Best Crypto Exchange in Singapore 2024

Best Crypto Exchange in Singapore Comparison 2024

Cryptocurrency is all the rage nowadays with plenty news abuzz about people striking it rich delving into the fast-paced investment arena that is cryptocurrency trading and the platform where it all happens, crypto exchanges, is something that is worth knowing more about. Read on to find out more about Crypto Exchanges and how it works.

What is a Crypto Exchange?

A Crypto Exchange is an online platform where the buying, selling and trading of cryptocurrencies is done - it is also known as a Digital Currency Exchange. A user may choose to either trade cryptocurrencies into other cryptocurrencies or fiat money, or the other way round - though some services may differ depending on the crypto exchange.

What is Cryptocurrency?

Cryptocurrency is a form of digital or virtual currency which is used as a medium of exchange with transactions being carried out over a computer network. These transactions are then verified and recorded in a ledger called a blockchain. Blockchain is a digital ledger that adds verified transactions in the form of ‘blocks’ which are time stamped and then linked to past transactions in the form of a ‘chain’ - it is not unlike a bank’s balance sheet or a ledger apart from the fact that a blockchain is  an open distributed ledger that can be accessed by the public.This is what allows cryptocurrency to be ‘decentralized’ as it requires no forms of control or government or centralized  bodies due to its peer-to-peer nature.

Find out more about Crypto Currencies from our beginner guide on what is Cryptocurrency.

What are the Different Types of Cryptocurrency?

Due to the open source nature of blockchain making the creation of cryptocurrency an easy thing to execute, there are estimated to be more than 10,000 different types of cryptocurrency in circulation. However, here are some of the more popular ones and it’s total market value:

What to Consider When Choosing the Best Crypto Exchange?

With a slew of crypto exchange platforms available for you, you might be faced with confusion on which one is the right one for you. Here is a simple guide to help you find the best Crypto Exchange for you:

1. Security - Ensure the platform has proper security measures in place such as two-factor authentication, cold wallet storage options and encryption
2. Buy & Sell options - How the transactions take place. Can you purchase cryptocurrencies with debit cards or credit cards? Or are there any other ways that better suit your needs
3. Fees and Charges - How high are the various fees such as trading fees, deposit fees and withdrawal fees? Are there conditions that specifically affect you due to your investment strategies that can increase or decrease the amount you pay in fees?
4. Supported Cryptocurrencies - Does the cryptocurrencies supported by the crypto exchange limit the width and breadth of your investment options? Does it only include popular cryptocurrencies or does it also have lesser known obscure cryptocurrencies that you can invest early in (after proper research of course).
5. Supported Currencies: Does the crypto exchange support your local currencies which enables you to trade easily without having to worry about using multi-currency bank accounts or having to create a bank account for foreign currency.

Compare the Best Cryptocurrency Withdrawal, Trading and Other Fees

Cryptocurrency Exchange with the Best Trading Fees: FTX

FTX offers a low trading fee of only 0.02% to 0.07% on trading fee, allowing you trade more and more often without incurring a lot of charges.

Cryptocurrency Exchange with the Best Withdrawal Fees:Gemini

Gemini has a free withdrawal fee for transfers with Xfers SGD withdrawal or SGD Fast transfer. There is also no charge for overseas bank transfer.

Cryptocurrency Exchange with the Best Deposit Fees: Gemini

Gemini has no deposit fees unless the purchase of cryptocurrency is done through the use of a debit card which amounts to 3.49% of the total price of purchase.

Best Cryptocurrency Exchange for Supported Cryptocurrencies and Fiat Money

Cryptocurrency Exchange with the Best Number of Supported Cryptocurrencies: Crypto.com

Crypto.com with over 200+ cryptocurrencies, including SGD, you can trade which allows you to trade a wider range of cryptocurrencies and hopefully you’ll find the next big thing in crypto!

Cryptocurrency Exchange with the Best Number of Supported Fiat Currencies: Coinbase

Coinbase has over 20 supported Fiat Currencies allowing users to trade without the hassle of having to use a multi currency bank account or a foreign bank account. It also allows users to trade with more people across the globe.

