How to Buy Bitcoin in Singapore - Fast, Cheap and Secure - ThinkMaverick (2024)

Wondering how to buy your first Bitcoin in Singapore?

I am glad that you’re taking the initiative to look for the right way to invest in Bitcoin.

Despite being a small island state, Singapore is among the most crypto-friendly nations in the world.

Unlike other countries, this forward-thinking city-state was quick to embrace cryptocurrency and its technology.

While Bitcoin is not legal tender in Singapore, Bitcoin is completely legal in Singapore.

You can buy, sell, trade Bitcoin easily using different methods.

In my previous post, I talked about some of the best crypto exchanges to buy and sell Bitcoin internationally, but today I’d like to focus on different ways you can buy your first Bitcoin in Singapore.

If you’re ready to begin your journey to Bitcoin ownership, this complete guide will help you get started in no time. Here’re few ways to buy bitcoins in Singapore which I’ll discuss in detail below:

1. SwapSpace – Best for Comparing BTC Purchase Offers
2. Coinmama –Buy Bitcoin with a debit card or credit card instantly
3. LocalCoinSwap– Peer-to-peer exchange, buy Bitcoin with zero fees
4. Independent Reserve – First retail crypto exchange to attain a full license by MAS in Singapore
   
5. Crypto.com – Sign up and get USD$25 welcome bonus (Use code: heq9qnuzam). Buy BTC with xfers 0% fee
6. Luno – Safest and easiest route to Bitcoin. Get your Free SGD$5 worth of Bitcoin
7. OKCoin – Receive $10 worth of BTC when you deposit at least $100 SGD
8. Gemini– Deposit SGD to buy BTC using FAST transfer.
9. Coinhako– Buy/sell BTC instantly and securely. Use referral code: 5DJFyD4 to get 10% OFF on fees.
10. Coinut – Buy Bitcoin with SGD or XSGD

That said, it’s always a good idea to do your own research before you start investing your hard-earned money into the game to avoid any unnecessary losses and scams.

If you haven’t done so, check out a few of our guides:

• What is Bitcoin and Why all the fuss with Cryptocurrency?
• Basic Bitcoin/Crypto Wallet Guides
• FAQ: Everything You Need to Know About Bitcoin Before You Buy
• Top 7 Bitcoin Myths That Need To Be Busted Right Now!
• 10+ Legit Ways to Earn Free Bitcoin (#3 is My Favorite)-UPDATED 2020!

How to Buy Bitcoin in Singapore

In general, there are two things you will need before buying Bitcoin in Singapore:

1. A place to buy it — an exchange
2. A place to store it — a wallet

Don’t have a wallet? Check outour guide onBitcoin wallets.

When it comes to investing in Bitcoin, think of it like converting your SGD into another currency -a currency that can serve as a way to preserve wealth, a currency that can protect your future purchasing power.

Here’s what you’ll do:

1. You take your cash to an exchange.
2. You give them SGD, they take a cut and give you the rest in Bitcoin.
3. You then keep your bitcoins in your own wallet.

It’s pretty similar to exchanging your SGD for another foreign currency, except that the transactions are digital.

However, to comply with the MAS’ anti-money laundering and financial terrorism measures, major cryptocurrency exchanges will require you to submit personal information such as national ID, passport and proof of address before you can start buying/selling bitcoins.

This KYC (Know-Your-Customer) procedure makes it very difficult for average investors to acquire Bitcoin without revealing their identities.

With that said, not all Bitcoin exchanges are created equal. Each exchange has different verification requirements, fees, and deposit methods.

So let’s get to it.

1. Independent Reserve

Independent Reserve is a cryptocurrency exchange available to all residents of Singapore, both retail and institutional investors, offering tight spreads and low fees.

It is the first retail cryptocurrency exchange in Singapore to attain a license from MAS and currently supports over 200,000 customers.

IR offers the AutoTrader feature where you can setup Dollar Cost Averaging (DCA) for your BTC purchases based on the amount of deposit you have.

Other special features include, OTC (>$100k purchases) and custody of digital assets for Institutional investors.

There is 24/7 premium support and a Multi-currency wallet to store your digital assets.

Here’s how you can buy BTC in minutes with Independent Reserve:

1. Sign up for a free account, set up your profile, submit your ID and complete your verification.
2. Once verified, deposit your SGD instantly via FAST.
3. Go to the trade page, select your desired crypto in the top left corner and click on BUY (MARKET) to place your order.

