7 Ways You Can Buy Solana In Singapore

Last updated on November 18th, 2021

Solana is a blockchain that aims to create a more scalable solution to power decentralised apps (dapps).

If you are confident that this project can go far, you may want to own some of their SOL tokens.

But how do you go about doing that in Singapore?

How to buy Solana in Singapore

Here are 7 ways you can buy Solana in Singapore:

1. Coinhako
2. Tokenize
3. Crypto.com (App)
4. FTX
5. Binance
6. Huobi
7. OKEx

This is a summary of each method,

Platform	Type of Transaction	Fees
Coinhako	Instant Buy	0.8% – 1%
Tokenize	Trading	0.8% (min. $1)
Crypto.com (App)	Instant Buy	None (but spreads may be high)
FTX	Trading	Up to 0.07%
Binance	Trading	Up to 0.1%
Huobi	Trading	Up to 0.2%
OKEx	Trading	Up to 0.1%

and here is each platform explained in-depth:

Coinhako

Coinhako is one of the most straightforward way of buying SOL in Singapore.

This is because you can directly buy SOL from SGD!

How to buy Solana on Coinhako

Here are the steps that you’ll need to do to buy Solana on Coinhako:

1. Deposit your SGD into your SGD wallet
2. Go to ‘Trade’
3. Look for SOL and click on Buy
4. Select the amount of SGD you wish to use to purchase SOL
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, it may take a longer time for your funds to be processed 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 SOL and click on Buy

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

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

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

You may want to note that you can only buy or sell SOL at this point in time. You are unable to send or receive SOL to and from an external wallet.

Coinhako has a minimum of $0.50 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%.

Any small reduction in fees would help to increase your returns!

It is also possible to buy SOL using your credit or debit card. However, you will be charged an additional 3% by Coinhako’s payment service provider!

It is really not worth the fees of using your debit card to make the trade, especially when FAST transfers are free!

#5 Verify the transfer

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

SOL 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.

However, it may take a longer time for your funds to appear in your account if you use FAST compared to 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 SOL directly from SGD helps to make up for it.

Tokenize

Tokenize is a centralised exchange that is based in Singapore and Malaysia.

Their exchange allows you to trade 40+ different currencies directly from SGD!

Here’s how you can buy SOL on Tokenize:

1. Deposit your funds
2. Go to ‘Market’
3. Select SGD/SOL as your trading pair
4. Select the type of order and your trade amount
5. Make the trade

#1 Deposit your funds

To start trading on Tokenize, you’ll need to deposit your SGD into your wallet first.

However, it can be a bit hard to navigate around Tokenize’s site. You’ll need to see go to the top right-hand corner which has your name, and select ‘Wallets‘.

After that, you’ll need to scroll down all the way to your Fiat Balance. You’ll see the amount of SGD and USD that you have with Tokenize.

You’ll need to click on ‘Deposit’, and you can deposit your funds via 2 ways:

1. Xfers Direct Transfer
2. Swap from XSGD wallet

You’ll be asked to select the amount you want to deposit from your Xfers account, along with the fee.

You’ll be charged a 0.55% fee if you use Xfers Direct Charge.

Tokenize will deduct the balance from your Xfers account, and it will be credited into your SGD wallet.

#2 Go to ‘Market’

After making your deposit, you can start trading your SGD for crypto.

You’ll need to select ‘Market‘ from the dashboard.

#3 Select SGD/SOL as your trading pair

You can select the SGD/SOL trading pair via the search bar:

#4 Select the type of order and your trade amount

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 SOL that you wish to pay.

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

Meanwhile, market orders will purchase SOL at the current market price.

If you use this method, you will be able to fill your order almost immediately.

However, what I don’t like about market orders is that you won’t be able to see the trading fee that you’ll need to pay beforehand.

Once you’ve decided the type of trade you wish to make, you can choose the quantity of SOL that you wish to buy.

#5 Make the trade

After you’ve confirmed your trade, SOL will be credited into your wallet.

Verdict

Here are the fees that you’ll need to pay when trading on Tokenize:

Fee Type	Amount
Deposit Fees	0.55%
Trading Fees	0.80% (min. $1 SGD)
Withdrawal Fee	0.55%

The 0.80% fee is slightly cheaper than Coinhako. However, you’ll need to take note of the minimum $1 fee.

Moreover, you’ll need to pay a fee for each deposit and withdrawal you make!

You’ll need to decide if paying these extra fees is worth it to gain access to a greater variety of currencies!

Crypto.com (App)

Crypto.com is a crypto platform that offers Xfers support. This does make trading crypto more accessible from Singapore.

However, you can’t buy SOL directly from SGD.

Instead, you’ll need to make at least 2 trades to purchase Solana.

