in Singapore by 13 Feb 2022.
If you still fancy an international Binance account especially if you are not in Singapore, you can get a 10% off the commission rate when you sign up with this link.
Update: Binance and Coinbase were sued by the SEC recently.
Worthy Mention: Coinbase
Coinbase is a publicly listed company in the U.S. and probably one of the most famous crypto exchanges in the world. Some investors would find comfort in listed companies because of better transparency and if so, Coinbase would be your choice.
Coinbase does not offer the most number of coins but 103 sounds enough for most investors.
Coinbase does not have the cheapest fees but at 0.5% with Coinbase Pro isn’t the most expensive either.
To give you even more confidence, Coinbase is exempted from the Payments Services Act (PS Act) by the Monetary Authority of Singapore (MAS).
It’s on you to protect your crypto assets!
The crypto exchange scene has evolved tremendously since this list was first published back in 2021. Since then, we’ve witness the fall of FTX (which used to make this list) and the total number of crypto exchanges listed on CoinMarketCap’s list has dwindled from 500+ to 229 at the point of update.
While you pick the best crypto exchange to start investing in crypto in Singapore, I want to reiterate the following lesson again:
Not your keys, Not your coins
While crypto exchanges are a convenient way to onboard new investors into cryptocurrency, the painful lessons from the failures of big crypto exchanges remind us time and again that you do not fully own the coins in your crypto exchange account.
These platforms can go bust quickly and you can end up losing everything you’ve invested.
Instead of leaving your cryptocurrency in the wallets or accounts of your crypto exchange, it is prudent to move your coin onto your own crypto wallet. If you’re not sure where or how to start, read our introduction on hardware wallets and crypto security.
Remember, unlike your cash in the bank which is insured by the Singapore Deposit Insurance Corporation, up to S$75,000, your cryptocurrency is not. The onus is on you to protect your crypto assets, and the best way is to make sure you have direct access to them by holding your own keys.
Conclusion
I hope these crypto exchanges give you a good idea of where to start and for others who have traded crypto, which is your favorite exchange?
Share in the comments below!
p.s. Things move fast in the world of cryptocurrencies, do refer to MAS’ list for latest entities which have been exempted under the PS Act, as well as the list of entities that have been awarded the Major Payment Institution (MPI) Licence.
