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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 places 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.
Best Places to Buy Bitcoin (BTC) & Crypto in Singapore
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.
Kriptomat is an exciting cryptocurrency exchange and wallet service that has been around since 2018 and is based in Estonia, a popular location for some of the most trusted industry projects. The company has grown to now provide trading and crypto storage services to more than 80 countries worldwide, including Singapore.
Being European-based you can rely on Kriptomat to provide a highly transparent service that is compliant with all local, and international regulations. They also utilize cold storage facilities for as much as 98% of holdings to ensure your funds remain secure.
You can make a purchase here at Kriptomat very easily by using your credit or debit card with fees that remain very competitive alongside other services. A card transaction will have a fee of 3.65% added while there are also a number of eWallet methods you can use for purchase at slightly higher fee rates.
Overall, Kriptomat provides a very secure, accessible, and multi-faceted service allowing you to buy, sell, or store your cryptocurrency holdings whether you are a Singapore-based traded or from many other countries around the world.
At Kriptomat you will also find: More than 30 other cryptocurrencies available to trade.
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.
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.
Their low fees help make Kraken a very attractive choice to traders. If you wish to buy crypto instantly with your credit or debit card you will attract a fee of 3.75% + 0.25 EUR on your transaction, though you can trade using the exchange for fees that start from 0% maker, and 0.10% taker.
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.
Bittrex is another exchange that currently enables you to buy and trade a variety of cryptocurrencies including Bitcoin. They are known in the industry for being one of the few exchanges that does not charge listing fees for different projects, and have a reputation for integrity.
It is important to note from an overall trust perspective, Bittrex has a number of points in its favor. They are one of the best-known exchanges in the industry with the backing of a very reputable team who possess more than 40-years of industry-wide IT and security experience. They have also never experienced any significant breaches and abide by the strictest KYC, and AML procedures while still ensuring registration is convenient. Being US-based also ensures they operate in a highly transparent manner.
From a user and trading perspective, they utilize 2-factor authentication as standard, an advanced “elastic, multi-stage wallet strategy” that ensures holding security within both hot and cold wallets at various points. Both IP and wallet whitelisting to ensure transactional security are also in place, while as a final unique security feature, the exchange does provide a recovery service for any crypto deposit valued over $5,000. This covers you if you send a coin to the wallet of the wrong type
They currently accept residents from Singapore.
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.
Anthony is a financial journalist and business advisor with several years’ experience writing for some of the most well-known sites in the Forex world. A keen trader turned industry writer, he is currently based in Shanghai with a finger on the pulse of Asia’s biggest markets.