How to buy SOL on Crypto.com

Here are the steps you’ll need to do to buy SOL on Crypto.com:

1. Go to Crypto Wallet
2. Scroll down and find SOL
3. Click on ‘Buy SOL’
4. Select your payment method
5. Confirm the trade

#1 Go to Crypto Wallet

You’ll need to access your crypto wallet on the Crypto.com app.

This can be done by tapping on the central icon and going to ‘Crypto Wallet‘.

#2 Scroll down and find SOL

If you don’t have any SOL in your Crypto.com wallet, you’ll need to scroll down to find the currency.

You can use the search function to find SOL, as there are quite a lot of currencies available on the app!

#3 Click on ‘Buy SOL’

You will be on the SOL price page. You’ll need to tap on ‘Buy SOL‘ to make the trade.

#4 Select your payment method

Similar to Coinhako, you cannot decide on the rate that you wish to buy SOL at. Instead, it will be done at the prevailing market rate.

There are 3 payment methods that you can use to buy SOL on Crypto.com:

1. Debit or credit card

You can use either a credit or debit card to purchase SOL directly.

This would probably the most efficient way of buying SOL. However, you will be charged a 3.5% fee if you’re from Singapore!

Due to this high fee, it may not be worth buying SOL using your credit or debit card.

2. Crypto wallet

If you have other cryptocurrencies in your crypto wallet, you can use this to trade for SOL.

You can only buy SOL using either CRO, BTC or USDT.

3. Fiat wallet

The final way that you can buy SOL on Crypto.com is via a fiat wallet.

Fiat money is government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it.

Investopedia

You can only buy SOL from either a EUR or AUD fiat account.

This is because there are only 7 cryptocurrencies that you can purchase from Xfers:

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

If you want to buy SOL with SGD, here are the steps that you’ll need to do:

1. Purchase CRO or BTC with SGD from your fiat wallet
2. Purchase SOL from either CRO or BTC using your crypto wallet (method 2)

#5 Confirm the trade

When you confirm the details, Crypto.com will lock in the exchange rate for 15 seconds.

Once you confirm the trade, SOL will be credited to your account.

Verdict

Here are the fees that you’ll incur with Crypto.com:

Type of Fee	Amount
Deposit Fees (SGD)	None
Trading Fees	None
Withdrawal Fee (SGD)	0.4% per withdrawal (Xfers)

The fees when trading with Crypto.com seem to be lower! However the spreads can be quite high.

A spread in trading is the difference between the buy (offer) and sell (bid) prices quoted for an asset.

IG Trading

When you make multiple trades on the Crypto.com app, you may lose some money due to the spread!

These costs can be hard to keep track, but it is something you’ll need to consider.

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 currencies that you can buy include:

• USDT
• Bitcoin
• Ethereum

This is because these 3 currencies have the most number of trading pairs with other cryptocurrencies! You should be able to buy rare altcoins with either BTC, ETH or USDT as a trading pair.

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!

Here are 2 ways that you can transfer cryptocurrency to these exchanges:

#1 Use Gemini Active Trader to send BTC or ETH for free (up to 10 withdrawals per month)

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.

#2 Transfer USDT over the TRC20 network to an exchange that supports such deposits

USDT is a rather ‘universal’ stablecoin as most exchanges have USDT trading pairs with the cryptocurrency that you want to buy.

If you are using the ERC20 network to transfer USDT, the withdrawal fees are rather high. It can go up to 40 USDT for a single withdrawal!

However, if you use the TRC20 network to send USDT, such transfers are much cheaper due to the lower congestion. Platforms like XanPool or Liquid even allow you to withdraw USDT for free via the TRC20 network!

The main thing you’ll need to make sure of is that the exchange you’re sending to accepts the TRC20 version of USDT.

You can view my guide on how to buy USDT to find out more.

FTX

FTX is a cryptocurrency trading platform that is based in California.

They offer one of the cheapest fees when it comes to trading crypto!

Here’s what you need to buy SOL on FTX:

1. Deposit BTC, USDT or USD into FTX
2. Select a trading pair with SOL
3. Enter the details of your order

#1 Deposit BTC, USDT or USD into FTX

While FTX supports SGD, there are no SGD trading pairs with cryptocurrency on the platform.

SOL has trading pairs with these 3 currencies on FTX:

1. BTC
2. USDT
3. USD

You may want to deposit BTC or USDT into FTX, since SOL has trading pairs with these currencies.

You’ll need to go to ‘Wallet‘,

and then deposit BTC or USDT into FTX.

If possible, you can deposit USDT via the TRC20 network which will help to save on your withdrawal fees!

You can read my guide on depositing fiat currencies from Singapore to FTX to find out more about how you can deposit USD to FTX.

#2 Select a trading pair with SOL

Once you’ve deposited BTC, USDT or USD, you can start to trade them for SOL.

You’ll need to go to the hamburger icon on the left-hand side of FTX’s platform,

and then search for ‘SOL‘ under Spot.

