9 Best Crypto Exchanges in Singapore in 2024
Singapore has become a hub for crypto startups and businesses, attracting many crypto investors and traders. However, finding the best crypto exchanges in Singapore is not as straightforward as it looks, especially in such a saturated and, sometimes, contentious market.
In this list, we will go over the factors you need to consider when choosing a crypto exchange in Singapore and the top 9 contenders that align with these factors and your investing and trading needs. Let’s dive in.
How to Choose the Best Crypto Exchange in Singapore?
In this list of best crypto exchanges in Singapore, what is ‘best’ for you may not be the ‘best’ for another person. So, to help you assess and choose a platform that best suits your goals and needs, we have complied with the following factors that one should consider when choosing the best crypto exchange in Singapore.
Reputation and Security Measures
Seek exchanges with a solid reputation in the Singaporean crypto community, backed by positive user feedback and reviews. Also, assess the security protocols of the exchange and understand their policies on fund recovery in case of a security breach. Look for features like two-factor authentication, encryption methods, and cold storage of assets.
Exchange Fee
Considering the total trading costs on each platform is essential, particularly for frequent traders. Evaluate the fee structure for trading, deposits, and withdrawals and how they align with your trading habits. Some exchanges offer lower fees for higher trade volumes or using their native tokens.
Supported Cryptocurrencies
More cryptocurrencies equals more investment opportunities. The best crypto exchanges in Singapore should offer more than just the popular ones like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).
Trading Volume and Liquidity
Seek exchanges with high liquidity and trading volume. This ensures easy trading, fewer price fluctuations, and quicker order execution, making your trades more successful and efficient.
User-Friendly Interface
Choose an exchange with an intuitive and easy-to-navigate interface, especially if you are a beginner, while also allowing for advanced features and trading options for veterans.
Customer Support
Good customer support is crucial. Look for exchanges that offer prompt and helpful service, including live chat support, comprehensive FAQs, and a responsive helpdesk. Avoid exchanges with poor customer support, even if they seem attractive otherwise. It can make your trading experience needlessly tough.
Additional Features
If you’re looking for more than just basic trading, try finding exchanges offering additional features. These might include margin trading, crypto lending to earn interest, staking, or trading futures contracts. Consider how these additional features can play into your overall investing and trading goals when looking for the best crypto exchanges in Singapore.
Best Crypto Exchanges in Singapore in 2023
1. Kraken
Founded in September 2013 by Jesse Powell, Kraken has quickly become one of the best crypto exchanges in Singapore. Starting with Bitcoin, Litecoin, and euro, it now offers over 200 cryptos like Bitcoin and Ethereum.
Kraken’s trading features include spot, margin, and staking. Its fees range from 0% to 0.05% based on a 30-day trading volume, which is somewhat high when compared to others. Check out their complete fee schedule.
Kraken stands out for its security, transparency (proof of reserve), customer service available all the time, and strong reputation in the crypto community. While its interface could be better, its overall services make it a go-to platform for many.
2. Independent Reserve
Founded in 2013 and operational since 2014 by Adrian Przelozny and Adam Tepper, Independent Reserve is one of the best crypto exchanges in Singapore for traders. It supports over 30 cryptocurrencies, including Bitcoin and Ethereum, catering to individual and professional traders with features like automated trading, leveraged trading, a mobile app, and an OTC desk.
The platform charges a 0.45% trading fee for some accounts, with fees reducing to 0.02% based on increasing trading volume. Deposits above SGD 1,000 are free, while smaller amounts incur an SGD 2.50 fee. Withdrawal fees may vary, including SGD 1.50 for FAST and SGD 20 for large withdrawals. Check out their complete fee structure for more details.
Independent Reserve stands out for its strong security, with ISO 27001 certification and a track record of no hacks. It prioritizes safety by storing 95% of crypto in cold storage and is known for its user-friendly interface.
