The Ultimate Guide To Crypto Exchanges In Singapore

Crypto Exchange Singapore

You’ve decided that you want to buy some cryptocurrencies to add to your investment portfolio.

You could use cryptocurrency as your satellite portion of your core-satellite portfolio too.

However, you can’t buy cryptocurrencies from most of the traditional brokers in Singapore!

Instead, you’ll need to buy these cryptocurrencies from specific platforms.

Here are some platforms that you can consider.

Crypto exchanges in Singapore

Here are 10 crypto platforms that allow you to buy crypto using SGD:

  1. Coinhako
  2. Gemini
  3. Luno
  4. Liquid
  5. Tokenize
  6. Coinut
  7. Crypto.com
  8. AAX
  9. Binance Singapore
  10. Binance (P2P)

Here is each of these platforms explained in-depth:

Coinhako

Coinhako is a cryptocurrency exchange that is based in Singapore and founded in 2014.

They were one of the first few exchanges that allowed you to trade cryptocurrencies with SGD. Since then, they have expanded their offering to include many other currencies.

Here is a summary of Coinhako’s features:

Number of Currencies30
Funding MethodsXfers
FAST
Methods of BuyingInstant Buy
Withdrawal of FundsBank Account
Deposit Fees0.55% (Xfers),
none for FAST
Withdrawal Fees$2 per
withdrawal
Trading Fees0.80% – 1%
Sending FeesDynamic
Minimum Per Trade$45
SecurityCold storage
+ hot wallet
MAS RegulationIntends
to comply
VerdictGood for rarer altcoins,
but fees are rather expensive

Number of currencies

Coinhako allows you to buy a large variety of cryptocurrencies from SGD.

Coinhako Number Of Currencies

You are able to buy, sell or swap any of these currencies.

Coinhako allows you to trade 30 different cryptocurrencies with SGD, including:

  1. BTC
  2. LINK
  3. XMR
  4. XRP

However, some of these currencies have limited functionality. While you can trade them, you can’t send or receive these tokens from another platform. These include:

  1. LUNA
  2. NEO
  3. THETA
  4. SOL
Coinhako Cannot Send Or Receive SOL And THETA

Methods of funding account

There are 2 ways that you can fund your account:

  1. Xfers Direct
  2. FAST Transfer
Coinhako Funding Methods

To start using Xfers, you’ll need to create a Xfers wallet if you have not done so yet!

Here are the pros and cons of each method:

MethodTime Taken For Funds
To Reach Account
Fees
Xfers DirectWithin minutes0.55%
FAST TransferUp to 1 business dayNone

There is definitely a trade-off here.

If you are looking to buy a certain currency that is increasing in price, you may want to use Xfers Direct and pay the fees.

However, if you are just intending to hold onto a coin, then FAST would still be sufficient for you.

Methods of buying

When you are buying crypto on Coinhako, you are not trading with another party. Instead, you are buying at the prevailing market rate set by Coinhako.

This may be higher or lower than the actual market rate.

Here is Coinhako’s rate between Bitcoin and SGD,

Coinhako BTC to SGD Exchange Rate

and here is the market rate on Google at around the same time.

Google BTC TO SGD Rate vs Coinhako

There is quite a huge difference!

Furthermore, you may also want to take note that there is a difference between the buy and sell price.

Coinhako Buy vs Sell Rates

This is similar to how a foreign currency exchange works.

If you intend to constantly buy and sell currencies on Coinhako, you may actually lose quite a bit of your profits.

2 ways of buying crypto

There are 2 ways of buying crypto on Coinhako:

  1. SGD wallet
  2. Credit or debit card
Coinhako Buy BTC Select Amount

Buying with a credit card will be much more expensive!

Withdrawal of funds

When you want to withdraw the funds from your SGD wallet, you can do so via FAST transfer.

Coinhako Withdraw To Bank Account

However, you’ll be charged a $2 withdrawal fee for each transaction.

Minimum trade amount

For each trade that you make, you need to buy or sell a minimum of $45.

If you are selling in another cryptocurrency, the total amount needs to be $45 too.

Coinhako increased this amount, as it was previously $30.

Fees

Here are some of the fees that Coinhako charges you:

FeeAmount
Deposit Fees0.55% (Xfers)
None (FAST)
Withdrawal Fees$2 per
withdrawal
Trading Fees0.80% – 1%
Sending FeesDynamic

You are able to reduce the trading fees to 0.80% if you use the promo code ‘COINGECKO’.

Coinhako Buy Theta Fees Coingecko Promo

For the sending fees, it depends on the demand of the network. You can see the fee you’re being charged before performing the transaction.

Coinhako BTC Sending Fee

Security

Coinhako mentioned that they store the majority of your crypto in their ‘highly secure’ cold storage accounts.

Meanwhile, only a small percentage of your funds will be stored on their exchange. This helps to facilitate liquidity where you are able to sell or withdraw your funds.

If hackers are able to gain access to your holdings, they will only gain access to a small percentage on the exchange.

To get the rest of your funds, they will need to hack the cold storage account. This is much harder to do!

As such, most of your crypto with Coinhako will be safe and secure.

Coinhako also allows you to use 2FA apps like Authy to make your account extra secure.

