The roller-coaster ride associated with cryptocurrency price charts continues to attract rather than deter investors. Make no mistake, the market is one for those who are prepared to run high risk-return strategies and the consensus view is that traders should only use an amount of funds they can afford to lose completely. That being said, reports of eye-watering profits being made continue to keep cryptos in the headlines and there is little sign of the market dynamics changing. The new and sometimes unique features of cryptocurrencies, such as blockchain protocols, are part of the reason prices fluctuate so much. When opinions on the effectiveness or long-term viability of cryptos clash, the price whipsaws. These quirky features of the crypto world have also resulted in specialist crypto exchanges being set up. Designed to cater to the unique nature of crypto markets, these are for some, though not all, the first choice when it comes to trading Bitcoin, Ether, Dogecoin and their peers.
There is a need for specialist wallets and to consider such aspects as whether you want to hold your coins in a ‘hot’ or ‘cold’ wallet. It can be daunting at first and some instead opt for the simplicity of using CFD brokers to trade crypto in Singapore. If using an exchange is for you, then given all the new information that needs to be considered, it is worthwhile keeping the selection as simple as possible. If you’re looking for the best crypto exchange in Singapore, then this list will point you in the right direction and free up time for research into other areas of the ever-changing crypto markets.
#1Binance
What we liked:
- Low-cost trading
- Large selection of crypto and pairs to trade
- Low minimum account balances
- 24/7 customer support
- Easy to set up an account
- Possible to purchase crypto using SGD
The decision by Changpeng Zhao, the CEO of crypto platform Binance, to move to and live in Singapore captures the mood that Singapore is open-for-business in terms of crypto trading. His platform is one of the market leaders with a global client base. It offers low trading fees and more cryptos than most other sites.
With no deposit fees and variable withdrawal fees, Binance sets a low minimum account opening balance of $10. It’s easy to use and has a 24/7 help desk. Both factors are likely to be big plus points for those starting out in crypto trading.
Trade execution speeds are some of the fastest in the sector and clients can monitor their trades with ease thanks to the iOS and Android mobile phone apps available.
Binance operates in Singapore as Binance Asia Services. It is a Private Company Limited by Shares, incorporated on 6 April 2018 in Singapore. The address of the company’s registered office is at the Guoco Tower building, 1 Wallich Street, Singapore, 078881.
#2Gemini
What we liked:
- Ranks highly in terms of account security
- World’s first platform to be SOC 1 Type 2 and SOC 2 Type 2 compliant
- Lots of user-facing security protocols to protect client interests
- A good range of crypto markets – 60+ to choose from
- A variety of account types to choose from
- Additional services such as Gemini Earn
Gemini is another global leader, which has recently set up operations in Singapore and has even chosen the location as it’s Asia-Pacific headquarters. Its platform will appeal to those looking to locate the most trustworthy crypto exchange in Singapore, or as the platform states,
“Gemini has operated with a security-first mentality from day one” (source: Gemini).
On security, the firm goes further to state:
“storing your crypto assets with Gemini ensures that your assets are held in our state-of-the-art storage system that has been built by world-class security engineers and experts. Gemini is SOC 1 Type 2 and SOC 2 Type 2 compliant… the world’s first cryptocurrency exchange and custodian to complete these exams” (source: Gemini).
Gemini has also earned an ISO 27001 certification.
User-facing security measures include Hardware Security Keys via WebAuthn so that clients can secure their accounts with the strongest 2FA protection. There is also two-factor authentication set as default on standard account access and crypto withdrawals.
Gemini Trust Company (Singapore Branch) has the registered address, 6A Shenton Way, The work Project #04-01, Singapore, 068815.
#3Coinbase
What We Liked:
- One of the biggest operators in the sector with over 68 million customers
- Open an account with Debit and Credit cards
- Offline storage options
- Insurance protection
- Two-step verification on user-facing protocols
- Founded in 2012 and now a publicly listed company
- Massive trade volumes – up to $462bn per month
- Possible to purchase crypto using SGD
Coinbase was an early entrant in the crypto space and never gave up its advantage. It now has around 68 million users, 9,000 of which are institutions. In addition, there are more than 160,000 ecosystem partners, which are located in over 100 countries. All these parties have done their own due diligence on Coinbase.
The exchange doesn’t rely solely on its reputation. It offers more than 37 crypto markets and highly competitive pricing, which starts at 0.5% and goes up to 2.5%.
Coinbase Singapore PTE Ltd has the registered address of 1 Marina Boulevard #28-00 One Marina Boulevard Singapore 018989.
#4OKEx
What We Liked
- Super competitive pricing
- An incredible 250+ markets
- Crypto trading services to suit beginners and more experienced traders
- Customer support available 24/7
- Neat educational tools
Headquartered in Seychelles, OKEx Ltd was founded in 2017 by Star Xu. It might be the new kid on the block, but it is making a name for itself by introducing some neat innovations and super competitive pricing. Amongst the world’s largest cryptocurrency exchanges, it has a large userbase in Singapore.
It supports a staggering 250+ crypto markets and has trading fees that start at 0.10%. By catering to traders of all standards, OKEx has carved out a successful niche and is now one of the biggest players in the sector, boasting more than 20 million customers in over 200 countries.
If you’re new to crypto trading, you will probably recognise low-cost trading as a good thing, but additional extras at OKEx, such as its educational materials, might make you want to visit its site to carry out research.
OKEx Ltd is headquartered in Seychelles at Suite 202, 2nd Floor, Eden Plaza, Eden Island, Victoria, Mahe, Seychelles.
#5Kraken
What We Liked:
- 50+ crypto markets to trade
- Costs starting as low as 0.10%
- Founded in 2011 and a well-respected brand
- Possible to get set up in minutes
- Strong operationally
- 24/7 customer support
Kraken is a one-stop shop for anyone thinking of investing in crypto. It has specialist areas designed to hand-hold complete beginners, education materials for those looking to take the next step and also supports institution-grade crypto investors.
The tech guys at Kraken have ensured all the latest protocols are in place to protect the platform, but Kraken also offers operational security. It has taken steps that some other exchanges don’t and provides world-class financial stability by maintaining healthy banking relationships, full reserves, and the highest standards of legal compliance.
Kraken is the trading name of Payward Ventures, Inc., which has its registered address as, 237 Kearny Street #102, San Francisco, CA 94108.
#6DBS
What We Liked:
- Strong reputation
- A big bank with a dynamic approach
This has been the year that Singapore’s largest bank has moved into the crypto space. DBS Group Holdings Ltd has a market capitalisation of S$79bn, and while the crypto services it offers are still unregulated, the critical mass of the banking group offers crypto account holders some security and comfort.
DBS Bank’s brokerage arm, DBS Vickers (DBSV), in August received approval in principle to step up its crypto operations. This approval came from the Monetary Authority of Singapore (MAS). Its provisions will centre around digital payment token services as a payment institution and will also support crypto trading by institutional clients. The platform will provide spot trading with four fiat currencies (SGD, HKD, USD and JPY) and four cryptocurrencies — Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Ripple (XRP).
As a member of DBS Digital Exchange (DDEx), DBSV, when licensed, will be able to provide direct support to asset managers and allow them to trade through DDEx with digital payment tokens. At launch, the service had 400 investors already signed up. This pioneering approach by bigger investors is good news for smaller investors too, as they can tap into the DBS service by selecting a firm that has a place on the platform.
