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Which is the best crypto exchange in Singapore?

01 Aug 2022

With cryptocurrencies gaining popularity, many investors are on the lookout for the best crypto exchange in Singapore. We determine which is the best crypto exchange for beginners and experienced investors in Singapore.

Best crypto exchange Singapore

TL;DR

  • With cryptocurrencies gaining popularity, many investors are constantly on the lookout for which is the best crypto exchange in Singapore.
  • To determine which is the best crypto exchange in Singapore, we consider numerous factors including lowest fees, ease of use, range of features and cryptocurrencies offered.
  • For beginners looking to buy your first crypto, Gemini is the best crypto exchange in Singapore to get started on due to low fund transfer fees and wide range of cryptocurrencies offered.
  • For more experienced investors in crypto, FTX is the crypto exchange in Singapore as it is a jack-of-all trades and has a wide range of features.

We help you decide which is the best crypto exchange in Singapore

Cryptocurrency has been gaining steadily popularity in Singapore, particularly during 2020 and 2021, where Bitcoin rose from USD 38,00 to its all-time high of USD 69,000 in Nov 2021.

More Singaporeans are open to the idea of investing in crypto, particularly among the younger generation, with more than 56% owners aged between 18 to 34.

In view of this, let’s compare the various popular crypto exchanges and see which is the best crypto exchange in Singapore!

To help us decide, we compare the exchanges based on the following:

  • Best crypto exchange in Singapore for offering lowest fees
  • Best crypto exchange in Singapore for buying different types of cryptocurrencies
  • Best crypto exchange in Singapore for ease of use
  • Best crypto exchange in Singapore for depositing and withdrawing of SGD
  • Best crypto exchange in Singapore for depositing and withdrawing of cryptocurrencies
  • Best crypto exchange in Singapore for range of features

Which crypto exchange in Singapore offers the lowest fees?

As seen in the summary table below, fees offered by crypto exchanges in Singapore vary widely from 0% up to 3.5%.

As such, we need to be careful in picking a crypto exchange to use to make sure we are not over-paying for our transactions.

Crypto.com App offers 0% fees when buying using XSGD (deposit SGD via StraitsX will yield XSGD on a 1:1).

However, many users have noted that the buy price is usually higher than other exchanges, so it is not exactly 0% afterall.

FTX is the next cheapest exchange to trade on, with better liquidity, closer to spot prices and narrower bid-ask spread, rivalling that of Binance.

Binance has been excluded from this list as it was banned from usage in Singapore last year.

Fees are just one of the considerations when it comes to deciding which is the best crypto exchange in Singapore. Next, we look at a few more other factors including the range of cryptocurrencies offered.

ExchangeCrypto availableSpot FeesSGD deposit & withdrawalCrypto deposit & withdrawalMargin trading
Coinhako60+1%YesLimitedNo
FTX220+~0.07%YesYesYes
Gemini80+~0.35% or ~1.49% YesYesNo
Kucoin400+~0.1%NoYesYes
Kraken120+~0.26% (Pro) or 1.5%NoYesYes
Coinbase140+~0.60% (pro) to ~2.49% (card)NoYesNo
Crypto.com200+~0% (buy on app using StraitsX) 0.4% (sell) or 3.5% (card)No (only via XSGD / USD)YesNo (not available in SG)
Tokenize70+0.6%YesYesNo

Which crypto exchange in Singapore is best for buying different types of cryptocurrencies?

For many seasoned crypto investors/traders, being able to trade different kinds of cryptos will be important, particularly the lower market cap ones with more volatility.

Kucoin has one of the most extensive range of cryptos after Binance (no longer available in SG as of Oct 2021).

Pro tip: Users need to transfer their cryptos from ‘Main Account’ to ‘Trading Account’ before being able to buy/sell in Kucoin. 

Source: Kucoin

As a notable mention, FTX has all the popular cryptos as well, with an arguably cleaner UI and easy-to-use mobile app.

Which crypto exchange in Singapore is best for ease of usage?

Coinhako is one of the most beginner-friendly exchanges and widely used in Singapore (average 150k monthly users).

It is not surprising that most beginners started with Coinhako when buying their first crypto. Coinhako’s success is largely attributed to its extremely easy to use platform (desktop and mobile) and the easy deposit/withdrawal of SGD.

You can also read more on Coinhako in our review article here.

As a notable mention, FTX offers experienced traders plenty of features and functionality, with Tradingview as their charting UI. They also have more trading liquidity and tighter spreads.

Pro tip: you can also use FTX’s in-built calculator to determine your risk-to-reward ratio and estimated profit & loss.

