Here’s our expert review outlining the best crypto exchanges in Singapore. Learn about the top platforms and compare their fees, features, security, customer support options, and more.
Summary of 5 Best Crypto Exchanges in Singapore
In Singapore, experts advise opting for exchanges regulated by the Monetary Authority of Singapore (MAS) for purchasing and trading Bitcoin and other cryptocurrencies. By utilizing bank transfers, credit cards, or other payment methods to deposit Singapore dollars (SGD), individuals can legally buy, stake, and trade digital assets on secure platforms.
For novices embarking on their crypto ventures in Singapore, we’ve assessed the top exchanges prevalent in the region:
- Kraken – Best Overall Crypto Exchange in Singapore
- KuCoin – Best for Low Fees
- Coinbase – Most Beginner Friendly Exchange
- Crypto.com – Wide Variety of Cryptocurrencies
- Bitstamp – Excellent Security Features
Security Best Practices
When selecting a cryptocurrency exchange in Singapore, prioritize security to protect your assets:
- Opt for platforms with robust measures like 2FA, biometric authentication
- Check that the majority of assets are held in cold storage
- See if the exchange carries insurance coverage for user funds
- Avoid keeping large balances on exchanges long term
- Use hardware wallets for significant holdings
Following security best practices is key given crypto’s irreversible transactions. Top exchanges make security a primary focus through cold storage, encryption, and insurance policies.
Kraken Overview
Rated as the premier crypto exchange in Singapore, Kraken is known for its security, low fees, and range of features. Kraken allows traders to access over 100 cryptocurrencies. Some key details include:
- Supports over 100 cryptocurrencies, including Bitcoin, Ethereum, Litecoin
- Trading fees from 0.16% to 0.26% based on 30-day volume
- Allows staking to earn up to 20% returns on crypto assets
- Margin trading available with 5x leverage on certain pairs
- Secures assets with SSL encryption, 2FA, cold storage
Why we like it
Kraken sets the standard for security while also offering some of the lowest trading fees among the major exchanges.
Key Metrics
- Over 8 million traders worldwide
- $90-100 billion in average monthly trade volume
- Generally processes withdrawals & deposits within 1-5 minutes
- Kraken exchange has around 600 employees globally
KuCoin Overview
Emerging as a popular crypto trading platform, KuCoin provides a wide range of digital assets and tools for beginner and advanced traders. Details include:
- Supports 400+ cryptocurrencies including BTC, ETH, ADA, USDT
- All deposits completely free; Low trading fees from 0.1%
- Access futures, margin trading, staking, lending options
- Backed by investment from IDG Capital and Matrix Partners
- Ensures security through encryption, 2FA, micro-withdrawal wallets
Why we like it
KuCoin offers an immense variety of altcoins and robust features while charging very low fees, especially for high-volume traders.
Key Metrics
- Launched in 2017 and now has over 20 million registered users
- Average daily trading volume over $2 billion
- KCS holders receive daily dividends along with reduced fees
- Quick support response time under 2 minutes
Coinbase Overview
As a leading regulated exchange available in Singapore, Coinbase makes buying, selling, and managing crypto easy with:
- 100+ crypto assets available including BTC, ETH, SOL and more
- Intuitive mobile and web apps ideal for beginners
- Allows users to earn yields through staking assets
- Additional features like Coinbase Wallet and NFT marketplace
- High-security standards including insurance protections
- Fully licensed to operate in Singapore by the MAS
Why we like it
Coinbase excels at catering to first-time investors with an uncomplicated on-ramp to the most popular cryptocurrency assets.
Key Metrics
- Fully regulated in Singapore with license from MAS
- Over 150 altcoins tradable against SGD
- More than 100 million users verified globally
- 28 million users actively trading each month
- $327 billion in assets held under custody
Bitstamp Overview
Operating since 2011, Bitstamp utilizes robust security practices, including multi-sig and cold storage, to establish itself as one of the most reliable exchanges in crypto. Veteran exchange Bitstamp services traders with:
- 80+ crypto assets available for spot trading
- Trading fees from 0.25% down to 0% after 30 days
- Allows convenient crypto purchases with credit/debit cards
- Offers a European bank transfer option for euro deposits
- Long track record of secure trading since 2011
- Robust security protocols including 2FA and 98% in cold storage
- Also provides a Bitstamp app alongside web platform
Why we like it
As one of the longest-running exchanges, Bitstamp brings over a decade of experience securing assets and facilitating global crypto trading.
Key Metrics
- Trading volume over $100k daily
- Allows SMS 2FA security on accounts
- Offers mobile apps along with web interface
- Integrates with popular crypto portfolio trackers
- Supports crypto purchases with credit/debit cards
Crypto.com Overview
With competitive fees and support for 250+ coins, Crypto.com provides a full suite of services from spot and derivatives trading to crypto banking solutions. Crypto.com provides a full suite of crypto services:
- 250+ coins and stablecoins available to trade or earn interest
- Competitive spot and derivatives trading fees starting at 0.4%
- Additional features like crypto-backed debit cards, pay services
- $750M insurance policy through Marsh and Ledger Vault
- Security ensured through 2FA, biometric authentication, other measures
- Based locally and follows regulations set by MAS
- Convenient SGD bank transfers or credit/debit purchases
Why we like it
Crypto.com offers a comprehensive platform to buy, sell, trade, earn interest on, and spend cryptocurrencies in a secure, compliant manner.
Key Metrics
- $10 billion daily trading volume
- 100+ million app downloads to date
- Backed by large VC investors like Softbank
- Offers crypto-backed payment card to spend assets
- Based in Singapore and follows all local regulations
How to Purchase Cryptocurrencies in Singapore
For those looking to invest in Bitcoin, Ethereum, and other digital currencies within Singapore, follow this beginner’s guide for safe and seamless transactions:
- Select a secure exchange like Kraken or Coinbase
- Complete account registration and identity verification
- Deposit SGD funds via bank transfer or card payment
- Place order to buy desired crypto assets
- Withdraw coins to separate crypto wallet for storage
Legality and Regulation of Crypto Investing in Singapore
Is Crypto Legal in Singapore?
Yes, cryptocurrency is fully legal and accessible from regulated exchanges like Kraken and Crypto.com that adhere to KYC and AML laws. The government supports crypto development through initiatives like the FinTech Regulatory Sandbox.
How is Crypto Taxed in Singapore?
Gains from trading cryptocurrency are considered income and thus subject to taxes. For individuals, capital gains tax rates from 0-22% apply based on income level. Companies trading crypto assets pay corporate tax rates.
Conclusion
To conclude, opting to trade Bitcoin and crypto assets through secure, regulated platforms like Kraken and Coinbase allows Singapore investors to safely access digital currencies. Be sure to use exchanges that align with MAS guidelines to ensure smooth transactions and avoid legal risks. Storing coins in a separate wallet instead of on exchanges also enhances security.
FAQs
Is cryptocurrency legal in Singapore?
Yes, cryptocurrencies are legal and regulated by the Monetary Authority of Singapore. Exchanges must verify user identities and monitor transactions to prevent illicit activities.
How do I choose a secure crypto exchange in Singapore?
Opt for platforms like Kraken and Coinbase that are licensed by Singaporean authorities. Check that they use cold storage, encryption, 2FA, and other security measures.
