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7 Best Crypto Exchanges in Singapore 2024

Publisher

February 25, 2024
Best Crypto Exchanges in Singapore

Singapore has experienced a significant increase in the need for crypto exchange platforms as more industries and individuals have started adopting cryptocurrencies.

If you are a trader or investor in Singapore looking for a crypto exchange platform that offers the best cryptocurrency trading benefits and complies with the Monetary Authority of Singapore (MAS) guidelines, Look no further!

 

This article features 7 of Singapore’s best crypto trading platforms and everything you need to know, including trading fees, supported coins, payment methods, and many more, to choose the right crypto exchange for your needs accurately. They include:

  1. BYDFi – Best for futures and Copy trading
  2. Phemex – Best for anonymous futures trading
  3. Coinbase – Best for newbies and beginners
  4. Kraken – Robust and reliable exchange
  5. Zipmex – Southeast Asia-focused exchange
  6. Luno – Very feginner-friendly
  7. Coinhako – Best exchange for beginners

 

1. BYDFI – Best for Futures and Copy Trading

BYDFi is a global crypto trading platform with over 500,000 users and is available in over 150 countries worldwide, including Singapore. It was launched in 2020 and currently ranks Singapore’s best crypto trading exchange, as its features support the best trading conditions for traders and investors.

BYDFi is the ideal exchange for both beginners and experienced traders. It features a smooth user interface for easy navigation and effective portfolio management.

BYDFi gives users access to over 400 Cryptocurrencies for trading with an average daily trading volume of over $230 million, according to Coinmarketcap. These include BTC, ETH, XRP, DOGE, SHIB, and many more. Users can deposit supported crypto or purchase crypto with fiat currencies via Visa card, Apple Pay, Google Pay, and bank transfers. BYDFi supports over 60 Fiat currencies, including Singapore Dollars (SGD), for Payments on the platform, and it is fully licensed by the Monetary Authority of Singapore.

It also offers a mobile app for easy trading on smartphones for Android and IOS users in Singapore with a 4.2/5 star rating on the Google Play Store.

If you want to learn more about the crypto exchange, you can read our full BYDFi review here.

 

Some of its key features include:

  • Seamless registration and KYC: It offers a straightforward and quick registration and KYC process with minimal documentation. Also, KYC is optional for essential crypto deposits and trading. However, there are daily withdrawal limits depending on your KYC status.
  • Low Trading Fees: It offers 0.1% – 0.3% for makers and takers on all spot trading pairs, 0.06% taker fee, 0.02% maker fee on Perpetual Contracts, and 0.2% for leveraged tokens.
  • Copy trading: This makes it easy for beginners to learn by replicating the trades of the highest-performing traders and investors on the platform.
  • Complete Regulatory Compliance: Fully compliant with Singaporean rules and regulations.
  • Adequate Security: features two-factor authentication, Cold wallet storage, and advanced encryption algorithms.
  • Demo trading Account: For new users to practice trades before using real funds to trade the platform.
  • Rewards Hub: It offers new users bonuses and coupons for performing tasks on the exchange.
  • 24/7 Customer Support: Offers round-the-clock customer service via live chat and email.

 

👍 BYDFi Pros👎 BYDFi Cons
✅ 300+ Cryptos supported❌ No staking
✅ Fully compliant with Singapore❌ No NFT market
✅ Low fees❌ Lacks passive income products
✅ Up to 200x leverage
✅ Copy trading
✅ Free demo account

 

Visit BYDFi

 

2. Phemex – Best for Anonymous Futures Trading

Phemex was launched in 2019, and it currently ranks as one of the best Crypto futures trading platforms in Singapore, with over 5 million users, and is available in over 200 countries across the globe. It supports over 200 cryptocurrencies for trading, with an average daily trading volume of over $26 million. Users can deposit supported cryptos or fiat currencies via bank transfer.

The platform supports more than seven fiat currencies, which include Singapore dollars (SGD) for payments. You can easily use your credit card to purchase cryptos on Phemex with your local currency. Phemex is fully compliant with all regulatory requirements in Singapore. There is a mobile app for users who want to trade or invest using their smartphones for IOS and Android users in Singapore with a 4.6/5 star rating on the Google Play Store.

If you want to learn more about Phemex, you can read our full Phemex review here.

