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Residents of Singapore can purchase bitcoins on Coinbase using three payment options - debit card or bank transfer.
Once your Coinbase account is verified, you will be given the account information that will be used to make a bank transfer deposit. This is done through Xfers Transfers. Coinbase claims that deposits clear within a few minutes, and that there are no deposit fees. Once you deposit Coinbase charges 1.49% to purchase coins.
If you are buying with a debit card, there is also a required identity verification. Fees for buying with a debit card are 3.99%.
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.
Coinmama allows customers in almost every country to buy bitcoin. They charge a 4.9%-5.9% (depends on volume) 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.
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.
Founded mid-2011, Kraken is the one of the world's largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume. It is available in almost all countries. Deposits can be made via bank wire, SEPA, ACH and SWIFT.
LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. 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, including the United States, Europe (besides Germany), UK, Singapore, Canada, Australia and many more.
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.
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.
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%.
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.
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 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.
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.