In this guide, we’ve meticulously reviewed the top five crypto exchanges and trading platforms in Singapore, ensuring you have the right information before selecting a place to start trading. These platforms stand out not just for their high security, user-friendly interfaces, and competitive fees, but also for their trading products, from spot trading to futures and options.
If you are trading outside of Singapore, particularly in North America, you might want to explore specific platforms tailored to your region, such as the best crypto trading platform USA for U.S. traders.
Stay with us as we dive deep into the features, functionalities, and nuances that make these platforms the best choices for crypto trading in Singapore.
Quick list of the best crypto exchanges
Below is the ranking of the most reputable crypto trading platforms in Singapore based on our experts opinions:
- BYDFi – Best overall for frequent traders (highest rating)
- Phemex – Best alternative for traders
- Binance – Best for investing in altcoins
- BTCC – Highest leverage (225x)
- MEXC – Lowest maker fees
(This article is not financial advice. Research before investing. Some links are affiliate links, earning us a commission without extra cost for you. Our content remains unbiased regardless of affiliates.)
Key takeaways from the article
- In the article, our crypto experts highlight the five best crypto exchanges in Singapore, with BYDFi rated as the best overall for its trading options and advanced tools, while Phemex is highlighted for its zero-fee spot trading and educational hub.
- When choosing a crypto exchange in Singapore, consider factors like local regulations compliance, security features, trading fees, and support for SGD transactions to ensure a smooth trading experience.
- Each exchange has unique strengths, such as high leverage on BTCC or a broad selection of altcoins on MEXC, making it important for traders to pick a platform that aligns with their specific trading goals and preferences.
For traders interested in crypto futures exchanges, both BTCC and BYDFi offer extensive futures trading options. These platforms are ideal for those looking to trade with crypto contract trading platforms with perpetual contracts.
Platform comparison
Below is a comparison table of the crypto exchanges we have reviewed in this article.
| Feature/Stat | BYDFi | Phemex | Binance | BTCC | MEXC |
| Overall Ranking | Best Overall | Best Alternative | Best for Altcoins | Highest Leverage | Low Maker Fees |
| Number of Cryptocurrencies | 400+ | 350+ | 400+ | 200+ | 2300+ |
| Leverage | Up to 200x | Up to 100x | Up to 125x | Up to 225x | Up to 200x |
| Trading Fees (Spot/Contract) | 0.1% – 0.03% | Zero-fee with Premium Membership | 0.10% (0.075% with BNB) | 0.01% | 0% maker, 0.01% taker |
| Regulation | Regulated in multiple countries | In-principle approval in Singapore | Regulatory challenges in Singapore | Regulated globally | Not licensed in Singapore |
| Security | High (2FA, cold storage) | High (cold wallet, multi-sig) | High (cold storage, regular audits) | High (bank-grade security) | High (cold storage, 2FA) |
| Fiat Support | Limited | Limited | No direct SGD support | Limited fiat gateway | No fiat-to-crypto transactions in SGD |
| Key Features | Trading bots, demo trading, high leverage | Zero-fee trading, educational tools | Wide altcoin selection, advanced tools | Deep liquidity, tokenized futures | Extensive altcoin selection, high leverage |
| Staking/NFT Support | No | No | Yes (staking) | No | No |
| Customer Support | Email, live chat | Live chat | Live chat, no phone/email support | Email, support tickets | Live chat, email |
| Advanced Trading Features | Yes (Grid trading bot, demo trading) | Yes (Quant Zone, demo trading) | Yes (options, trading bots) | Yes (copy trading, advanced futures) | Yes (TradingView integration, advanced order types) |
| Mobile App | Yes | Yes | Yes | Yes | Yes |
Top crypto exchanges and trading platforms in Singapore reviewed by experts
To provide you with a comprehensive and reliable ranking of the best crypto exchanges and trading platforms in Singapore, we meticulously analyzed several key factors. Our evaluation focused on each platform’s security measures, trading fees, ease of use, and range of available cryptocurrencies.
When considering crypto exchanges with the lowest fees, MEXC stands out for offering 0% maker fees, which is particularly advantageous for day traders and scalpers.
We also assessed the quality of customer support, the variation of trading products—such as futures, perpetuals, options, and spot trading—and the overall user experience.