Additional features:

• Instant SGD deposits via FAST
• OTC desk (>$100K deal sizes)
• AutoTrader (Automated DCA strategy)
• 24/7 premium support
• World-class security

The Best Bitcoin Exchange for Beginners

Sign up a free IR account today!

2. Crypto.com

Crypto.com is a complete all-in-one cryptocurrency platform that not only allows you to buy/sell Bitcoin but also earn up to 8% annually on your crypto, pay with your crypto for cashback at stores, buy 80+ cryptos at true cost and more!

Similar to Coinbase and Binance, you have to connect your Crypto.com account to your Xfers wallet first in order to convert your SGD into Bitcoin. You can also buy Bitcoin using a credit card, debit card, crypto and bank transfer.

Some of the supported cryptocurrencies that you can buy with SGD are: BTC, ETH, BCH, LTC, XRP, CRO, BNB, XSGD

Let’s see how you can buy Bitcoin with SGD on Crypto.com:

1. Sign up for Crypto.com and complete their KYC.
2. Connect Xfers to your Crypto.com. Once you link your Xfers to Crypto.com, you can transfer funds from Xfers wallet to purchase crypto as well as withdraw SGD back by selling crypto.
3. Buy Bitcoin. Go to “Trade > Buy”, select Bitcoin and enter the amount you want to buy with your Xfers.

Also, apply for their free MCO visa card,you may get free $25 for just signing up.

Take advantage of this free crypto debit card, it helps you to earnup to 5% back instantly every time you spend. If you’re holding MCO token, its native coin, you can save maximum money and enjoy additional benefits such as:

• 100% rebate on Spotify, Netflix and Amazon Prime
• Airport lounge access
• Cashback on Airbnb and Expedia bookings
• Competitive interbank rates
• Earn bonus interest
• and more

Buy Bitcoin on Crypto.com (+Free $25 welcome bonus)

** referral code: heq9qnuzam to get your free$25 welcome bonus

3. Luno

Luno is by far the easiest way to buy bitcoin online for the newbie.

This UK-based cryptocurrency exchange has been around since 2013. It is one of the most trusted Bitcoin exchanges in Asia, with special support for South Africa, Australia, Malaysia, Indonesia, Nigeria and Singapore.

Whether you’re a sophisticated trader who want to day trade for profits or just want a simple way to buy and sell Bitcoin, Luno is for you.

Luno makes it super easy for all levels of users to acquire popular cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC).

Start buying a small amount of Bitcoin(as low as SGD10.00). Once you feel confident with it, you can allocate a sizeable amount.

Adding money to your Luno account as well as withdrawing SGD to your bank account is completely free of charge.

What’s great, there are no maker fees imposed by Luno. Meaning that if you’re creating new orders on Luno and wait for your order to be filled, you don’t have to pay any trading fees. On the other hand, the trading fee for takers (the person responding to the offer) is 0.1% , which considered to be very competitive!

You can buy Bitcoin on Luno in 3 simple steps:

1. Sign up – Sign up a free Luno account and receive SGD5 worth of Bitcoin when you start using Luno. Setup your profile and submit your ID to verify your identity.
2. Deposit your SGD – Choose to transfer SGD to your Luno wallet via bank transfer or credit card.
3. Buy Bitcoin – Use your SGD to buy Bitcoin.

Important: Remember to transfer your bitcoins to your own hardware wallet like Trezor. Don’t use Luno wallet to store your bitcoins for long-term, it’sprone to hack, fraud and other types of cyber attacks

You might want to download their mobile app (iOS or Android) as well, so you can quickly buy, send and manage your coins on the go.

Here are few things you can do once your Luno account is verified:

• • Deposit SGDusing an Xfers wallet
  • Store, send and receiveBTC, ETH or BCH in your Luno wallet
  • Instant Buy/Sell.Buy BTC or ETH instantly
  • Full order-book Luno Exchange.Trade BTC/SGD, BTC/ETH or BTC/BCH on the Luno Exchange

Pros:

• Simple,intuitiveandeasy to use
• Trustworthy and reliable.
• Free deposit and withdrawal fees
• Low trading fees: 0% for market makers, 0%-0.1% for market takers
• Mobile version is available (iOS or Android)
• High limits with verified account

Cons:

• ID verification required.
• Only few cryptos are available

Earn SGD5 when you buy/ sell $100 with Luno here.

4. Coinbase

Based in the US, Coinbase is probably the most renowned cryptocurrency exchange in the world. Their services are available to over 100 countries worldwide, including Singapore.

