Best Crypto Exchanges in Singapore

Summary: Singapore's cryptocurrency market thrives under the watchful eye of the Monetary Authority of Singapore (MAS), which provides strong regulatory oversight of exchanges. Investors benefit from many secure deposit methods, including PayNow and FAST, enabling fast SGD and USD deposits. This setup simplifies the processes of purchasing, staking, and trading digital assets within a tightly regulated framework.

Following detailed research, our analysts have determined the top five cryptocurrency platforms in Singapore, each offering specific benefits to investors:

1. Coinhako - Best Crypto Exchange in Singapore
2. Kraken - Top Platform for USD Banking in Singapore
3. Independent Reserve - Good Option for Deep Liquidity on Bitcoin
4. Gemini - Top Choice for Crypto Staking‍‍
5. Crypto.com - Good Overall Alternative Exchange

Best Cryptocurrency Exchanges in Singapore

After reviewing over 20 cryptocurrency exchanges, our analysts have identified the top five platforms for Singapore investors. We assessed each based on compliance with Monetary Authority of Singapore (MAS) regulations, cryptocurrency diversity, user interface usability, SGD and USD transaction options, and fee structures. This guide is essential for investors aiming to align their cryptocurrency investments with their financial objectives.

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1. Coinhako

Established in 2014, Coinhako was Singapore's first cryptocurrency exchange and has since grown to become its most trusted, supporting both retail and institutional investors. It boasts a user base of over 400,000 and has handled more than $10 billion SGD in transactions. Coinhako is licensed under the Payment Services Act by MAS and provides a secure trading environment for over 100 cryptocurrencies through its advanced Superwallet, designed to maximize user convenience and efficiency.

The platform is praised for its easy-to-use interface and offers a variety of payment options including PayNow, FAST transfers, and credit/debit cards. It distinguishes itself with a competitive 0.6% trading fee and free SGD deposits. For OTC trades above $200,000 SGD, Coinhako charges no fee, highlighting its focus on providing value-driven solutions for both high-volume traders and everyday users.

• Fees: Coinhako sets a straightforward 0.6% trading fee and waives fees for SGD deposits and withdrawals. It also offers 0% fees for institutional investors via its OTC desk.
• Supported Assets: It offers over 100 cryptocurrencies and is fast to list new assets that gain popularity.
• Regulation: Fully compliant with Singapore's Payment Services Act, holding license PS20200556, ensuring its operations meet regulatory standards.
• SGD Deposit Options: Supports diverse local payments including PayNow, FAST transfers, Visa/MasterCard, and GrabPay.

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2. Kraken

Kraken clinches the runner-up position in our Singapore crypto exchange overview, especially acclaimed by institutional investors for unparalleled liquidity and robust trading volumes. It boasts an impressive quarterly trading volume that tops $207 billion, drawing attention from both institutional and individual investors. The exchange offers over 200 assets for trading an staking, including market leaders like Bitcoin, Ethereum and Solana, as well as emerging tokens..

Praised for its exceptional user interface, Kraken's mobile apps are top-rated on the App Store and Google Play, aligning with its mission to offer seamless trading experiences. Its staking feature, promising returns as high as 25% APY, adds to its attractiveness. Kraken Pro, tailored for professional and institutional clientele, features tight spreads, substantial liquidity, and flexible deposit thresholds, solidifying Kraken's reliability and efficacy as a trading platform.

• Fees: Boasts competitive maker fees at 0.01% and taker fees at 0.02%.
• Supported Assets: Offers an expansive selection with over 200 spot and 100+ margin trading markets.
• Regulation and Licensing: MAS-licensed with best-in-class security and audited proof of reserves.
• SGD Deposit Methods: Supports USD deposits from DBS, OCBC and other Singapore-based banks via bank transfer and bank wire.

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3. Independent Reserve

Independent Reserve earns its position as the third-best platform and is recognized as the first crypto exchange to be licensed by the Monetary Authority of Singapore (MAS). It stands out for its robust security measures and user-friendly platform, serving a wide audience with over 20 leading cryptocurrencies, competitive fees from 0.5%, significant liquidity, and convenient SGD deposits through FAST bank transfers.

Holding an MAS license highlights Independent Reserve’s commitment to stringent corporate governance and advanced risk management practices, confirmed by annual independent audits and adherence to international security standards like the ISO 27001 certification. This commitment showcases the platform’s dedication to maintaining the highest levels of trust and safety for its users.

• Fees: Trading fees start at 0.5%, with possible reductions for higher trading volumes. Deposits and withdrawals over SG$1,000 are free of charge.
• Supported Assets: Offers a portfolio of over 20 cryptocurrencies, including BTC, ETH, SOL, USDT, and USDC.
• Regulatory and Licensing: Holds a Payment Services Act (Singapore) license, with the reference number PS20200517.‍
• SGD Deposit Methods: Facilitates deposits via FAST/MEPS Bank Transfer and Bank Wire, simplifying transactions for users.

