Interest in cryptocurrency trading has been growing around the world including in Southeast Asia. In this region, the city-state of Singapore has emerged as a favored destination for cryptocurrency exchanges to operate in. It has been at the forefront of passing legislation to appropriately develop and regulate the crypto and blockchain industry.
It can be said that the Monetary Authority of Singapore(MAS) is open to digital assets but is skeptical of cryptocurrency speculation. This is reflected in the fact that it has projects like Project Ubin on one hand and has been growing cautious of cryptocurrency on the other hand.
Yet, the crypto industry continues to be a major part of Singapore’s fintech development.
The several exchanges operating in Singapore give a wide choice to traders but at the same time, making a choice can be intimidating and confusing. We have here compiled a list of the best cryptocurrency exchanges in Singapore for you to peruse and make an informed decision.
Top 3 Cryptocurrency Exchanges in Singapore
Singapore has a balanced attitude towards cryptocurrency. This has led to the growth of many cryptocurrency exchanges native to the Southeast Asian nation. Some of the popular ones are:
Crypto.com
Crypto.com is one of the fastest-growing cryptocurrency exchanges in the world. Not only does the Crypto.com app enable crypto trading anytime anywhere but it also makes depositing cryptocurrency or exchanging it for another cryptocurrency free.
The biggest attraction however is the high stalking reward on Crypto.com. You can get as much as 6.5% p.a. rewards for staking USDC. In addition, it also offers crypto-collateralized loans with no obligations for meeting payback deadlines.
On the security front, Crypto.com uses Multi-Signature Technologies and Hardware Security Modules(HSMs). All the user funds are insured and kept in cold wallets. The exchange is ISO 27001, 27701 and 22301 certified and runs a Bug Bounty program to identify vulnerabilities in its system.
Features
✔️Over 250 cryptocurrencies available
✔️Focuses on crypto trading via mobile app
✔️Native token is called CRO
✔️Crypto-collaterized loans available
✔️Prepaid Visa Card for payments
Pros and Cons
✅Good selection of coins ❌Higher trading fees for non-CRO holders
✅Lower fees for CRO stakers ❌Limited educational resources
✅High returns for staking ❌Poor customer service reviews
✅Verifiable Proof-of-Reserves
Trading Fees
The trading fee on Crypto.com is quite low and comes down as the trade volumes go higher. You can also get a discount on the trading fee if you stake CRO.
Crypto.com fee details
Customer Reviews
Crypto.com app has great features
Crypto.com’s slippage is expensive
Why We Picked It
Crypto.com is a platform that has identified the needs of the present times and dedicated itself to improving the mobile trading experience. The app has some interesting features, reasonable fees and great staking opportunities.
Bitget
One of the top cryptocurrency derivatives exchanges, Bitget is a social trading oriented-exchange. It has developed products like One-Click Copy Trade and Grid Trading that encourage traders to interact with each other, exchange market information and engage with the larger crypto community.
It is a regulated exchange as Bitget is licensed as a Money Service Business(MSB) in the US and Canada. The data on Bitget is SSL encrypted and it has also created a $200 million protection fund for the safety of user assets.
Features
✔️Copy trading and grid trading
✔️Has a native token known as BGB
✔️Nearly 400 crypto coins available
Pros and Cons
✅Great selection of coins ❌Does not support fiat deposits
✅Enables social trading ❌Copy trading can be a risky venture
✅Low trading fees ❌Third-party providers charge a high fee
✅Protection fund for user assets for buying crypto
Trading Fees
Bitget uses the maker-taker model for charging trading fees. There is a flat 0.1% maker-taker fee for spot trades. It can be further brought down by using BGB for payments. Futures trades involve a maker/taker fee of 0.02%/0.06%.
Bitget spot trading fees
Bitget futures trading fees
Customer Reviews
Bitget offers a good trading experience
Bitget does not have the best customer support
Why We Picked It
Bitget has a wide variety of coins with reasonably low trading fees. Apart from that, its one-click copy trading is a novel feature that may interest people interested in following the strategies of established traders.