Some of its key features include:

  • Liquidation Protection: It uses a Fair Price Marking mechanism to help users avoid forced liquidations due to lack of liquidity.
  • Low trading fees: It offers a 0.01% maker fee, a 0.06% taker fee for contracts, and 0.1% maker and taker fees on spot trading.
  • Free crypto and fiat deposits for traders and investors
  • Offers copy trading for beginners who don’t know how to trade
  • Mock trading: Offers a simulated trading environment for new users to practice trading techniques before using real funds.
  • Offers Free trades on Spot exchange(premium account): Monthly premium membership removes all trading fees and withdrawal limits at only a one-time fee of $9.99/month or $69.99/year.
  • Trading Insurance: It uses an insurance fund to prevent trading positions from becoming auto-deleveraged.
  • New User Rewards: It offers a signup bonus of up to $6,050 for new users on the platform

 

👍 Phemex Pros👎 Phemex Cons
✅ Multiple payment methods❌ No lending
✅ Fully compliant with Singapore❌ No NFT market
✅ Low fees❌ Lacks passive income products
✅ Up to 100x leverage
✅ Copy trading
✅ Best free demo account

 

Visit Phemex

 

3. Coinbase – Best for Newbies and Beginners

Coinbase is one of the oldest crypto exchange platforms. It was launched in 2012, with its headquarters in San Francisco, California. Coinbase has over 100 million verified users and is available in over 100 countries worldwide, including Singapore. It stands out as one of the best trading platforms for beginners and inexperienced traders, as it features simple tools and a smooth interface for easy navigation and portfolio management. That means experienced and professional traders might miss out on advanced trading tools.

It offers users access to over 250 cryptocurrencies for trading, with an average daily trading volume of over $230 million. It also supports over 60 Fiat currencies, including Singapore dollars (SGD), for payments on the crypto exchange. Coinbase is fully licensed under the Monetary Authority of Singapore (MAS) and offers payment methods to users in Singapore. It provides a mobile trading app for Android and IOS users with a 4.1/5 star on the Google Play Store.

If you want to learn more about the exchange, check out our Coinbase analysis here.

Some of its key features include:

  • Seamless registration and KYC verification
  • Trading tutorials and guides for new users
  • Integrated Web3 wallet: Offers users access to dApps
  • In-app live chat support
  • Price Alert notifications
  • Trading fees: Offers 0.00 – 0.04% maker fees and 0.05 – 0.06% taker fees on all trades

 

👍 Coinbase Pros👎 Coinbase Cons
✅ Great fiat support❌ Very high fees
✅ Fully compliant with Singapore❌ Poor liquidity
✅ NFT trading❌ No futures trading
✅ 3x margin❌ Lacks passive income products

 

Visit Coinbase

 

4. Kraken – Robust and Secure Exchange

Kraken is also one of the oldest crypto trading platforms. It was launched in 2011, and has its headquarters located in San Francisco, California. Kraken currently has over 9 million users and is available in over 190 countries across the globe, including Singapore. It stands out for its advanced security measures and user asset safety, which has earned the platform an ISO 27001 Security Certification.

The Kraken exchange offers access to over 200 cryptocurrencies for trading, with an average daily trading volume of over $100 million. Kraken entirely complies with all the rules and regulations for trading in Singapore. The platform supports 6 fiat currencies for payments, but Singapore dollars (SGD) still need to be invested. It also features a mobile app for Android and iOS users trading with a 4.2/5 star on the Google Play Store.

If you want to learn more about the exchange, make sure to check out our Kraken review.

 

Some of its key features include:

  • Advanced Security: offers two-factor authentication, session management, SSL encryption, email confirmation for withdrawals, and many more to ensure the safety of user funds. They also provide proof of reserves which shows that they have the necessary funds to cover user assets.
  • Offers 24/7 online customer support, including a chatbot and phone support
  • Learning materials for beginners and inexperienced traders
  • Offers margin trading with up to 5x leverage
  • Low Trading Fees: Offers a tiered fee structure depending on your 30-day trading volume on all trading types. Fees range from 0.00% – 0.16% maker fee and 0.04% – 0.26% taker fee on spot trading, with a 0.00% – 0.02% maker fee and 0.01% – 0.05% taker fee on futures trading.

 

👍 Kraken Pros👎 Kraken Cons
✅ Fully compliant with Singapore❌ Poor liquidity
✅ Clean track record❌ Low amount of coins
✅ Low futures fees❌ High spot fees
✅ Advanced trading tools

 

Visit Kraken

 

5. Zipmex S/E Asia-Focused Exchange

Zipmex is a relatively new crypto exchange launched in 2018 with its headquarters located in Singapore. Zipmex currently has over 2 million users across over 4 countries in Asia which includes Singapore.