3. CoinSpotÂ
CoinSpot, founded in 2013 by Russell Wilson, stands out among the best crypto exchanges in Singapore for its straightforward and clean interface, making it a go-to for those new to crypto. While it lacks advanced tools like margin trading, it supports over 200 cryptocurrencies.
The platform’s fee structure includes a 0.1% charge for Market Orders and OTC trades. Instant transactions like buys, sells, and swaps have a higher 1% fee. Users also face a standard mining fee for sending coins outside CoinSpot.
Appreciated for easy deposit and withdrawal processes, CoinSpot faces critiques about fee transparency, with some users pointing out unclear buy-sell price differences.
4. Coinhako
Coinhako, established in 2014 by Gerry Eng and Yusho Liu, is a pioneer in Asia’s digital asset services with over 100,000 user wallets, quickly establishing itself as one of the best crypto exchanges in Singapore.
Primarily focusing on spot trading, Coinhako doesn’t offer advanced trading options like margin trading or futures and lacks features like stop-loss or buy-limit orders. It supports 67 cryptocurrencies but limits certain transactions, like sending ADA and other assets to external wallets.
Fees are a bit high at 0.6% for spot and crypto pair trading. However, their rewards system can help reduce these costs. Fiat withdrawals incur a 2 SGD fee and network transaction cost while depositing cryptocurrencies is free. Check out their comprehensive fee structure for more details.
Although some users have raised concerns over frequent changes in banking details, the platform is generally well-regarded and appeals to beginners for its ease of use and responsive customer support.
5. Gemini
Gemini, launched in 2015 by Cameron and Tyler Winklevoss, is recognized as one of the best crypto exchanges in Singapore. It offers advanced features like Gemini ActiveTrader for experienced traders, including advanced charting and crypto derivatives trading.
The platform’s Gemini Earn program allows earning interest on cryptocurrency holdings without mandatory hold periods. However, users have noted fluctuating APYs on some assets.
Gemini’s fee structure varies by platform and trading volume, with specific tiers for ActiveTrader and API users starting at 0.35% (maker) and 0.25% (taker) for less than $500,000 and decreasing to 0% (maker) and 0.1% (taker) for volumes over $500 million. The first 10 withdrawals each month are free, adding to its appeal.
Supporting over 80 top cryptocurrencies, Gemini is known for its strong security measures. While this focus on security is appreciated by many, some users find it overly restrictive. Customer support experiences vary, with reports of slow response times.
Gemini’s user-friendly interface makes it a preferred starting point for newcomers to crypto trading, balancing advanced features with ease of use.
6. Coinbase
Launched in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase has grown to be one of the largest and best crypto exchanges in Singapore. It offers advanced features like TradingView charts, APIs, leveraged trading, and interest-earning programs.
Coinbase supports over 150 cryptocurrencies and adopts a maker-taker fee model, with taker orders costing between 0.05% and 0.60% and maker orders ranging from 0.00% to 0.40%. ACH transactions are free for fiat, but wire transfers cost $10 for deposits and $25 for withdrawals. Check out their complete fee structure for more details.
While it’s praised for its user-friendly interface, ideal for beginners, there are mixed reviews about its customer service and concerns over the platform’s stability during high-traffic periods. Some users also report issues with accounts being locked or funds being held without clear reasons.
Despite some challenges, many in Singapore prefer Coinbase for its comprehensive features and ease of use.
7. Crypto.com
Founded in 2016, Crypto.com is a significant name among the best crypto exchanges in Singapore, boasting over 10 million customers globally. It offers the world’s largest crypto card program with the Crypto.com Visa Card and a rapidly growing app.
Co-founded by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo, the platform offers advanced features like API bots, margin trading, and multiple staking options.
Its maker-taker fee model is based on trading volume and CRO token staking, with spot trading fees ranging from 0.075% to 0.00% for makers and 0.050% for takers at high volumes. Despite its popularity, some users have concerns about hidden fees and the profitability impacts of its spread. Check out their complete fee structure for more information.
