4 Ways You Can Buy Monero In Singapore

Last updated on January 19th, 2022

Monero is an interesting cryptocurrency that focuses on privacy.

You may be interested in owning some of this currency from Singapore.

However, there are quite a limited number of methods that you can buy Monero!

Here’s what you need to know.

How to buy Monero in Singapore

Here are 4 ways you can buy Monero in Singapore:

1. Coinhako
2. Kraken
3. Binance
4. Huobi

This is a summary of these 4 methods:

Platform	Direct From SGD?	Type of Transaction	Fees
Coinhako	Yes	Instant Buy	0.8% – 1%
Kraken	No	Trading	Up to 0.26%
Binance	No	Trading	Up to 0.1%
Huobi	No	Trading	Up to 0.2%

And here is each method explained in-depth:

Coinhako

Coinhako is the most straightforward way of buying Monero in Singapore.

This is because you can directly buy XMR from SGD!

Here’s how you can buy Monero on Coinhako:

1. Deposit your SGD into your SGD wallet
2. Go to ‘Trade’
3. Look for XMR and click on Buy
4. Select the amount of SGD you wish to use to purchase XMR
5. Verify the transfer

#1 Deposit your SGD into your SGD wallet

To start buying crypto on Coinhako, you will need to fund your SGD wallet first. There are 2 ways you can do so:

1. Xfers
2. Direct FAST transfer

In the past, you could only use Xfers to deposit your funds into Coinhako.

Xfers acts as a middleman between the crypto exchange and your bank account.

However, you are now able to transfer your funds directly to your SGD wallet via FAST!

Don’t forget to include your unique deposit code in the comments section of the transfer. This will help Coinhako to match the deposit to your account!

You do not incur fees when depositing via FAST. Meanwhile you will incur a 0.55% fee for each deposit via Xfers!

FAST is the more cost effective way to deposit your SGD into Coinhako. However, Coinhako may take a longer time to process your FAST transfer, compared to Xfers direct.

#2 Go to ‘Trade’

On Coinhako’s platform, you’ll need to go to the ‘Trade‘ section.

This is where you are able to buy and sell crypto on Coinhako.

When you are making any trade, you can’t determine the price that you wish to buy or sell at. Coinhako will try to match it to the prevailing market rate when you make the trade.

#3 Look for XMR and click on Buy

You’ll need to scroll down to find XMR, and then click on ‘Buy‘.

#4 Select the amount of SGD you wish to use to purchase XMR

You will need to select the amount of SGD that you wish to use for your trade. The amount of XMR that you receive will be based on the prevailing market rates.

On Coinhako, Monero is a trade-only token. This means that you are unable to send or receive any XMR from an external wallet.

Coinhako has a minimum of $45 SGD for each trade that you make.

For every trade that you make on Coinhako, you are charged a 1% fee.

However if you use the promo code ‘COINGECKO‘, you will reduce your fees to 0.8%.

#5 Verify the transfer

Once you’re done, you will need to verify your trade.

The XMR tokens will be credited into your account when the trade is completed!

Verdict

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

Type of Fee	Amount
Deposit Fees	None (FAST), 0.55% (Xfers)
Minimum Trade Amount	$0.5
Trading Fees	1% for any trade (0.8% if you use the promo code COINGECKO)
Withdrawal Fee (SGD)	$2 per withdrawal

It is definitely more cost effective to deposit into your SGD wallet via FAST compared to Xfers. You will incur unnecessary fees if you do so with Xfers!

Another thing you’ll need to take note is the withdrawal fee of $2. If you are withdrawing out small amounts, it would not be worth this fee!

Overall, Coinhako has pretty high fees. However the convenience of buying XMR instantly with SGD may help to make up for it!

The remaining exchanges do not support SGD

For the next few methods, they do not allow you to deposit SGD into their exchanges.

This means that you’ll have to buy a cryptocurrency from one exchange, and then send it to these exchanges.

The currency that you should buy is Bitcoin or Ethereum, which would have the most number of trading pairs.

However, you’ll need to consider the withdrawal fees that you’ll incur when sending your crypto on the blockchain.

Depending on the fees, it can be really hefty!

You can consider using Gemini’s Active Trader, which charges a rather low 0.35% trading fee. You are able to purchase either BTC or ETH from Gemini.

After that, you can send your BTC or ETH to any of the exchanges below. You will not be charged any withdrawal fees for up to 10 withdrawals per month.

Kraken

Kraken offers quite a few trading pairs on their platform. However, they do not allow you to buy any crypto directly from SGD.

As such, you’ll need to deposit a cryptocurrency onto their platform.

Alternatively, you can deposit other fiat currencies to make the trade too.

How to buy XMR on Kraken

Here’s what you need to do to buy Monero on Kraken:

1. Deposit a currency into Kraken (fiat or crypto)
2. Go to ‘Trade’
3. Select a trading pair with XMR
4. Enter the amount that you wish to pay
5. Execute the order

#1 Deposit a currency into Kraken (fiat or crypto)

To start trading on Kraken, you’ll need to deposit either a fiat currency or cryptocurrency onto the platform.

You’ll need to go to the funding tab on Kraken.

