CoinMarketCap takes a look at what you need to have in order to buy cryptocurrency in Singapore.
The world is coming to terms with the burgeoning technology of blockchain, and Singapore is adopting a firm but fair approach. Singapore is considered very friendly towards blockchain and distributed ledger technology like other financially progressive and innovative countries such as Switzerland.
The position from the Singaporean government has given leeway for citizens to invest and experiment with crypto in Singapore, but they warn of the risks and volatility involved. The government itself experimented with tokenizing the Singapore dollar via blockchain with their “Project Ubin.”
Singapore and blockchain have been making headlines recently as Singaporean-based investor Vignesh Sundaresan purchased the highest-selling NFT at $69M. Singapore is also home to several crypto businesses and currencies, including the Litecoin Foundation, Zilliqa, HODLnaut and Three Arrows Capital.
Crypto assets are becoming increasingly easy to buy in Singapore. As of January 2021, the largest bank in the country, Development Bank of Singapore (DBS), went live with its full-service digital exchange. This move was made in part to further solidify Singapore as a forward-thinking global financial axis and to meet the increased demand for trading cryptocurrencies. The exchange will offer security tokens, a full-service digital currency exchange and custodial services like the safekeeping of cryptographic keys.
However, Singapore citizens have a variety of options when it comes to buying and selling cryptocurrency assets. Most of the world’s online crypto exchanges are authorized to operate in Singapore, and Singaporeans can invest with giants like Binance, Kraken and Coinbase. Take a look at the list of best exchanges to buy crypto in Singapore.
You will need a few things before you can purchase crypto assets in Singapore. This guide will take you through what you need, how to buy crypto and some other considerations you can make before entering the world of digital asset ownership.
Buying Crypto In Singapore
Buying crypto in Singapore is relatively straightforward as it is completely legal (unlike in countries like Vietnam and Bangladesh, which have a negative view of BTC and other digital currencies). Singapore citizens can purchase cryptocurrency when they register with a brokerage, app or exchange like Binance.
What Things Will You Need To Buy Crypto in Singapore?
Before you can begin purchasing crypto with brokers, you will need to provide some documentation. Keep in mind that different brokerages will require different materials, and they will tell you what to do when creating an account. Here is a list of the common things you will need:
- You will need your National Registration Identity Card, Singpass or other acceptable ID;
- You may need an Xfers account for some platforms;
- A private and secure internet connection (public WiFi poses security issues);
- A cell phone for exchanges to verify your identity with two-factor authentication;
- An account with a brokerage that operates in Singapore;
- A bank account you can wire money from, and to which you can make deposits of fiat currency;
- A secure method of cryptocurrency storage. Most brokerages will have a good built-in wallet or secure vault system that you can use.
How to Buy Crypto In Singapore
Once you have everything you need and have set up your crypto account with one of the exchanges like DBS, Binance or Kraken, you are ready to buy crypto. Here are the steps to purchasing cryptocurrency with your brokerage account of choice:
- Sign in to your account via a private home connection.
- Select the brokerage’s option to buy crypto, then make sure you have selected the correct digital asset you are trying to buy. For example, you can choose coins like Bitcoin (BTC), Ethereum (ETH), Cardano (ADA) and Ripple (XRP).
- Enter the amount you'd like to buy, making sure you have sufficient SGD or other fiat currency in your bank account or deposited to your brokerage.
- Preview your purchase and make sure you are comfortable with the current price of the cryptocurrency and know the overall trend of the market at the time.
- If the details are correct, click Buy to complete your purchase. You can then keep your new assets on the exchange's built-in wallet or transfer them to other hot or cold storage.
How to Buy Bitcoin in Singapore
The process is the same for buying Bitcoin (BTC) in Singapore, and investors can even visit Bitcoin ATMs spread throughout the city. Since BTC has gained so much value, many users will not want to purchase a full bitcoin. Brokerages will let you buy fractions of a bitcoin. For example, you could buy 0.002 BTC.
How to Buy Ethereum In Singapore
Almost all exchanges will offer Ethereum (ETH) as the second-largest token by market cap and one of the most popular investments in the crypto realm. You will be able to buy fractional amounts of cryptos like Ethereum that are worth thousands of dollars for one token.
How to Buy Binance Coin in Singapore
Binance Coin (BNB) is the third-largest crypto by market cap. The Binance platform is the easiest way to buy Binance Coin. You can do this by setting up an account with Binance.com or Binance.sg (the Singapore Binance platform).
How to Store Your Crypto After Your Purchase
Once you purchase crypto through your brokerage account, you will need a way to store your new digital assets securely. Platforms have their own wallets to keep your crypto, but these can be more vulnerable to attack than storing assets in a secure wallet.
See the full guide to wallet storage here. These are the options crypto investors have for storage:
- Hot Wallets: Hot wallets are connected to the internet, allowing users to transfer or trade crypto assets quickly. Due to connectivity, hot wallets are more vulnerable to cyber theft. Hot wallets include exchange wallets (where you keep crypto on your brokerage platform), desktop wallets, and mobile wallets.
- Cold Wallets: Cold wallets store your crypto assets offline, making them more secure, but they are harder to make transactions with. Cold wallets include paper wallets (keys and QR codes printed on paper and stored safely) and hardware wallets (keys stored on a USB or other hard drive).
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