Even with these measures, Coinhako was still hacked on 21st Feb 2020. Thankfully, only 20 users were affected, and any assets that were lost were reimbursed by Coinhako.

MAS regulation

MAS has been attempting to enforce strict regulations on cryptocurrency exchanges via the Payment Services Act.

Being a Singaporean company, Coinhako is striving to comply with the regulations set out under this act.

Verdict

If you are intending to buy more common currencies like BTC, ETH or LTC, then Coinhako’s fees are too high.

There are many platforms that offer cheaper fees for these currencies.

However, Coinhako’s main selling point is the ability to buy ‘rarer’ altcoins.

For example, they allow you to buy altcoins like DOGE, THETA or LUNA directly from SGD.

In these cases, the higher fees that you incur may be worth it.

Gemini

Gemini was founded in New York in 2014. They were created by the Winklevoss twins, who have seen major success with their crypto exchange.

Gemini can also be found in 50+ countries!

This is a summary of Gemini’s features:

Number of Currencies34
Funding MethodsXfers
Methods of BuyingInstant Buy (Exchange)
Trading (Active Trader)
Withdrawal of FundsXfers
Deposit FeesNone
Withdrawal FeesNone
Trading FeesFrom 1.49% (Exchange) and
up to 0.35% (Active Trader)
Sending FeesFree for first
10 withdrawals
Minimum Per TradeDepends on currency
Extra FeaturesGemini Earn
SecurityCold storage
+ hot wallet
MAS RegulationIntends to comply
VerdictA rather safe platform
with low fees

Here is Gemini explained in-depth:

Number of currencies

Gemini allows you to buy 34 currencies on their platform. Here are some of the currencies can buy:

Gemini Available Currency

You are also able to buy other currencies like ENJ on their platform too.

Gemini has quite a unique variety of cryptocurrencies on their platform!

Methods of funding account

You can deposit funds into Gemini by transferring them to your Xfers wallet.

After receiving the funds, it will be directly credited into your Gemini account.

Gemini Received Deposit

You can check out my guide on how to deposit funds into Gemini to find out more.

Methods of buying

Gemini allows you to buy crypto on their platform using 2 methods:

  1. Gemini Exchange
  2. Gemini Active Trader

Gemini Exchange is an Instant Buy feature, which is similar to Coinhako.

Gemini Exchange Platform

You will buy your crypto at the prevailing market rate that is set by Gemini.

The fees may be quite high too!

Alternatively, you can consider using Gemini’s Active Trader platform instead.

Gemini Active Trader Platform

The fees for Active Trader are much lower!

However, the only issue is that Active Trader only has a SGD trading pair with either BTC or ETH.

Gemini SGD Trading Pairs

If you want to buy other currencies like LINK or UNI, you’ll have to make at least 2 trades.

For example, if you want to buy UNI, these are the trades you need to make:

  1. SGD to BTC
  2. BTC to UNI

In the end, the fees may still be cheaper compared to buying UNI via Gemini Exchange!

Withdrawal of funds

When you withdraw your funds from Gemini, it will be sent to Xfers.

Your funds should be credited back into your account within one business day.

Gemini Successful Withdrawal

This means that you’ll still need to go to Xfers and withdraw the funds back into your bank account.

This is may be slightly more troublesome for you.

Minimum trade amount

If you want to trade on Gemini’s Active Trader platform, the trading minimum depends on your currency.

For Gemini Exchange, you can make a purchase with less than $15. However, the fees that you’re charged are really high!

Fees

Here are the fees that you’ll incur when trading with Gemini:

FeeAmount
Deposit FeesNone
Withdrawal FeesNone
Trading FeesFrom 1.49% (Exchange) and
up to 0.35% (Active Trader)
Sending FeesFree for first 10 withdrawals

The trading fees for Gemini Exchange are really high:

Trade Amount (SGD)Trading Fee (SGD)
≤ $15.00$1.50
> $15.00 but ≤ $35.00$2.00
> $35.00 but ≤ $70.00$2.75
> $70.00 but ≤ $250.00$4.00
> $250.001.49% of your
Web Order value

It is definitely not worth trading anything less than $250!

As such, you may want to consider using Active Trader, which only costs up to 0.35%.

Even if you make multiple trades, it will still be cheaper compared to buying on Gemini’s Exchange!

Another feature of Gemini is that it offers you 10 free withdrawals each month. This is really useful if you want to send your crypto to another platform.

Some currencies may charge a very high fee when sending on their networks!

Extra features

Gemini also has an Earn feature, which allows you to earn interest on your crypto.

Gemini Earn Interest Number of Currencies

Gemini lends out your currencies to their approved partners. So far, Genesis is their only approved partner.

However, Gemini may not secure your loan with collateral, and they will not take responsibility if your borrower defaults.

Gemini Earn Terms Of Service Program Risks

This may be riskier compared to lending out your currencies with Celsius or Blockfi.

Security

Gemini claims it is one of the most secure crypto exchanges.

Majority of the assets on the exchange are stored in an offline cold wallet.

Moreover, the remaining funds in the hot wallet is insured.

Our policy insures against the theft of Digital Assets from our Hot Wallet that results from a security breach or hack, a fraudulent transfer, or employee theft.