We’ve also looked at regulatory compliance, liquidity, and the availability of advanced trading tools, which are important for both beginners and pro traders. If security is your primary focus, it’s worth taking a look at our list of the most secure crypto exchanges to ensure your assets are well-protected.
Additionally, if you’re looking to perform crypto margin trading with high leverage, BTCC and BYDFi provide some of the best options. MEXC also deserves mention for traders who prefer no KYC crypto exchanges, offering anonymous trading with a daily withdrawal limit.
1. BYDFi review
BYDFi has quickly gained recognition as a top cryptocurrency exchange, particularly among traders in Singapore. Now ranked as the best crypto trading platform in Singapore, BYDFi offers trading products to different kinds of traders by offering extensive trading options, from top legacy coins to niche altcoins, and a big set of financial instruments, including spot, derivatives, and leveraged tokens.
Below, we’ll break down the pros, cons, and key features of BYDFi, along with important things to look for in Singapore.
Pros
- Plenty of coins: BYDFi offers over 400 cryptocurrencies for spot trading and derivatives.
- Trading bots: BYDFi has a sophisticated Grid trading bot that automates buy and sell orders within a predefined range which allows users to optimize their trading strategies without constant monitoring.
- High leverage derivatives: One of BYDFi’s standout features is its derivatives trading product, particularly the USDT perpetual contracts with up to 200x leverage.
- Regulated exchange: BYDFi works under multiple regulatory frameworks, including Money Service Licenses licenses in the US and Canada.
- Lowest fees: BYDFi’s fees are competitive, with spot trading fees ranging from 0.1% to 0.03% and low maker and taker fees for perpetual contracts.
- Easy-to-use tools: The platform creators have made simplified and advanced trading dashboards, as well as a Grid trading robot, making it accessible to traders of all experience levels. Crypto-to-crypto swaps are available at low cost.
Cons
- No NFT services: BYDFi lacks an NFT marketplace, which could be a drawback for users interested in trading or holding digital collectibles.
- No staking: The lack of staking options may disappoint users who prefer to earn passive income from their crypto holdings. For this option, traders should look elsewhere.
BYDFi is famous for its trading options, offering a good suite of tools for both spot and derivative trading. The platform supports more than 400 cryptocurrencies, perpetual contracts, lite contracts, and leveraged tokens. The demo trading feature comes well in hand for those looking for a new platform as it lets you trade risk-free under the same market conditions. This is a feature that our experts recommend using if you are new to trading.
For those interested in scalping crypto, BYDFi’s low fees and advanced tools make it an excellent choice.
Additionally, BYDFi places a strong emphasis on security with two-factor authentication, cold storage, and compliance with international regulations to protect user assets and data. The security on BYDFi along with its regulations globally is what sets it apart from the rest of the platforms in our list, says Adien, one of our expert analysts.
Things to consider
For Singaporean traders, while BYDFi offers a great trading environment, it’s important to note the absence of NFT and staking functionalities. These fallbacks may limit opportunities to spread out income streams within the platform. However, if you’re considering trading on an international scale or moving between countries, it might also be worthwhile to explore platforms that perform well in other regions, such as the best crypto trading platform Canada for those operating across multiple jurisdictions, especially in Canada.
BYDFi stands out as an excellent choice for day traders in Singapore, offering a great variety of trading options, advanced tools, and a secure trading platform. While it lacks some features like NFT trading and staking, its ranking as the best crypto trading platform in Singapore highlights its strong position in the market, making it a go-to platform for both novice and experienced traders alike.
For a more detailed analysis of BYDFi’s features, security measures, and user experience, read our full BYDFi review to understand why it’s ranked as the top crypto trading platform in Singapore. If you’re a trader moving between Singapore and Europe, Netherlands specifically, you might also want to see our list of the best crypto trading platform in the Netherlands to ensure you have the best tools at your disposal across regions.
2. Phemex review
Phemex secured the second spot on our list of the best crypto exchanges in Singapore due to its fantastic blend of user-friendly design, high security, and innovative features like zero-fee spot trading through its Premium Membership. The platform’s strong focus on education, with resources like the “Learn & Earn” program, makes it particularly interesting, said Adien, our crypto expert. He used the platform to earn crypto while reading up on crypto facts.
