The cryptocurrency scene in Singapore has witnessed remarkable growth in recent years. As of 2022, cryptocurrency exchanges accounted for the largest share of fintech companies in the country making cryptocurrency one of the most dominant sectors for investments.
If you are looking to break into the crypto industry in Singapore as a new investor, you’d want to start by choosing the right crypto exchange platform. There are a wide range of platforms to buy Bitcoin in Singapore with each catering to different trading styles and preferences. In this guide, we review some of them from their user-friendliness to security and other factors to help you make the right choice.
Top crypto exchange Singapore list
Singapore has access to a plethora of Bitcoin exchanges from both internationally acclaimed platforms to locally-based services. Here are some of the top Bitcoin Exchange Singapore has:
- Coinbase
- Binance
- Independent Reserve
- Kraken
- Phemex
- BYDFi
- Coinhako
Best Singapore crypto exchange and trading platforms reviewed
When it comes to choosing the right crypto trading platform, it is important to consider factors like ease of use, availability of diverse cryptocurrencies, liquidity, security, and advanced trading tools amongst other things. The best Bitcoin exchange is the one that caters to your unique crypto trading and investment goals while still meeting the above requirements.
We will be reviewing some of the six popular platforms to buy Bitcoin in Singapore, highlighting their features, pros, and cons.
Coinbase
Coinbase is a global cryptocurrency exchange service that caters to many regions including Singapore. It is an excellent choice for beginners because of its educational resources, user-friendly platform, and straightforward process for exchanging cash for cryptos. It also has years’ worth of good reputation, which makes it trusted by millions of users worldwide.
Pros
- User-friendly interface
- Wide selection of cryptocurrencies
- Insurance coverage for digital assets
- Offers educational resources for new investors.
Cons
- Higher transaction fees
Binance
Binance is a widely known and used crypto exchange in the world. It caters to both beginners and advanced traders by offering a wide selection of cryptocurrencies and trading pairs. It also offers diverse trading options like futures and margin trading.
Pros
- Strong global presence and reputation
- Offers extensive trading options
- Availability of advanced trading tools like trading bots
- Has high liquidity
Con
- Not beginners-friendly
Independent Reserve
Independent Reserve is a leading crypto exchange that caters to investors and prioritizes security, easy navigation, and reliable customer support. This platform offers multi-factor authentication for extra security and is fully compliant with Singapore’s regulatory standards.
Pros
- User-friendly platform
- High liquidity and market depth
- Strong emphasis on security
- Reliable customer support
Con
- Limited fiat currency support
Kraken
When it comes to security, Kraken is one of the exchanges that takes the lead. It has robust security measures like cold storage and two-factor authentication (2FA) which makes it the perfect choice for traders that prioritize security.
Pros
- Access to a wide range of cryptocurrencies from bitcoins to lesser-known altcoins.
- Prioritizes security with no reports of hacks in the past.
- Good customer support
Con
- No insurance fund for assets
Phemex
Phenex is regarded as one of the best futures and crypto trading platforms in Singapore. It is fully compliant with the Singapore crypto regulatory requirement offering traders a legit platform to trade all kinds of cryptocurrencies.
Pros
- Has a customizable interface
- Beginner-friendly features like demo trading and social trading.
- Liquidation protection
- TradingView integration
Con
- Does not support crypto-to-crypto pairs
BYDFi
BYDFi is a popular Singapore-based cryptocurrency exchange that caters to both short-term traders and investors. It offers features like staking and yield farming on a super intuitive platform that is easy to navigate.
Pros
- Extensive asset selection
- Advanced encryption protocol and cold storage for cryptos.
- User-friendly website and app
- Offers advanced crypto trading features
- Registers with
Con
- Doesn’t support crypto staking
Coinhako
Coinhako is another reputable cryptocurrency exchange that caters to investors in Singapore and throughout Asia. It offers investors the option to choose individual or OTC accounts to help them effectively manage their assets. The platform also runs a customer loyalty program where users are rewarded at every login.
Pros
- Offers up to 30 different cryptocurrencies
- Accessible on both Android and iOS platforms
- Receives fiat deposits
Con
- Has limited cryptocurrencies compared to other exchanges
Best Bitcoin exchange Singapore: BYDFi features
BYDFi is a crypto exchange platform that stands for Build Your Dream Finance. It is one of the Singapore-based exchanges that stood out on the list and here’s why.
- Extensive asset selection: BYDFi offers a diverse range of cryptocurrencies, including popular options like Bitcoin and Ethereum, as well as lesser-known altcoins. If you are looking to diversify your portfolio as a crypto investor, this platform offers you the right assets to do so.
- Robust security measures: The platform provides security features like cold storage, and advanced encryption protocols to ensure that your funds are safe.
- Passive income options: Whether or not you are actively trading cryptos on the platform, BYDFi also offers features like yield farming to help you earn passively.
- Flexible trading option: If you enjoy flexible trading, BYDFi also has a mobile app that allows you to manage your portfolio and execute trades on the go.
Why is BYDFi better?
BYDFi stands out as the best crypto exchange in Singapore for several reasons. Here are some of them:
Strong local presence
Being based in Singapore, BYDFi is attuned to the needs and preferences of local investors. Their services are tailored to meet your unique crypto investment requirement in Singapore.
Regulatory compliance
Singapore has a well-established regulatory framework for cryptocurrency exchanges, and BYDFi complies with these regulations. It is registered with the Monetary Authority of Singapore (MAS). This commitment to compliance ensures a safe and legal trading environment for its users.
Community and support
In addition to their crypto exchange service,
BYDFi also offers excellent customer support as well as an active community of crypto enthusiasts. You can find guidance, resources, and assistance to enhance your crypto trading experience.
Conclusion
While global giants like Coinbase and Binance are popular crypto exchanges, don’t overlook the advantages of a local player like BYDFi. Its extensive asset selection, security measures, and user-friendly interface make it a standout option for both beginners and experienced traders.
Ultimately, the best crypto exchange for you depends on your individual preferences, investment goals, and comfort level with the platform’s features. Take the time to explore these platforms, conduct thorough research, and consider your specific needs to make the right choice.
Featured image credit: Maxim Hopman / Unsplash
