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Anonymous
Anyone care to list out the platforms allowing for Bitcoin buy and sell in terms of being regulated by MAS, lowest fee, ease of use?
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Thaddeus Ong
24 Jan 2021
Founder at Everything About Bitcoin
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Rahul Wadhwa
19 Jan 2021
Student Ambassador 2020/21 at Seedly
Hi Anon,
You can check out binance.sg, has the lowest comissions and best spreads, but a not so friendly UI and no mobile app available at the moment, and no option for direct bank transfer, you'll have to go through via Xfers.
Then theres Coinhako, with a slightly higher comission, a spread that isn't as good as Binance, but still decent, but a much better UI. There is an option for direct bank transfer, you can use Xfers too.
Another exchange that supports SGD is Gemini, highest comission among the three for lower amounts, but a spread that is comparable to Binance. Has the best UI/UX in my opinion, and also only has Xfers as a deposit option.
Exchanges that have Xfers support are indirectly tied to MAS regulation as MAS regulation states that individuals can trade a maximum of 30k annually under the Payments and Services Act.
So once you hit the 30k cap with binance.sg, you can use binance.com (they are seperate entities). binance.com has a mobile app unlike binance.sg
A popular option abroad is Coinbase, it has a great UI, but I wouldn’t recommend it as the only funding option is via cards and there’s a high fee of ~4%
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Hey Anon!
I would say the lowest fees and overall best would be Binance SG. I've done a comparison of the various popular platforms in Singapore below.
In general, customer service for all platforms are poor, but most of the time I can do transactions on Binance SG without problems or requiring support. Binance SG is my go-to platform.
Do check out www.everythingaboutbitcoin.com for more opinion pieces and information about getting started on investing in Bitcoin.