Gemini

It seems that Gemini’s owners are quite confident about the security of their platform!

MAS regulation

Gemini has hired a Head of Asia Pacific Region to file Gemini’s license under the Payment Services Act.

This shows that they are willing to comply with the regulations being set out by the MAS.

As such, I would believe that Gemini is one of the safer platforms to invest with.

Verdict

Gemini provides a very solid case as the cryptocurrency platform of your choice.

Their fees are really cheap at 0.35% (if you use Active Trader). Furthermore, they do not charge any fees for your first 10 withdrawals!

However, the main limitation is the variety of currencies that they have. While it is still quite a lot, you aren’t able to buy certain large-cap currencies, like ADA or DOT.

Nevertheless, Gemini still offers you a safe way of buying crypto in Singapore.

Luno

Luno is based in London and was founded in 2012.

They have expanded to a few countries like UK, Australia and Singapore.

Here is a summary of their features:

Number of Currencies6
Funding MethodsXfers
Methods of BuyingInstant Buy (App)
Trading (Exchange)
Withdrawal of FundsXfers
Deposit FeesNone
Withdrawal FeesNone
Trading Fees1% (Instant Buy) and
up to 0.1% (Exchange)
Sending FeesDynamic
Minimum Per TradeDepends on currency
Extra FeaturesLuno Savings Wallet
SecurityCold storage  + hot wallet
MAS RegulationIntends to comply
VerdictCheapest way of buying
BTC from Exchange

Number of currencies

Luno only offers you 6 currencies on their platform:

  1. BTC
  2. ETH
  3. XRP
  4. BCH
  5. LTC
  6. USDC
Luno Available Currencies

Luno’s offering is much lower compared to other platforms.

Methods of funding account

Luno allows you to deposit your funds via Xfers.

Luno Deposit SGD From Xfers

This makes it rather convenient to transfer your funds between platforms.

Methods of buying

Similar to Gemini, Luno has 2 methods of buying crypto on their platform:

  1. Instant Buy
  2. Exchange

For Instant Buy, you will buy crypto at Luno’s prevailing market rate.

Luno Instant Buy ETH

However, the fees are rather expensive at 1%.

You can also trade your crypto on the Luno Exchange.

Luno Exchange Platform

However, you can only buy BTC from SGD, and not other currencies. This is because the only SGD trading pair available is BTC/SGD.

Luno Trading Pairs

If you want to buy the other 5 currencies on Luno, you’ll have to make at least 2 trades.

Withdrawal of funds

When you withdraw your funds from Luno, they will be transferred to your Xfers wallet.

Luno Withdraw to Xfers

Again, you’ll need to transfer the funds from Xfers back to your bank account. This may be slightly more troublesome.

Minimum trade amount

When you are buying crypto on Instant Buy, the minimum is $20.

If you are buying BTC on the Luno Exchange, the minimum amount is 0.0005 BTC.

Luno Exchange Minimum

Fees

If you use Luno’s Instant Buy, you will incur a 1% fee.

Meanwhile, Luno Exchange charges you up to 0.1% per trade.

Luno Exchange Trading Fee

Luno’s Exchange charges one of the lowest fees when it comes to trading with SGD!

Extra features

Luno also offers you a way to earn interest on your crypto via the Luno Savings Wallet.

You are able to earn interest on your BTC and ETH. Luno expects to give you up to 4% interest for your crypto that you loan out with them.

Luno Savings Wallet Transfer In BTC

Security

Luno also uses 2 places to store your crypto:

  1. Deep freeze storage
  2. Hot wallet
Luno Security

This approach is quite similar to what Coinhako does. Most of your funds are stored in the cold wallet.

However, some of your funds are in their hot wallet, in case you want to quickly withdraw them.

In the hot wallet, another set of keys are held with BitGo. They are considered to be a secure custodian of your crypto.

Once again, your crypto stored with Luno should be rather secure.

Luno provides 2FA to either your email or mobile phone whenever you login to your account.

MAS regulation

Luno was previously known as BitX, and they had to shut down their operations in Singapore in 2017.

This was mainly due to cryptocurrencies being very new in 2017. As such, there were not enough regulations put in place.

However, they reopened in 2019, and is striving to comply with the regulations set by MAS as well.

They also intend to apply for a license under the Payment Services Act.

With this commitment, your funds should be rather safe with them.

Verdict

Luno offers one of the lowest fees if you want to buy these 6 currencies. If you intend to just buy Bitcoin, you can seriously consider using this platform!

Crypto.com

Crypto.com was founded in June 2016. They are based in Hong Kong, and serves over 10 million customers!

Here is a summary of Crypto.com’s features:

Number of Currencies100+ (8 from SGD)
Funding MethodsXfers
Credit card
Methods of BuyingInstant Buy
Withdrawal of FundsXfers
Deposit FeesNone
Withdrawal Fees0.4% (Xfers)
Trading FeesNone
Sending FeesDepends on
currency
Minimum Per TradeUSD $1
Extra FeaturesCrypto Earn
Supercharger
Security100% cold storage
MAS RegulationIntends to comply
VerdictGood if you have the Visa card and
want to use Crypto.com’s other features

Number of currencies

Crypto.com offers a wide variety of currencies on their platform.

