We’re almost mid-2021 and it seems like the cryptocurrency trend will continue this year (similar to Covid-19).
The ubiquity of cryptocurrencies is not limited to just headlines. It looks like it will invade our daily lives as well, now there PayPal, Venmo (the American version of PayNow) and Tesla have started accepting payments in Bitcoin (BTC). It is It’s only a matter of time before other tech companies do the same.
So, if you’re looking to buy your crypto before it goes mainstream, here is a guide on how to compare the different crypto exchanges and choose the best ones.
Before you open a crypto exchange account, read this first!
You don’t know your BTC from ETH? Easy Tiger – You should study the basics of cryptocurrency first. We’ve put together a simple guide for you: Cryptocurrency in Singapore: 7 Things You Should Know Before You Start Buying.
In this introduction, we will tell you seven very important things to know about crypto before buying, including:
- What the world of cryptocurrencies looks like
- What are the top cryptocurrencies?
- Why cryptocurrencies are the way they are
- How much does the value of cryptocurrencies fluctuate?
- How to save your cryptocurrency
- What to look for in a cryptocurrency whitepaper
- How to buy / trade cryptocurrencies sensibly
After reading this, you will be informed about the risks associated with buying cryptocurrencies.
If you decide to dip your toes in the crypto ocean (deep water warning!), This is how you can choose a cryptocurrency exchange platform and get your hands on a coin.
Which are the best crypto exchanges in Singapore?
There are tons of cryptocurrency trading platforms out there, but we’ve shortlisted 10 of the most popular ones.
| Cryptocurrency exchange | Number of listed cryptocurrencies | Trading fees | BTC and ETH can be bought with SGD? |
| Bitmex | 10 | 0.075 percent | no |
| OKEx | 254 | 0.10 percent | no |
| Bitfinex | 132 | 0.20 percent | no |
| Huobi Global | 219 | 0.20 percent | Yes sir |
| Crypto.com | 80+ | 0.4 percent | Yes sir |
| octopus | 47 | 0.26 percent | no |
| Twins | 40+ | 0.25 percent | Yes sir |
| Binance.sg | 8th | 0.60 percent | Yes sir |
| Coin base | 37 | 0.5 to 2.5 percent | Yes sir |
| eToro | 94 | Spread | no |
These 10 crypto exchanges are ranked from cheapest to most expensive by trading fees, but that’s not all you need to consider before signing up for an account.
There are many factors that go into choosing the best cryptocurrency exchange, but it can be boiled down to the following:
- Ability to trade in Singapore dollars
- Transaction fees + price difference for UI options
- If there are withdrawal fees and how much?
We’ll go through these three factors in detail below.
1. Does the crypto exchange support SGD?
Not all crypto exchanges allow you to buy major cryptocurrencies in Singapore dollars. Here are the ones who support SGD, at least for Bitcoin and Ethereum:
| Cryptocurrency exchange | Number of listed cryptocurrencies | Trading fees | BTC and ETH can be bought with SGD? |
| Huobi Global | 219 | 0.20 percent | Yes sir |
| Crypto.com | 80+ | 0.20 percent | Yes sir |
| Twins | 40+ | 0.25 percent to 1.49 percent | Yes sir |
| Binance.sg | 8th | 0.60 percent | Yes sir |
| Coin base | 37 | 0.5 to 2.5 percent | Yes sir |
What we noticed is that some crypto exchanges have very low trading fees, but these only apply to USD trades when their proprietary USD wallet is used. This means that you will most likely need a USD bank account, or at least an account Multi-currency bank account.
So if you choose to go with a crypto exchange that supports SGD, it is less of a hassle.
For your information, we have only included BTC and ETH here, as the smaller cryptos tend not to support SGD. To buy these, you would normally buy BTC first and then exchange your BTC for a crypto of your choice.
2. What is the fee structure of the crypto exchange?
It is common for crypto exchanges to offer at least two user interfaces: simple mode (for everyone) and expert mode (technical and for experienced traders).
But … did you know that some crypto exchanges actually charge more when you use the simple version ?! Here’s a look at the different trading fees depending on the UI you choose.
|
Cryptocurrency exchange |
Trading Fees (Simple User Interface) | Trading Fees (Expert UI) |
| Binance.sg | 0.60 percent | Inapplicable |
| Coin base | 1.49 percent ++ | 0.50 percent |
| octopus | 1.7 percent ++ | 0.26 percent |
| Twins | 1.75 percent ++ | 0.25 percent |
| Crypto.com | 3.5 percent ++ | 0.25 percent |
| Bitfinex | Inapplicable | 0.20 percent |
| Huobi Global | Inapplicable | 0.20 percent |
| Bitmex | Inapplicable | 0.075 percent |
| Okex | Inapplicable | 0.10 percent |
| eToro | Inapplicable | Spread |
Here’s an example: twins. The first time it’s your first time to log in and make your crypto purchase, you’ll be greeted with this cute, simple interface.