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4. Gemini

Ranking fourth in Singapore, Gemini is celebrated for its emphasis on trust, robust security, and transparent operations. Meeting the stringent SOC 1 Type 2 and SOC 2 Type 2 standards, Gemini upholds top-notch security and data privacy practices. The Monetary Authority of Singapore (MAS) 's approval and oversight solidify its trustworthiness. The exchange is noted for its advanced digital asset custody, designed by leading security minds.

Gemini appeals to a wide range of users with its selection of over 100 cryptocurrencies for trading and staking, alongside Nifty Gateway, its NFT marketplace. This allows for a seamless experience in acquiring, selling, and managing NFTs. Gemini's comprehensive services, including a mobile app, trading platforms, wallet, staking services, and a regulated stablecoin, reflect its commitment to security, regulatory compliance, and protecting investor interests.

• Fees: Sets a 1.49% fee for trading, with no fees for SGD deposits and withdrawals, making it attractive for users.
• Supported Assets: Offers a diverse portfolio of over 100 cryptocurrencies, catering to various investment preferences.
• Regulation and Licensing: Holds a license under Singapore’s Payment Services Act, guaranteeing a compliant trading framework.
• SGD Deposit Methods: Provides options like FAST Bank Transfers, Visa/MasterCard, and Bank Wire.

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5. Crypto.com

Crypto.com, ranking fifth in Singapore, is especially favored by newcomers for its intuitive design. With a robust global presence of over 80 million users, it emphasizes regulatory compliance and offers leading custodial insurance and transparent proofs-of-reserves. Its wide selection of over 250 cryptocurrencies appeals to investors looking for variety.

The platform's standout feature, the Crypto.com Visa Card, offers up to 5% cashback on spending, no annual fees, and supports both fiat and crypto top-ups. Additionally, the Crypto Earn option allows for yield earning on 21+ cryptocurrencies and stablecoins, underscoring Crypto.com’s effort to integrate crypto into daily life while prioritizing security and user experience.

• Fees: Maintains a competitive 0.6% trading fee, with no charges for SGD deposits and withdrawals.
• Supported Assets: Features an expansive selection of over 250 cryptocurrencies.
• Regulation and Licensing: In the process of securing a Major Payment Institution License from MAS.
• SGD Deposit Methods: Offers convenient FAST Bank Transfers and Debit/Credit Card options.

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SGD Deposit Methods for Exchanges

The most efficient methods for depositing Singapore Dollars (SGD) into crypto exchanges are local payment services such as PayNow and FAST, which typically allow for immediate transfers at no cost or very low fees below $1. Conversely, using debit or credit cards, processed through providers like Mastercard or VISA, usually involves a deposit fee of around 3%.

To reduce costs and increase financial effectiveness, we suggest primarily using bank transfers. This method generally offers lower fees and provides a consistent method for account funding.

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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 operations, emphasizing compliance with anti-money laundering and counter-terrorist financing standards. As part of its regulatory framework, MAS mandates cryptocurrency intermediaries to adhere to stringent rules and obtain necessary licenses under the Payment Services Act. Additionally, MAS provides guidelines on how cryptocurrency transactions might be taxed, depending on their nature and purpose, ensuring a clear and structured approach to crypto trading and investment in the country.

In January 2020, MAS introduced the crypto travel rule, a significant regulatory measure aimed at enhancing transparency in cryptocurrency transactions. This rule, detailed in Notice PSN02, requires Virtual Asset Service Providers (VASPs) to adhere to specific information-sharing protocols for all transactions, with more comprehensive requirements for transfers above SGD 1,500.

The travel rule serves as an integral part of Singapore's strategy to curb money laundering and terrorism financing in the crypto sector, reflecting the country's proactive stance in creating a secure and compliant digital asset environment.

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How is Crypto Taxed by IRAS?

In Singapore, there's no capital gains tax on cryptocurrency, which benefits both individual investors and businesses. The Inland Revenue Authority of Singapore (IRAS) typically exempts individual crypto gains from income tax unless derived from professional trading or as payment for services. This tax framework makes Singapore a preferred location for crypto exchanges.

For business-related crypto activities like trading or mining, such gains are taxable as income. However, long-term crypto investments by individuals are not subject to capital gains tax. While the standard goods and services tax (GST) is exempt on crypto transactions, it applies to transaction fees on exchanges. In cases of crypto staking and lending yielding over SGD 300 annually, such earnings are taxable. IRAS provides clear guidelines for reporting these incomes.

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Bottom Line

In conclusion, Singapore offers a robust cryptocurrency trading environment with platforms like Coinhako, Kraken, Independent Reserve, Gemini, and Crypto.com, leading the charge. These exchanges are not only fully compliant with MAS regulations, but they also offer a variety of secure, swift SGD and USD deposit options, catering to both new and experienced investors.

Whether you value deep liquidity, comprehensive staking options, or diverse crypto selections, these platforms provide all the necessary tools to facilitate your investment needs efficiently.