Last updated on September 23rd, 2021
If you are looking to buy a ‘rare altcoin’, it will definitely be one of the places you should consider.
However, Binance does not support SGD fiat deposits to their platform. So how do you go about transferring cryptocurrencies to Binance from Singapore?
Here’s what you need to know:
Does Binance support SGD?
Binance (International) does not support fiat deposits in SGD into their platform. You are only able to deposit fiat currencies like AUD or HKD, as well as another cryptocurrency.
If you go to the ‘Deposit Fiat‘ page on Binance, you may realise that there is no SGD option available.
This means that you can’t directly transfer SGD from your bank account to Binance.
However, there are some alternative methods that you can try to buy cryptocurrencies on Binance.
How to transfer to Binance from Singapore
Here are 5 methods you can consider when transferring to Binance from Singapore:
- P2P trading
- Buying crypto via credit card
- Transferring a fiat currency that is supported by Binance
- Buying BTC or ETH from Gemini and sending to Binance
- Buying crypto from a platform that supports SGD and sending to Binance
Here is each method explained in-depth:
#1 P2P trading
Binance has a P2P trading platform, which allows you to buy crypto directly from SGD.
You are able to buy these currencies from a seller:
You can sell these cryptocurrencies for SGD:
To start buying crypto, you’ll need to find a seller on the platform.
Here are some things you can see for each seller:
- The price in SGD that the seller will pay
- The minimum and maximum amount of SGD you can buy from the seller
- The method of payment that will be used to transfer SGD to you
There are quite a few ways for you to send SGD from the seller, including:
- Bank transfer
- Google Pay
Binance P2P does not charge any fees for using their P2P platform. This will help you to save on the transaction fees that you may incur!
However, there are 2 main drawbacks with this method:
- You can’t control the conversion rates between the crypto and SGD
- There may still be scammers that are present on the platform
Binance claims to have very high standards for advertisers that are listed on their platform. However, there is a limit to how much they can regulate these advertisers.
Using Binance’s P2P platform is a hassle-free way of buying crypto from SGD. However, it is still risky as there may still be some scammers!
If you intend to use the P2P platform, I would suggest trading small amounts of your SGD for crypto each time. Once you’re sure that you can trust the seller, you can start sending larger amounts of SGD to him/her.
#2 Buying crypto via credit card
You are able to buy some cryptocurrencies using SGD on Binance. You’ll need to go to ‘Buy Crypto → Credit/Debit Card‘.
This will bring you to the buy crypto from credit card page.
However, you can only buy these 7 cryptocurrencies:
Furthermore, you may incur quite a hefty fee for each trade you make, which could add up to 1%.
This method is the fastest and most direct way of buying cryptocurrencies on Binance from SGD. However, it may also be the most expensive.
Furthermore, there is not much variety in the cryptocurrencies that you can buy directly from your credit card.
I believe that using your credit card to buy cryptocurrencies should only be done as a last resort. They are usually the most expensive method to buy the tokens of your choice!
#3 Transferring a fiat currency that is supported by Binance
While Binance does not support SGD fiat deposits, you can deposit other fiat currencies like:
Binance currently does not support USD deposits after Silvergate cut their ties with them.
For example, you can deposit EUR into your Binance account via Bank Transfer (SEPA).
You can consider depositing your currency from a multi-currency account, such as Wise or the DBS Multiplier account.
To find this option, you’ll need to go to ‘Wallet → Fiat and Spot‘,
and then click on ‘Deposit’.
You will need to select:
- The currency you wish to deposit
- The network you would like to use to deposit
After depositing your fiat currency into Binance, you can start using that fiat currency to buy cryptocurrencies!
However, you’ll need to make sure that the cryptocurrency that you want to buy has a trading pair with the fiat currency you’ve deposited!
Binance does not support SGD fiat deposits, so this method is rather limited.
You will incur fees when sending foreign currencies from your multi-currency account into Binance. If you’re converting SGD to a foreign currency, the exchange rate will be less favourable too!
When taking into account all the fees that you incur, it may not be such an ideal method after all!
