Last updated on June 6th, 2021
When you are looking to buy crypto on Binance, you may have noticed that there are actually 2 different platforms: Binance Singapore and Binance.
So how does the Singapore platform differ from the original Binance platform?
Here’s what you need to know.
- 1 The difference between Binance Singapore and Binance
- 2 Founder
- 3 Number of currencies
- 4 Methods of funding your account
- 5 Buying crypto
- 6 Withdrawal of funds
- 7 Sending and receiving crypto
- 8 Fees
- 9 Minimum amount
- 10 Security
- 11 Binance has many other features
- 12 Platforms
- 13 Verdict
- 14 Conclusion
- 15 👉🏻 Referral Deals
The difference between Binance Singapore and Binance
Binance Singapore only allows you to trade 8 cryptocurrencies directly from SGD. Meanwhile, Binance allows you to trade many more cryptocurrencies on their platform. However, they do not allow you to trade cryptocurrencies directly from SGD.
Here is an in-depth comparison between both platforms:
One reason why there are 2 different platforms could be due to the different regulations. Singapore has taken quite a strong stand on cryptocurrencies, and intends to regulate it under the Payment Services Act.
The main aim of these regulations are to reduce the chances of money laundering with crypto assets.
As such, Binance Singapore could have probably been built to ensure that its platform complies with the regulations under the MAS.
However, there is not much being mentioned on their website.
Number of currencies
Here are the number of currencies that are available for each platform.
Binance Singapore only offers 8 currencies
Meanwhile, Binance Singapore allows you to trade in 8 cryptocurrencies.
Binance a whole variety of different currencies
Being one of the largest exchanges in the world, Binance allows you to trade a huge variety of cryptocurrencies on their platform!
You can view the listings on CoinMarketCap to see all of their possible trading pairs.
If you are looking to buy altcoins in Singapore, one of the possible methods is to send BTC over to Binance and then trade on the platform.
You should be able to find a suitable trading pair with BTC for the currency you wish to own.
Methods of funding your account
The way you can fund your account on either platform is rather different:
Binance Singapore offers SGD fiat support with Xfers
You are able to use SGD to buy the 8 currencies found on Binance Singapore.
This is done using your Xfers wallet.
Xfers is a payment solution that allows you to transfer your money securely into the crypto exchanges.
It sort of acts like the middleman between your bank accounts and the crypto platform.
Binance does not offer Xfers support
In contrast, Binance does not offer Xfers support.
This means that you can’t deposit SGD into Binance.
However, you still are able to deposit other fiat currencies, such as USD.
Alternatively, you can choose to deposit the crypto that you own from another platform into Binance.
You can deposit any of the currencies that are found on Binance. However, you’ll need to take note of the sending fees you may incur on your previous platform!
After you’ve funded your account, you will need to purchase your crypto. There are a few ways you can do so:
#1 Instant buy (Binance Singapore)
When you purchase crypto on Binance Singapore, you aren’t able to set the price.
You can only buy the crypto at the prevailing market rate, which you can see on the ‘Buy‘ page.
If you check the current price on sites like CoinMarketCap, it may be slightly different from what you see on Binance Singapore.
When you use this ‘Instant Buy’ feature, it is one of the most convenient ways of purchasing crypto. However, you may also incur higher transaction fees.
Moreover, you can only buy a currency directly from SGD. You aren’t able to swap between currencies, such as between BTC and ETH.
#2 Trading exchange (Binance)
Binance allows you to trade crypto on their platform.
This is similar to other brokers like Moomoo or Tiger Brokers. Instead of trading stocks, you are now trading crypto.
If you want to receive crypto, you’ll need to find a suitable trading pair.
For example, you may want to buy Dogecoin from the BTC that you own. This means you’ll need to look for the DOGE/BTC trading pair.
After that, you’ll need to select:
- The price of BTC that you want to buy DOGE at
- The amount of DOGE that you want to buy
This same principle applies to any trading pair that you want to use.
#3 Credit card (Binance)
Binance also allows you to use your credit card to buy crypto.
There are a limited number of cryptocurrencies that you can purchase with SGD:
This would be the most convenient way of buying crypto on Binance. However, the credit card fees can be really high!
Withdrawal of funds
Binance Singapore only allows you to buy and sell a currency with SGD.
When you sell your currency for SGD, it will be deposited into your Xfers wallet.
This is slightly more troublesome as you’ll have to go to Xfers and withdraw your funds to your bank account.
You can only withdraw crypto from Binance
This is because Binance does not support any SGD trading pairs on their platform.
Instead, you’ll need to send your crypto to another platform that has a SGD trading pair.
For example, if you want to sell your BTC for SGD, you have to ensure that the platform has a BTC/SGD trading pair.
For common currencies like BTC or ETH, most platforms will have these pairs.
In this case, the best platforms to send your crypto to would be either Coinhako or Tokenize.
Sending and receiving crypto
Both platforms allow you to send and receive crypto to other wallets or platforms.
You can send all 8 currencies from Binance Singapore to another platform,
while you can also do the same for any currency on Binance too.
It is possible for you to send your currencies between Binance Singapore and Binance too!
