4 Ways You Can Buy Altcoins In Singapore

How To Buy Altcoins In Singapore
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You may already have some Bitcoin in your crypto portfolio. As such, you may be wondering if you should be investing in some altcoins as well.

Altcoins refer to all cryptocurrencies other than Bitcoin.

Investopedia

This can range from the more well-known currencies like ETH and LTC, to currencies that are newer like ZIL or DOGE.

However, some of the altcoins that you may want to own may cannot bought using SGD directly.

So how do you go about buying these currencies?

How to buy altcoins in Singapore

Here are 4 main ways that you can buy altcoins in Singapore:

  1. Find a crypto exchange that has a SGD trading pair
  2. Buy BTC or ETH and send it to another exchange
  3. Buy stablecoins and send it to another exchange
  4. Use crypto swap platforms

Find a crypto exchange that has a SGD trading pair

The most direct way of buying altcoins would be through a platform that allows you to buy them directly from your SGD.

Most of these platforms either allow you to use Xfers to transfer your SGD to them. Some even allow you to transfer your funds by FAST transfer.

There are 9 crypto exchanges that allow you to trade in SGD:

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

Here are the number of altcoins that you can directly purchase with SGD from these platforms:

PlatformNumber of Altcoins
Coinhako30 (Instant Buy)
Gemini24 (Instant Buy)
1 (Exchange)
Tokenize25 (Exchange)
Crypto.com6 (Instant Buy)
Luno4 (Instant Buy)
Liquid7 (Exchange)
Coinut3 (Exchange)
Binance Singapore7 (Instant Buy)
AAX2 (Exchange)

For AAX, you can only exchange your SGD for BTC or USDT.

If you are looking for a wider variety of altcoins to choose from, the 3 platforms you can consider are Coinhako, Gemini and Tokenize.

All of these 9 platforms allow you to either:

  1. Buy at the prevailing market rate (Instant Buy)
  2. Place your buy / sell order on the market (Exchange)

If you use the Instant Buy feature, you are able to get your altcoin almost instantly. However, you are unable to set the price that you wish to buy your crypto at.

Moreover, you will incur a higher fee when you buy your altcoins through Instant Buy, compared to trading on an exchange.

For example, Gemini’s Instant Buy charges you 1.49% for each order.

Gemini Exchange Fee SGD

Meanwhile, their Active Trader platform only charges you up to 0.35% per trade!

Gemini Active Trader View Fees

As such, you may want to consider the trading fees when trading crypto on these platforms:

PlatformFees
Coinhako1%
GeminiFrom 1.49% (Instant Buy)
0.35% (Active Trader)
Tokenize0.80% – 1.0%
Crypto.com0.4% (for withdrawing
to Xfers)
Luno1%
LiquidUp to 0.30%
CoinutUp to 0.50%

Crypto.com and AAX do not charge you any trading fees. However, they may earn from the spread that they charge you.

If you intend to make frequent trades, you can lose a significant amount of funds through the spread!

Even though Crypto.com has a huge variety of currencies on their platform,

Crypto.com App Number of Currencies

the high spread can make it very costly to trade on this app.

As such, you might want to consider trading in exchanges that allow you to place limit orders instead.

Verdict

Most platforms allow you to purchase the more well-known currencies, such as ETH, LTC or XRP.

However, the newer currencies like Zilliqa and Dogecoin may not be available on all exchanges.

Coinhako and Tokenize provide the greatest variety of currencies. However, their fees are generally higher.

As such, you’ll need to consider if it’s worth paying the high fees to own the ‘rarer’ tokens.

Buy BTC or ETH and send it to another exchange

There may be other currencies that you wish to buy. However, they are not found on these platforms that allow you to trade with SGD.

Some of these currencies include LUNA or GLM.