If you are a day trader, you might also be interested in the best crypto exchanges for day trading where Phemex shines for its user-friendly design and educational tools.
Additionally, its low fees and high leverage options further solidify its position as a top choice for Singaporean traders seeking a reliable and cost-effective trading platform.
Pros
- Zero-fee spot trading: Phemex offers a unique Premium Membership that enables zero-fee spot trading, making it particularly attractive for high-frequency traders who seek to maximize their profits without worrying about trading fees.
- Security: With institutional-grade security protocols in place, including a multi-signature cold wallet system and a thrice-daily manual withdrawal process, Phemex guarantees that user assets are safeguarded against potential cyber threats which is why our crypto security expert Lilly decided to push it to the second spot in our list.
- Educational tools: The platform’s “Learn & Earn” program is a standout, offering users the opportunity to boost their trading knowledge while earning rewards. This is a great tool according to Lilly and she gave the thumbs up to all beginners.
- High leverage: Phemex allows leverage trading up to 100x, which can be used to increase the winnings of profitable trades and enable traders with a small account. With leverage, the risk is also increased to the same extent so be careful.
- Funding: Phemex supports multiple cryptocurrencies and fiat currencies for funding with both bank cards and bank transfers.
Cons
- Restricted countries: Traders in certain regions, including the United States, face restrictions in accessing Phemex’s services, limiting its global reach. However, Singapore traders are welcome to use the exchange.
- Manual withdrawal process: While this increases security, the manual withdrawal process can be annoying for traders who need immediate access to their funds.
Features
Phemex stands out with plenty of features designed to serve both complete newcomers and experienced traders:
- Zero-fee spot trading: Available through a Premium Membership, this feature is highly useful for frequent traders who want to avoid traditional trading fees.
- Contract trading: Phemex supports contract trading with up to 100x leverage, offering opportunities for significant gains, albeit with increased risk.
- Demo trading: This feature allows traders to practice strategies without risking real money, which is invaluable for both beginners and seasoned traders working on their techniques. Aiden, our crypto expert said that this feature is one of the reasons that he would choose Phemex.
- Quant Zone: Advanced traders can automate their strategies through Phemex’s Quant Zone, which supports the creation and deployment of algorithmic trades.
Things to consider
For traders in Singapore, Phemex ranks second among the best crypto exchanges due to its balance of security, user-friendly design, and modern features. However, it’s important to consider the following:
- Membership costs: While zero-fee trading is a significant benefit, it requires a Premium Membership, which incurs a monthly or annual fee. Traders must take a look at whether the cost justifies the savings in trading fees. Mostly large day traders or scalpers fit this profile.
- Altcoins: If your trading strategy involves trading several different altcoins, you might find Phemex’s selection somewhat restrictive.
- Advanced Interface: The platform’s interface, though customizable, has a steep learning curve for beginners. New users should be prepared to invest time in learning how to trade and utilize all available features. This is a small setback according to Lilly as she found the interface somewhat challenging at first.
- Regional restrictions: While Phemex is accessible in Singapore, traders should be aware of potential restrictions if they travel to regions where Phemex services are limited.
Phemex’s strong focus on security, fee structure, and educational resources make it a top choice for traders in Singapore. Its trading features, particularly the zero-fee spot trading and high leverage options, provide significant advantages. If you are looking for a trusted exchange with low fees and plenty of features, Phemex could be your next go-to platform.
To dive take a closer look at what makes Phemex a strong platform for Singaporean traders, be sure to read our full Phemex review for a detailed breakdown.
3. Binance review
We have ranked Binance as the third-best crypto trading platform in Singapore due to its advanced trading tools, product variation, and competitively low fees. Binance excels in advanced trading features, including high leverage options, a big selection of cryptocurrencies, and innovative tools like trading bots and a token launchpad.
Although Binance does not offer direct SGD support, it remains one of the fastest crypto trading platforms for executing large orders with minimal slippage.
However, its regulatory challenges in Singapore, coupled with the lack of direct support for the Singapore Dollar (SGD), slightly lowers its appeal for local traders. Despite these limitations, Binance remains a strong exchange, particularly for those seeking a quality platform with high liquidity and advanced trading features. Given its widespread popularity, Binance is also considered the best crypto exchange in Europe by professional traders.
