These are called currency exchanges. Bitcoin and other cryptocurrencies have these marketplaces as well, online exchanges in which people trade in them and use them to acquire the currency of their preference. Online platforms that allow you to purchase and sell coins exist all over the world, and Singapore is not different in that aspect. Bitcoin and the whole concept of cryptocurrency are somehow, relatively, new. Some countries financial legal bodies found no harm in acknowledging the cryptocurrency concept and permitting people to buy BTC and other cryptocurrencies with no restraint.
According to various news sources, bitcoin is legal in Singapore, yet under the scrutiny of financial regulation. It is important to note that the currency is still waiting for full regulation policy. Currently, only fiat money is involved, bitcoin still resides in the gray area.
You are subject to a tax and insurance requirements only in case you trade the coin with BTC or SGD, which are treated as an online asset, not as a legal tender. Online banking and e-commerce have widened the range of payment options available for people in Singapore. Besides the current globally acceptable methods of payments, such as bank transfers , cash , and cheques, there exists now other methods provides by financial derivatives provided by online banking companies. Credit cards , however, still hold the top place in terms of popularity, as these provide security and speed when buying bitcoins.
Bank transfers come in as the next most popular method, due to low fees and availability in the market when it comes to exchanges. E-payments like PayPal and Skrill are slowly taking their own piece of market share though they are yet to reach the heights of bank accounts and cards. In this review, we will discuss the most optimal options to consider if you want to buy BTC in Singapore.
The main criteria for choosing these exchanges is that they are safe, meaning that the exchanges themselves are not scandalous or spotting scamming behavior. Also, they offer a wide range of features that cannot help but be reckoned. We will focus on the main features that traders consider when they choose the exchange to deal with.
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Moreover, itBit offers OTC over-the-counter trading services, offering a different variety than available in the exchange sometimes. As Singapore Dollar is one of the currencies supported by the exchange, it will not be such a problem to pay if you consider buying BTC in Singapore. One of its features is that it supports its own ATM machines, currently supporting up to 4 different machines, where you can liquidate your funds with ease.
These allow you to withdraw amounts of money and easily cash out your funds with minimum fees. The Coin Republic has its own blog. The website feature interviews with investors and influencers. Also, a list of helpful articles explaining the concept of bitcoin and cryptocurrency trade and investment. It is important to note that verification is mandatory while the interface can be quite confusing for starters. This makes it very optimized as an option for traders based in Singapore.
However, a far-fetched option if you are located somewhere else geographically. Some traders multi-layer the trade by exploiting the exchange rates gains or declines by trading in other currencies using it. As for the security, it operates with 2-Factor authentication method and password manager while the website is fully encrypted. Coinbase is considered to be one of the largest BTC brokers in the World. Coinbase works with a moderate number of countries, 32 to be exact, Singapore included and fully supported by its own fiat currency available. Coinbase approaches online exchanges and trading for currencies with an inclusive mindset, acting as a trader, broker, an exchange platform for their clients, and even offering an option of a wallet as an integrated solution for those who want to keep their funds digitalized.
We have to mention that Cionbase applies strict KYC and AML policies, where identity check is extensive and requires scanned documents. Indacoin is one of the exchanges that supports a wide array of cryptocurrencies. Indacoin was founded in , basically, Indacoin operates in the European region. Yet, they support trading on bitcoin and other cryptocurrencies in Singapore. Indacoin is well renowned for their support for a diverse global scale for trading, moreover, they provide an easy and secure environment for traders to benefit from. QUOINE is a fintech company, providing Financial Technology solutions in adversary to traditional banking and financial terms and institutions.
Since the platform is regulated, it provides a strong sense of stability and security. On the other hand, due to regulation, privacy is not an option when trading bitcoins at this marketplace. Mycelium Local Trader is a recurring name in all bitcoin forums and traders. The website allows people interested in buying BTCs to communicate and connect with sellers and browse through different rates and payment options, arranging a meeting in person. Mycelium supports its own wallet.
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If you are interested in trading on bitcoin, it is a reliable choice. However, if you are interested in other cryptocurrencies as well, it will not be much of an option. The wallet supports the storage of bitcoin only. One of the choices you should consider if you are thinking of joining the bitcoin Singapore scene is GDAX.
You can enrich your account with GDAX via bank wires. In the case of trading within Singapore, the supported currency pairs are Ethereum to bitcoin and Litecoin to bitcoin if you would like to purchase bitcoin other than using a USD or EUR currencies. ShapeShift was founded in in Switzerland. ShapeShift started as a mobile supported exchange, operating only on iOS.
Later on, ShapeShift expanded to support web and other mobile platforms.
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Now, Shapeshift operates actively through mobile and PCs as well. Shapeshift acts as an intermediate exchange, escrow of the sorts, holding the funds as a broker until the transaction is completed. Shapeshift is optimal to swap cryptocurrency for another cryptocurrency.
You can change your Ethereum to BTC with ease and almost instantly. However, they exercise a strict no-fiat currency policy. This can be hindering for customers who want to purchase bitcoin but do not have any other cryptocurrency. In exchange for security and privacy, xCoins provide limited payment options. Besides the active customer support, xCoins maintain a user-friendly and easy interface on their exchange.
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It looks welcoming to the new traders compared to other exchanges, which means it is a good starting point for beginning to learn about bitcoin trade. Luno Market supports a decent range of payment currencies, whether by cards or bank transfers. Credit card fees are one of the lowest in the market, equivalent to 1. Luno exchange supports bank transfers, debits and credit cards, and many other online banking methods. Although verification is not required, purchase limits are quite low for more serious trading volumes.
The bitcoins-otc , as the name suggests, matches BTC buyers and sellers, acting as a third-party until the transaction is completed. The scheme or how bitcoin-otc works is similar to the Hawala system.
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Despite cash deposits being its main method, some users may advertise for other payment methods preferable to them as sellers or buyers. The platform supports a wide range of payments, as you can filter the ads on the sellers who match your criteria of purchase. The OTC also maintains a high sense of privacy, as some buyers and sellers who prefer privacy can get in touch with their counterparts based on the same criterion. Remitano bitcoin marketplace is yet another that supports other platforms besides PCs, or desktop interface, to be precise. Remitano is one of the exchanges supported in Singapore.
Overall, the Bittrex exchange has a stellar reputation and has not suffered from any hacking attempts.
There is rather limited information available on Livecoin exchange in terms of its ownership, registration, and seat of address. Some potential users of the exchange may have an issue with this lack of information and others be comfortable with it. The ownership of Livecoin is rumored to be Russian and while, again, it was impossible to find any information to back this up there are hints that there may be something to it in the fact that educational materials and other resour.