Last updated on June 6th, 2021
When you are looking to buy crypto from Singapore, you may have noticed 2 different platforms: Kraken and Binance Singapore.
Binance Singapore allows you to buy crypto immediately from SGD, but Kraken does not.
So which platform should you be using?
Here’s what you need to know.
The difference between Kraken and Binance Singapore
Kraken allows you to trade many more currencies on their platform compared to Binance Singapore. However, Binance Singapore’s main advantage is that you are able to buy crypto directly from SGD, as Kraken does not support SGD. You’ll need to balance between the convenience of Binance Singapore against the variety of Kraken.
Here’s an in-depth comparison between these 2 platforms:
Kraken was founded in 2011. Its headquarters are in the US, and it is one of the largest cryptocurrency exchanges in the world.
Number of currencies
Kraken allows you to trade over 50 currencies on their platform!
The only limitation is that you are unable to trade crypto directly from SGD
Binance Singapore only offers 8 currencies
Meanwhile, Binance Singapore allows you to trade in 8 cryptocurrencies.
However, its main advantage is that you are able to buy these currencies directly from SGD!
Methods of funding your account
Here are some ways that you can fund your account on either platform:
Kraken allows you to deposit fiat, but not SGD
For Kraken, you are able to deposit your fiat currencies onto their platform.
However, you can’t deposit SGD into Kraken!
You can deposit other fiat currencies, like:
This makes Kraken rather limited as it does not allow you to buy crypto directly from SGD.
You can buy crypto directly from your Xfers wallet with Binance Singapore
Binance Singapore allows you to send SGD using your Xfers account.
Xfers is a payment solution that allows you to transfer your money securely into the crypto exchanges.
It sort of acts like the middleman between your bank accounts and the exchanges.
Since Xfers is directly connected to your Binance Singapore account, you don’t need to transfer your SGD between both platforms.
This saves you the hassle of making one extra transfer!
After you’ve funded your account, you will need to purchase your crypto. There are a few ways you can do so:
#1 Credit card (Kraken)
You are able to use a credit card to purchase crypto on Kraken.
However, you can’t use SGD to buy crypto on Kraken! As such, you may incur a foreign currency conversion fee.
#2 Instant buy (Binance Singapore)
When you purchase crypto on Binance Singapore, you aren’t able to set the price.
You can only buy the crypto at the prevailing market rate, which you can see on the ‘Buy’ page.
If you check the current price on sites like CoinMarketCap, it may be slightly different from what you see on Binance Singapore.
#3 Trade (Kraken)
Kraken allows you to make trades on their platform.
There are 2 types of orders you can make with Kraken:
Limit orders will allow you to determine the price of the crypto that you wish to pay.
Meanwhile, market orders will purchase your crypto at the current market price.
You can make even more types of orders on Kraken’s Advanced platform.
Instead of using the Instant Buy feature, you are able to set the price that you wish to buy your crypto at!
Withdrawal of funds
For Kraken, you are able to withdraw fiat currencies to your bank account.
However, you are unable to withdraw any SGD!
Meanwhile, Binance Singapore only allows you to withdraw to your Xfers wallet.
This is slightly more troublesome as you’ll have to go to Xfers and withdraw your funds to your bank account.
Sending and receiving crypto
For Kraken, you are able to send and receive any of the currencies that are available on their platform.
You are also able to send and receive all currencies on Binance Singapore.
The most important thing when it comes to trading crypto are the fees. You should try to minimise your fees as much as possible!
Here are some of the fees you may incur when using either platform:
#1 Buying and selling crypto
Here are the fees that you’ll be charged for both exchanges:
Kraken charges up to 0.26% to trade on their platform
The greater amount of trading you make within 30 days, the lower the fees you’ll need to pay!
Binance Singapore charges 0.6% for each trade
When you make a buy or sell order on Binance Singapore, you will be charged 0.60%.
The fees you pay with Binance Singapore are more than twice compared to Kraken.
However, you have the convenience of buying crypto directly from SGD!