If you live in Singapore, you can purchase Bitcoin on Coinbase using:

• Credit/debit card
• Xfer Transfer (Paused)

Buying Bitcoin on Coinbase is pretty easy and straightforward.

Simply sign up a free Coinbase account, verify your identity, fund your account and you’re ready to purchase your desired coins.

That said, it’s definitely not the cheapest way to exchange SGD for Bitcoin.

Take into consideration the processing fees when you use Coinbase:

• Buy with a credit or debit card – you’ll need to pay a fee of 3.99%.
• Buy with Xfers – no fee for transferring SGD from your Singapore bank account to your xfers virtual wallets. But Coinbase charges a 1.49% of total purchase.

What makes Coinbase different is that you can easily earn rewards while learning about cryptos on Coinbase.

Login to your Coinbase account, select “Earn Rewards” and you’ll see a wide range of short crypto lessons that you can take. Simply select the crypto you want to learn more about. Once you complete the lesson, you’ll be rewarded instantly with crypto. It’s one of the easiest ways to earn free crypto in your spare time.

Want to earn free Bitcoin without actually investing in it? Visit this article with all my tips.

Pros:

• User-friendly
• Trustworthy and reliable
• Take quick lessons and earn free crypto rewards
• Coinbase mobile app is available. Allow you to take control of your crypto everywhere you go.

Cons:

• Higher fees than Luno – 3.99% (using a credit card or debit card), 1.49% (xfers wallet)
• Need to submit your personal information for ID verification

5. Coinut

Coinut, which stands for Coin Ultimate Trading, is a secure cryptocurrency exchange based in Singapore and Toronto.

It offers a fast, easy and inexpensive way to buy Bitcoin for those who stay in Singapore.

Verified users can buy Bitcoin with SGD, USD or CAD on Coinut.

It supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Monero (XMR), Ethereum Classic (ETC), Zcash (ZEC) and Tether (USDT).

With Coinut mobile app (iOS and Android), you can easily check the latest crypto news and trade crypto anytime, anywhere.

Here’s how it works:

1. Sign up for a Coinut account. You’ll also get a free, secure Coinut wallet to keep your Bitcoin. Just like other major crypto exchanges, you’ll need to complete verification steps before you can use Coinut.

2. Connect your Xfer account to your Coinut. You can use Singapore Dollars (SGD), US Dollars (USD) or Canadian Dollars (CAD) to buy Bitcoin on Coinut after verifying your account.

3. Buy, Sell or Trade Bitcoin.

Once the transaction is successfully executed, you will get your coin in your Coinut wallet. You’re able to check your Balance Status and current changes in Bitcoin price with your wallet.

Pros:

• Low commission fees: 0.0004BTC Withdrawal Fee, 0.10% Taker Fee, 0.00%Maker Fee

Cons:

• No credit card deposits.
• ID verification required.
• Low liquidity

6. Coinmama

Founded in 2013, Coinmama is a Slovakian website that allows you to buy Bitcoin and Ethereum instantly with a credit card, debit card or even with cash using Western Union.

Coinmama will send the Bitcoin straight to your wallet, so decide where you want your coins sent and get your Bitcoin wallet address ready before making a purchase on Coinmama.

Here’s a step-by-step guide on buying Bitcoin with Coinmama:

1. Create a Coinmama account. Head to Coinmama official website and sign up for a free account with your email ID.
2. Verify your account. Fill in your personal information and upload your ID or passport to verify your identity.
3. Buy Bitcoin. You can either purchase a set amount of BTC or enter in a custom amount of up to roughly $5,000.

Enter your payment information and Bitcoin wallet address. Pay with credit/debit card and receive your bitcoin in 10 minutes.

Pros:

• Debit and credit cardpurchases supported.Not an option on most exchanges.
• 24/7 Support
• Easy user interface makes it a good option for beginners.
• Get your Bitcoin quickly.

Cons:

• High fees. Convenience comes at a price.Fees can be up to5.5% percent.
• No support for wire transfers.
• Only cards issued by VISA or MasterCard are supported.
• No mobile app
• ID verification required.

If you need help, check out this Coinmama Walkthrough Guide for Beginners.

7. LocalCoinSwap

LocalCoinSwap is a peer-to-peer escrow service that lets you to buy, sell and trade Bitcoin directly with other people in Singapore, safer and faster.