In this case, you can’t directly purchase your altcoin from SGD. Instead, you’ll need to do 3 steps:

  1. Buy BTC or ETH on an exchange that supports SGD
  2. Send your BTC or ETH to an exchange that has more trading pairs
  3. Make the trade on the platform

#1 Buy BTC or ETH on an exchange that supports SGD

You can use any of the exchanges above to buy BTC or ETH first.

This is because BTC and ETH are the most heavily traded currencies. As such, there should be a BTC or ETH trading pair for the currency that you’re looking for.

Since you need to send your cryptocurrency to another exchange, I would recommend using Gemini’s Active Trader to buy your BTC or ETH.

Gemini SGD Trading Pairs

Gemini’s Active Trader has 2 main advantages:

Compared to other exchanges, I believe this is the most cost effective way.

#2 Send your BTC or ETH to an exchange that has more trading pairs

There are some platforms that offer a lot of trading pairs. These are:

  1. Binance
  2. Huobi
  3. Crypto.com (Exchange)
  4. Liquid
  5. Kraken
  6. KuCoin

Here are the number of trading pairs that you can find on any of these platforms (from CoinMarketCap):

PlatformBTC Trading Pairs
Huobi300+
Binance280+
KuCoin229
Liquid88
Kraken63
Crypto.com
(Exchange)
22
AAX32

Binance is the international version of the platform, and is different from Binance Singapore.

If you are looking for the rarer altcoins, your best bet would be the top 3 platforms: Binance, Huobi or KuCoin.

You can search for your preferred platform on CoinMarketCap to see if there is a suitable BTC trading pair!

After you have bought your BTC on the platform of your choice, you’ll need to send it to the platform of your choice.

The way you deposit BTC into either platform is the same. When you go to ‘Deposit‘ section of the platform, you will be given a wallet address that you need to send your crypto to.

Binance Deposit BTC

Crypto.com’s Exchange is the only platform that may not require you to send BTC over. This is because you can transfer your BTC from the Crypto.com app free of charge!

You can view my guides on buying ADA or DOGE to see how this works.

There are 2 things you’ll need to make sure of:

  1. You are sending the correct currency to the address (e.g. BTC to a BTC address)
  2. The address code is exactly the same, letter for letter

To make sure that you get the wallet address correct, it would be best to either

  1. Copy and paste the address, or
  2. Scan the QR code

If you get any of these steps wrong, your crypto will be lost forever!

You’ll need to enter this wallet address into the platform you’re withdrawing from.

For example, here is how I’m sending over some BTC on Gemini.

Gemini No Withdrawal Fee

After sending your crypto, it may take a while before your crypto appears on either Binance or Huobi.

#3 Make the trade on the platform

After you have received the crypto on either platform, you can start to make the trade.

Here are some of the trading pairs on Binance,

Binance BTC Trading Pairs

as well as Huobi.

Huobi BTC Trading Pairs

Both of their platforms are similar to brokerage platforms like Tiger Brokers. As such, you can place a few orders like:

  1. Market
  2. Limit

Limit orders allow you to determine the price you wish to buy or sell your crypto. Meanwhile, market orders will buy your crypto at the prevailing market rate.

Once your order is matched with someone else, your altcoin will be credited to your wallet.

Fees involved

Here are some of the fees that you’ll incur when using either platform:

PlatformTrading FeeBTC Withdrawal
Fee
HuobiUp to 0.20%0.0004
BinanceUp to 0.10%0.0005
KuCoinUp to 0.10%0.001
LiquidUp to 0.30%0.0005
KrakenUp to 0.26%0.00015
Crypto.com
(Exchange)
Up to 0.16%0.0004
AAXUp to 0.1%0.0004

I’ve included the BTC withdrawal fee as you may want to cash out your earnings by withdrawing your BTC to a Singapore exchange.

Binance offers lower trading fees, but a slightly higher BTC withdrawal fee than Huobi.

In the end, both platforms seem quite comparable.