Pros
- Low Trading Fees: Binance is known for having some of the lowest trading fees in the industry, with a taker fee in the spot market of only 0.10% which can be further reduced with 25% by using their native token BNB which makes it particularly attractive for both casual and professional traders. This low-cost structure extends across spot, margin, and futures trading.
- 400+ coins: With over 400 cryptocurrencies available for trading, Binance has a wide range of assets, including popular and emerging tokens.
- Advanced trading features: Binance serves experienced traders with features like high leverage options (up to 125x), a professional-grade trading platform, and access to API for algorithmic trading.
- Good liquidity: Binance consistently ranks at the top for liquidity on Coinmarketcap, ensuring that large orders can be executed quickly and with minimal slippage.
- Innovative Tools: Binance offers features such as social trading, trading bots, and a token launchpad.
Cons
- Limited support for Singapore dollar (SGD): Binance does not offer direct support for SGD deposits and withdrawals, which can be a setback for Singapore-based traders who may need to convert currencies.
- No free deposit options: While Binance offers a plenty of deposit methods, most of them incur fees, which can add up, especially for frequent transactions.
- Customer lupport limitations: Binance’s customer support primarily operates through live chat, with no direct email or phone support. Lilly mentioned that it took her a long time to reach a support agent when reviewing the exchange.
Features
Binance offers many different trading products that work well for various types of traders, making it one of the most allround platforms available, especially in Singapore. Beyond the commonly discussed spot, margin, and futures trading, Binance offers access to options trading, which allows users to hedge positions or speculate on market movements with defined risk. The platform also supports perpetual futures, a popular derivative product that doesn’t have an expiry date, enabling traders to hold leveraged positions for longer durations without the need for a settlement date.
Another standout feature is Binance’s P2P (peer-to-peer) trading, which lets users trade crypto directly with each other using local currencies, including methods that may not be directly supported by traditional exchanges such as bank cards and even in-person cash payments.
Binance’s Auto-Invest feature is another tool that isn’t always highlighted but is highly beneficial for long-term investors. This feature allows users to automate their investment strategy by setting up recurring purchases of cryptocurrencies, effectively enabling dollar-cost averaging (DCA). Adien tried the DCA tool for a couple of days and he found it very easy to use and effective as a passive investment tool.
For those interested in decentralized finance (DeFi), Binance has a staking service that allows users to earn rewards on their cryptos by joining various blockchain networks’ proof-of-stake mechanisms.
Binance has a sandbox testing environment, allowing developers and traders to test their strategies in a risk-free environment before deploying them live. This feature was tested by Lilly and she highly recommends it to new traders and traders using coding software.
Finally, the platform’s integration with TradingView adds advanced charting and analysis tools directly within Binance, offering traders an all-in-one solution for both executing trades and conducting technical analysis.
Things to consider
Regulatory Environment in Singapore: Binance’s regulatory challenges are particularly relevant in Singapore. Due to its lack of a local license, Binance operates under restrictions, limiting access to certain trading products like futures and options. This regulatory uncertainty should be a key consideration for Singapore-based traders.
Currency Support: The absence of direct SGD support can be a significant drawback for traders in Singapore. While Binance’s P2P platform offers some workarounds, the extra step of converting currencies can be inconvenient and may incur additional costs.
Product Accessibility: Given the restrictions on derivatives trading for Singaporean users, those looking to engage in high-leverage trading might find Binance’s offerings limited compared to other platforms with more comprehensive local licensing.
Ranking Context: Binance ranks third on our list of the best crypto trading platforms in Singapore due to its unmatched liquidity, low fees, and advanced features. However, its regulatory challenges and limited support for local currencies prevent it from securing a higher position.
4. BTCC review
BTCC, established in 2011, is one of the oldest and most well-known cryptocurrency exchanges in Singapore and globally, offering a great platform for futures and spot trading. For traders in Singapore, BTCC is a top trading platform with strong regulatory backing and hundreds of well-known altcoins.
With a well-designed interface, advanced trading features, and bank-grade security measures, BTCC is a viable option for all traders in Singapore. However, the platform requires KYC verification, particularly for fiat transactions, which is a critical consideration for users.
