Choosing a cryptocurrency exchange is an important step for crypto novices and experts alike. Singaporeans have access to nearly all the top crypto exchanges thanks to the government’s friendly approach to the crypto and blockchain industry.
As there are so many options, it can be hard to narrow down to the platform that will best suit your needs. This guide will help you to decide which exchange is best for you by offering an overview and comparison between the various available options.
Binance is the largest crypto exchange in the world by trading volume. It supports the buying and trading of over 350 different crypto assets. It also offers various different ways in which users can capitalize on the unique features of crypto assets, such as staking and earning interest.
What's the Difference Between Binance and Binance Singapore?
Singaporean citizens have the option to either open a Binance.com or Binance.sg account. With Binance Singapore, investors can use their Xfers account to deposit and withdraw funds. The Binance Singapore platform also charges lower fees but it has fewer options when it comes to trading. The platform offers only eight cryptocurrencies that users can buy directly with SGD.
Binance users in Singapore can:
- Safely trade and store crypto with low fees
- Earn interest on crypto holdings using Binance savings accounts
- Benefit from advanced options, such as trading pairs, futures and margin trading
- Spend crypto easily using Binance credit cards
- Take out loans in crypto
- Access a secure platform and native wallet on one of the world’s largest and most reputable exchanges
Coinbase is a platform that is incredibly easy to use. Its interface and mobile application have both been praised for their simple interface and design. It is the second-largest exchange by trading volume in the world and the most popular crypto exchange in the United States. It also is viewed as one of the safest platforms, having had no major security breaches to date.
Singaporean users can open an account with Coinbase, which also links to Coinbase Pro (for more advanced trading options). Users can use a debit or credit card to make purchases or transfer funds directly from their bank accounts. However, Coinbase only offers around 50 different crypto assets to purchase and trade.
Coinbase users in Singapore can:
- Safely purchase and trade digital assets after depositing SGD
- Earn crypto rewards by watching educational videos
- Stake coins
- Store their crypto holdings in cold storage using a Coinbase vault
- Rely on multiple security features and two-factor authentication
- Enjoy an easy-to-use platform and mobile app
Kraken is another U.S.-based crypto exchange that Singaporeans can use. It is currently ranked third on CoinMarketCap’s list of top exchanges worldwide. The platform supports the purchase and trading of a similar number of different crypto assets as Coinbase. Kraken positions itself as a trustworthy exchange and provides around-the-clock customer support to help users deal with any issues on their accounts. This is an important feature, as many other popular crypto exchanges have received complaints regarding their lack of customer-facing infrastructure and live support.
Kraken users in Singapore can:
- Trade by depositing SGD into secure accounts
- Use well-designed charting tools
- Access a responsive customer support service at any time
- Take advantage of low trading fees
CoinSpot is an Australian crypto exchange platform first founded in 2013. It is a well-established and trusted platform that offers users in Singapore professional trading features, such as stop-loss and limit orders. CoinSpot also caters to institutional investor accounts worldwide, so businesses in Singapore can work with CoinSpot using managed accounts.
CoinSpot users in Singapore can:
- Easily set up accounts to buy, sell and convert 280 different cryptocurrencies
- Reach the CoinSpot help desk by phone at any time
- Set up institutional investor accounts
- Use lock-in pricing to guarantee high volume rates
Bittrex is a U.S.-based crypto exchange platform that has been lauded for being safe and highly reliable. Their trading engine is one of the fastest in the crypto space and can facilitate speedy transactions and orders. They charge higher fees as compared to other exchanges, taking a flat fee of 0.25% per trade. However, users can earn “credits” based on the commission fees they pay in order to be able to execute zero-fee trades.
Bittrex users in Singapore can:
- Purchase and trade 350 different coins (on par with Binance)
- Store crypto assets on a very secure platform
- Make fiat deposits and withdrawals using a Bittrex credit card
- Earn Bittrex credits on Bittrex International to access commission-free trades
Gemini is another U.S.-based option that has a clean user interface and provides a secure platform for storing and trading crypto. Singaporean users can earn rewards of up to 7.4% APY with Gemini accounts and use the Gemini credit card to earn 3% back on all purchases. The exchange prides itself on security and compliance and regularly undergoes audits by the New York Department of Financial Services.
Gemini users in Singapore can:
- Enjoy a clean interface to execute crypto trades with over 40 different cryptocurrencies
- Earn substantial interest with their exchange accounts
- Store assets securely
- Spend crypto easily via a mobile app and native credit card
Okcoin is a Chinese company that has opened an office in Singapore to act as a trading center for the region. It has a great platform design that allows users to make use of advanced trading techniques that employ various methods for highly technical and accurate analyses. The platform is nonetheless also easy to use for beginners and has consolidated a reputation for its reliability and trustworthiness.
Okcoin users in Singapore can:
- Earn up to 25% interest on their crypto assets
- Safely store their crypto holdings offline using a highly secure site
- Make trades with very low fees
- Benefit from 24/7 customer support
Bybit is a crypto exchange that focuses on advanced derivatives and margin trading. Its platform enables users to trade on margin with up to 100x leverage, integrate trading bots and execute multiple order types. These advanced options are advantageous for experienced crypto traders. Its customer support is also reputed to be one of the best in the industry.
Bybit users in Singapore can:
- Make use of more advanced trading techniques
- Store funds in cold hardware wallets
- Use advanced charting software
- Trade with a powerful engine and API