#4 Buying BTC or ETH from Gemini and sending to Binance
You may not be able to buy a certain cryptocurrency directly from SGD. In this case, you’ll need to buy one cryptocurrency on one of the exchanges with SGD trading pairs.
After that, you’ll need to this cryptocurrency to Binance. You can use this currency to trade for the currency you wish to own.
This really helps to save on the withdrawal fees that you’ll incur if you use other platforms!
This is also advantageous as BTC and ETH have a lot of trading pairs with other currencies on Binance.
You can find out more on how to transfer your crypto from Gemini to Binance with my guide.
I personally feel this is the most cost effective way to buy cryptocurrencies on Binance, as:
- You save on the high withdrawal fees
- You will only be charged up to 0.35% for the trade you make on Active Trader
If you don’t want to buy crypto with a foreign currency or your credit card, then this may be the best way for you to buy crypto on Binance from Singapore.
#5 Buying crypto from a platform that supports SGD and sending to Binance
If you want to use another platform apart from Gemini, there are other ways to send crypto too. However, the process may be slightly more complicated.
Some of the exchanges have different withdrawal fees, depending on the currency you’re sending.
The ones that usually have the cheaper withdrawal fees include currencies like:
For example, here are the withdrawal fees for the cryptocurrencies on Coinhako:
Most of these only cost a few cents in SGD!
These 4 currencies can be found in the following crypto exchanges:
|Gemini||1||From 1.49% (Exchange) |
Up to 0.35% (Active Trader)
|Luno||2||1% (Instant Sell) |
Up to 0.1% (Exchange)
|Coinut||1||Up to 0.5%|
|Tokenize||4||0.8% – 1%|
(Min SGD 1)
|Crypto.com (App)||4||None (but spread |
may be high)
However, after you send this currency to Binance, you may need to make more than 1 trade.
For example, you may want to buy DOT from the XRP you’ve transferred over. However, Binance does not have a DOT/XRP trading pair.
Instead, you’ll need to make 2 trades:
- XRP to USDT
- USDT to DOT
With every trade you make, you’ll be incurring some fees! All of these will reduce the returns that you receive in the end.
This method may be more complicated and costly compared to using Gemini’s platform. I would only recommend this method if you do not wish to create an account with Gemini.
You may have to make more trades, and the trading fee may be higher than the 0.35% offered by Gemini!
When you are choosing the best method to buy crypto on Binance from Singapore, you’ll want to look for the cheapest and least complicated way of doing so.
Since Binance does not support SGD deposits, you can’t directly buy crypto from SGD on Binance.
As such, you can choose to use one of the methods mentioned above instead!
Once you’ve decided on the method that you wish to deposit funds to Binance, you can also consider how you would like to withdraw your funds from Binance too.
👉🏻 Referral Deals
If you are interested in signing up for any of the products mentioned above, you can check them out below!
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Here’s what you need to do:
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If you are interested in signing up for Crypto.com, you can use my referral link and enter the code ‘x2kfzusxq6‘.
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You can read more about the referral program on Crypto.com’s website.
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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.
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Here’s what you need to do:
- Sign up for a Luno Account
- Deposit and buy ≥ SGD $200 of BTC via Instant Buy
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You will need to purchase BTC using the Instant Buy function. The fees that you incur will be 0.75%.
It would be best to buy only $200 SGD worth of BTC, which only incurs you a $1.50 fee. The $30 SGD bonus will be able to offset the fee!
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If you are interested in signing up for a Coinut account, you can use my referral link.
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Here’s what you’ll need to do:
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Once you’ve completed the 2 steps, you’ll receive 73 USDT in your account.
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If you are interested in signing up for a Tokenize account, you can use my referral link.
You will be able to receive 5 TKX in your account (worth ~$25 SGD)!
Here’s what you need to do:
- Sign up for a Tokenize account
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Receive a further SGD $50 worth of TKX when you upgrade to Premium
You are able to receive another SGD $50 worth of TKX if you upgrade to the Premium or Platinum membership of Tokenize.
You will need to pay 160 TKX to upgrade your membership to the Premium tier.
Once you have upgraded your membership tier, you will receive the TKX bonus!
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Are you passionate about personal finance and want to earn some flexible income?