Crypto.com Number Of Currencies

However, there are only 8 currencies that you can buy directly from SGD:

  1. BTC
  2. ETH
  3. BCH
  4. LTC
  5. XRP
  6. CRO
  7. BNB
  8. XSGD

For the other currencies on Crypto.com, you’ll need to make at least 2 trades to buy them.

Methods of funding account

Crypto.com has a fiat wallet that you’ll need to connect with your Xfers account.

Crypto.com Buy Crypto From Fiat Wallet

Once you’ve transferred your funds to your Xfers account, you can buy crypto using the Crypto.com app.

Methods of buying

To buy crypto on Crypto.com, you can use 3 methods:

  1. Credit card
  2. Instant buy (fiat wallet)
  3. Trading from another cryptocurrency

If you’re just starting out trading on Crypto.com, you can choose to buy crypto using a credit card,

Crypto.com Credit Card Payment

as well as directly from Xfers.

Crypto.com Buy Crypto From Fiat Wallet

However, the fees that you incur when paying with credit card will be quite high!

For both methods, you are buying crypto at Crypto.com’s prevailing market rate.

This may be higher or lower compared to the actual market rate.

Withdrawal of funds

When you want to withdraw your funds, you would need to withdraw it to Xfers.

Crypto.com Sell Crypto To Xfers

You can only sell off the 8 currencies for SGD back into Xfers! These are the same 8 currencies that you can only buy with SGD too.

You will incur a withdrawal fee of 0.4% as well.

Minimum trade amount

The minimum trade amount depends on each currency.

You can see the minimum amount required for each currency in the ‘Fees / Limits‘ tab.

Crypto.com App Minimum Buy

Most of these minimum trading amounts are equivalent to around $1 USD!

For example, you will require to buy a minimum of 3.48 CRO for each trade.

Crypto.com CRO Minimum Trade

3.48 CRO is around the equivalent of $1 SGD.

The minimum trade amount is much lower compared to other exchanges! As such, this will make buying crypto much more accessible for you.

Extra features

The Crypto.com app has lots of other features as well!

You are able to earn interest on your crypto with Crypto.com Earn,

Crypto Earn Interest Rate With 25000 CRO Staked

as well as mine DeFi tokens with Supercharger.

Crypto.com Supercharger DOGE Rewards

There are quite a few features that can help you to earn even more returns with your crypto!

Fees

Here are the fees that you’ll incur when buying crypto on Crypto.com:

FeeAmount
Deposit FeesNone
Trading FeesNone
Withdrawal Fees0.4% (Xfers)

You do not incur any fees when converting one cryptocurrency to the other.

However, you’ll need to take note of the spreads.

In this way, you may be buying your crypto at a less favourable rate.

If you are constantly trading crypto, you may want to use Crypto.com’s Exchange instead.

Moreover, you will incur a 0.4% fee when you sell your crypto back to SGD with Xfers.

This withdrawal fee is still pretty reasonable compared to other platforms.

Security

Crypto.com stores 100% of your assets in cold storage.

This means that even if Crypto.com gets hacked, the hackers will not be able to gain access to your coins!

Crypto.com has partnered with Ledger Vault to ensure that your crypto is secure.

As such, your assets should be rather safe with Crypto.com.

MAS regulation

Crypto.com also intends to comply with the Payment Services Act set out by MAS.

This means that they intend to get a licence and be regulated by the MAS too.

Verdict

Crypto.com is a great ecosystem that allows you to trade crypto on their platform. Furthermore, you can earn CRO via cashback from the Crypto.com Visa card.

However, the prevailing market rate on Crypto.com may be less favourable compared to the actual rate.

You may lose quite a bit of returns if you’re constantly trading between currencies!

Nevertheless, it still provides a lot of features in one app, which can be really useful.

Liquid

Liquid is a crypto exchange that is based in Japan. It was founded in 2014, and has offices in Japan, Singapore and Vietnam.

Here is a summary of Liquid’s features:

Number of Currencies100+ (9 from SGD)
Funding MethodsBank Transfer
Methods of BuyingTrading
Withdrawal of FundsBank Transfer
Deposit FeesDepends on bank
Withdrawal Fees$15 SGD +
$30 USD minimum
Trading FeesUp to 0.30%
Sending FeesDepends on currency
Minimum Per TradeNA
SecurityCold storage
+ hot wallet
MAS RegulationIntends to comply
VerdictGood for extremely rare altcoins
not found on other platforms

Here is a look into this platform:

Number of currencies

Liquid supports a lot of currencies on their platform. However, there are only a limited number of cryptocurrencies that you can trade directly from SGD.

Liquid SGD Trading Pairs

Some of them include:

  1. BTC
  2. ETH
  3. XRP
  4. XSGD
  5. BCH
  6. VIDY

If you want to buy other currencies like LINK or DOT, you will need to make at least 2 trades.

Methods of funding account

Liquid allows you to deposit your SGD via bank transfer.

You will need to transfer your funds from an account under your own name.

Liquid Funding Your Account Instructions

When you are transferring money to Liquid, you will be transferred to their account with Far Eastern International Bank.

Liquid Far East International Bank

As such, you may incur some bank fees for this transfer. This depends on the fee structure of your bank.

Methods of buying

Liquid is a trading platform, so you can only perform trades on this platform.

