Buy Crypto & Bitcoin in Singapore

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Independent ReserveIndependent Reserve

Established in 2013, Independent Reserve is one of the most trusted exchanges in Singapore. It is the first crypto exchange catering to retail and institutional investors to receive a license from the Monetary Authority of Singapore (MAS).

It caters to retail users, traders, SMSFs and institutions. You can buy Bitcoin using Xfers or foreign currency via SWIFT. You can buy Bitcoin, Ethereum and dozens of other coins.

Independent Reserve offers an OTC desk for large purchases over SGD $100,000 to $10’s of millions.

Visit Independent Reserve's Website

Pros
  • Instant SGD deposits via Xfers
  • Trusted exchange established in 2013
  • Includes OTC desk
Cons
  • User interface is confusing for first time buyers
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Ease of Use
Average
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Privacy
Low
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Speed
Average
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Fees
Low
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Reputation
Trusted
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Limits
High

CoinbaseCoinbase

Residents of Singapore can purchase bitcoins on Coinbase using three payment options - debit card or bank transfer.

Once your Coinbase account is verified, you will be given the account information that will be used to make a bank transfer deposit. This is done through Xfers Transfers. Coinbase claims that deposits clear within a few minutes, and that there are no deposit fees. Once you deposit Coinbase charges 1.49% to purchase coins.

If you are buying with a debit card, there is also a required identity verification. Fees for buying with a debit card are 3.99%. Visit Coinbase's Website

Pros
  • High liquidity and buying limits
  • Easy way for newcomers to get bitcoins
  • "Instant Buy" option available with debit card
Cons
  • Purchases made with bank transfer can take up to 5 days to complete
  • Coinbase may track how and where you spend your bitcoins
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Ease of Use
Easy
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Privacy
Low
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Speed
Average
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Fees
Average
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Reputation
Trusted
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Limits
High

Coinbase Advanced TraderCoinbase Advanced Trader

Coinbase's exchange, Coinbase Advanced Trader (formerly called Coinbase Pro), is one of the largest Bitcoin exchanges in the United States. Users can fund their accounts via bank transfer, SEPA, or bank wire. Coinbase Advanced Trader offers good prices and low fees, but its confusing user interface may initially prove difficult to navigate. Visit Coinbase Advanced Trader's Website

Pros
  • Some of the lowest fees available for US and EU customers
  • Possible to buy bitcoins for 0% fees
Cons
  • The user interface is confusing for first-time buyers
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Ease of Use
Hard
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Privacy
Low
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Speed
Average
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Fees
Low
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Reputation
Trusted
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Limits
High

PaybisPaybis

Paybis is a popular cryptocurrency exchange. They serve 180 countries and 48 US states and are registered with FinCEN, making them a more trusted, regulated exchange. Paybis offers incredibly high limits and super fast payouts, not to mention 5 minute ID verification and nearly perfect review scores on Trustpilot.

Pros
  • 24/7 live support
  • Paybis has extremely high limits
  • 5 Minute verification
  • Get payouts fast
  • Large selection of payment methods
Cons
  • No traditional order book for advanced traders
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Ease of Use
Easy
privacy icon
Privacy
Low
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Speed
Average
fees icon
Fees
Low
reputation icon
Reputation
Trusted
limits icon
Limits
High

CoinHakoCoinHako

CoinHako is a Bitcoin broker based in Singapore, backed by investors from the USA. They accept bank transfers from Singapore or Malaysia and international bank wires. You can also top up your CoinHako account using Xfers, which allows you to buy bitcoins within 10 minutes.

Pros
  • Super fast way to purchase bitcoins in Singapore
  • Fees are reasonable at 0.9%
  • Small amounts of bitcoin may be purchased without verification
  • Trusted and established exchange
Cons
  • Not private for larger amounts since identity verification is required
  • Xfer limit is only 100 SGD without verification
  • Other payment methods have a limit of 200 SGD without verification
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Ease of Use
Easy
privacy icon
Privacy
Low
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Speed
Fast
fees icon
Fees
Low
reputation icon
Reputation
Trusted
limits icon
Limits
High

Bitcoin ATMsBitcoin ATMs

You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%. View Bitcoin ATMs

Pros
  • Our map makes it super easy to find a Bitcoin ATM near you
Cons
  • Bitcoin ATMs often have 5-10% fees per purchase