This process is rather inefficient

Here is a summary of the steps that you’ll need to do, if you want to buy a ‘rarer’ currency like LUNA:

  1. Buy BTC on a platform that has a SGD/BTC trading pair (e.g. Gemini)
  2. Send BTC to either the platform that has a BTC trading pair with LUNA
  3. Trade your BTC for LUNA on the platform

If you wish to sell your currency, then you’ll need to do the same steps again in reverse:

  1. Trade your LUNA for BTC
  2. Send BTC to a platform that has the SGD/BTC trading pair
  3. Sell your BTC for SGD and withdraw to your bank account

The process is rather long and inefficient. Furthermore, there may be price fluctuations as you send your funds across the platforms!

Along with the fees that you incur along the way, it can be quite costly.

As such, you’ll need to decide if it’s worth all this hassle to buy a certain currency that you’re looking at!

You can consider buying BTC using Binance’s P2P platform

Another method that you could try is to use Binance’s P2P platform.

Binance P2P Platform Singapore

You are able to buy BTC or ETH directly from SGD. However, you will be trading with an advertiser on the platform.

This means that Binance does not have full control over the transaction, especially when you’re sending fiat over to the advertiser.

While this saves you on a lot of fees, the risks are quite high.

Furthermore, you do not get to choose the rate that you want to buy BTC at!

This is a possible method, but I would be quite wary of it, especially with the risk that scammers might be on the platform.

Buy stablecoins and send it to another exchange

This method is similar to using BTC / ETH to buy other altcoins:

  1. Buy a stablecoin using your SGD
  2. Send the stablecoin to Binance or Huobi
  3. Make the trade on these platforms

Instead of sending over cryptocurrencies like BTC or ETH, you will be sending a stablecoin.

Stablecoins are cryptocurrencies that attempt to peg their market value to some external reference

Investopedia

The most common stablecoins are ones that are pegged to the US dollar, such as:

  1. USDT
  2. DAI
  3. USDC
  4. GUSD

There are many different stablecoins that are equivalent to 1 USD. However, USDT has the highest number of trading pairs amongst the different coins.

Why should I send my funds via stablecoins instead of BTC or ETH?

These stablecoins are pegged to the US dollar. This means that the value of your funds will be quite stable, unless something drastic happens to the US dollar!

In contrast, cryptocurrencies like BTC or ETH are very volatile. The value of your funds may change a lot while your are transferring your funds between the exchanges.

Buying stablecoins in Singapore

Not many exchanges allow you to buy stablecoins from your SGD:

PlatformStablecoins
Offered
CoinhakoUSDC
USDT
CoinutUSDT
DAI
GeminiDAI
TokenizeDAI
USDC
USDT
AAXUSDT

You’ll need to consider the trading and withdrawal fees too:

PlatformTrading FeeWithdrawal Fee
Coinhako1%Dynamic
Coinut0.50%1 DAI / 4 USDT
GeminiFrom 1.49%0.1 DAI (None if ≤ 10
withdrawals in a month)
Tokenize0.80%20 USDT / USDC
AAXNone8 USDT

You aren’t able to send DAI from Tokenize.

Alternatively, you could use Binance’s P2P platform to buy USDT or DAI as well.

Sending stablecoin to Binance or Huobi

After you’ve bought your stablecoins, you’ll need to send your funds to Binance or Huobi.

This is done in the same way as sending your BTC / ETH.

Binance Deposit DAI

USDT has much more trading pairs compared to DAI.

Binance DAI Trading Pairs

You may need to make a trade from DAI to USDT on either exchange first.

Binance DAI USDT Trade Pair

The conversion is supposed to be 1 DAI : 1 USDT. However, you may not be able to get that exchange rate (as seen above).

Once you’ve traded your DAI for USDT, you can start buying your altcoins!

Binance USDT Trading Pairs

Verdict

This method is definitely more ‘stable’ as stablecoins do not fluctuate as much as cryptocurrencies.

However, there are purchasing stablecoins directly from SGD is not that efficient.

