Buy Bitcoin in Singapore | Buy BTC in 4 Steps (May 2023)

If you are trying to buy Bitcoin in Singapore, there are several questions you may have, and points to consider prior to making your purchase. This starts with the best place to buy Bitcoin in Singapore. Alongside this, you will want to get a lowdown on any Bitcoin and crypto regulations in Singapore as well as the tax implications of your investment there.

These are all areas we will cover right here together with giving your our top 5 exchanges to buy Bitcoin in Singapore.

What to Consider Before Buying Bitcoin in Singapore

From the outset, you will want to be prepared with the best information possible on Bitcoin in Singapore to ensure you put yourself in the best possible position. Here are a few of the key considerations to make before you make that purchase:

Local Regulations: This applies on two fronts. Firstly, you want to make sure that all local regulations in Singapore allow you to trade Bitcoin and if there are any restrictions you need to be aware of. You also want to ensure the broker you choose conforms to all local regulations for Bitcoin brokers in Singapore.

Broker Trading Fees: These can come in many forms so it is important to look beyond the front page to make sure you are getting the best possible value. With many brokers offering commission-free and low-free trading, you can really make some savings here.

Trading Platform: Particularly if you are a new Bitcoin trader, you will benefit from a trading platform that is easy to use. If you are more advanced you may wish to engage in another level of trading or research features. The trading platforms offered then become an essential part of your experience.

How to Buy Bitcoin (BTC) in 4 Steps

The whole process can take as little as 10 minutes and all you'll need is a smartphone or computer, photo identification and a means of payment.

1. Compare Crypto Exchanges – We list the top cryptocurrency exchanges that offer the ability to buy Bitcoin (BTC) cryptocurrency.
2. Create an account – Verify your email address and identity.
3. Make a deposit – Debit Card, Credit Card, Wire Transfer, or Bitcoin.
4. Buy Bitcoin – Use your funds to Buy BTC.

Best Places to Buy Bitcoin (BTC) & Crypto in Singapore

1. Kraken

Kraken is one of the longest-standing crypto exchanges in the industry. They have been operating for more than a decade and with that have garnered widespread respect within the industry among traders. They offer trading around the world in Bitcoin and many more cryptocurrencies, including within Singapore.

Two of the hugely popular and unique trading features you will find at Kraken are the ability to trade crypto futures, and the chance to engage in crypto margin trading with extensive leverage up to 50:1. This is great for more advanced traders and can be done through the also innovative Kraken trading platforms.

With trading platforms available to suit different levels of trading experience, you will find that Kraken caters well for you no matter which level you are trading at. Everyone from complete beginners, to seasoned veterans, are taken care of here.

At Kraken you will also find: A wide range of more than 40 other cryptos including Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and more.

For more information, you can always check our full Kraken review, or go straight to the Kraken

2. Binance

Binance is one of the top names in the world when it comes to cryptocurrency exchanges. They are extremely well-trusted and regulated in Malta under the Maltese Virtual Financial Assets Act that provides traders with further protection beyond their excellent reputation.

You can now purchase Bitcoin and many of the other cryptocurrencies offered by Binance directly and instantly using your credit or debit card alongside a number of other convenient methods like a direct bank transfer. These fees are a little higher than using the exchange but still very competitive at between 1%-3.5% depending on the method. Trading with the exchange you will experience one of the lowest flat fees in the industry, from 0.1%.

If you do want to start trading here, you will find the verification process is also very fast and convenient. You can be fully verified in just a few minutes with an electronic upload of a couple of basic documents. Binance also features one of the widest ranges of crypto offerings available in the sector. You will find more than 100 of the most popular cryptocurrencies all available here along with many altcoins, and their own native Binance Coin (BNB).

They also provide an easy to use trading platform available with several different trading views you can tailor to your experience level.

At Binance you will also find: Hundreds of other cryptocurrencies to trade include all major coins and a huge range of altcoins.

Take a look at our Binance Review or head to the Binance exchange to sign-up. Use Discount Code: EE59L0QP to claim a 10% cashback on trading fees.

3. Independent Reserve

Independent Reserve is an Australian exchange that offers an easy way to purchase Bitcoin (BTC). It has over 200,000 customers and is trusted by over 8,000 Self-Managed Super Funds.

The team is super transparent, and the CEO Adrian Przelozny is a board member of Blockchain Australia. It offers 24/7 responsive customer support and is located at Level 26, 44 Market Street Sydney, 2000 New South Wales, Australia.

This exchange is extremely easy to use, and it allows you to buy directly with Australian dollars.

At Independent Reserve you will also find: : Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Chainlink (LINK), Ripple (XRP), Stellar Lumens (XLM),  Litecoin (LTC), Maker (MKR), Dai (DAI), Compound (COMP), The Graph (GRT),  Tether (USDT), Binance (BNB), OmiseGo (OMG), and Kyber Network (KNC).

Read our Independent Reserve Review or visit Independent Reserve.

4. Paybis

Paybis is an extremely trustworthy starting point for buying Bitcoin and other cryptocurrencies in Singapore. They have been around since 2014 and helped many traders get their start in crypto trading with the convenience of needing only your credit or debit card to buy.

You will need a third-party wallet when buying through Paybis as they simply facilitate your transaction but the entire sign-up process can be complete in less than 15 minutes according to the company. This includes a very transparent yet convenient range of KYC checks to conform to regulation and ensure a safe trading experience for you.

They are a truly global company offering services not only in Singapore but more than 100 other nations around the world. The fees you will encounter here are good value and competitive with others in the sector depending on the payment method you use. The lowest fees are found if you use a SEPA deposit at 1.5% of the transaction. For your credit or debit card, the fees start at 6.99%.

At Paybis you will also find a wide range of educational content on all aspects of trading cryptocurrency that can be very helpful if you are a beginner in the sector.

At Paybis you will also find: Ethereum (ETH), Litecoin (LTC), Ripple (XRP),  Bitcoin Cash (BCH), and Stellar Lumens (XLM), Tether (USDT), Binance (BNB), Neo (NEO), Tron (TRX).

For more, you can take a look at our Paybis review, or head directly to Paybis to sign up.

website to learn more.

Singapore Bitcoin Regulation

The key question here that you may ask first is centered around Bitcoin legality in Singapore, and is Bitcoin legal in Singapore?

Bitcoin is completely legal in Singapore as is the trading of many other cryptocurrencies, and the operation of crypto exchanges and services. In fact, Singapore and their market regulator MAS take an open approach to cryptocurrency more so than many other places.

Within the last year, the regulation and approach to Bitcoin and other cryptocurrencies in Singapore has evolved with the implementation of the Payment Services Act. This basically provides an operating framework within which companies operating and providing Bitcoin and crypto services are regulated and licensed under MAS.

The act also serves to support the development and use of various KYC and AML processes. Overall, it can be said that Singapore takes a very balanced, and friendly approach to Bitcoin and crypto in general while also ensuring a safe, secure trading environment for you to participate in.

Singapore Taxation of Crypto

When it comes to crypto tax and Bitcoin tax in Singapore, you are not taxed on your crypto gains in Singapore. This is due to the fact that there is no capital gains tax in Singapore.

With that said, if you pay in, or receive Bitcoin or other cryptocurrencies as a payment, then you will have to pay Goods and Services tax, the Singaporean version of VAT which is currently 7%, and income tax that currently has a highest bracket of 22%.

We are not tax advisors. Tax regulations are always evolving. It is important you do your own due diligence and speak with a qualified tax consultant on matters related to tax.