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Bitcoin & Cryptocurrency Trading in Singapore


Singapore has a highly-developed, free-market economy. There is almost no corruption in Singapore, being ranked the 4th-least corrupt country in the world according to the corruption perceptions index. Due to its political stability and strong, clear laws, Singapore has managed to attract foreign direct investment in recent years.(1)

The Monetary Authority of Singapore (MAS), the city-state’s central bank and financial services regulator, has clarified that it doesn’t see the need to regulate cryptocurrencies yet, though it has taken steps to warn investors about potential risks.(2)

As it stands, cryptocurrency exchanges in Singapore need to comply with the MAS anti-money laundering and financial terrorism measures. The regulations were given a formal face with the recent payment services regulation that has been put in place to keep a check on risks across different payment networks, including Bitcoin's.

Hodlnaut, an exchange headquartered in Singapore, is under investigation after losses associated with the FTX bankruptcy and Terra system collapse(3). It is thought that Hodlnaut has lost almost $200 million in investments in these two entities. Police are looking into fraud by the company and its directors.


how to buy bitcoin in singapore

One of the easiest ways to buy Bitcoin in Singapore is through the cryptocurrency exchanges outlined above. There are several exchanges offering Bitcoin in Singapore, allowing you to select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.

Additionally, Bitcoin buyers need to keep in mind that certain exchanges might require you to get a wallet of your own before being able to buy the digital currency. Even if there is no requirement, it is recommended to have a wallet of your own for security reasons (preferably a hardware wallet).

Another way to buy Bitcoins in Singapore is through automated teller machines (ATMs). These ATMs allow users to instantly purchase the cryptocurrency using cash, and most of them only require a telephone number for verification, so long as you aren’t buying a lot of Bitcoin. You can locate Bitcoin ATMs in Singapore using our Bitcoin ATM Map.


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Exchange Hacks and Crypto Scams in Singapore


KuCoin Scam

In September of 2020, Cryptocurrency exchange KuCoin reported a hack resulting in $281 million worth of lost coins. Kucoin first noticed the hack after large withdrawals were made from its hot wallets.

As an immediate action, Kucoin started a security audit and discovered an initial loss of an $150 million in Bitcoin Assets, ERC-20 and other types of tokens.


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KuCoin is still investigating the security incident, and posting updates, as well as monitoring a list of suspicious addresses.(4)


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FAQ


Does Coinbase work in Singapore?

Citizens of Singapore can convert and buy cryptocurrencies with fiat. Supported payment methods are:

  • Debit Card
  • Credit Card

Where Can I Find a Bitcoin ATM in Singapore?

Singapore offers few ATMs for its citizens to buy Bitcoins with Cash.

You can use our Bitcoin ATM finder tool to find the one nearest you.

What is the price of Bitcoin in Singapore?

Bitcoin prices are changing every second.

The best way to find the most up-to-date price of Bitcoin is to check out our Bitcoin price page.

You could also use a service like eGifter to sell your Bitcoin for gift cards.

Article Sources

BuyBitcoinWorldWide writers are subject-matter experts and base their articles on firsthand information, like interviews with experts, white papers or original studies and experience. We also use trusted research and studies from other well-known sources. You can learn more about our editorial guidelines.

  1. Wikipedia - Singapore, https://en.wikipedia.org/wiki/Singapore
  2. Monetary Authority of Singapore - MAS Issues Guidelines to Discourage Cryptocurrency Trading by General Public, https://www.mas.gov.sg/news/media-releases/2022/mas-issues-guidelines-to-discourage-cryptocurrency-trading-by-general-public
  3. Channel News Asia - Police investigating Singapore-based crypto lender Hodlnaut for suspected cheating, fraud offenses, https://www.channelnewsasia.com/singapore/police-investigating-hodlnaut-crypto-lender-suspected-cheating-fraud-3097491
  4. Kucoin - The Latest Updates About the KuCoin Security Incident, https://www.kucoin.com/news/en-the-latest-updates-about-the-kucoin-security-incident

About the Author

jordan tuwiner

Jordan Tuwiner is the founder of BuyBitcoinWorldwide.com. He studied computer science at Towson University. Jordan has been writing about Bitcoin since 2015. His work has been featured in The Guardian, International Business Times, Forbes, VentureBeat, CoinDesk and many other top Bitcoin media outlets.



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