It supports over 50 cryptos for trading with a daily trading volume of about $20,000 but is not fully licensed by MAS. The platform supports about 4 fiat currencies, including Singapore dollars (SGD) for payments. Zipmex provides a mobile app for IOS and Android users to trade on their Smartphones with a 3.8/5 star on the Google Play Store.

Some of its key features include:

  • Educational materials to help customers understand cryptocurrencies
  • Easy and Instant deposits and withdrawals in SGD and USD
  • 24/7 customer support including a chatbot and phone support
  • Easy to use TradeView Charts and analytical tools
  • ZipUp and Ziplock staking services for users to earn money, up to 14% bonus on Zipmex token ZMT, and up to 11% bonus on US stablecoin
  • Low Trading fees: offers a flat fee of 0.2% for both maker and taker fees on spot trading
  • Deposit Fees: Free crypto deposits of all supported coins. It also supports the deposit of fiat currencies such as SGD, USD, AUD, and IDR through bank transfers with a 0.3% fee on SGD and $25 for USD.
  • Withdrawal Fees: Crypto withdrawal fees depend on the coin and blockchain network used. It also supports fiat withdrawals with a 0.3% fee for SGD and $25 for USD.

 

👍 Zipmex Pros👎 Zipmex Cons
✅ Fully compliant with Singapore❌ Poor liquidity
✅ Located in Singapore❌ Lacks advanced trading tools
✅ Passive income products❌ High fees
✅ Deposit and withdraw SGD❌ No futures trading

 

Visit Zipmex

 

6. Luno – Very User-Friendly

Luno is one of the older crypto trading platforms. It was launched in 2013 and has its headquarters located in London. Luno currently has over 10 million users across over 40 countries of the world, including Singapore. It stands out as one of the best exchange platforms in Singapore for beginners, offering a user-friendly app for buying and selling cryptos. It currently supports only ten coins, which include BTC, BCH, ETH, LTC, XRP, SOL, ADA, LINK, UNI, and USDC.

Luno is fully licensed by the MAS and complies with all the rules and regulations required for trading in Singapore. The platform supports 10 fiat currencies, including Singapore dollars (SGD) for payments. It has a mobile app available for IOS and Android users with a 3.9/4 star rating on the Google Play Store.

If you wanat to learn more about the crypto platform, check out our Luno review.

Some of its key features include:

  • Free SGD deposits and withdrawals
  • Offers access to various educational materials for beginners on LunoDiscover
  • Best for Buying and Selling crypto
  • Trading fees: offers a flat fee of 0.75% on all trade types
  • Adequate security with the use of two-factor authentication and cold storage
  • 24/7 customer support via live chat and email
  • Free deposits and withdrawals for SGD transfers

 

👍 Luno Pros👎 Luno Cons
✅ Fully compliant with Singapore❌ Poor liquidity
✅ Very beginner friendly❌ Lacks advanced trading tools
✅ Simple and straightforward to use❌ High fees
✅ Deposit and withdraw SGD❌ No margin or futures trading

 

Visit Luno

 

7. Coinhako – Basic Exchange For beginners

Coinhako is one of Asia’s first crypto exchange platforms. It was launched in 2014 with its headquarters located in Singapore. Coinhako currently has over 300,000 users. It was launched in Singapore and only provides its crypto services in Singapore. The platform is fully licensed under the Payment Services Act of Singapore and supports over 100 cryptos for trading. It also supports only 3 fiat currencies, including Singapore dollars (SGD) for payments on the platform. Coinhako stands out for its adequate security measures and the safety of user funds, which has earned the platform an ISO 27001 security certification. There’s also a mobile app for Android and iOS users in Singapore for mobile trading with a 2.4/5 star rating on the Google Play Store.