[[nid:546132]]
To unlock Gemini’s cheaper 0.25 percent transaction fees, you’ll need to use Gemini’s ActiveTrader user interface, which looks like this. For convenience, I bought BTC with a limit order – the best you can use to “buy” cryptocurrency in advance using the ActiveTrader UI.
This incurs a slightly higher fee of 0.35 percent while paying only $ 0.17. If we look to the right, buying BTC for $ 50 incurs a transaction fee of $ 2.75 if we stick to the simple interface. Oh, you will pay for this simplicity. That’s a whopping 5.5 percent in transaction fees!
It is definitely worth tinkering with the settings in order to switch to the expert interface for more savings. Go to Account and then select the ActiveTrader option under Trading Interface:
2a. What if you want to stick with the simple user interface?
If you can’t handle the expert UI, you’ll have to pay the dummy tax. You can use our crypto exchange summary table to see if a reasonable fee is charged.
Note that some exchanges like Binance Singapore don’t even give you the option to get your cryptocurrency through an expert user interface. You can just buy it through the simple interface as pictured below:
Binance’s transaction fee is only 0.6 percent, which is much cheaper than Gemini’s 5.5 percent for using the simple user interface. This can be acceptable if you refuse to delve into the “ugly” expert mode.
BUT, if you don’t care about pretty interfaces, you will get a much better offer by opting for the ActiveTrader from Gemini (0.25 percent versus 0.6 percent from Binance). These fees add up if you’re buying small amounts and / or buying large amounts of crypto frequently (not recommended for the faint of heart).
3. How much does the crypto exchange charge for the payout?
We have taken over the fees for buying crypto on an exchange mentioned above. But what if you eventually withdraw your cryptocurrency? Prepare to turn your headache into a racing migraine.
Most cryptocurrency exchanges have their own withdrawal fee structure, and everything would be simple and intuitive in a perfect world.
Binance Singapore is already one of the easiest crypto exchanges featured in this article. But just look at their absurd structure of withdrawal fees …
Here are a few guidelines to keep in mind when withdrawing from cryptocurrency exchanges:
- Do I want to withdraw my cryptocurrency for cash?
- This is a sell order – what are the fees for the sell order?
- Is there a fee to be paid to my bank account after the sell order is completed?
- Do I want to withdraw my cryptocurrency into a cold wallet or another crypto exchange?
- What are the fees for withdrawing cryptocurrencies?
- What are the minimum withdrawal amounts?
- Is it worth the fee for the amount you want to withdraw?
The last point is particularly important.
Using the example of Binance Singapore, let’s say you want to withdraw some Ethereum from your account into a cold wallet and only have 0.02 ETH. Your withdrawal fees are 0.01 ETH, which is effectively half of what you already own.
Keep that in mind if you want Store your cryptocurrency in a cold wallet!
Our picks for the best Singapore crypto exchanges
If you are new to the field and want to start your journey buying and selling crypto, Binance Singapore is your best choice for a cryptocurrency exchange.
It has a clean and straightforward user interface that you can use to start buying and selling crypto with relatively low fees for using such an interface. It’s also MAS-compliant, unlike its international counterpart, Binance International (Binance.com). Find out in our article about what Binance Coin (BNB) is about, why it is banned.
[[nid:546012]]
However, if you want to streamline trading your cryptocurrency with relatively low fees, an easy-to-understand expert user interface, and an easy Singapore dollar purchase, Gemini is your best bet for a cryptocurrency exchange.
That being said, it has to be reiterated that the Singapore crypto market is still pretty unregulated, and that Senior Minister Tharman Shanmugaratnam said about this crypto in parliament:
“Cryptocurrencies can be very volatile, as their value usually does not depend on economic fundamentals. They are therefore very risky as investment products and certainly not suitable for private investors. “
Regardless of your risk tolerance, we definitely don’t recommend investing your savings in crypto. Make sure you offset this with safer, more established investments like stocks and ETFs. Check out our guide on how to invest in Singapore, as well as tons of other, more advanced guides to help you move forward.
This article was first published in MoneySmart.