Liquid Trading Platform

Withdrawal of funds

Liquid allows you to withdraw your SGD back to your bank account.

Liquid Withdraw To Bank Account

However, the withdrawal fees for Liquid can be pretty high!

Minimum trade amount

Liquid does not seem to have a minimum trade, which can help you to trade small amounts.

Fees

Here are the fees that you’ll incur when trading with Liquid:

TypeAmount
Trading feesUp to 0.30%
Withdrawal Fees$15 SGD + $30 USD

The trading fee is pretty competitive, and slightly lower than Gemini.

However, the withdrawal fees for SGD are really high!

You may want to consider trading on Liquid first. Afterwards, you can send your crypto to another platform like Gemini to sell them for SGD.

This is because Gemini does not charge for any withdrawals that you make.

Security

Liquid stores around 98% of all of their assets in cold storage.

Meanwhile, the remaining 2% of crypto is stored in warm wallets, which is powered by Unbound Tech.

Liquid was previously hacked on 13 Nov 2020, where the hackers tried to gain access to login and 2FA data.

However, no assets were stolen from their platform.

MAS regulation

Liquid also has mentioned their intention to comply with the Payment Services Act.

As such, they have imposed certain regulations on Singaporean customers, such as:

  1. Know-Your-Customer (KYC) practices
  2. Anti-Money Laundering (AML) measures

All of this will help to make Liquid more compliant with any measures that the MAS decides to impose.

Verdict

Liquid is a good exchange that you may want to consider, if you want to hold rather ‘rare’ altcoins, such as:

  1. FIO
  2. ROOBEE
  3. KRL

These are very rare altcoins that you can’t find elsewhere.

However, you’ll need to make 2 trades to buy these currencies from SGD!

If you are just intending to buy and hold the common cryptocurrencies, Liquid may not be so suitable for you.

This is because the withdrawal fees are really high!

Tokenize

Tokenize is another exchange from Singapore that was launched in early 2018.

Here is a summary of its features:

Number of Currencies30
Funding MethodsXfers Direct Charge
FAST
Methods of BuyingTrading
Withdrawal of FundsFAST
Deposit FeesNone
Withdrawal Fees0.55%
Trading Fees0.80% – 1%,
minimum $1
Sending FeesDepends on currency
Minimum Per TradeNA
SecurityNot disclosed
MAS RegulationIntends to comply
VerdictGood for buying rare
altcoins like SUSHI and 1INCH

Number of currencies

Similar to Coinhako, Tokenize allows you to trade quite a wide variety of currencies from SGD.

Tokenize Number Of Cryptocurrencies From SGD

They allow you to buy ‘rarer’ altcoins like:

  1. ADA
  2. XLM
  3. SUSHI
  4. USDT

Tokenize provides you with a lot of currencies that you can buy directly from SGD.

Methods of funding account

Tokenize allows you to deposit your SGD via 2 ways:

  1. Xfers Direct Charge
  2. Bank transfer

However, you can only use the bank transfer option if you’re a Premium or Platinum member.

Similar to Coinhako, you will need to pay a 0.55% fee if you decide do use Xfers Direct Charge.

Methods of buying

When you want to buy on Tokenize, you can only do so via the trading platform.

Tokenize Web Platform

This is similar to Luno’s Exchange too.

There are 2 types of orders you can make with Tokenize:

  1. Limit
  2. Market

Limit orders will allow you to determine the price of the crypto that you wish to pay.

Tokenize Buy BTC Limit Order

This gives you more control over the price that you want to pay.

Meanwhile, market orders will purchase your crypto at the current market price.

Tokenize Buy BTC Market Order

Withdrawal of funds

Tokenize only allows you to withdraw your funds via Xfers Direct Charge.

Tokenize Withdraw SGD With Xfers Direct Charge

This will incur additional withdrawal fees for you as you are also charged 0.55%.

Minimum trade amount

Tokenize does not have a minimum trade amount, which is good if you want to trade small amounts.

Tokenzie Minimum Trading Amount

However, they charge a minimum trading fee of $1. This will eat into your funds if you only trade small amounts!

Fees

Here are the fees that you’ll incur when trading on Tokenize:

FeeAmount
Deposit Fees0.55%
Trading Fees0.80% – 1% (Minimum $1)
Withdrawal Fees (SGD)0.55%
Withdrawal Fees (Crypto)Depends on currency

Even though Tokenize states that their fee is only at 0.80%, I have seen them charging 1% for coins like DOGE or ADA.

The fees are rather comparable compared to Coinhako.

Security

Tokenize is less transparent regarding their security protocols.

On their website, they mentioned their security measures rather briefly.

This may be slightly worrying if you are very concerned about the security of the platform!

MAS regulation

Tokenize also follows the same KYC and AML requirements by MAS.

As such, they should be regulated under the MAS as well.

Verdict

Tokenize is a good option that you may want to consider when buying ‘rarer’ altcoins, like:

  1. KSM
  2. 1INCH
  3. SUSHI

The one advantage that they have over Coinhako is that you can trade your currencies. In contrast, you can only buy currencies on Coinhako at the prevailing market rate.

You may be able to buy your coins at a more favourable rate.