Coinhako
Coinhako is another Singapore-based cryptocurrency trading platform. It is a good choice for beginner traders because of its simple interface where you can easily view the prices of different coins. You can also swap crypto tokens on this exchange.
While Coinhako does not have the most extensive selection of cryptocurrencies(only 60+) but it does carry most of the popular coins. Like the web version, the mobile app is intuitive and easy to use. Coinhako also has a native Superwallet that supports ERC-20 tokens and multiple other blockchains.
For security, Coinhako keeps the majority of the user funds in cold storage and also makes 2-factor authentication(2FA) mandatory for deposits and withdrawals. It has been licensed as a Major Payment Institution(MPI) by the Monetary Authority of Singapore and has also been ISO 27001 certified.
Features
✔️60+ cryptocurrencies available
✔️Has an in-built native wallet
✔️2FA and cold wallets for security
Pros and Cons
✅Licensed platform ❌Fee is on the higher side
✅Easy to use interface ❌Limited number of cryptocurrencies
✅Accepts SGD deposits
Trading Fees
When it comes to charging fees, Coinhako has a flat 0.6% fee for buying, selling or swapping cryptocurrencies. The USDC/USD trades, however, do not have any fees.
Coinhako fee for cryptocurrency transactions
Coinhako trading fee for stablecoins
Customer Reviews
Coinhako is said to have most important coins
Coinhako is disliked for its slow customer service
Why We Picked It
Coinhako is a duly licensed and certified cryptocurrency exchange. While its crypto selection is limited, it does seem to have most of the popular coins. It also supports SGD which is a big plus.
Top 5 Global Exchanges Operating in Singapore
There are a number of prominent global exchanges working in Singapore. Some of them have also officially been licensed by the Payment Authority of Singapore. Let us have a look at some such exchanges:
Coinbase
Coinbase is the world’s second-largest cryptocurrency exchange. It is a publicly traded company in America and therefore, adheres to the standards of financial transparency required by the regulators.
Coinbase has two versions- Basic and Pro. The basic version is perfect for people just getting into cryptocurrency trading. They can easily find the prices of different coins and buy and sell them at their convenience. The Pro version is meant for advanced traders who may also want technical analysis tools at their disposal.
Coinbase is completely KYC-compliant and adheres to the legal requirements of the territories it operates in. There is a native wallet for users to store their crypto. Coinbase also auto-enrolls users for 2FA and hashes user passwords for security.
Features
✔️Publicly listed on NASDAQ
✔️100+ cryptocurrencies available
✔️Basic and Pro versions for users
✔️1% fee for Coinbase Commerce Accounts
Pros and Cons
✅Beginner-friendly platform ❌Fees are high on the Basic version
✅Low fee on Coinbase Pro ❌Lower number of coins listed
✅Extensive tutorials and quizzes
✅Learn and Earn program
Trading Fees
Coinbase does not specify any particular fee rates for transacting on the platform. It only says that the final fee charged depends on factors such as order size, payment methods used, market conditions etc. Transactions on Coinbase Commerce are charged a flat 1% fee though.
Coinbase fee details
Customer Reviews
Coinbase is considered a safe exchange
Coinbase’s verification process can be tedious
Why We Picked It
Coinbase is an exchange that adheres to certain standards of accountability and transparency. It has an easy-to-use interface that is perfect for people who don’t want a complicated cryptocurrency trading experience.
Kraken
San Francisco-based Kraken is one of the oldest cryptocurrency exchanges out there. It is a widely available exchange with over 185 cryptocurrencies in its kitty. Along with that, Kraken also supports a number of fiat currencies and advanced features like stop orders and crypto short sales.
On the downside, Singapore residents cannot go for opt-in rewards or trade futures on Kraken. On the plus side, it is an exchange with high liquidity so trades can be settled easily. There is also a comprehensive “Learn” section to help you learn about the world of cryptocurrency in an easy and fun manner.
For security, Kraken employs 2FA and SSL encryption. The majority of the user assets are kept in cold storage and account recovery via phone or SMS is not supported.
