What is the best way to trade cryptocurrencies in Singapore?

If you want to trade and invest in cryptocurrencies, you’ll need a bitcoin exchange account. This is similar to how you would an online brokerage account for stocks. Not all exchanges support direct payments in Singapore dollars, but this is expected to decrease as the Lion City’s cryptocurrency policies become more favorable. You might be able to finance your cryptocurrency exchange account with a credit or debit card, but be careful of the fees involved.

#1) Binance: Best performance and cheap fees.

Binance supports over 500 coins, making it one of the most user-friendly cryptocurrency exchanges available. Among the 500 cryptocurrencies are the usual suspects such as Bitcoin and Ethereum, but coins such as XRP, Dogecoin, and Polkadot can also be exchanged.

Pros and cons

• The fact that Binance is the world’s largest cryptocurrency exchange is its calling card.
• Furthermore, its daily trading volume hovers above S$35 billion, putting it more than four times ahead of its nearest competition.
• Furthermore, Binance is an all-in-one platform where you can discover everything you need to trade bitcoin.
• Binance has also been added to the MAS’ Investor Alert List as of September 2021.
• has a version specifically intended for convenient trading in Singapore dollars.

 

#2) Gemini: Best local bank transfers and interest.

Gemini accepts approximately 40 different cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and others. Although this figure looks to be considerably lower than that of Binance, Gemini allows cryptocurrencies to be traded against fiat currency. This eliminates most of the trouble associated with transfers while also increasing your liquidity.

Pros and cons

• As previously stated, Gemini’s main advantage would be the ability for customers to exchange cryptocurrencies against fiat currencies.
• Gemini, like Binance, is more than just a cryptocurrency exchange.
• It’s an all-in-one platform that lets you earn income on your cryptocurrency holdings with Gemini Earn, execute professional-level trades, and even store your assets in a proprietary cold wallet.
• You’ll also be pleased to know that Gemini Earn is only available in Singapore and the United States.
• To begin with, trading volume on its platform is now hovering around S$270 million.

 

#3) Coinhako: Best trading in SGD & local bank transfers.

Coinhako, a local cryptocurrency exchange, supports over 40 coins, including Bitcoin, Ethereum, Cardano, and others. Coinhako, like Gemini, allows cryptocurrencies to be exchanged directly against fiat currencies, notably Singapore and US dollars. Vietnamese Dong is also supported, but you must first use Vietnamese Dong Tokens (VNDT).

Pros and cons

• Being founded in Singapore means that Coinhako allows for seamless bank transfers, promising that it takes up to just one day for funds to show up in your account.
• These deposit speeds allow users in Singapore to tap onto trading opportunities quickly.
• And in January 2021, Coinhako allowed users to purchase cryptocurrencies via debit or credit cards on the Visa or Mastercard network.
• Additionally, Coinhako runs a rewards programme for users, disbursing points for daily logins and trades.
• Although it’s one of the oldest cryptocurrency exchanges in Asia, it suffered from a security breach in February 2020.

 

#4) Coinbase: Best for a wide range of cryptocurrencies & security.

Coinbase accepts 91 different cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and others. You may even use the Coinbase Card to spend your cryptocurrencies anywhere in the world. Unfortunately, this is only available to Coinbase subscribers in the United States, so Singaporeans will have to wait.

Pros and cons

• Coinbase’s longevity is admirable, founded in 2012 and becoming a publicly-listed company in April 2021.
• It has the distinction of being the first cryptocurrency exchange to be listed on a mainboard, providing users with a degree of confidence.
• To be precise, Coinbase is listed on the Nasdaq stock exchange with the ticker of COIN.
• One feature that Coinbase boasts would be highly attractive for proponents of dollar-cost averaging: recurring cryptocurrency purchases.
• One major disadvantage of Coinbase would be its lack of support for Singaporean users.

 

#5)Huobi Global: Best for a wide range of crypto assets, currencies, & payment methods.

Huobi Global supports 379 coins, placing it second only to Binance. Bitcoin, Ethereum, XRP, Polkadot, and other cryptocurrencies are among them. Furthermore, there are numerous ways for converting your cryptocurrency to fiat money and vice versa.

Pros and cons

• Huobi Global has the chops to match the number of cryptocurrencies that it supports, boasting a daily trading volume of over S$8.1 billion.
• And true to the Global in its name, the cryptocurrency exchange allows you to make quick purchases and sales in a variety of currencies.
• Being one of the largest cryptocurrency exchanges out there also means that Huobi Global is able to offer a number of other tools for users.
• Alternatively, if you’re an advanced trader, you’d appreciate the ability to trade cryptocurrency features.
• Huobi Global allows for margin trading, granting leverage of up to five times, whether you’re using USDT or Bitcoin.

 

#6)Kraken: flexibility for advance investors.

86 cryptocurrencies are supported by Kraken, including Bitcoin, Ethereum, Cardano, XRP, and others. This places it in the middle of the pack and is more than adequate if you aren’t interested in trading newer cryptocurrencies or coins with high volatility.

Pros and cons

• Kraken’s strength as a cryptocurrency exchange lies in its flexibility, especially for advanced investors.
• Seasoned cryptocurrency traders will also appreciate that Kraken allows for margin trading.
• And akin to several other cryptocurrency exchanges on this list, Kraken allows you to generate interest on your holdings by staking them.
• One disadvantage that Kraken has would be the number of fiat monies that it supports.
• Furthermore, you’ll need to watch out for the fees that are associated with making deposits, depending on the currency you pick.

 

#7)FTX: widest range of assets to trade.

Over 243 cryptocurrencies are supported by FTX, including Bitcoin, Ethereum, Solana, Dogecoin, and more. There are also tokenized stocks and other specialised tokens to choose from. However, as the adage goes, do your homework before putting your money into something.

Pros and cons

• This cryptocurrency exchange’s strength lies in the number of assets that you can trade.
• On the other hand, tokenised stocks are available, which is a boon for experienced stock investors.
• Margin trading is available here as well, much like what Huobi Global and Kraken offer.
• If you’re interested in trading cryptocurrency options and futures, FTX has that too.
• Although FTX doesn’t advertise this, the exchange does support deposits in Singapore dollars.