However, the trading and withdrawal fees are quite high too. These are some costs you’ll need to consider if you want to buy these altcoins.

If you are looking to buy the common currencies, it may be more cost effective to use another platform instead.

Coinut

Coinut is another exchange that is founded in Singapore in 2013.

However, it is not as well known as other exchanges.

Here is a summary of Coinut’s features:

Number of Currencies6
Funding MethodsFAST
Methods of BuyingTrading
Withdrawal of FundsFAST
Deposit FeesNone
Withdrawal Fees0.1%, min $10
Trading Fees0.50%
Sending FeesUSDT 4 for USDT
Minimum Per TradeNA
SecurityInformation
stored offline
MAS RegulationIntends to comply
VerdictGood for buying stablecoins
like USDT or DAI

Number of currencies

Coinut only allows you to trade 6 currencies:

  1. BTC
  2. LTC
  3. ETH
  4. ETC
  5. DAI
  6. USDT
Coinut Trading Pairs

Methods of funding account

You can deposit your SGD directly to Coinut via FAST! This is much easier compared to transferring your money to your Xfers wallet.

Coinut Deposit FAST Transfer

However, you may want to take note that the minimum deposit is $100.

The funds will usually be processed within 4 hours.

Methods of buying

Coinut is a trading platform as well.

Coinut Select BTC SGD As Trading Pair

This allows you to set both market or limit orders.

Withdrawal of funds

You are able to withdraw your SGD via FAST as well. The minimum withdrawal is $60, which is rather high.

Furthermore, the withdrawal fees on Coinut are quite expensive too!

Minimum trade amount

Coinut does not have any minimum trade amount as well.

This means that you can start buying crypto with as little money as possible.

However, you’ll need to consider the minimum deposit of $100 too.

Fees

Here are the fees and minimum amounts for Coinut:

TypeAmount
Trading Fee0.50%
Minimum Deposit$100
Withdrawal Fee0.1%
Minimum $10 SGD

The trading fees on Coinut are pretty reasonable compared to the other platforms.

However, the withdrawal fee can be pretty high, at $10.

Security

Coinut states that they are a rather secure platform, as they have a high ICO rating in 2018.

Coinut stores their data online using encryption technology. Meanwhile, important data regarding your cryptocurrencies are stored offline.

It would be quite hard for hackers to access any information from Coinut.

Coinut also tracks your transactions semi-manually. This may occur when your account has a sudden increase in transactions.

Coinut may require you to authenticate each transaction, before they process them.

As such, they can be a rather secure platform.

MAS regulation

Coinut has expressed their desire to comply with the Payment Services Act set out by MAS. They have already been registered under the FINTRAC (Money Service Business) by the Government of Canada.

As such, they should be able to receive approval for their license in Singapore too.

Verdict

Coinut offers pretty low fees when trading on their platform.

Furthermore, their withdrawal fees for USDT are pretty low, at USDT 4.

This means that you can send your USDT to another platform like Binance or Huobi. These platforms have many trading pairs with USDT, which allow you to buy a lot of altcoins.

Apart from buying stablecoins like DAI or USDT, there are platforms that offer lower fees if you want to trade BTC, ETH or LTC.

AAX

Atom Asset Exchange (AAX) was founded in 2018, and is based in Hong Kong.

They are the first cryptocurrency exchange to be powered by LSEG Technology. Moreover, they have also joined the London Stock Exchange’s partner platform.

Here is a summary of AAX’s features:

Number of Currencies32 (only 2 from SGD)
Funding MethodsBank transfer
Methods of BuyingInstant Buy and Trading
Withdrawal of FundsBank transfer
Deposit Fees$35 (none if deposit ≥ $1.5k)
Withdrawal Fees0.3% minimum $10
Trading FeesUp to 0.1%
Sending FeesDepends on currency
Minimum Per Trade$10 for fiat to crypto
SecurityCold storage
MAS RegulationIntends to comply
VerdictA good option if you intend
to trade large sums of crypto

Number of currencies

AAX allows you to trade quite a large number of currencies on their platform.

AAX BTC Trading Pairs

However, you can’t buy all of them directly from SGD!

You can only buy BTC or USDT from SGD using AAX’s Exchange feature.

AAX Exchange Feature SGD to BTC or USDT

AAX does not charge you any fees for using this service.

However, the market rate that you buy BTC at from AAX may be higher than the actual rate.

Similar to Crypto.com, you may lose some money based on the spread.

Methods of funding account

When you want to transfer your SGD to AAX, you will need to do so via bank transfer.

AAX Deposit SGD

You can deposit a minimum of $50. However, you may incur quite a hefty deposit fee for small amounts!

Methods of buying

When you want to buy BTC or USDT from SGD, you can only do so via the Exchange.

Once you’ve exchanged your SGD for either currency, you can start to make trades on AAX’s spot market.

AAX Trading Platform

Withdrawal of funds

When you wish to withdraw your SGD back to your bank account, you’ll need to do a wire transfer too.

You will need to withdraw a minimum of $150.

Minimum trade amount

When you are converting your SGD to BTC or USDT, you’ll need to convert a minimum of $10.

AAX SGD Minimum Amount

When you are trading on the Spot platform, the minimum trade amount depends on the currency.