There are 3 main things that make LocalCoinSwap unique:

The first is that it isnotan exchange in the same sense as Binance or Luno. Instead of providing a fixed market price, LocalCoinSwap simply connect you to other people, who are looking to buy or sell Bitcoin. You can shop around, compare and find the best value.

LocalCoinSwap also offers a wide range of payment options. You can choose to pay for your bitcoins using various payment options such as cash deposits, bank transfer, Paypal, gift cards, WeChat, credit card, Western Union, altcoins and more.

The third thing that attracted people is that LocalCoinSwap has a 0% trading fee. Registering, buying, and selling Bitcoin is completely free. There’s no deposits, withdrawal fees, transactions fees and escrow fees.

However, if you’d like to advertise your buy/sell offers, LocalCoinSwap charges 1% advertising fee for each completed trade.

Pros:

• Private, secure
• Buy Bitcoin, Ethereum and other top cryptocurrencies with zero fees.
• Huge selection of payment options.

Cons:

• Need to practice caution to avoid being scammed

8. Bitcoin ATM – The Offline Way

If buying Bitcoin online through a cryptocurrency exchange isn’t a good fit for you, you can always use a Bitcoin ATM machine to purchase some bitcoins.

You do not need a bank account nor going through a lengthy sign-up process to use ATM to buy/sell bitcoins. It’s a hassle-free way to get hold of Bitcoin if you can locate a Bitcoin ATM near you.

Use Coin ATM Radar to locate all the closest Bitcoin ATMs near you. Before you visit the physical Bitcoin machine, make sure you bring along your Bitcoin wallet address (this is where they’ll send the bitcoins which you purchase).

To buy Bitcoin with a Bitcoin ATM, all you need to do is enter the amount you want to purchase, insert cash into the machine, and you’ll receive bitcoins directly on your Bitcoin wallet.

When it comes to ID verification, it depends on the machine type and operator you’re using. Different types of Bitcoin ATMs have different level of verification. Some may require personal ID, or mobile phone.

Pros:

• Faster and easier than using a regular crypto exchange.
• Nobank accounts.
• Some ATMs allow you to buy bitcoins anonymously.

Cons:

• High fees. Fees can be up to7-12% for buying/selling bitcoins.
• Low deposit and withdrawal limits. Not suitable for purchasing large amount of Bitcoin.
• Only few Bitcoin ATMs machine are available.

To make help you safely buy Bitcoin with ATMs, read this a complete beginner’s guide on How to use a Bitcoin ATM.

Not Your Keys, Not Your Bitcoin

No matter where you buy from, the most important thing to note is that the process only ends once you’ve transferred your Bitcoin to a wallet whichonly you hold the keys to.

Many exchanges will provide you a free built-in wallet, which you can use to store, send and receive cryptocurrencies.

However, it’s not advisable to use it keep your Bitcoin for long-term.

Leaving bitcoins on exchanges are extremely risky!

Always make it a habit of transferring Bitcoin to your own wallet once you complete a transaction.

I recommend using hardware wallets likeLedgerandTrezor to secure your Bitcoin for the long term. Both are very easy to use with simple, clear layout. Check out my review and comparison Ledger vs Trezor here.

Conclusion

There you go! By now you should know exactly how to buy Bitcoin in Singapore using different crypto platforms.

In general, to buy your first Bitcoin in Singapore (or anywhere in the world) :

1. Find a Bitcoin exchange
2. Exchange your local currency like SGD to bitcoins
3. Move your bitcoins to a secure Bitcoin wallet

You are now the proud owner of Bitcoin.

Welcome to joining some of the world’s brightest minds in a technology that is transforming the financial sector and disrupting some of the oldest societal systems we know.

Enjoy the ride as you watch the price rise and fall, plummet and go to the moon.

Do you have any other questions? Feel free to leave a comment below.

And lastly, if you liked this post, don’t forget to share it on Facebook, Pinterest, and Twitter.

I’ve handpicked a few guides for you to read next:

• 10+ Easy Ways to Make Money with Bitcoin and Cryptocurrency
• 4 Best Ways to Convert Bitcoin to Cash
• How to Invest in Bitcoin: The Ultimate Guide for Beginners 2020
• How to Sell Bitcoin – The Ultimate Beginner’s Guide 2020
• 30 Popular Cryptocurrency and Bitcoin Terms
• 10 Interesting Bitcoin Facts You Should Know

I live and breathe making an income online.

I’ll be sharing more ideas and guides soon. Stay tuned.

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