Crypto.com supports 250+ cryptocurrencies and offers unique benefits, such as interest on holdings and rebates on Spotify subscriptions. It also has an in-built tax reporting tool, although users have described it as buggy and lacking support for certain exchanges. Users may still need to rely on paid solutions like Bitcoin.Tax for comprehensive tax reporting.
8. Binance
Founded in 2017 by Changpeng Zhao, Binance has quickly established itself as one of the best crypto exchanges in Singapore. Renowned for its advanced features, Binance offers leveraged and futures trading, staking, and high APYs on various cryptocurrencies.
Binance’s fee structure is competitive, with free crypto deposits and a base trading fee of 0.1%. Users can get up to 25% discount on fees using Binance’s native cryptocurrency, BNB. Despite its high liquidity and low downtime, some users express concerns over trust due to potential internal trading or misuse of user funds and customer service efficiency.
The platform is praised for its efficient charting tools and supports over 500 cryptocurrencies, making it a preferred choice for traders seeking variety and reliability.
9. Okcoin
Update: As of today, Okcoin is rebranding as OKX. So, the following information may or may not be relevant.
Established in 2013 by Star Xu in China, Okcoin stands out as one of the best crypto exchanges in Singapore, offering a range of advanced trading and investment features, including margin trading, futures, Iceberg and trailing stop orders, and Time-Weighted Average Price (TWAP) strategies. Okcoin is also notable for its staking options, supporting a variety of tokens.
Its fee structure is tier-based, dependent on a 30-day trading volume in USD, with maker fees starting at 0.10% and taker fees at 0.20% for the lowest tier. This fee reduces progressively for higher volume tiers. Okcoin supports 76 coins and 4 fiat currencies.
While some users praise Okcoin for its low fees and fast integration with networks like Polygon and Tron, others have experienced difficulties with fund withdrawals and found the user interface clunky. Promotional offers have also been critiqued for being misleading.
FAQ
How to buy coins in Singapore?
To buy coins in Singapore, follow these steps:
Choose a Crypto Exchange: Select one of the best crypto exchanges in Singapore that supports your desired cryptocurrency.
Create an Account: Sign up with the exchange, providing any required personal details for identity verification.
Deposit Funds: Fund your account using a bank transfer, credit card, or other available methods.
Buy Cryptocurrency: Navigate to the exchange’s trading interface, select the cryptocurrency you want to buy, and place an order either at the current market price (a ‘market order’) or at a specified price (a ‘limit order’).
Secure Storage: Consider transferring your cryptocurrency to a private wallet for enhanced security.
What is the best crypto trading platform in Singapore?
The best crypto trading platform in Singapore depends on individual preferences and needs.
Platforms like Binance and Coinbase are renowned for their extensive range of cryptocurrencies and advanced trading features. Gemini and Crypto.com are favored for their user-friendly interfaces and security measures. For those prioritizing low fees and staking options, Okcoin and Crypto.com are strong contenders.
Ultimately, the best platform for you should align with your specific trading requirements, security expectations, and desired level of customer support.
What is the cheapest crypto exchange in Singapore?
Binance is often considered one of the cheapest crypto exchanges in Singapore. It offers a standard trading fee of 0.1% for regular users, with the possibility of further reductions for those who use Binance’s native cryptocurrency, BNB, or have higher trading volumes.
This competitive fee structure, along with its high liquidity and extensive cryptocurrency offerings, makes Binance a cost-effective option for many traders in Singapore.
What is the safest crypto exchange in Singapore?
Gemini is often regarded as one of the safest crypto exchanges in Singapore. It is known for stringent security protocols, including most of its crypto being stored in cold storage, and is ISO 27001 certified. Gemini’s focus on regulatory compliance and a strong security-first approach contribute to its reputation as a secure platform for cryptocurrency trading.
Is Coinhako legal in Singapore?
Yes, Coinhako is legal in Singapore. It’s a well-known crypto platform and follows the rules set by Singapore’s financial authorities, the Monetary Authority of Singapore (MAS). This means Coinhako offers a safe and legal service for buying and selling cryptocurrencies in Singapore.