Fees and minimums

Here are the fees and minimums when you’re trading on AAX:

Deposit Minimum$50
Deposit Fees$35 if deposit < $1500,
none if deposit ≥ $1500
Trading FeesUp to 0.1%
Withdrawal Minimum$150
Withdrawal Fees0.3% (Minimum $10)
Sending FeesDepends on currency

If you want to save on the deposit fees, you’ll have to deposit at least $1.5k into your AAX account each time!

The trading fees are as competitive as Binance (up to 0.1%). However, AAX has the added advantage of supporting fiat currencies like SGD.

I would think that AAX is more suitable if you intend to trade a large amount of crypto. This is due to the deposit and withdrawal minimums that AAX has.

Security

AAX also stores majority of your cryptocurrency in an offline wallet. It also aims to comply with the Cryptocurrency Security Standard (CCSS), which ensures that it is extra secure.

So far, AAX has not been hacked yet, which should give you an ease of mind.

MAS regulation

AAX has shown that it is interested in working with the MAS. Furthermore, they have been allowed to accept users from Singapore from Feb 2021.

As such, they should be a rather safe exchange to trade with as well.

Verdict

AAX offers quite a lot of currencies, but not as many as Binance or Huobi.

It does have the advantage over both of these exchanges as AAX supports SGD, which Binance and Huobi do not.

However, you’ll need to deposit a huge amount (≥ $1.5k) to avoid the deposit fees.

Due to its many restrictions, AAX would be a suitable platform only if you trade a large amount of crypto.

Binance Singapore

Binance Singapore was launched in 2019, and it is actually a separate exchange from Binance.com.

Here is a summary of Binance Singapore’s features:

Number of Currencies8
Funding MethodsXfers
Methods of BuyingInstant Buy
Withdrawal of FundsXfers
Deposit FeesNone
Withdrawal FeesNone
Trading Fees0.6%
Sending FeesDepends
on currency
Minimum Per Trade$20
SecurityNot disclosed
MAS RegulationIntends to comply
VerdictCheaper way to buy NEO from
SGD, compared to Coinhako

Number of currencies

Binance Singapore allows you to trade in 8 cryptocurrencies.

This includes:

  1. BTC
  2. ETH
  3. BNB
  4. LTC
  5. BCH
  6. XRP
  7. NEO
  8. LINK
Binance Singapore Available Cryptocurrencies

Methods of funding account

Binance Singapore allows you to send SGD using your Xfers account.

Xfers Account

Xfers is directly connected to your Binance Singapore account. As such, you don’t need to transfer your SGD between both platforms.

This saves you the hassle of making one extra transfer!

Methods of buying

Similar to Coinhako, Binance Singapore allows you to buy crypto via Instant Buy.

You can only buy the crypto at the prevailing market rate, which you can see on the ‘Buy’ page.

Binance Singapore Buy Crypto

If you check the current price on sites like CoinMarketCap, it may be slightly different from what you see on either platform.

Withdrawal of funds

Binance Singapore only allows you to withdraw to your Xfers wallet.

Binance Singapore Withdraw To Xfers

This is slightly more troublesome as you’ll have to go to Xfers and withdraw your funds to your bank account.

Fees

Here are the fees and minimum trading amounts that you’ll need to pay with Binance Singapore:

TypeAmount
Minimum Trading
Amount
$20
Trading fees0.60%
Withdrawal feesNone

Overall, Binance Singapore has quite a high trading fee compared to other platforms.

However, it does allow you to buy NEO at a cheaper fee compared to Coinhako (0.80% – 1%).

Security

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.

Binance.com faced a security breach in 2019. However, Binance Singapore declared that the breach did not affect their exchange.

Although the platform is quite new, Binance Singapore has not been hacked so far.

MAS regulation

Binance’s CEO Zhao Changpeng mentioned that Binance Singapore has applied for an operating licence in Singapore under the Payment Services Act.

As such, this platform should be regulated under MAS.

Verdict

Binance Singapore is a fuss-free way of buying crypto from SGD. However, you are able to buy most of the cryptocurrencies listed on their platform for a cheaper fee elsewhere.

The only exception is NEO, where Coinhako charges a higher fee.

Binance (P2P)

This is kind of cheating, since Binance does not offer any fiat support in their trading pairs.

However, you still can buy crypto with SGD using Binance’s P2P platform.

Binance P2P Platform Singapore

This is a summary of Binance P2P’s features:

Number of Currencies6
Funding MethodsBank transfer
Methods of BuyingTrading with
advertiser
Trading FeesNone
Minimum Per TradeDepends on
advertiser
SecurityStrict regulations
for advertisers
MAS RegulationIntends to comply
VerdictCheaper way of buying crypto
to trade on Binance, but
there are a lot of risks

Number of currencies

You can only buy 6 different currencies on Binance’s P2P platform:

  1. USDT
  2. BTC
  3. BUSD
  4. BNB
  5. ETH
  6. DAI

The advantage is that you can buy these currencies with your SGD. After that, you can trade them for many other altcoins on the Binance exchange.

Binance USDT Trading Pair

Methods of paying

How the P2P trade works is that you’ll transfer your SGD to the advertiser outside of the Binance platform.

The crypto that you bought will be transferred to your Binance account.