Futures are a rather complicated product, and you should only be trading in futures if you understand it well!

#3 Enter the details of your order

You can make 7 different orders on FTX:

1. Limit
2. Market
3. Stop market
4. Stop limit
5. Trailing stop
6. Take profit
7. Take profit limit

After selecting your order type, you’ll need to:

1. Select the amount of BTC you want to buy 1 SOL at
2. Select the amount of SOL you want to buy

Once your order has been processed, SOL will be credited into your account.

Verdict

FTX charges up to 0.07% (for taker fees) on their platform. This is one of the cheapest fees that you’ll be able to receive for Spot trading!

Due to its rather low fees, FTX can be a platform that you can consider if you want to reduce your costs.

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 SOL 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.

You can deposit either USDT or BTC into Binance, since SOL has a trading pairs with these currencies.

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

If not, your crypto may be lost forever!

You can consider using the Binance P2P platform too

Instead of sending crypto from another platform, you can consider using Binance’s P2P platform as well.

This platform allows you to buy crypto from SGD, such as:

1. BTC
2. USDT

Using this method will help you to save on sending fees. However, there may be scammers that are on the platform.

As such, you’ll need to be very careful with who you’re trading with!

Make the trade from your crypto to SOL

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

After selecting your trading pair (SOL/USDT or SOL/BTC), 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 SOL you want to buy at

Once you make the trade, SOL 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 SOL on Binance if you’re from Singapore. If you send USDT or 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 SOL than you initially expected.

Furthermore, you may need to think of the strategy you wish to use to sell your SOL and receive SGD too.

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 SOL on Huobi:

1. Deposit USDT, BTC or ETH into Huobi
2. Select a trading pair with SOL
3. Select the type of order you wish to make
4. Select the quantity of SOL 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.

You can deposit either BTC, ETH or USDT, as they all have trading pairs with SOL.

#2 Select a SOL trading pair

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.

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

#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 SOL you wish to buy

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

Once the trade has been executed, SOL 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	From 0.20%
Withdrawal Fees	Depends on currency

The trading fees are rather low. However, it is still higher than other platforms like Binance.

OKEx

OKEx is another crypto exchange that you can consider buying SOL from.

Here’s how you can buy SOL on OKEx:

1. Deposit USDT, BTC or ETH into OKEx
2. Select a trading pair with SOL
3. Enter the details of your trade
4. Execute the trade

#1 Deposit BTC, ETH or USDT into OKEx

You’ll need to go to ‘Assets → Deposit‘,

and then select either of the 3 currencies to deposit.

#2 Select a trading pair with SOL

Once you have deposited the currency in your OKEx account, you can start trading SOL.

You’ll need to go to ‘Trade → Basic Trading‘,

which brings you to OKEx’s trading platform.

You will need to select the a trading pair with SOL from the search bar:

#3 Enter the details of your trade

You are able to make 5 different types of orders you can make on OKEx:

1. Limit
2. Market
3. Stop
4. Trigger
5. Advanced Limit

You’ll also need to enter:

1. The price that you want to pay for 1 SOL
2. The amount of SOL you want to buy

#4 Execute the trade

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

Verdict

OKEx charges up to 0.1% for their trading fees.

This is slightly cheaper compared to Huobi!

As such, either OKEx or Binance will be a better choice compared to Huobi.

Conclusion

If you want to buy SOL tokens, the most direct way would be to buy through either Coinhako or Tokenize.

These platforms allow you to buy SOL directly from SGD. However, you will incur a relatively higher trading fee!

For the remaining 5 platforms, you will need to make at least 2 trades to buy SOL. This usually involves sending BTC / ETH / USDT to that platform, and then trading it for SOL.

👉🏻 Referral Deals

If you are interested in signing up for any of the products mentioned above, you can check them out below!

Tokenize Referral (Get 5 TKX worth ~ $25 SGD)

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:

1. Sign up for a Tokenize account
2. Trade at least $1000 USD worth of crypto
3. Receive 5 TKX in your Tokenize wallet

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

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!

You can view more information about this promotion on Tokenize’s website as well.

Crypto.com Referral (Get up to $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.

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.

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!

OKEx Referral (Receive USD $10 of BTC)

If you are interested in signing up for an OKEx account, you can use my referral link. If you make a crypto purchase of ≥ $100 USD via Buy / Sell, we will both receive USD $10 worth of BTC.

Here’s what you need to do:

1. Sign up for an OKEx account
2. Go to Buy/Sell to buy crypto from a variety of methods (e.g. Credit Card or PayNow)
3. Buy ≥ $100 USD worth of crypto
4. Receive $10 USD worth of BTC in your OKEx account

If you use OKEx’s Buy/Sell feature, you will be buying your crypto from a 3rd-party payment provider.

The fees may vary, but the $10 USD credit should be able to help to pay for your trading fees!

Are you passionate about personal finance and want to earn some flexible income?