Best Crypto Exchanges in Singapore

Best Cryptocurrency Exchanges in Singapore

Our analysis of over 20 cryptocurrency exchanges highlights the top five platforms for Singaporean investors. Key factors include compliance with Monetary Authority of Singapore (MAS) regulations, cryptocurrency variety, user interface, SGD and USD deposit options, and trading fee structures. The following table provides a quick comparison of these key points for each platform.

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1. Coinhako

Established in 2014, Coinhako is Singapore's pioneering cryptocurrency exchange, now serving over 400,000 users and handling transactions exceeding $10 billion SGD. Licensed under the Payment Services Act by MAS, Coinhako offers a secure trading platform for over 100 cryptocurrencies through its advanced Superwallet.

The platform features a user-friendly interface and multiple payment options, including PayNow, FAST transfers, and credit/debit cards. It charges a competitive 0.6% trading fee and provides free SGD deposits. For OTC trades above $200,000 SGD, Coinhako charges no fees, catering to both high-volume institutional investors and retail traders.

• Fees: 0.6% trading fee; free SGD deposits and withdrawals; 0% fees for OTC trades over $200,000 SGD.
• Supported Assets: Over 100 cryptocurrencies, with quick listing of new popular assets.
• Regulation and Licensing: Licensed under Singapore's Payment Services Act, license PS20200556.
• SGD Deposit Options: PayNow, FAST transfers, Visa/MasterCard, GrabPay.

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2. Kraken

Kraken ranks second in our Singapore crypto exchange review, known for its strong liquidity and high trading volumes. With a quarterly trading volume exceeding $207 billion, it attracts both institutional and retail investors. Kraken supports over 200 assets for trading and staking, including Bitcoin, Ethereum, Solana, and emerging tokens.

The platform's user-friendly interface and top-rated mobile apps on the App Store and Google Play ensure smooth trading experiences. Kraken's staking feature offers returns up to 25% APY. Kraken Pro, designed for professional traders, provides tight spreads, significant liquidity, and flexible deposit thresholds.

• Fees: Maker fees at 0.01% and taker fees at 0.02%.
• Supported Assets: Over 200 cryptocurrencies and 100+ margin trading markets.
• Regulation and Licensing: Licensed by MAS, featuring top-tier security and audited proof of reserves.
• SGD Deposit Methods: Supports USD deposits from DBS, OCBC, and other Singapore banks via bank transfer and bank wire.

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3. Independent Reserve

Independent Reserve ranks as the third-best crypto exchange in Singapore and was the first to be licensed by MAS. It offers robust security and a user-friendly platform, supporting over 20 leading cryptocurrencies. The exchange features competitive fees starting at 0.5%, significant liquidity, and convenient SGD deposits via FAST bank transfers.

While supporting fewer cryptocurrencies and features than some competitors, Independent Reserve is arguably the safest platform for investors in Singapore. Its MAS license highlights a commitment to corporate governance and risk management, verified by annual audits and ISO 27001 compliance.

• Fees: Trading fees from 0.5%, with reductions for higher volumes. Free deposits and withdrawals over SG$1,000.
• Supported Assets: Over 20 cryptocurrencies, including BTC, ETH, SOL, USDT, and USDC.
• Regulation and Licensing: Licensed under the Payment Services Act (Singapore), license PS20200517.‍
• SGD Deposit Methods: FAST/MEPS Bank Transfer and Bank Wire.

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4. Gemini

Gemini is well-regarded in Singapore due to its strong reputation for trust, security, and transparency. Adhering to SOC 1 Type 2 and SOC 2 Type 2 standards, Gemini ensures top-tier security and data privacy. Approval and oversight by the Monetary Authority of Singapore (MAS) enhance its credibility. The exchange's advanced digital asset custody is designed by leading security experts.

In terms of features, Gemini supports over 100 cryptocurrencies for trading and staking, along with Nifty Gateway for NFTs, providing a comprehensive platform for buying, selling, and managing digital assets. Its services include a mobile app, futures trading, wallet, staking services, and a regulated stablecoin, all reflecting a commitment to security and regulatory compliance.

