Best ways to buy Bitcoin in Singapore
After the crypto bubble of 2017, Bitcoin has been on the rise again. The interest in Bitcoin is starting to brew again. This can be clearly reflected from its price over the past couple of months.
Within my group my friends, topics of conversation have also shifted from stocks investments into cryptocurrencies. The most common question I get asked is “How to buy Bitcoin in Singapore?”.
I have been purchasing cryptocurrencies especially the Bitcoin since 2017. Since then, many things have changed in this fast-evolving industry. Crypto companies have come and gone.
In this article, I’ll be talking about the best platform to buy Bitcoin and other cryptocurrencies in Singapore. These are platforms that I’ve personally used and experience before and hence is able to give a proper comparison.
Crypto.com is one of the more popular crypto platforms in Singapore. Given its name, the company is probably one of the first results when you search for crypto on Google.
The platform offers a plethora of services, from purchasing cryptocurrencies to crypto lending and even a crypto debit card.
NOTE: As of November 2020, sign ups have been restricted for Singapore residents.
There are several ways you can fund your cryptocurrency purchase on Crypto.com.
The easiest and simplest way is by Debit / Credit Card. You simply input your card information into the app and you can instantly buy any cryptocurrency. Although it’s convenient, it does come with a cost of ~2-3% of your purchase amount.
Alternatively, you can also use Fiat currency which is the option I recommend. To do so, you have to first set up an Xfers account. After it is set up, you can then link the account on Crypto.com and fund it using bank transfer. This option is free.
The fees on Crypto.com is relatively low compared to rest in the industry. There are no fees if you choose to buy or sell any crypto with Fiat currencies.
Even though Crypto.com touts a no markup crypto purchasing service, I often find the prices quoted on their app to be slightly higher than the market price.
As of the time of this writing, the price of Bitcoin on CoinGecko is US$15,505.24. Crypto.com is showing it as US$15,538.73. That is a 0.2% spread. Small but not negligible.
Another fee to take note of is the withdrawal fees. These fees are charged when you attempt to withdraw your assets from the platform. A possible use case is transferring your Bitcoins bought from Crypto.com to Celsius for higher yield.
Withdrawal fees are different across different coins. They also fluctuate depending on several factors unknown to users, but usually one of them is the price of the asset.
They are also charged as a flat fee. Regardless of how much you withdraw, you’ll be charged the same amount. It will therefore be more worth it to transfer a larger amount at one go.
As of writing, the cost to transfer a Bitcoin is 0.0004 BTC. This is about US$6.20. Quite pricey but still reasonable.
For more information on the fees, you can head over to the “Fees & Limits” section in the app.
Crypto.com offers a huge range of assets for purchase. The list is also expanding continuously as new assets becomes available.
Currently, there are 85 different assets that you can buy. This includes Bitcoin, Ethereum and even smaller coins such as BAT and YFI.
Binance is another big name in the world of crypto. However, do not confuse this with Binance the cryptocurrency exchange.
The Singapore version allows you to buy Bitcoin and other cryptocurrencies with Fiat currency. On the other hand, the international one is a crypto to crypto exchange.
Binance Singapore is relatively limited in the funding options available. The only funding method available is with Xfers.
The steps to fund your account through Xfers is exactly the same as that of Crypto.com. You have to do a bank transfer to your Xfers account and it will show up on Binance.
Binance Singapore charges a fee for the purchase or selling cryptocurrencies. The fee is currently set at 0.6% of your transaction amount.
Binance also charges a withdrawal fee when you want to withdraw your cryptocurrencies from the platform. Similar to crypto.com, they differ from coin to coin depending on a variety of factor unknown to the users.
|Coin||Withdrawal Fee||Minimal Withdrawal|
Binance has a limited number of assets available as compared to other platforms on this list. As of writing, it only offers 8 different types of cryptocurrencies.
It has most of the major coins such as BTC, ETH and LTC. However, if you’re looking for something more, then Binance might not be the platform for you.
Coinbase is the OG platform for purchasing Bitcoin and cryptocurrencies. It has the most number of users and most institutions’ backing.
offerings differ across geography. For Singapore residents, the options available are significantly more limited as compared to our international peers.
In Singapore, only Credit/Debit card funding is available. There are no options for funding by bank transfer or Xfers.
Although this is very convenient, the fees are also quite high.
Take note that you can only buy cryptocurrencies with Coinbase. There’s currently no way for you to sell them through the platform if you’re registered as a Singapore user. Therefore, you’ll eventually have to transfer your assets to another platform to sell it.
Coinbase charges quite a myriad of fees for usage of its services. The 3 main fees that you have to take note of is the spread, funding option fee, and the purchase fee.
The spread is usually 0.5% of the asset’s market price.
As Credit / Debit card is the only funding option available for Singapore residents, there is a charge of 3.99%.
Last but not least is the purchase fee. It has quite a complicated pricing structure and is difficult to easily calculate.
It works out to approximately 0.5% – 6% of the purchase price.
All in all, you might be looking at close to 10% worth of fees just for purchasing cryptocurrencies on Coinbase. The exact amount of fees charged will always be shown before checkout.
In terms of withdrawal/sending fees, Coinbase does not explicitly state the fees for this. You’ll only know the exact amount payable when you attempt to do a transfer. From my experience, the fee is quite substantial.
To reduce the withdrawal fees, there’s a famous workaround by transferring your assets to Coinbase Pro and withdrawing from there. For more information, I recommend reading Boxmining’s article which clearly describes the way to do so.
There are 36 assets available for purchase on Coinbase. As usual, major cryptocurrencies such as BTC, ETH and XRP are available on the platform.
Several smaller assets such as COMP and BAT are also available.
|Funding Options||Credit/Debit Card|
|Fiat (Xfers)||Credit/Debit Card|
|Withdrawal Fees for BTC||0.0004 BTC||0.0004 BTC||Unknown|
Having tried all the platforms, my personal favourite platform to buy Bitcoin in Singapore is crypto.com.
Other than the fact that it offers the most number of assets, its fees are also one of the lowest in the industry. At no additional charges other than spread, it is really hard to find any platform which charges any lower.
After purchasing your cryptocurrencies, I’d recommend transferring them to a platform where you can earn high interests on them. One platform that I highly recommend is Celsius Network where you can earn up to 15% pa of interest! You can check out my review of it here.
If you like my comparison and intend to sign up for any of the services above, you can consider signing up with my referral link below. It helps to support the blog and you get to earn a little kickback from that!
Follow me on Twitter for my latest updates! I tweet very often and give my thoughts on everyday happenings that relates to personal finance.
You can also subscribe to my email list for a quarterly newsletter update on all things personal finance-related in Singapore!