Features
✔️Has stop orders, spot trading, futures trading and pegged tokens
✔️Kraken Pro for advanced trading
✔️2FA, SSL encryption and cold wallets for security
✔️Accepts multiple fiat currencies
Pros and Cons
✅High liquidity ❌Higher fees on the Basic version
✅Impressive Learn section ❌Has been previously hacked
✅Publishes Proof of Reserves ❌Does not offer full services in Singapore
✅Good staking opportunities
Trading Fees
While there are no fees specified on Kraken Instant Buy, Kraken Pro uses the maker-taker model for the same.
Fees for Kraken Instant Buy
Fees for Kraken Pro
Customer Reviews
Kraken is great for fiat-to-crypto transactions
Accounts have been closed without information on Kraken
Why We Picked It
Kraken is an established platform with enough features to interest both novice and advanced traders. It is a regulated platform with competitive fees and some good staking rewards.
KuCoin
When it comes to the number of cryptocurrencies available on a platform, KuCoin wins hands down. This exchange has over 700 coins of different types available for trading.
Not only does KuCoin support multiple languages but it also allows margin trading and other advanced trading types. There are also Trading Bots on it that can execute trades on the trader’s behalf.
On the security front, KuCoin employs multi-factor authentication and data encryption. Application firewalls and server threat detection technologies are also used. Additionally, KuCoin sends out alerts to users in case of suspicious account activity.
Features
✔️Availability of 700 coins
✔️Native token is known as KCS
✔️Supports multiple languages
Pros and Cons
✅Enormous quantity of coins ❌Issue of scam coins
✅Reasonably low trading fees ❌Complicated fee structure
✅Allows margin and leverage trading
Trading Fees
KuCoin has relatively low fees at 0.1% at the lowest level. It also gives discounts on the same for settling transactions with KCS.
KuCoin fee breakdown
Customer Reviews
KuCoin has a good trading mechanism
There have been problems during withdrawals on KuCoin
Why We Picked It
KuCoin has low fees and advanced trading options including trading bots. It is perfect for people who want access to a variety of cryptocurrencies at a low price.
Independent Reserve
Independent Reserve is one of Australia’s oldest cryptocurrency exchanges. While it has only 30 cryptocurrencies on offer, all of them are prominent vetted coins. In addition, Independent Reserve also supports some fiat currencies including the Singapore Dollar(SGD).
It holds user assets on a 1:1 basis and most of the funds are kept in cold storage. Independent Reserve also conducts external audits in accordance with the Australian Accounting Standards. This helps in establishing the legitimacy of the exchange.
Features
✔️Supports stop loss, take profit and limit orders
✔️Has a native wallet for storing cryptocurrency
✔️Insurance for premium accounts
✔️Australian Dollar(AUD), New Zealand Dollar(NZD) and United States
Dollar(USD) are the fiat currencies supported
Pros and Cons
✅Advanced trading options ❌Lower number of tokens available
✅In-built tax estimator ❌Not the best interface
✅Auto trader for recurring buys
✅2FA and encryption for security
Trading Fees
Independent Reserve does not follow the maker-taker model for determining fees. It does not have a detailed fee schedule but mentions that the trading fee starts at 0.5% and can go as low as 0.02%.
Independent Reserve fee details
Customer Reviews
Independent Reserve has good support
Trading fees on Independent Reserve can be high
Why We Picked It
Independent Reserve is an established and regulated platform. While its selection of cryptocurrency is less, It has great options for advanced trading and easy calculation of your tax obligations.
eToro
eToro is not strictly a cryptocurrency exchange because it also offers stocks and ETFs. It is primarily a social trading and investment platform. On eToro, you can get access to more than 3,000 assets for trading and investment though the number of cryptocurrencies is limited.
When it comes to security, eToro follows the industry standard of keeping user assets in both hot and cold wallets. Using 2FA is encouraged and data is encrypted to protect users’ personal and financial information.