#3 Sending and receiving fees
You may want to send or receive your crypto from an external wallet.
For Binance Singapore, the withdrawal fees are fixed. This depends on which crypto you’re sending:
You will not be charged any fees if you want to send NEO.
The same applies for Kraken, which has a fixed fee for each currency you wish to withdraw from the platform.
There is a minimum withdrawal that you’ll need to hit, and the withdrawal fee is fixed too.
If you are withdrawing small sums of crypto each time, the withdrawal fees may be rather hefty!
Both platforms do not charge receiving fees
If you want to receive crypto from an external wallet, no fees are charged by either exchange.
However, you’ll need to consider the fees you incur when sending crypto from your external wallets!
You can consider Gemini which does not charge you any fees for your first 10 withdrawals per month.
Minimum amount to order
For Binance Singapore, you will need to make a minimum purchase of $20 for each order.
Meanwhile, the minimum trade amounts for Kraken depends on the currency.
Binance Singapore has rather limited features, apart from buying and selling crypto.
You can stake 7 different currencies on Kraken:
If you want to earn some rewards by staking your crypto, then Kraken may be a better platform for you!
You may have heard of how crypto exchanges can be hacked, and these hackers can steal your crypto!
So how do these exchanges try and combat this?
Kraken stores most of your assets in cold storage
Kraken stores 95% of all of its assets in cold storage. Even if hackers gain access to their platform, they will not have access to all of your assets.
So far, Kraken has not been hacked, which is rather promising.
This is because other large crypto platforms like Binance or Coinmama have been hacked before.
As such, Kraken’s platform seems pretty secure!
Binance Singapore does not disclose their security measures
Unlike Kraken, 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.
Although the platform is quite new, Binance Singapore has not been hacked so far.
Kraken has a web platform,
as well as two mobile apps: Kraken,
and Kraken Pro.
Meanwhile, Binance Singapore only has a web platform.
Overall, Kraken has a better user experience compared to Binance Singapore.
Here is a comparison between Kraken and Binance Singapore:
|Number of |
|Funding Methods||Bank transfer|
(but does not
|Methods of Buying||Credit / Debit Card|
|Withdrawal of Funds||Bank transfer|
(but does not
|Deposit Fees||Depends on currency||None|
|Withdrawal Fees||Depends on currency||None|
|Trading Fees||Up to 0.26%||0.60%|
|Sending Fees||Depends on currency||Depends on currency|
|Minimum Per Trade||Depends on currency||SGD $20|
|Security||Cold storage + |
|Platforms||Web + 2 |
So which platform should you choose? Ultimately, both platforms cater to very different needs:
Choose Kraken for more features and lower fees
Kraken’s advantage is its lower trading fees. Moreover, you are able to buy many more currencies compared to Binance Singapore!
The main issue with Kraken is that it does not support SGD.
As such, the 2 main ways you can consider funding your Kraken account include:
- Sending another fiat currency (e.g. USD)
- Sending a cryptocurrency from another platform (e.g. BTC)
If you are looking to send over BTC to Kraken, you may want to consider Gemini. This is because you’ll incur rather low fees:
- 0.35% when trading between SGD and BTC (on Gemini Active Trader)
- 0% sending fees (if you make ≤ 10 withdrawals a month)
Moreover, Kraken has a staking feature, which allows you to earn rewards from staking your crypto!
Choose Binance Singapore if you want to buy crypto from SGD
Binance Singapore allows you to buy many currencies directly from SGD.
This makes it really convenient, as you do not have to send your crypto to another platform!
Although the fees are much higher, it may be worth paying them to reduce the sending fees you’ll potentially incur.
Overall, Binance Singapore is great if you just want to buy crypto, and hold them for the long term.
Both platforms offer you a way to purchase cryptocurrencies in Singapore.
In the end, the platform that you should choose may depend on these factors:
- The currency that you wish to buy
- The fees that you are willing to pay
- The ability to deposit SGD
Are you passionate about personal finance and want to earn some flexible income?