Best Crypto Exchanges in Singapore 2022: How to Compare & Choose – MoneySmart.sg

We ’ ve ultimately made it to 2022, and it seems like the cryptocurrency swerve is here to stay this year ( not unlike COVID-19 ) .
Cryptocurrencies ’ ubiquity is not precisely limited to news headlines. It looks set to seep into our daily animation a well, now that PayPal, Venmo ( the American translation of PayNow ) and Tesla have begun accepting payments in Bitcoin ( BTC ). It ’ s only a matter of time before other technical school companies start doing the like .
then if you want to buy yourself some crypto before it gets all mainstream, here ’ s a scout to comparing the different crypto exchanges out there and choosing the best one .

Before you open a crypto exchange account, read this first!

Don ’ t know your BTC from ETH ? Easy tiger — you ’ ll want to read up on the basics of cryptocurrency first. We ’ ve put together a simple lead for you : Cryptocurrency in Singapore: 7 Things to Know Before You Start Buying.

This fuse will tell you 7 extremely crucial things you should know about crypto before you buy it, including :

  1. What the global of cryptocurrencies is like
  2. What are the circus tent cryptocurrencies
  3. Why cryptocurrencies are the means they are
  4. How much cryptocurrencies ’ fluctuate in value
  5. How to store your cryptocurrency
  6. What to look out for in a cryptocurrency ’ s whitepaper
  7. How to buy/trade cryptocurrency sanely

When you ’ re done reading that, you ’ ll be informed of the risks involved in buying cryptocurrencies .
If you do decide to dip your toes into the crypto ocean ( deep waters alert ! ), hera ’ s how you can choose a cryptocurrency exchange platform  and get your hands on some coin .

Which are the best crypto exchanges in Singapore?

There are tons of cryptocurrency trade platforms out there, but we ’ ve shortlisted 10 of the most popular ones .

Cryptocurrency exchange Number of listed cryptocurrencies Trading Fees BTC and ETH purchasable with SGD?
Bitmex 20 0.05 % No
OKEx 333 0.1 % Yes
Bitfinex 172 0.2 % No
Huobi Global 409 0.2 % Yes
Crypto.com 169 0.4% Yes
Kraken 99 0.26 % No
Gemini 70 0.35 % Yes
Coinbase 151 0.5 % to 2.5 % Yes
Independent Reserve 27 0.5% Yes
Zipmex 107 0.2% Yes
Luno 6 0.1% Yes

The table above reflects the deal fees across 10 crypto exchanges but that ’ s not all you have to consider before signing up for an account .
There are lots of factors that go into choosing the best cryptocurrency exchange, but it can be boiled down to the follow :

  1. ability to transact in Singapore Dollars
  2. transaction fees + d ifference in pricing for drug user interface options
  3. If there are any withdrawal fees, and how a lot
  4. Trading fees according to maximum yearly limit of S$30,000, as per stipulated by MAS

We ’ ll run through these 3 factors in detail below.

1. Does the crypto exchange support SGD?

not all crypto exchanges allow you to buy major cryptocurrencies in Singapore Dollars. here are the ones that do support SGD, at least for Bitcoin and Ethereum :

Cryptocurrency exchange Number of listed cryptocurrencies Trading Fees BTC and ETH purchasable with SGD?
Crypto.com 169 0.4 % Yes
Gemini 70 0.35 % to 1.49 % Yes

OKEx 333 0.1 % Yes
Coinbase 151 0.5 % to 4.5 % Yes
Huobi Global   409   0.2 %   Yes
Independent Reserve 27 0.5 % Yes
Zipmex 107 0.2 % Yes
Luno 6 0.1 % Yes

What we noticed is that some crypto exchanges feature very low trade fees, but they only applicable for USD trades, with the use of their proprietary USD wallet. This implies that you ’ ll most likely need to have a USD deposit report, or at the very least, a multi-currency bank account .
then if you pick a crypto commute that supports SGD, it ’ south less fuss .
FYI, we only included BTC and ETH here as the smaller cryptos tend not to support SGD. To buy those, you ’ five hundred typically buy BTC first, then exchange your BTC to your crypto of choice. besides, the above mentioned trade fees are with the maximum annual transaction bulk of S $ 30,000, as per stipulated by MAS .

2. What’s the crypto exchange’s fee structure?

It ’ s common for crypto exchanges to offer at least two drug user interfaces : simple mood ( for everyone ) and adept modality ( more technical foul and aimed at seasoned traders ) .
But… did you know that some crypto exchanges actually charge more when you use the simple version ? ! here ’ s a look at the different trade fees depending on the UI you pick .