Is Crypto Exchange Safe?

Crypto Exchanges are generally safe but as with all digital platforms, lapses in security can happen. Due to the sheer volume of monetary value involved in cryptocurrency and crypto exchanges, there will be attempts at hackings, scam and theft. To minimize risk of such things happening, it is generally recommended that users do not store their cryptocurrencies in exchanges or hot wallets but instead store their cryptocurrencies in cold wallets which are not connected to the internet at large. Also any login credentials have to be safely stored and passwords should not be easy to guess.

How Do You Use Crypto Exchange to Buy & Sell Cryptocurrencies?

Using a crypto exchange is simple all you have to do is:

1. Select, create and verify your account with the cryptocurrency exchange of your choice based on your investment strategy and what each crypto exchange offers in terms of fees and also supported products and currencies.
2. Deposit money into your account via the various means allowed by the crypto exchange such as wire transfer, direct payment with a debit or credit card. Please be aware of fees that will be incurred when depositing cash into your crypto exchange account.
3. Select the crypto currency you wish to buy
4. Store your crypto currency in either the crypto exchange, a hot wallet or a cold wallet.
5. Read our guide to further understand on how to buy and sell cryptocurrencies in Singapore

Crypto Exchanges Guides 101

Still unsure about the ins and outs of crypto exchanges and if it is suitable for you? Check out our curated list of guides to master everything you need to know about crypto exchanges: 

• Cryptocurrency 101: Beginner’s Guide to Cryptocurrencies
• Cryptocurrencies: Everything You Need to Know 
• How to Buy Bitcoin and Other Cryptocurrencies in Singapore: A Beginner’s Guide
• 5 Common Cryptocurrency Scams to Avoid
• Top Crypto Exchange 2022: Which is The Best Centralised Crypto Exchange?
• Ultimate Guide to Cryptocurrency Hardware Wallets
• Ultimate Guide to Cryptocurrency Regulation in Singapore
• Ultimate Guide to Stablecoins

Frequently Asked Questions

Do crypto exchanges support SGD?

Yes, there are a number of Crypto Exchanges in Singapore that support SGD such as FTX, Crypto.com, Independent Reserve, Coinhako, and Gemini.

What are the fees for crypto exchanges?

The fees you need to be aware of when using Crypto Exchanges are the trading fees which are fees paid to the broker or platform upon a successful trade. There are also fees for when you want to make deposits or withdrawals.

How much do crypto exchanges charge for withdrawal?

The withdrawal fee varies between the different crypto exchanges, it can either be in flat amounts from a range of $2 to $20 or a percentage of your withdrawal amount which is around 0.3%.

Do I withdraw my cryptocurrency into a cold wallet or a different crypto exchange?

It is generally recommended that your cryptocurrency, especially if you have a large amount, be stored in a cold wallet - a wallet that is not connected to the internet hence mitigating the risk of it being compromised. Hot wallets run the risk of its vulnerabilities being exploited or hacked.

Is crypto currency trading legal in Singapore?

Though the authorities have deemed that trading in cryptocurrency is highly risky and has made guidelines that forbids the promotion of cryptocurrency trading services in Singapore, it is still legal to trade in cryptocurrency in Singapore.

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Understanding the risk of Cryptocurrency Platforms in Singapore:

The products in the Crypto Exchange category do not currently hold the licence to “provide digital payment token services” under the Payment Services Act (PS Act) by MAS. These products were previously granted an exemption since 28 January 2020 and are pending the licence to “provide digital payment token services” from MAS.

The information provided by Seedly serves as an educational piece and is not intended to be personalised investment advice. ​Readers should always do their own due diligence and consider their financial goals before investing in any investment product.

Seedly's Product Comparison Page Listing Guidelines

For Crypto Exchange products to be listed on Seedly's Product Comparison Page, they have to fulfil the following criteria:

• The Cryptocurrency Exchange or Trading Platform has to be supported in Singapore and licensed or exempted by MAS for "Providing digital payment token service" based on Payment Services Act as of 28 January 2020
• Available to Buy, Deposit, Hold and Trade Non Leveraged Cryptoassets in SGD