From there, you can deposit a wide variety of fiat or cryptocurrencies:

Fiat	Crypto
AUD	BTC
CAD	ETH
EUR	LTC
GBP	XRP
CHF	USDT
USD
JPY

If you have any of the fiat currencies, you are able to do a wire transfer.

You may incur some fees when you are transferring your funds to Kraken!

#2 Go to ‘Trade’

Once your funds have been sent to Kraken, you can start trading.

You’ll need to go to the ‘Trade‘ tab to start buying XMR.

#3 Select a trading pair with XMR

If you are using Kraken for the first time, you will be in the ‘Simple‘ interface.

If you wish to use this interface, you’ll need to select your trading pair above.

You can choose to go to the Intermediate interface too, where you can select your preferred trading pair.

From there, you can select a trading pair with XMR.

The trading pairs with XMR are really limited. You can only send trade it using BTC, USD or EUR.

#4 Enter the amount that you wish to pay

After selecting your preferred trading pair, you’ll need to enter the details of your trade.

#5 Execute the order

Once your trade is executed, the XMR tokens will be credited into your account.

Verdict

Here are the fees that you’ll incur when using Kraken:

Fees	Amount
Trading fees	Up to 0.26%
Withdrawal fee (crypto)	Depends on currency
Withdrawal fee (fiat)	Depends on currency

The fees are pretty reasonable, and there is no minimum fee as well!

However, the fees that you incur on Kraken are slightly higher compared to Binance or Huobi.

Nevertheless, Kraken is still an exchange platform that you can consider buying XMR from.

Binance

Binance is one of the largest crypto exchanges in the world. You are able to trade many cryptocurrencies on their platform.

You can’t buy XMR using a credit card, nor directly from your SGD. As such, you’ll need to use the altcoin method to buy this currency.

First, you’ll need to buy crypto from another exchange, and then deposit it into Binance.

The best currencies to deposit are BTC or USDT. This is because they have the most trading pairs available.

When you deposit your crypto, you’ll need to make sure that the address you’re sending to is correct.

If not, your crypto will be lost forever!

After depositing your crypto, you’ll have to buy XMR on Binance’s trading platform.

Here are the trading pairs that you can trade for XMR on Binance:

1. XMR/BTC
2. XMR/USDT
3. XMR/BUSD
4. XMR/BNB
5. XMR/ETH

After selecting your trading pair, you can start to determine the details of your order.

You’ll need to decide on:

1. The amount of BTC you want to trade
2. The price of XMR you want to buy at

Once you make the trade, the XMR will be credited into your account.

Verdict

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

Type of Fees	Fee Amount
Deposit Fees	None
Trading Fees	Up to 0.1%

The trading fees on Binance are as low as Luno Exchange!

However, it is also quite a hassle to buy XMR on Binance if you’re from Singapore. If you send BTC to Binance, you will incur a withdrawal fee from the crypto exchange you’re sending from.

All of these fees will add up, and you may buy a much lower amount of XMR than you initially expected!

Huobi

Huobi is another crypto exchange that allows you to trade a variety of cryptocurrencies.

Since they do not allow you to deposit SGD onto their platform, you’ll need to deposit another cryptocurrency into the exchange first.

Here’s what you’ll need to do to buy Monero on Huobi:

1. Deposit a cryptocurrency into Huobi
2. Select a trading pair with XMR
3. Select the type of order you wish to make
4. Select the quantity of XMR you wish to buy

#1 Deposit a cryptocurrency into Huobi

First, you’ll need to go to ‘Balances → Exchange Account‘.

This is where you will deposit your crypto to.

You can choose a wider variety of cryptocurrencies to deposit into Huobi, compared to Binance.

The safest currencies to deposit will be either BTC or ETH.

#2 Select a trading pair with XMR

After depositing your crypto, you can start trading it.

If you just want to trade your crypto, you can go to ‘Spot Trading → Exchange‘.

You’ll be brought to the exchange platform, which can be rather overwhelming.

You’ll need to find a trading pair with XMR, which can be done at the left hand side of the platform.

There are fewer trading pairs on Huobi compared to Binance:

1. XMR/USDT
2. XMR/BTC
3. XMR/ETH

You can choose to use USDT instead of BTC, but there are fewer platforms in Singapore that allow you to trade in USDT.

#3 Select the type of order you wish to make

After you’ve selected your trading pair, you would need to select the order type that you wish to make:

1. Limit
2. Market
3. Stop-Limit
4. Trigger Order

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.

#4 Select the quantity of XMR you wish to buy

After you’ve selected your order, you’ll need to select the amount of XMR you wish to buy.

Once the trade has been executed, your XMR will be credited into your account.

Verdict

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

Type of Fee	Fee Amount
Trading Fees	Up to 0.20%
Withdrawal Fees	Depends on currency

While the fees are rather cheap, they are not as low as Binance (0.10%). Binance may still be the better choice if you are a frequent trader of crypto.

Conclusion

Compared to other cryptocurrencies, there are not many platforms that allow you to buy Monero (XMR) from Singapore.

The only platform that allows you to directly buy Monero from SGD is Coinhako.

For the other 3 platforms, you’ll need to send over another cryptocurrency over to them first, before you can trade it for XMR!

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