Cryptocurrency exchange

Trading Fees (Simple UI) Trading Fees (Expert UI)
Coinbase 2.49%++ 0.50%
Kraken 1.5%++ 0.26 %
Gemini 1.49%++ 0.35 %
Crypto.com 3.5%++ 0.4 %
Bitfinex Not applicable 0.2%
Huobi Global Not applicable 0.2 %
Bitmex Not applicable 0.05%
Okex Not applicable 0.1%
eToro Not applicable Spread 
Zipmex Not applicable 0.20%
Luno 0.1% Not applicable

here ’ s an example : Gemini. When you beginning sign up, and you want to make your crypto purchase, you would be greeted with this decent, simple UI .

To unlock Gemini ’ s cheaper 0.35 % transaction fees, you need to use Gemini ‘ s expert-level ActiveTrader UI, which looks like this. For ease ’ s sake, I ’ ve bought BTC by using a limit club — the closest thing you can use to “ buy ” cryptocurrency upfront with the ActiveTrader UI. here, you ’ ll alone pay S $ 0.17. If we look to the right, purchasing BTC for S $ 50 receive a transaction tip of S $ 2.75 if we stick to the simple UI. O h, you’ll pay for that simplicity.  That ’ s a sock 5.5% in transaction fees!

It ’ s decidedly worth tinkering round in the settings to make the switch to the technical UI for more savings. Go to Account, then select the ActiveTrader option under deal interface :

2a. What if you want to stick to the simple UI?

If you can ’ t hand with the adept UI, then you ’ ll have to pay the dummy tax. You can use our crypto exchange compendious table to see if it ’ s charging a reasonable tip. otherwise, Luno is one to consider. It ’ randomness known for its beginner-friendly interface and competitive fees. however, a major drawback is the specify coins you can trade on Luno. If you ’ re raw to cryptocurrencies and looking to dip your toes, it might offer just what you need .
BUT, if you are not concerned about reasonably interfaces, then opting for Gemini ‘ sulfur ActiveTrader will give you a a lot better softwood. These fees add up if you keep buying small amounts frequently, and/or buy big amounts of crypto ( not recommended for the faint ) .

3. How much does the crypto exchange charge for withdrawal?

We ’ ve covered the fees for buying crypto on an substitute above. But what about withdrawing your cryptocurrency at some degree ? Prepare to upgrade your headache into a rage migraine .
Most cryptocurrency exchanges have their own withdrawal fee structure, and in a arrant world, everything would be simple and intuitive .
here are a few guidelines to keep in mind when making withdrawals on any cryptocurrency exchanges :

  1. Do I want to withdraw my cryptocurrency into cash?
    • This is a sell order — what are the fees for the sell rate ?
    • After completing the betray holy order, is there a fee to withdraw it into my bank bill ?
  2. Do I want to withdraw my cryptocurrency into a cold wallet or a different crypto exchange?
    • What are the fees to withdraw cryptocurrencies ?
    • What are the minimum secession amounts ?
    • Is the tip worth paying for the sum you wish to withdraw ?

The last point is specially significant .
For model, some exchanges like Zipmex even charge you for withdrawing SGD — 0.3 % of whatever you withdraw. Be indisputable to check !
Make sure you keep this in mind if you want to store your cryptocurrency into a cold wallet !

4. Crypto exchanges in Singapore with official licenses issued by MAS under the Payment Services Act

Most crypto exchanges in Singapore are operating under exemptions whilst MAS transitions to a formalised, licensing framework under the Payment Services Act .
The only two officially accredited crypto exchanges in Singapore are as of 13 December 2021 are :

  • DBS Vickers
  • Independent Reserve

Our picks for the best crypto exchanges in Singapore

The best crypto exchange presently is Gemini, if you ’ re looking to optimise trading your crypto with relatively humble fees, simple-to-grasp technical UI and ease of purchase with Singapore dollars .
That being said, it bears repeating that the crypto marketplace is however fairly unregulated in Singapore, and that Senior Minister Tharman Shanmugaratnam said about this crypto in Parliament :

“ Cryptocurrencies can be highly volatile, as their value is typically not related to any economic fundamentals. They are therefore highly bad as investment products, and surely not suitable for retail investors. ”
Regardless of your appetite for gamble, we decidedly don ’ t commend investing your life savings in crypto. Be sure to balance it out with safer, more establish investments like stocks and ETFs. Read our guide on how to start investing in Singapore, a good as tons of other, more advance guides to get ahead .
Do you know someone who might find this article useful? Share this knowledge with them!

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