Pros
- Deep liquidity pools: BTCC benefits from deep liquidity, particularly in its futures markets, ensuring that large trades can be executed with minimal slippage, which is crucial for both retail and institutional traders. Adien, our crypto expert, said that the liquidity on BTCC was impressive and almost up to the standards of Binance.
- High leverage: BTCC offers leverage up to 225x for futures trading, which is one of the highest levels out of all platforms in Singapore.
- Innovative products: BTCC’s introduction of tokenized futures for stocks and commodities allows traders to change up their portfolios beyond cryptocurrencies, adding unique investments within a single platform.
- Transparent fees: BTCC gives clear and transparent fees, reducing the likelihood of hidden costs that can eat into your profits, especially important for high-frequency traders.
- Stable platform: Even though cryptocurrencies can be volatile, BTCC maintains a stable platform performance, reducing downtime or delays during critical trading moments, which can be crucial for timing-sensitive trades. Lilly put this to the test and confirms that even during peak volume and volatility, BTCC delivered on its promise.
Cons
- Limited fiat gateway: While BTCC supports crypto trading extensively, its options for fiat currency deposits and withdrawals are more limited compared to other exchanges such as Binance and BYDFi. Adien said that this could complicate the onboarding process for some traders.
- Less community engagement: BTCC’s focus on professional trading tools may come at the expense of a more community-driven experience, which some users might miss compared to other platforms with strong social trading features or forums.
Features
BTCC has great tools for day traders and scalpers, making it an attractive platform for those looking to do short-term, high-frequency trading. One of the standout features is the platform’s advanced futures trading, which allows traders to leverage up to 225x on over 300 perpetual contracts, something that cannot be seen on other platforms. This high leverage option is ideal for day traders looking to maximize their returns on short-term market movements but as Lilly, our expert, said, be careful with leverage as it is a double-edged sword.
BTCC is also considered among the best crypto derivatives trading platforms for traders looking to trade futures and other derivatives with high leverage.
For those who prefer a more hands-off approach from the fast-paced nature of day trading, BTCC’s copy trading feature is a game-changer. It enables users to automatically replicate the trades of profitable professionals, allowing them to profit from experienced traders without having to execute each trade manually.
BTCC also offers a demo trading feature for day traders and scalpers looking to test out new strategies in a risk-free environment. With virtual funds at their disposal, traders can experiment with different approaches, change their techniques, and build confidence before applying these strategies in the live market.
Things to consider
For those new to the platform, there may be a learning curve with BTCC’s advanced features. The interface, while user-friendly, is made for more experienced traders who are familiar with the complexities of futures markets. Beginners might find it difficult to find their way around initially, particularly if they are not accustomed to leveraged trading.
BTCC requires mandatory KYC (Know Your Customer) verification for fiat transactions. While this increases security and regulatory compliance, it may be seen as a drawback for users who prefer to trade anonymously or are hesitant about sharing personal information online. If you prefer to use an anonymous crypto exchange with KYC, I would recommend using BYDFi.
5. MEXC review
For active day traders and investors, MEXC stands out as the fifth best cryptocurrency exchange in Singapore with over 2300 digital assets, making it a great option for those looking to max out their portfolio. With a smart interface, competitive fees, and plenty of trading products, MEXC is suitable for most traders who are looking for either short-term or long-term trading.
For traders focused on short-term crypto trading platforms, MEXC offers high leverage and low fees, making it ideal for frequent trades.
It is essential to note that while MEXC offers extensive crypto-to-crypto trading options, it does not directly support fiat-to-crypto transactions in SGD or other local currencies which Adien, our crypto expert, said was a setback for him.
Additionally, MEXC does not hold a valid financial license in Singapore, which could be a consideration for those concerned about regulatory oversight. This doesn’t make MEXC less secure in any way, it just hasn’t reached the level of compliance that other platforms have. This review will guide Singaporean traders through the key aspects of MEXC, including its pros, cons, features, important considerations, and some words from our expert reviewers Lilly and Adien.
Pros
- Thousands of coins: MEXC supports over 2300 digital assets and 2800 trading pairs, making it a good place for traders interested in trading different altcoins each week, including niche tokens and emerging altcoins.
- Low fees: MEXC offers 0% maker and 0.1% taker fees in the spot market, and even lower fees in the futures market with a fee of 0.01% for taking orders and 0% fee for making markets.
- No KYC: Traders can use MEXC without completing KYC verification, allowing for anonymous trading with a daily withdrawal limit of up to 10 BTC. This was something that Lilly highlighted during our review phase and she definitely recommends MEXC to those traders that want to stay anonymous.
- High leverage on futures: For those interested in futures trading, MEXC offers leverage up to 200x, which is higher than many other exchanges. And as Adien, our crypto expert pointed out, high leverage can be very risky so make sure your risk management is on point before trading.
Cons
- Regulations: MEXC does not hold a financial license in Singapore, which may raise concerns about regulatory protection for some traders.
- Limited withdrawal options: Direct withdrawals to Singaporean bank accounts are not supported, limiting the ability to convert crypto holdings back into SGD directly.
Features
MEXC offers both spot and futures trading, with leverage options that reach up to 200x for certain contracts. This high leverage is particularly attractive to experienced traders looking to amplify their positions or to traders starting out with a small account according to Adien.
For those less familiar with complex trading strategies, MEXC provides a demo trading feature. This simulated environment allows users to practice futures trading without risking real funds.
MEXC also integrates advanced trading tools and order types, such as trailing stop orders and post-only orders, which give traders more control over their transactions and help mitigate risks like slippage. These features are complemented by integration with TradingView, the most sophisticated charting tool today that provides a range of technical analysis options.
One unique aspect of MEXC is its Launchpad and Kickstarter platforms, which provide early access to promising new crypto projects. Through these platforms, users can invest in new tokens before they hit the broader market, often with significant potential for returns. Lilly mentioned that this feature is great for investors looking to find cheap crypto gems before they hit the market.
Things to consider
For Singaporean traders, there are a few important factors to consider before using MEXC:
- Regulatory compliance: MEXC operates without a financial license in Singapore, which means it is not subject to the Monetary Authority of Singapore’s (MAS) regulations. This could impact the level of legal protection available to users.
- Fiat-to-crypto transactions: Since MEXC does not support SGD deposits or withdrawals, users will need to rely on third-party services or other exchanges to convert their fiat currency into crypto and vice versa.
- Security: MEXC implements strong security protocols, including cold storage and two-factor authentication (2FA). However, users should still use caution and consider using secure, private wallets for storing large amounts of cryptocurrency. Lilly who analyzed MEXC said that Trezor or Ledger are two wallets she recommends for safety.
What to look for when choosing a crypto exchange in Singapore?
When choosing a crypto exchange in Singapore, consider the following key factors:
- Regulation
Ensure the exchange is licensed by the Monetary Authority of Singapore (MAS) or complies with local regulations. A licensed exchange offers better security and legal protection.
- Security
Prioritize exchanges with robust security features like two-factor authentication (2FA), cold storage, encryption, and regular security audits. These measures help safeguard your funds.
- Supported altcoins
Look for an exchange that supports a wide range of cryptocurrencies, including both popular coins and emerging tokens, to align with your trading interests. If you’re interested in expanding your portfolio, consider the best altcoin trading platforms we’ve handpicked.
- Trading fees
Check the exchange’s fee structure, including trading, deposit, and withdrawal fees. Low fees are especially important for frequent traders to maximize profits.
- Fiat currencies
Consider whether the exchange supports direct SGD transactions, making it easier to deposit and withdraw funds without currency conversion costs.
- User experience
Choose an exchange with an intuitive interface and mobile app for ease of use, especially if you prefer trading on the go.
- Customer support channesl
Reliable customer support is essential. Ensure the exchange offers multiple support channels and has a reputation for responsiveness.
- Liquidity
High liquidity ensures your trades are executed quickly and at the desired price, which is crucial for large or time-sensitive trades.
- Advanced features
If you’re an experienced trader, look for exchanges offering advanced tools like margin trading, futures, and various order types to enhance your trading strategies. Some exchanges also offer crypto exchange with stop loss features, which are essential for risk management.
- Reputation and Reviews
Research the exchange’s reputation through user reviews, focusing on issues like security breaches, withdrawal delays, and customer service quality.
How do you buy crypto in Singapore?
Buying cryptocurrency in Singapore is a straightforward process, even for beginners. Here’s a step-by-step guide to help you get started:
- Choose a crypto exchange
First, select a reputable cryptocurrency exchange that operates in Singapore. Look for exchanges that are licensed by the Monetary Authority of Singapore (MAS) or comply with local regulations for added security. Popular exchanges that support SGD include Binance Singapore, Coinbase, and Gemini.
- Create an account
Once you’ve chosen an exchange, you’ll need to create an account. This involves providing your email address and setting a secure password. Some exchanges might also require you to complete Know Your Customer (KYC) verification, which involves submitting identification documents like your NRIC, passport, or driver’s license.
- Deposit your funds
After your account is set up and verified, you’ll need to deposit funds into it. Most exchanges allow you to deposit Singapore Dollars (SGD) via bank transfer, PayNow, or credit/debit cards. Choose the method that’s most convenient for you and follow the exchange’s instructions to deposit funds.
- Choose altcoins to invest in
With funds in your account, you can now choose the cryptocurrency you want to buy. Popular options include Bitcoin (BTC), Ethereum (ETH), and other well-known coins. On the exchange’s trading platform, search for the cryptocurrency pair you want to trade, such as BTC/SGD or ETH/SGD.
- Place your order
There are usually two types of orders you can place:
- Market order: This allows you to buy the cryptocurrency at the best available current price. It’s the quickest way to purchase crypto, but the exact price you pay may vary slightly due to market fluctuations.
- Limit order: This lets you specify the price at which you want to buy the cryptocurrency. The order will only be executed if the market reaches your desired price, giving you more control over your purchase.
After selecting your preferred order type, enter the amount of cryptocurrency you want to buy and confirm the transaction. The exchange will then execute your order.
Which exchange is MAS regulated and approved?
Several cryptocurrency exchanges and digital asset platforms have received regulatory approval from the Monetary Authority of Singapore (MAS). Here are the key exchanges that are MAS-regulated and approved:
AsiaNext
AsiaNext has received full regulatory approval from MAS, including:
- A Recognised Market Operator (RMO) license, granted on September 6, 2023
- In-principle approval for a Capital Markets Services (CMS) license, granted on June 14, 2023
AsiaNext is an institutional-grade digital asset exchange that will serve banks, family offices, asset managers, and other institutional investors.
OKX
OKX has received:
- In-principle approval for a Major Payment Institution (MPI) license on March 13, 2024
This approval allows OKX to provide digital payment tokens and cross-border money transfer services in Singapore.
Other approved exchanges
While not mentioned in detail in the search results, the following exchanges are also noted as having received MAS approval:
- Independent Reserve
- Coinhako
- Upbit
It’s important to note that MAS has been selective in granting licenses, with only a limited number of crypto service providers receiving full approval. As of January 2024, MAS had given the green light to 13 licensed crypto providers and 9 in-principle approvals in Singapore.
MAS continues to refine its regulatory approach to digital asset exchanges and cryptocurrency services, focusing on consumer protection, anti-money laundering measures, and maintaining Singapore’s position as a responsible hub for digital asset innovation.
Is crypto legal in Singapore?
Yes, cryptocurrency is legal in Singapore. The Monetary Authority of Singapore (MAS) regulates the industry to ensure compliance with financial laws and to protect consumers. While crypto trading and investment are allowed, exchanges and service providers must adhere to specific regulations, including anti-money laundering (AML) and countering the financing of terrorism (CFT) measures.
How we review and select trading platforms
Our expert team of financial analysts and cryptocurrency specialists rigorously evaluates each trading platform to ensure it meets the highest standards of security, usability, and value for traders. The review process begins with a comprehensive assessment of the platform’s regulatory compliance, security protocols, and user feedback. We examine the exchange’s licensing status and adherence to local regulations to ensure it operates within legal boundaries.
Next, we conduct hands-on testing of the platform’s features, including trading tools, user interface, and mobile app functionality. Our team also tests the deposit and withdrawal processes to assess speed, fees, and ease of use. We place particular emphasis on evaluating the platform’s liquidity and transaction speeds, as these are crucial for executing trades effectively.
To provide a deeper analysis, we employ advanced tactics such as penetration testing to assess the platform’s security measures against potential vulnerabilities. We also use data analytics tools to scrutinize historical performance, fee structures, and customer service responsiveness.
Pros and cons of buying crypto in Singapore
Pros:
- Regulated environment: Singapore provides a well-regulated environment for cryptocurrency trading, with oversight from the Monetary Authority of Singapore (MAS). This regulation enhances security and fosters trust, making it a safer place to invest in crypto, especially for beginners.
- Access to several top exchanges: Singaporean residents have access to a variety of reputable global and local crypto exchanges. This access allows for a wide selection of cryptocurrencies, including popular coins like Bitcoin and Ethereum, as well as emerging altcoins.
- Low barriers to entry: Buying crypto in Singapore is relatively easy, with many exchanges supporting SGD deposits and offering user-friendly platforms. This ease of access is beneficial for both short-term traders looking to capitalize on market movements and long-term investors interested in holding assets.
- Growing adoption: Singapore is becoming a hub for blockchain technology and cryptocurrency innovation. This environment fosters opportunities for long-term growth, including new financial products, services, and potential investment opportunities.
Cons:
- Market volatility: Cryptocurrency markets are known for their extreme volatility. While this can create opportunities for short-term gains, it also poses significant risks, especially for those new to trading. Prices can fluctuate wildly within short periods, leading to potential losses.
- Security risks: While exchanges in Singapore are generally secure, the risk of hacking and fraud is always present in the crypto space. Investors must practice good security hygiene, such as using two-factor authentication and storing assets in secure wallets, to mitigate these risks.
- Limited direct SGD options: Some exchanges may not support direct SGD to crypto transactions, requiring users to convert SGD to USD or other currencies first. This can add complexity and extra fees, particularly affecting short-term traders looking for quick transactions.
Long-Term Considerations:
- Potential for growth: Long-term investors could benefit from the increasing adoption of cryptocurrency and blockchain technology in Singapore and globally. However, patience is required, as the market can experience extended periods of stagnation or decline before realizing gains.
- Regulatory uncertainty: Long-term investments might face uncertainties related to future regulatory changes, which could either positively or negatively impact the value of crypto assets.
Short-Term Considerations:
- High reward potential: Short-term traders can capitalize on the market’s volatility for quick profits. However, this approach requires a solid understanding of market trends and timing, as well as the ability to manage risks effectively.
- Fee sensitivity: Frequent trading can accumulate significant fees, particularly on platforms with higher transaction costs. It’s crucial to choose exchanges with competitive fee structures if you plan to engage in short-term trading.
Understanding these pros and cons helps you to tailor your strategy based on your investment horizon and risk tolerance.
FAQs
Is Singapore a crypto-friendly country?
Yes, Singapore is considered a crypto-friendly country with clear regulations and strong government support for blockchain innovation.
How to trade crypto in Singapore?
You can trade crypto in Singapore by signing up with a licensed exchange, depositing SGD, and executing trades on the platform.
Can I use Binance in Singapore?
Binance’s main platform is not available in Singapore, but Binance.sg was an option until its closure in February 2022; users now seek alternatives like BYDFi or Phemex.
Is Coinbase legal in Singapore?
Yes, Coinbase is legal and operates in Singapore, allowing users to buy, sell, and trade cryptocurrencies.
Is crypto taxable in Singapore?
Cryptocurrency is not subject to capital gains tax in Singapore, but businesses dealing in crypto may face income tax on profits.
What app is best to buy crypto in Singapore?
For buying crypto in Singapore, BYDFi and Phemex are the best crypto apps due to their user-friendly interfaces and competitive fees.
Conclusion
Choosing the right cryptocurrency exchange is crucial for traders and investors in Singapore, where the market is both dynamic and well-regulated. Our review highlights BYDFi as the best overall platform, offering extensive trading options and advanced tools, while Phemex shines as a strong alternative with zero-fee spot trading and robust security measures. Binance, despite its limited support for SGD, remains a top contender for those seeking a vast selection of altcoins and innovative trading features.
For those seeking high leverage, BTCC provides deep liquidity and advanced futures trading options, while MEXC offers a broad array of digital assets, making it ideal for portfolio diversification. However, MEXC’s lack of fiat support and regulatory limitations should be considered.
Whether you’re aiming for short-term gains or long-term investments, understanding the strengths and limitations of each exchange will get you started on a good foot. Start trading with confidence on a platform that best suits your needs and take advantage of the growing opportunities in Singapore’s crypto market.