• Fees: 1.49% trading fee; no fees for SGD deposits and withdrawals.
• Supported Assets: Over 100 cryptocurrencies.
• Regulation and Licensing: Licensed under Singapore’s Payment Services Act.
• SGD Deposit Methods: FAST Bank Transfers, Visa/MasterCard, and Bank Wire.

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5. Crypto.com

Crypto.com is a popular choice in Singapore, thanks to its user-friendly design and mobile app. With over 80 million users globally, the platform emphasizes regulatory compliance, custodial insurance, and transparent proof-of-reserves. It supports over 250 cryptocurrencies, catering to diverse investor needs.

A key feature is the Crypto.com Visa Card, providing up to 5% cashback, no annual fees, and supports fiat and crypto top-ups. The Crypto Earn option allows users to earn yields on more than 21 cryptocurrencies and stablecoins, integrating crypto into daily life with a focus on security and user experience.

• Fees: 0.6% trading fee; no charges for SGD deposits and withdrawals.
• Supported Assets: Over 250 cryptocurrencies.
• Regulation and Licensing: Has received its Major Payment Institution License from MAS and is pursuing a license under the Payment Services Act.‍
• SGD Deposit Methods: FAST Bank Transfers and Debit/Credit Card options.

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Is Crypto Legal in Singapore?

Yes, cryptocurrency is legally recognized and regulated in Singapore. The Monetary Authority of Singapore (MAS) oversees cryptocurrency activities, enforcing compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) standards. Under the Payment Services Act, MAS requires cryptocurrency intermediaries to follow strict regulations and obtain necessary licenses.

In January 2020, MAS introduced the crypto travel rule in Notice PSN02, enhancing transaction transparency. This rule requires Virtual Asset Service Providers (VASPs) to adhere to information-sharing protocols, especially for transfers above SGD 1,500. This measure is part of Singapore's efforts to combat money laundering and terrorism financing, ensuring a secure and compliant digital asset environment.

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How is Crypto Taxed by IRAS?

In Singapore, there is no capital gains tax on cryptocurrency, which benefits individual investors and businesses. The Inland Revenue Authority of Singapore (IRAS) generally exempts individual crypto gains from income tax unless they come from professional trading or payment for services, making Singapore attractive for crypto exchanges.

For businesses, crypto-related activities such as trading or mining are taxed as income. Long-term crypto investments by individuals are not subject to capital gains tax. While crypto transactions are exempt from Goods and Services Tax (GST), transaction fees on exchanges are not. Earnings from crypto staking and lending above SGD 300 annually are taxable, and IRAS provides guidelines for reporting these incomes.

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How to Buy Bitcoin in Singapore

If you're new to cryptocurrency investment in Singapore, here's how to purchase Bitcoin through a local exchange:

1. Create an Account: Visit a MAS-regulated exchange holding a license under the Payment Services Act. Sign up and complete the verification process with your photo ID and proof of address.
2. Deposit SGD: Go to the deposit section, select SGD, and enter the amount to transfer. Use a bank transfer, FAST payment, or credit card.
3. Choose Bitcoin: In the trading section, find Bitcoin (BTC) and select the SGD/BTC trading pair to see the current market rate. Review market and limit order options.
4. Execute the Trade: Click 'buy' or 'trade' to purchase Bitcoin. Enter the Bitcoin amount you want to buy or the SGD amount you want to spend. Confirm the order details and execute the trade.

This guide explains how users in Singapore can start trading Bitcoin, from account setup to trade execution.

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Bottom Line

Singapore's stringent regulatory framework ensures a secure environment for cryptocurrency trading. The top five exchanges, Coinhako, Kraken, Independent Reserve, Gemini, and Crypto.com, offer unique advantages for various investors seeking the perfect platform for their preferences.

Oversight by the Monetary Authority of Singapore (MAS) instills confidence, supporting secure transactions and a variety of services including staking, high liquidity trading, and user-friendly interfaces.