The most important thing when it comes to trading crypto are the fees. You should try to minimise your fees as much as possible!
Here are some of the fees you may incur when using either platform:
#1 Buying and selling crypto
Here are the fees that you’ll be charged for both exchanges:
Binance Singapore charges 0.6% for each trade
When you make a buy or sell order on Binance Singapore, you will be charged 0.60%.
Binance charges up to 0.10% for each trade
The trading fees for Binance are really low, which are starting from 0.10%.
If your 30-day trade volume in BTC or BNB is above a certain amount, you will be charged even lower fees!
If you are looking to frequently trade crypto, then Binance will be a much better platform to use.
#3 Sending and receiving fees
You may want to send or receive your crypto from an external wallet.
For Binance Singapore, the withdrawal fees are fixed. This depends on which crypto you’re sending:
You will not be charged any fees if you want to send NEO.
Meanwhile, the fees that you incur when sending or receiving from Binance are dynamic. This depends on the network traffic and miner fees that Binance incurs.
The costs can be really hefty, depending on the amount that you’re sending. As such, you’ll need to factor in this ‘volatility’ of the network fees!
No deposit fees for either platform
If you want to receive crypto from an external wallet, no fees are charged by either exchange.
However, you’ll need to consider the fees you incur when sending crypto from your external wallets!
You can consider Gemini which does not charge you any fees for your first 10 withdrawals per month.
For Binance Singapore, you’ll need to trade a minimum of $20 for each order that you make.
Meanwhile, the minimum trade amount on Binance depends on the currency that you’re trading in.
You may have heard of how crypto exchanges can be hacked, and these hackers can steal your crypto!
So how do these exchanges try and combat this?
Binance has a few measures, but has been hacked before
Binance listed down some security measures that they have, most which involve artificial intelligence.
Due to the sheer number of transactions that they have on their platform, the AI will help to monitor for any unusual activity.
However, Binance has been hacked before in 2019. Over $40 million worth of assets were stolen from the exchange!
Although the security measures have definitely been ramped up, there is still a risk that the platform can be hacked again.
As such, you may want to consider only placing a small amount in Binance, instead of your entire crypto portfolio!
Binance Singapore does not disclose their security measures
Binance Singapore does not disclose the security measures they have put in place. This may be slightly worrying if you are very concerned about security.
Although the platform is quite new, Binance Singapore has not been hacked so far.
Binance has many other features
Apart from just buying and trading crypto, you can do many more things with Binance as well!
This includes staking your crypto for more yields,
take crypto loans,
or trade derivatives.
However, all of these features are more advanced. You should only use them if you know how they work!
If you just want a simple platform, then Binance Singapore may be sufficient for you.
Binance Singapore only has a web platform.
Meanwhile, Binance has both a mobile platform,
as well as a mobile app.
Overall, I prefer the user interface on Binance.
Here is a comparison between Binance Singapore and Binance:
|Number of Currencies||8||500+|
|Funding Methods||Xfers||Sending crypto from |
Fiat (but not SGD)
|Methods of Buying||SGD Wallet||Trading platform |
|Withdrawal of Funds||Xfers||Sending to |
|Trading Fees||0.60%||Up to 0.10%|
|Sending Fees||Depends on |
|Depends on |
|Minimum Per Trade||SGD $20||Depends on |
|Security||Not specified||AI to detect fraudulent |
|Other features||NA||Crypto staking |
|Platforms||Web only||Web and |
So which platform is better for you?
Choose Binance Singapore if you just want to buy and hold crypto
If you intend to buy and hold your cryptocurrency, then Binance Singapore is a good platform for you.
The only thing is that you are limited to only buying 8 currencies from SGD.
If you intend to buy and hold these currencies, you can consider sending them to accounts that help you to earn interest on your crypto!
Some of these include:
Choose Binance if you want more feature on the platform
If you are looking to own other altcoins besides BTC, then Binance is a better platform for you.
The only issue is that you can’t buy crypto directly from SGD. Instead, you can use either BTC or USDT, which are the currencies that have the most trading pairs.
It is possible to send BTC from Binance Singapore to Binance. However, you will incur quite a high trading fee (0.60%), as well as the sending fee (0.0004 BTC).
Instead, you can consider Gemini’s platform. Here are the fees that you’ll incur:
- 0.35% trading fee (if you trade SGD for BTC on Active Trader)
- No withdrawal fee (for first 10 withdrawals per month)
Binance also has many features, particularly being able to stake crypto on their platform.
As such, it can be an all-in-one platform for all your crypto needs!
Both Binance Singapore and Binance cater to different your different needs as a crypto investor.
Binance Singapore is best if you want to:
- Get some exposure to crypto
- Buy the currency directly from SGD
As such, the platform that you choose really depends on your needs!
👉🏻 Referral Deals
If you are interested in signing up for any of the products mentioned above, you can check them out below!
Binance Referral (Receive 5% off your trading fees)
If you are interested in signing up for a Binance account, you can use my referral link.
You will be able to receive 5% off all of your trading fees on Binance!
Are you passionate about personal finance and want to earn some flexible income?