You may be able to preserve your capital’s value. However, you may incur a lot of unnecessary fees throughout the whole process!

Use crypto swap platforms

Another option that you can consider are crypto swap platforms.

These platforms will do the swap your coins to another altcoin of your choice, and then send it back to your wallet.

There are 3 main platforms that offer you such a service:

  1. ChangeNow
  2. SimpleSwap
  3. Changelly

All 3 of them work in a similar fashion:

  1. Send your currency to the platform
  2. Select the currency you wish to exchange to
  3. Select the wallet address you wish to deposit to
ChangeNow Exchange Platform

Again, you’ll need to send a cryptocurrency over to these platforms, and not SGD.

For both Changelly and SimpleSwap, you will be able to choose between 2 types of rates:

Type of RateDefinition
Floating rateExchange rate changes
according to market conditions
Fixed rateExchange rate remains
locked for 30 seconds

For ChangeNow, you can only exchange it at the floating rate.

You may want to compare between these platforms to see which one has the better rates.

You’ll need to consider the fees that you’ll incur too

When you are sending and receiving the altcoins during this process, you may incur quite a few fees.

ChangeNow lists down the possible fees that you may incur:

  1. Network fee for the deposit transaction from a customer’s wallet
  2. Network fee for transferring coins to our liquidity provider
  3. Trading fees that our liquidity providers charge
  4. Network fee for sending the exchanged funds to the customer

All of these network fees are dynamic, and depends on how high the demand is for the network.

One good thing about Changelly is that it’ll show the fees that you’ll incur for each trade.

Changelly Fees Dashboard

The amount that Changelly shows you is the amount you’re expected to receive after the fee deduction.

Changelly Exchange Dashboard

However, it is still an approximate amount that you’re expected you receive. It is possible that you’ll receive less than this amount!

You need to have a wallet that can accept your new altcoin

The last part of the exchange process is to send your altcoin to another wallet address.

Changelly Withdraw To External Wallet

However, you need to ensure that your wallet is able to support the altcoin that you wish to hold!

For example, you can only send GLM to a wallet that is able to receive GLM. If not, all of your GLM will be lost forever!

As such, you’ll need to find a suitable wallet to store your altcoins.

You can consider the Ledger Wallet, which allows you to store a variety of altcoins.

Verdict

The exchange process may take quite a while before it reaches your destination wallet.

Moreover, the fees are not that transparent as most of them are dynamic. As such, you may pay a lot of network fees during the whole process!

These platforms will be suitable for you, if you are:

  1. Looking to buy altcoins without much hassle
  2. Looking to buy an altcoin that does not have a trading pair with your current cryptocurrency on other platforms

Conclusion

If you are looking to purchase altcoins, the best way would be through a direct trading pair with SGD.

You will be able to immediately buy your preferred altcoin from SGD!

However, not all altcoins have an available trading pair with SGD.

For these altcoins, you will have to trade them using either of these currencies below:

  1. BTC
  2. ETH
  3. USDT

The process is definitely more troublesome, and you will incur a lot of costs along the way.

As such, you will need to consider carefully if it is worth all of this hassle to own that altcoin you desire!

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

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.

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. 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. Sign up for a MCO Ruby Card by staking 5,000 CRO

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

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!

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

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!

Crypto.com Exchange Referral (Earn $10 USD- $50 USD in CRO)

If you are interested in creating a Crypto.com Exchange account, you can use my referral link.

Depending on the amount of CRO you stake on the Crypto.com Exchange, you are able to earn between USD $10 to USD $50!

Crypto.com Exchange Referral

Here are the amounts that you’ll need to stake to receive the bonuses:

Amount of
CRO Staked
Referral Bonus
You Receive
1,000 – 4,999 CRO$10
≥ 5,000 CRO$50

If you’ve already signed up for the Crypto.com app, you can still sign up for this bonus! This is because the Crypto.com App and Exchange are 2 different platforms.

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


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