Best Cryptocurrency Broker in Singapore

In this comprehensive guide, we delve into the finest cryptocurrency exchanges available in Singapore. Cryptocurrencies have been gaining increasing popularity in recent years. If you're considering purchasing cryptocurrencies before they become mainstream, continue reading.bitcoin in Singapore.

We have also compiled an extensive guide on acquiring bitcoin in Singapore.

Best Cryptocurrency Trading Platforms in Singapore 2023

While there are numerous options, here is our concise selection of the premier cryptocurrency trading platforms in Singapore.

• AvaTrade – The Ultimate Cryptocurrency Broker in Singapore
• Coinbase – Among the Largest Cryptocurrency Brokers in Singapore
• Kraken – Top Cryptocurrency Trading Platform in Singapore
• Crypto.com  – A Solid Choice for Cryptocurrency Trading in Singapore Gemini
• Gemini
• Binance.sg

SGD and USD Trading Options

Having an exchange that offers SGD as the base currency and provides an SGD/BTC trading pair is a valuable feature. It simplifies the process of purchasing cryptocurrency with SGD, eliminating the need for SGD/USD currency conversion. Conversely, USD cryptocurrency pairs often come with lower fees and a wider range of available pairs.

Fees

Trading fees can vary significantly between different exchanges. Many platforms offer various account types, each with its own fee structure. We recommend opting for top-tier accounts, as they typically entail lower trading fees. Additionally, top-tier accounts often provide a more user-friendly platform interface, enhanced research tools, and an overall improved trading experience.

For instance, let's consider two exchanges: Exchange 1 with a 0.25% trading fee and Exchange 2 with a 0.45% trading fee. While these percentages may appear small initially, they can accumulate over time.

If you purchase S$10,000 worth of crypto:

• A 0.25% fee amounts to S$25
• A 0.45% fee amounts to S$45

These differences become more pronounced with multiple trades or higher trade values, resulting in significant fee discrepancies.

Deposits and Withdrawals

Transferring your cryptocurrency through deposits and withdrawals may incur fees. The specific percentage you pay depends on factors such as the type of cryptocurrency being transferred and the nature of the transfer itself. Fees vary for actions like transferring crypto to a wallet, converting to cash, or transferring to another exchange.

SGD Supported Crypto Exchanges

It's worth noting that not all exchanges support SGD for purchasing cryptocurrencies. Here are the exchanges that do facilitate SGD transactions:

Exchange	Crypto offered	Fees	SGD Available
AvaTrade	17	Spread	No
Coinbase	3000+	2.49%	No
Kraken	69	0.9% – 3.75%	No
Crypto.com	100+	0.1% – 0.4%	Yes
Gemini	40+	0.25%	Yes
Binance.sg	8	0.6%	Yes

Regulation of Cryptocurrency Exchanges in Singapore

The Monetary Authority of Singapore (MAS) does not classify cryptocurrencies as legal tender or securities. Instead, MAS refers to them as digital payment tokens (DPTs) and does not subject them to regulation.

This lack of regulation means that there is no legal protection for individuals involved in buying or selling cryptocurrencies in Singapore. If any issues or losses occur during cryptocurrency transactions, MAS clarifies that they are unable to provide assistance or recourse. Even when dealing with entities regulated by MAS, the digital tokens themselves remain unregulated.

Under the Payment Services Act 2019, MAS does regulate certain activities related to cryptocurrencies, particularly those involved in money laundering and terrorism financing risks. However, this regulation does not extend to safeguarding individual cryptocurrency holdings or ensuring the proper processing of all transactions.

A list of DPT providers operating in Singapore can be found here. Currently, only one broker, Independent Reserve exchange from Australia, has received approval from MAS to trade cryptocurrencies in Singapore.

Security

In the cryptocurrency space, a common adage is "not your keys, not your coins." This emphasizes the importance of owning the private keys to your cryptocurrencies. When you hold your coins on an exchange, the control of the private keys lies with that exchange, potentially exposing your assets to third-party control.

The safest approach to storing cryptocurrencies is to transfer them to a cold wallet, where you maintain complete control over your private keys.

How to Choose a Cryptocurrency Exchange

Several critical factors should be considered when selecting a cryptocurrency exchange, including fees, security measures, and the range of available coins.

Before choosing a cryptocurrency exchange, it's essential to keep the following considerations in mind:

1. Availability of SGD as a base currency.
2. Regulatory status of the exchange.
3. Reputation and track record of the exchange.
4. Deposit and withdrawal fees
5. Trading fees, particularly within the maximum S$30,000 yearly limit set by MAS.