Crypto.com app is also another popular choice, offering a simple and clean UI for trading. It is also well-known for its Visa card, which offers 100% cashback for Spotify and Netflix for certain tiers.

Pro tip: Crypto.com’s ‘Crypto Earn’ offers decent staking returns for many popular coins, including stablecoins at 12% per annum.

Which crypto exchange in Singapore is best for depositing and withdrawal of SGD?

Gemini offers free SGD deposit and withdrawal, subject to SGD 20,000 per transaction. Transactions are via Xfers, a digital payment platform.

There is no limit to the number of transactions per day, so if you’re depositing/withdrawing >SGD 20,000 , you have to break it up into multiple transactions.

Pro tip: There is no need to create an account with Xfers. You can directly deposit via your local bank into Gemini.

Source: Gemini

As a notable mention, Coinhako offers SGD deposit (free) and withdrawal (SGD 2 per transaction).

Tokenize also offers SGD deposit (free) and withdrawal (0.3% for normal members and free for Premium and Platinum members).

Which crypto exchange in Singapore is best for deposit & withdrawal of cryptocurrencies?

FTX offers many network alternatives for crypto withdrawals. It can also act as a bridge for withdrawal of a crypto from one network to another.

For example:

  • Withdrawing MATIC to ERC20 network, instead of the native MATIC network
  • Withdrawing ETH to BSC, SOL or Arbitrum networks

Pro tip: Using BSC or TRON will be the cheapest for USDT withdrawal.

As a notable mention, Kucoin offers similar withdrawal functionalities to various networks too. The main hassle is the transferring between the ‘Main Account’ and ‘Trading Account’.

Which crypto exchange in Singapore is best for offering different types of features?

Kucoin has a myriad of features on its platform, including the following:

  1. Spot trading
  2. Margin Trading (up to 10x)
  3. Futures Trading (up to 100x)
  4. Kucoin Earn (Staking to earn interest)
  5. Trading Bots
  6. Launchpads

The ‘Trading bot’ feature allows the user to select an automated trading strategy that runs based on a bot.

However, please note that the historical returns are not reflective of future returns. As such, it would be best to be cautious and avoid using this function with a large sum of money.

‘Launchpad’ feature is akin to an Initial Coin Offering (ICO), where a new coin is launched at a fixed price for investors, similar to an Initial Public Offering (IPO).

Here, users can deposit a fixed amount of coins in return for the new coin at a predetermined price. It can often be very rewarding as you will be amongst the first few to buy.

For example, Luna was launched in 2019 at $0.80, and has yielded more than 10,000% since.

However, there are always numerous pump-and-dump coins being launched, so it is imperative to conduct due diligence and research before investing in any ‘launchpad’.

Overall, Kucoin is probably the most similar to Binance in terms of its features and UI, thus a good alternative if you are used to Binance. 

As a notable mention, FTX is a larger exchange, offering leveraged trading, limited staking and even a ‘Quant Zone’ where advanced users can set up rule-based trading strategies.

Source: Kucoin

The verdict: Which is the best crypto exchange in Singapore?

For beginners looking to buy their first crypto

  • Gemini is probably the best exchange to get started on, with free SGD & crypto deposit/withdrawals and a good range of cryptos to trade.
  • Coinhako is a good alternative with its intuitive UI, though it is more expensive and lacks advanced features.
  • Crypto.com is also another easy-to-use app for buying and staking crypto, with a Visa card that might be attractive for certain users.

For traders / experienced investors

  • FTX is probably the best choice, offering SGD deposit/withdrawal, spot/margin/futures trading, low trading fees and a wide range of cryptos to trade and transfer to other platforms/wallets.
  • Kucoin is a close second, offering many advanced features and many different types of cryptos to trade, though it does not offer any SGD deposit/withdrawal currently.

Take the next step:

  • Once you have decided on which crypto exchange is the best in Singapore, you might want to check out how to buy crypto on these exchanges next!
  • The recent meltdown in cryptocurrency market has resulted in several cryptocurrency exchanges such as Zipmex and Celcius Network filing for bankruptcy. In the event of bankruptcy, customers may not get paid on their assets held with the cryptocurrency exchange.  While you can mitigate this risk by transferring the cryptocurrencies bought into your own custodial wallet, you should know that not all cryptocurrency exchanges are (entirely) safe! Read more about what we learnt from Hodlnaut woes. 

Disclaimer – We are not sponsored by or affiliated to any of the companies mentioned in this article. Information is accurate as of 25th April 2022.