Features
✔️Social trading platform
✔️Stocks, ETFs and cryptocurrency available
✔️Supports copy trading
Pros and Cons
✅Features cryptocurrency and ❌Limited coins available
conventional stocks ❌Transaction fee is high
✅Established platform
✅Demo trading available
Trading Fees
While eToro charges a 1% fee for buying or selling cryptoassets, there are no charges for transferring the same. However, there is a 0.1% fee for crypto-to-crypto conversions.
Details of eToro fees
Details of eToro wallet fees
Customer Reviews
eToro has good customer service with a personal touch
eToro has some expensive slippage
Why We Picked It
eToro is a good platform if you want to trade a mixture of stocks and cryptocurrencies. It has a vibrant community which lends to a unique social trading experience here.
Top 5 Decentralized Exchanges in Singapore
Decentralized exchanges(DEXs) don’t have central order books to match buyers and sellers. They are simply peer-to-peer networks where cryptocurrency traders directly interact with each other to buy and sell cryptocurrencies.
These exchanges are not as geo-restricted as centralized ones and hence, their area of operation is larger.
UniSwap
UniSwap is perhaps one of the most popular DEXs. It is an Automated Market Maker(AMM) protocol built on the Ethereum network. As such, it can be easily used to swap a multitude of ERC-20 tokens.
There is no need to create an account or confirm your KYC on UniSwap. You can start trading instantly by just connecting your crypto wallet. You have several options for your choice of wallet since UniSwap is compatible with most major crypto wallets.
It is a safe exchange in the sense that there is no possibility of a loss of your funds due to a hack because UniSwap does not hold any of the users’ funds. It also has a Bug Bounty program to detect vulnerabilities in its smart contracts.
Features
✔️AMM model for creating liquidity
✔️Open-source code for transparency
✔️Native token is called UNI
Pros and Cons
✅Supports all ERC-20 tokens ❌No fiat currency supported
✅No KYC needed ❌Ethereum gas fee can be high
✅Instant trading
✅Democratic governance
Trading Fees
UniSwap has a three-tier fee structure depending on the nature of the swap pair. You have to pay only a 0.05% fee for stablecoin pairs. The same is 0.30% for conventional pairs like USDT/ETH and 1% for wild or exotic pairs.
UniSwap v3 has three fee levels
Customer Reviews
UniSwap is considered a simple DEX
The gas fee on UniSwap can be extremely high
Why We Picked It
UniSwap is built on Ethereum and is compatible with most major cryptocurrency wallets. You do not need to register for an account and can start trading by simply connecting your existing crypto wallet.
Changelly
Changelly is a non-custodial cryptocurrency exchange. It prioritises privacy and anonymity while trading and hence has no KYC verification requirements. This means you can instantly sign up for Changelly without the hassle of submitting and confirming your ID.
It does its task of facilitating cryptocurrency trading efficiently. With 200+ cryptocurrencies and a few fiat currencies, traders have a plethora of options on Changelly.
In the security department, it is largely self-service. Since Changelly does not hold any funds on the users’ behalf, the users are responsible for securing their crypto and doing thorough checks before agreeing to a trade.
Features
✔️Non-custodial exchange
✔️Enables both fiat-to-crypto and crypto-to-crypto trades
✔️Fixed and floating rates for determining fees
Pros and Cons
✅Users retain control over funds ❌High minimum trade amount
✅Simplicity of use ❌Difficulty in computing fees due to
✅Satisfactory collection of coins floating rate
Trading Fees
When it comes to trading fees, Changelly has two types of rates- fixed and floating. As the names suggest, the fixed rate does not change while the floating rate may change even while the transaction is being processed.
Changelly fees
Customer Reviews
Users have had a good experience with Changelly
Funds may get locked up on Changelly
Why We Picked It
Changelly is a good enough platform if you just want to conveniently trade some crypto. The UI is simple, there is a decent selection of coins and you can get some good deals on crypto-to-crypto trades.
PancakeSwap
PancakeSwap is a “swap” exchange like UniSwap. While it also uses the AMM model, the difference is that it is built on the BNB Chain and not Ethereum like UniSwap. This means that PancakeSwap does not face the issues that Ethereum-based DEXs do namely, high gas fees and delayed transactions.