Some of its key features include:

  • Recurring buys
  • Price alerts
  • 24/7 customer support via live chat and email
  • Trading fees: offers a flat fee of 1% on all trade types
  • Offers free deposits and withdrawals for SGD transfers

 

👍 Coinhako Pros👎 Coinhako Cons
✅ Fully compliant with Singapore❌ Bad mobile app
✅ Very beginner friendly❌ Lacks advanced trading tools
✅ Simple signup process❌ High fees
✅ Free crypto and fiat deposits

 

Visit Coinhako

 

How to Choose a Crypto Exchange in Singapore

In order to make a well-informed decision on the right crypto exchange for your needs as a trader or investor in Singapore, you need to consider the following factors:

Licensed and Regulated by the Monetary Authority of Singapore: Ensure the crypto exchange is fully licensed by the Monetary Authority of Singapore and obeys all Singaporean rules and regulations. That is very important as it stands as a guarantee that your assets are kept safe in case of a broker collapse or liquidation.

Singapore Dollar (SGD) Support: This is a very important factor to be considered before choosing a crypto exchange in Singapore. The exchange platform should support the native currency of Singaporeans. Although this isn’t compulsory, it can improve your overall trading experience as you’re dealing with a currency you’re already familiar with.

Adequate security Protocols: Look for an exchange with strong security features. Check out the security measures implemented by the trading platform, which should include at least two-factor authentication and a cold storage wallet. Verify if there have been any hacks and if the venue provides proof or reserves. That guarantees that your investments and trades will be safe when you use the exchange.

Reliable Customer Support: Always look out for a platform with a reliable Customer Support team that can accurately address inquiries or issues you might have while still navigating and getting used to the trading interface and other products on the exchange. There should be a live chat feature and a responding email address. That is important as it will help quickly resolve any issues regarding your trade or payments.

Low trading Fees: This is one of the most important factors to consider when choosing an exchange platform. You need a platform with the lowest trading fees possible to prevent trading fees from taking up a large percentage of your profit. Choose the platform that offers the cheapest reasonable fees depending on the market you want to trade on.

Deposit and Withdrawal Methods: Check if the exchange offers payment options that are convenient for Singapore dollars (SGD) deposits and withdrawals. The fees on the transactions should be low as well because high fees can reduce your capital as well as your profit. Fast deposits and withdrawals can also help improve your overall trading experience.

Supported coins: Generally, the more the number of supported coins on a crypto exchange platform, the better option it is. Look for an exchange with a more significant number of listed cryptos. That can help you diversify your investment portfolio and not heavily invest in one asset. It provides your portfolio with various assets so that if one crypto fails, other investments might still do well rather than losing all your capital on a failed coin.

Trading Interface: Choose a platform with a user-friendly interface that is easy to navigate and also features advanced trading tools like TradeView Charts and analytics tools. This would help you understand advanced trading techniques easier and faster, and also learn how to effectively read Charts data.

Passive Income Products: The more the number of earning options on a trading platform, the better option it is. Check for platforms that offer a wide range of opportunities for users in Singapore to earn income on the platform through its services. This can help you generate more income besides the profit from trades and investments.

Security: This is a crucial factor to consider before choosing any crypto exchange platform in Singapore. An ideal crypto exchange will safeguard users’ assets with adequate security measures, including two-factor authentication, cold storage, algorithm encryption, and many more. The higher the security of a crypto exchange, the better option it is, as users can store assets and trade smoothly without worries.

 

How to Buy and Trade Crypto in Singapore

To start buying and trading crypto in Singapore, follow the guidelines below:

  1. Choose a Singapore supported Crypto Exchange of your choice from the top list above that accurately satisfies your needs.
  2. Sign up to the platform.
  3. Complete the KYC verification.
  4. You can choose to send supported cryptos or deposit Fiat through the available payment methods.
  5. If available, you can use a demo account to practice trades before using your actual funds. Ensure to familiarize yourself with the interface and tools for trading on your selected crypto exchange.
  6. Purchase your desired crypto once you feel confident to proceed on the live market.

 

Final Words

All the Crypto trading platforms listed above have been explained in detail and you should now be able to make a well-informed decision when choosing.

For a beginner-friendly interface, BYDFi, Coinbase, and Luno are the best options

For new user rewards and passive income products, BYDFi and Phemex are the best options.

Kraken stands out as the best option in terms of security as implements more security measures and has never been hacked.

BYDFi is the best option for a wide range of supported coins with over 400 cryptocurrencies.

For low trading fees, Kraken and Phemex are the best options.

For a wide range of payment options and supported fiat currencies, BYDFi and Coinbase are the best options.

All the platforms feature reliable 24/7 customer support.

Overall, BYDFi stands out as the best crypto exchange in Singapore that can be used for buying, selling, and trading cryptocurrencies as it offers more coins, higher leverage, a beginner-friendly interface, and many more advanced trading features.

 

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