There are a few ways that you can transfer your SGD to the advertiser:

  1. PayNow
  2. PayLah
  3. Bank Transfer
Binance P2P Singapore Transfer Methods

However, you can’t determine the transfer method! It will depend on the advertiser, and which method that he accepts.

Minimum trade amount

The minimum trade amount depends on each advertiser. They will show the minimum amounts they can afford in each advertisement.

Binance P2P Select BTC

Fees

Binance does not charge any fees for using their platform to make a P2P trade.

However, they will charge you up to 0.1% if you are using their Exchange platform to buy other altcoins.

Security

Binance claims to have very high standards for advertisers that are listed on their platform.

For a person to post advertisements, they would need to meet certain requirements, such as:

  1. 30-day order completion rate ≥ 80%
  2. Number of completed P2P orders ≥ 10

This will help to ensure that only legitimate advertisers will be on the platform.

However, you still should be very careful of scams!

There have been reports of scams on Binance’s P2P platform, which can still occur if you are not careful.

As such, you’ll have to pay extra attention, especially when you’re selecting an advertiser!

MAS regulation

Binance has recently announced that they have a partnership with CapBridge Financial.

CapBridge Financial is a regulated private markets platform in Singapore.

This partnership should help Binance to comply with the local regulations set out by the MAS.

Verdict

Binance P2P is the riskiest way of buying crypto from SGD, compared to other platforms.

You may fall prey to a scammer during the transactions!

I would also suggest not to trade very large volumes (>$1k) on the platform.

In the event that you do fall prey to a scam, the loss would not be so painful!

Even if you want to buy a large amount of crypto with your SGD, it may be better to split up the transactions.

In this way, you would not lose your entire investment amount at one shot!

Conclusion

There are many ways that you can buy cryptocurrencies directly from SGD. With crypto becoming more mainstream, there may be more platforms that support SGD in the future!

With so many different platforms available, which should you choose? Here are some considerations for you:

  1. The currency that you wish to buy
  2. The availability of a SGD trading pair with your currency
  3. The type of platform (Instant Buy vs Trading)
  4. The deposit, trading and withdrawal fees you’ll incur

Gemini Referral (Earn $10 USD in BTC)

If you are interested in signing up for a Gemini account, you can use my referral link.

You will be able to receive $10 USD in BTC!

Gemini Referral

Here’s what you need to do:

  1. Register for a Gemini account
  2. Trade ≥ USD $100 or equivalent on Gemini’s platform
  3. Receive USD $10 worth of BTC in your account

Luno Referral (Earn SGD $5 in Bitcoin)

If you are interested in signing up for a Luno account, you can use the referral code ‘T5N74J‘ or my referral link to sign up for an account.

You’ll be able to earn SGD $5 worth in Bitcoin!

Luno Referral

Here’s what you need to do:

  1. Sign up for a Luno Account
  2. Deposit and buy ≥ SGD $100 of BTC via Instant Buy
  3. Receive SGD $5 in Bitcoin

You will need to purchase BTC using the Instant Buy function. The fees that you incur will be 1%.

Luno Buy BTC Fees Instant

It would be best to buy only $100 SGD worth of BTC, which only incurs you a $1 fee. The $5 SGD bonus will be able to offset the fee!

Crypto.com Referral (Get $25 USD worth of CRO)

If you are interested in signing up for Crypto.com, you can use my referral link and enter the code ‘x2kfzusxq6‘. We will both receive $25 USD worth of CRO in our Crypto Wallet.

Crypto.com Referral

Here’s what you’ll need to do:

  1. Sign up for a Crypto.com account
  2. Enter my referral code: ‘x2kfzusxq6
  3. Stake enough CRO to unlock a Ruby Steel card or higher

The amount of CRO that you need to stake depends on the card you wish to get, and the currency you are staking in.

You can read more about the referral program on Crypto.com’s website.

Liquid Referral (10% of your trading fees for the first month)

If you are interested in signing up for a Liquid account, you can use my referral link and use the referral code ‘Op-p4Wt6863107‘.

You are able to receive a 10% discount on your trading fees for your first month with Liquid!

Liquid Referral

Here’s what you need to do:

  1. Sign up for a Liquid account
  2. Make any trades on Liquid’s platform
  3. Receive a 10% discount for each trade you make in the first month

Tokenize Referral (Get 10 TKX worth ~ $50 SGD)

If you are interested in signing up for a Tokenize account, you can use my referral link.

You will be able to receive 10 TKX in your account (worth ~$50 SGD)!

Tokenize Referral

Here’s what you need to do:

  1. Sign up for a Tokenize account
  2. Trade at least $1000 USD worth of crypto
  3. Receive 10 TKX in your Tokenize wallet

You can view details of this referral program on Tokenize’s website.

Coinut Referral (Receive 37 DAI worth $49 SGD)

If you are interested in signing up for a Coinut account, you can use my referral link.

You will be able to receive 37 DAI upon signing up!

Coinut Referral

Here’s what you’ll need to do:

  1. Sign up for a Coinut account and complete your KYC assessment
  2. Trade ≥ $100 USD worth of crypto using a Market Order (using SGD) within 180 days of registering your account

Once you’ve completed the 2 steps, you’ll receive 37 DAI in your account.

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!


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