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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.
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.
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.
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:
Market Cap (USD)
Types of Cryptocurrency
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:
Trading Fees (Per Trade)
Pro Account Trading Fees
Deposit Fees (Fiat)
Withdrawal Fees Fiat
0.02% | 0.07% (basic tier)
US$75 fee on USD withdrawals below US$10,000
0.4% (basic tier)
Xfers SGD deposit: Free
Xfers SGD withdrawal: 0.4%
0.5% (basic tier)
Active Trader: 0.35% (base tier)
(flat with minimum fee up to S$4 for trades less than S$250) + Additional convenience fee of 0.5%
Active Trader: 0.35% (base tier)
Xfers SGD withdrawal: Free
SGD FAST transfer: Free
Overseas bank transfer (e.g. USD): Free
Best Cryptocurrency Fees Comparison
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.
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.
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.
Supported Fiat Currencies
200+ (BTC, ETH, USDC, OMG, KNC, ENJ, BAT, & more)
19+ (USD, SGD, AUD, EUR, GBP, NZD, JPY & more)
160+ (BTC, ETH, BNB, FTT, USDT, BCH & more)
10 (USD, SG, AUD, EUR, GBP, HKD & more)
140+ (BTC, ETH, XRP, BCH, DASH, EOS & more)
20+ (USD, EUR, GBP, MXN, HRK, CZK & more)
55+ (BTC, ETH, LTC, BAT, MKR, ZRX & more)
7 (USD, SGD, AUD, EUR, GBP, HKD, CAD)
Cryptocurrency Exchanges With the Best Range of Supported Cryptocurrencies and Fiat Money
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!
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.
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.
Using a crypto exchange is simple all you have to do is:
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:
Yes, there are a number of Crypto Exchanges in Singapore that support SGD such as FTX, Crypto.com, Independent Reserve, Coinhako, and Gemini.
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.
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%.
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.
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: