Buy Bitcoin in Singapore

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LunoLuno Buy Bitcoin

Luno is a universal Bitcoin platform that provides secure exchanges where people can buy/sell Bitcoin. Luno is currently offering Zero fee trading in Singapore for a limited time period until January 2017.

We may receive compensation when you use Luno. Please visit Luno for its exact pricing terms.

Pros
  • One of the most trusted Bitcoin exchanges in Asia
  • Free deposits and low withdrawal fees
  • Low fees; 0% for market makers and only 0% - 1% for market takers (depending on fiat currency)
  • High to infinite limits for exchange, depending on verification level
Cons
  • Move coins into your own wallet after purchasing from Luno
Ease of Use
Easy
Privacy
Low
Speed
Fast
Fees
Low
Reputation
Trusted
Limits
High
Buy Bitcoin

CoinmamaCoinmama Buy Bitcoin Read Review

Coinmama allows customers in almost every country to buy bitcoin with a credit or debit card. They charge a ~6% fee on each purchase.

Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.

Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.

We may receive compensation when you use Coinmama. Please visit Coinmama for its exact pricing terms.

Pros
  • Works in almost all countries
  • Highest limits for buying bitcoins with a credit card
  • Reliable and trusted broker
Cons
  • Some of the highest fees among credit/debit card bitcoin brokers
Ease of Use
Easy
Privacy
Low
Speed
Fast
Fees
High
Reputation
Trusted
Limits
High
Buy Bitcoin Read Review

Coinbase ProCoinbase Pro Buy Bitcoin Read Review

Coinbase's exchange, Coinbase Pro, is one of the largest Bitcoin exchanges in the United States. Users can fund their accounts via bank transfer, SEPA, or bank wire. Coinbase Pro offers good prices and low fees, but their confusing user interface may initially prove difficult to navigate.

We may receive compensation when you use Coinbase Pro. Please visit Coinbase Pro for its exact pricing terms.

Pros
  • Some of the lowest fees available for US and EU customers
  • Possible to buy bitcoins for 0% fees
Cons
  • User interface is confusing for first time buyers
Ease of Use
Hard
Privacy
Low
Speed
Average
Fees
Low
Reputation
Trusted
Limits
High
Buy Bitcoin Read Review

LocalBitcoinsLocalBitcoins Buy Bitcoin Read Review

LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. The most common method of payment for purchase is cash deposit. However, users may advertise trades for whichever payment method they prefer.

Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country.

We may receive compensation when you use LocalBitcoins. Please visit LocalBitcoins for its exact pricing terms.

Pros
  • Can be private, fast and easy
  • In-person trades require no personal information
  • Purchases of bitcoin can be made quickly via cash deposit
Cons
  • Beware of scams; always follow the rules!
  • Harder to buy large amounts of bitcoins compared to large exchanges
  • Slightly to significantly higher prices than regular exchanges; premium for higher privacy
Ease of Use
Hard
Privacy
High
Speed
Fast
Fees
Low
Reputation
Trusted
Limits
Average
Buy Bitcoin Read Review

CoinHakoCoinHako Buy Bitcoin

CoinHako is a Bitcoin broker based in Singapore, backed by investors from the USA. They accept bank transfers from Singapore or Malaysia and international bank wires. You can also top up your CoinHako account using Xfers, which allows you to buy bitcoins within 10 minutes.

Pros
  • Super fast way to purchase bitcoins in Singapore
  • Fees are reasonable at 0.9%
  • Small amounts of bitcoin may be purchased without verficiation
  • Trusted and established exchange
Cons
  • Not private for larger amounts since identity verification is required
  • Xfer limit is only 100 SGD without verification
  • Other payment methods have a limit of 200 SGD without verification
Ease of Use
Easy
Privacy
Low
Speed
Fast
Fees
Low
Reputation
Trusted
Limits
High
Buy Bitcoin

FYB-SGFYB-SG Buy Bitcoin

FYB-SG is a Bitcoin exchange based in Singapore, the first to be established there. You can fund your exchange account via online bank transfer for a 0% fee or via cash deposit.

Pros
  • Low fees; exchange only charges 0.6% per trade
  • Market makers receive a 50% fee discount for a super low 0.3% fee
  • Instant deposit and withdrawal options for SGD
Cons
  • Not private since identity verification is required, this process can be as quick as 30 minutes
  • Single payment method
Ease of Use
Easy
Privacy
Low
Speed
Average
Fees
Low
Reputation
Average
Limits
High
Buy Bitcoin

Bitcoin ATMsBitcoin ATMs Buy Bitcoin

You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.

Pros
  • Our map makes it super easy to find a Bitcoin ATM near you
Cons
  • Bitcoin ATMs often have 5-10% fees per purchase
Buy Bitcoin

Mycelium Local TraderMycelium Local Trader Buy Bitcoin

Mycelium Local Trader helps you find local Bitcoin sellers. Once you locate a seller, you meet up in-person and conduct the trade. Mycelium charges absolutely no fees. While Mycelium Local Trader works great in highly-populated areas, users in low population areas will have trouble finding sellers.

Pros
  • Easy and cheap way to buy bitcoins with cash
  • Private way to buy bitcoins, no personal information required beyond cellphone number
Cons
  • Users in sparsely populated areas will have trouble finding sellers
Ease of Use
Average
Privacy
High
Speed
Fast
Fees
Low
Reputation
Trusted
Limits
High
Buy Bitcoin

ChangellyChangelly Buy Bitcoin

Changelly lets you buy bitcoin with Litecoin, Dogecoin, altcoins and many other digital tokens. Changelly works in nearly every country but you will need another cryptocurrency in order to purchase bitcoins. Exchanges happen almost instantly because Changelly never actually controls your tokens but just exchanges them.

Pros
  • Easiest and fastest way to buy bitcoins with altcoins
  • Fees are reasonable for larger traders
Cons
  • Need altcoins or other digital tokens to use
Ease of Use
Easy
Privacy
High
Speed
Fast
Fees
Average
Reputation
Trusted
Limits
High
Buy Bitcoin

The State of Bitcoin in Singapore

Singapore is a global center for finance and technology, so it is not surprising to see the city-state taking steps to boost adoption of cryptocurrencies such as Bitcoin. Like many other countries, Bitcoin is not legal tender in Singapore, but cryptocurrency exchanges are legal and they didn’t even need registration with the financial service authority until new regulations were put into place.

The regulatory environment

The Monetary Authority of Singapore (MAS), the city-state’s central bank and financial services regulator, has clarified that it doesn’t see the need to regulate cryptocurrencies yet, though it has taken steps to warn investors about potential risks and has also put in place a framework to prevent money laundering and financial terrorism.

As it stands, cryptocurrency exchanges in Singapore need to comply with the MAS’ anti-money laundering and financial terrorism measures. The regulations were given a formal face with the recent payment services regulation that has been put in place to keep a check on risks across different payment platforms, including Bitcoin.

As a result, electronic wallets and those platforms dealing in digital currencies will be regulated by the bill. This means that cryptocurrency exchanges in Singapore will have to apply for a license as a standard payment institution, a money-changer, or a major payment institution. The MAS will regulate the first two to keep a check on money laundering and financial terrorism-related risks, while major payment institutions will have to conform to more comprehensive checks.

The MAS will give providers of digital payment tokens such as Bitcoin six months to comply with The Payment Services Act when it comes into force. Additionally, the city-state could bring more measures aimed at investor protection in the future on a case-by-case basis.

In the end, it can be said that Singapore is not looking to regulate Bitcoin, but the manner in which digital tokens are traded in the city-state so that they aren’t used for the wrong purposes and investors don’t lose their money. This is the approach that many advanced economies have been following across the globe.

It was reported last year that the Singapore dollar accounted for just 0.02% of global Bitcoin trading volumes on a daily basis, though the city-state was a hub for initial coin offerings (ICOs). Now, it won’t be surprising to see the regulations boosting Bitcoin adoption in Singapore as people feel more secure about using the cryptocurrency.

Buying and Using Bitcoin in Singapore

One of the easiest ways to buy Bitcoin in Singapore is through a cryptocurrency exchange. You can refer to our guide on Bitcoin exchanges in Singapore to zero in on a cryptocurrency exchange after taking into account different criteria such as transaction fees, transaction limits, reputation, security, verification requirements, and payment modes.

But before zeroing in on an exchange, it is advisable for users to first get a wallet for security reasons, and also because certain exchanges require one. Refer to our guide on the Best Bitcoin and Cryptocurrency Wallets if you don’t have a wallet already.

Once you have a wallet, you can also purchase Bitcoins in Singapore using cash through automated teller machines (ATMs). The advantage of using a Bitcoin ATM is that most of them usually don’t require verification. The purchase is instant and you can pay for the digital tokens using cash by simply inserting a debit card. The drawback to all this ease of use is the high transaction fees of 5%-10% that Bitcoin ATMs charge for each transaction.

You can refer to our Bitcoin ATM Map to locate a kiosk in Singapore, which reportedly has a total of nine such ATMs. On the other hand, there’s another innovation in the Bitcoin space in Singapore in the form of banknotes powered by near field communications technology. Banknote maker Tangem had launched smart Bitcoin banknotes in the city-state nearly a year ago in denominations of 0.01 BTC and 0.05 BTC.

Users can purchase these banknotes from Tangem’s Suntec City outlet, and the best part is that they won’t be charged any transaction fee. Tangem aims to boost circulation of these banknotes big time, so this could be another way for users to get their hands on the digital currency.

Additionally, Singapore’s bustling Bitcoin market gives users an opportunity to spend the cryptocurrency across various merchants. These merchants sell a range of items such as clothes, perfumes, architectural designs, squash lessons, ferry tickets, and others.

So, it can be concluded that Bitcoin in Singapore is in a healthy state thanks to the government’s approach of not interfering much in the cryptocurrency, and simply ensuring that investors and users have adequate protection to boost confidence.