You can access and swap nearly all BEP-20 tokens and some ERC-20 tokens as well on PancakeSwap. It has some interesting products like yield farming, a dedicated syrup pool for staking and lottery programs.
Not only is its code open-source to ensure transparency but the PancakeSwap platform has also been audited by firms like Peckshield for cybersecurity. It has received positive ratings in all such audits.
Features
✔️BNB Chain-based exchange
✔️Has a native token known as CAKE
✔️Cybersecurity audits with positive rating
Pros and Cons
✅BEP-20 token swaps ❌Bitcoin Trading not supported
✅Straightforward fee structure ❌Rampant scams and phishing
✅Innovative products attacks
✅Governance by the community
Trading Fees
PancakeSwap’s fee structure is relatively uncomplicated and it charges a flat 0.25% fee for trading on the platform.
PancakeSwap fee breakdown
Customer Reviews
Users like the CAKE staking pool on PancakeSwap
There is no process to ensure the quality of listed coins
Why We Picked It
PancakeSwap can be the perfect fit for traders looking to try out some new and interesting crypto products. It offers a hassle-free trading experience and some great returns in the CAKE syrup pool.
DODO
DODO is a somewhat unique DEX. In a sea of exchanges using AMM, it has adopted the Proactive Market Maker(PMM) model instead. DODO can, therefore, maintain more liquidity and price stability on the platform compared to AMM-based DEXs.
DODO also has liquidity pools where liquidity providers have to deposit their tokens to provide liquidity. They are rewarded for this in the form of a portion of the transaction fee. Unlike many DEXs, there are no minimum deposit requirements for liquidity pools on DODO.
Features
✔️Uses the PMM protocol
✔️Native token is called DODO Coin
✔️Enables cross-chain trading
Pros and Cons
✅Any person can create liquidity market ❌Not widely used
✅Minimum slippage ❌No support for fiat currency
✅Impermanent loss is not possible
Trading Fees
On DODO, you have to pay a basic trading fee of 0.3% per transaction though according to one of its co-founders, the final fee comes around to be 0.6% per transaction.
DODO fees as explained by co-founder Radar Bear
Why We Picked It
DODO is free from the limitations of AMM-based DEXs. You do not face the risk of impermanent loss here and if you have some experience with DeFi, can easily use it. In addition, you can also check out its NFT Vault and DODO Vending Machine.
Curve Finance
Curve Finance is a DEX that can operate on multiple chains such as Ethereum, Avalanche, Arbitrum etc. It is a relatively stable platform since it mainly provides liquidity for stablecoins and wrapped versions of assets.
It also has a native token called CRV the holders of which can vote on proposals for the platform. This has helped in developing a culture of community governance on Curve Finance.
Features
✔️High liquidity exchange
✔️Mainly supports stablecoin swapping
✔️Has native token CRV
Pros and Cons
✅Operates on multiple chains ❌Not suitable for beginners
✅Stable exchange ❌No mobile app-based trading
✅Pools can be customized
Trading Fees
On Curve Finance, the trading fee can range from 0.04% to 0.4% for transactions.
Range of Curve Finance Fees
Why We Picked It
Curve Finance is a completely decentralized exchange where you get to maintain your independence and privacy. It is stable, efficient and has a satisfactory fee system. You also get to have a voice regarding the platform’s development if you hold CRV.
Is Cryptocurrency Legal in Singapore?
Singapore can be considered a crypto-friendly country. While cryptocurrency is not legal tender in the city-state, the government has recognized its potential in the social and economic sphere. The Payment Services Act(PSA) was passed in 2019 and came into effect in 2020 for the regulation of cryptocurrency in Singapore.
Cryptocurrencies, therefore, can be treated as capital market products, e-money, digital payment tokens (DPTs) or unregulated digital tokens for utility purposes depending on their characteristics. The provisions of the Securities and Futures Act(SFA) also apply to those considered capital market products.