6 Best Crypto Exchanges in Singapore

What Are the Top 6 Crypto Exchanges in Singapore?

With a 0% capital gains tax for individual investors, Singapore is considered one of the most crypto-friendly countries for trading crypto. Here is the list of the best six centralized crypto exchanges in Singapore, based on the number of users from Similarweb data: Binance, OKX, Coinbase, Crypto.com, CoinHako, and Bitrue. 

Key Takeaways

• Singapore is at the forefront of cryptocurrency, as many are attracted to the 0% capital gains tax for individual investors. 

• Considered DPTs (digital payment tokens), crypto is regulated by the MAS in Singapore.

• Based on Similarweb data, the top exchanges in Singapore by traffic are Binance, OKX, Coinbase, Crypto.com, CoinHako, and Bitrue.

Crypto in Singapore 

According to a study, it is estimated that almost 16 percent of Singaporeans own some form of crypto. The same study also found that Singapore has the sixth highest rate of crypto ownership among people surveyed in 22 countries. Being a financial hub, Singapore is at the forefront of crypto and investors have been increasingly attracted to Singapore as a crypto hub, particularly due to its 0% capital gains tax policy for individual investors. 

Crypto Regulation in Singapore 

In Singapore, while crypto is not considered legal tender, crypto is considered DPTs (Digital Payment Tokens). This means that while cryptocurrencies are considered legal assets, they are still subjected to stringent regulatory measures according to Singapore law. 

In Singapore, the Monetary Authority of Singapore (MAS), the central bank, regulates cryptocurrencies. The MAS first implemented its first crypto regulations in 2020 and has been actively updating these regulations to protect retail investors. As part of its regulatory framework, the MAS mandated that all crypto exchanges in Singapore must comply with Know Your Customers (KYC) procedures. This means that for users to access the exchange, they must first verify their identity, and exchanges are expected to keep accurate records of users’ transactions and details.

In this article, let us look at the top 6 best exchanges, their different features, trading fees, fiat deposit methods, security features, and customer service channels.

Binance

One of the largest crypto exchanges, Binance serves over 200 million users globally. As of May 2024, the Monetary Authority of Singapore (MAS) has ordered Binance to stop providing payment services in Singapore and to cease soliciting business from Singapore. Currently, Binance.com is on the MAS’ Investor Alert List, warning Singapore users that Binance is not regulated or licensed in Singapore to provide payment services. 

In response, Binance has since removed its mobile application from the Singapore app store. However, Singaporeans can still use Binance in Singapore without in-principle approval from the MAS without a VPN, although some features are restricted. This includes promotional campaigns, referrals, sign-up bonuses, or marketing activities targeting Singaporeans.

Features Offered 

Binance offers basic features such as spot, futures, and options, as well as advanced features such as trading bots, copy trading, and APIs.

Trading and Other Fees 

Binance uses a VIP program to categorize its users based on their trade volume and/or BNB holdings – which refers to the exchange’s native token.

The fees for spot and trading are as follows:

Fiat Deposit Methods 

Binance accepts fiat deposits via Visa and Mastercard credit/debit cards with a 2% fee. 

Security Features

Binance currently maintains at least a 1:1 ratio of Proof of Reserves (PoR) fully backing user assets. This means that for all cryptocurrency users deposited into Binance, Binance holds at least an equivalent amount in its reserves.

Binance also conducts a monthly blockchain-based audit of its PoR using Zero-Knowledge Proofs, and users can verify their own asset holdings using their own Merkle Leaf and Record ID on the Binance website. Binance also claims to store the majority of user funds in offline cold storage, reducing their susceptibility to hacks and exploits.

Binance also has an emergency SAFU (Secure Asset Fund for Users) to safeguard users. As of April 2024, the SAFU fund wallet holds 1 billion USDC. 

Customer Service Channels

Binance has a bot that can suggest solutions based on details provided by the user. If the AI bot is unable to solve an issue, users are given the option to connect with a live customer support agent directly on the website. Alternatively, users can get support through their official social media channels such as Discord and Telegram.

OKX

Formerly known as OKEx, OKX is a leading exchange that serves more than 50 million customers globally. As of March 2024, OKX has received in-principle approval from the MAS to operate as a major payment institution within Singapore.

Features Offered

The exchange offers spot, futures, and options trading. 

Trading and Other Fees

OKX categorizes its users into two different levels – regular users and VIP users. Regular users are characterized by their OKB holdings, which refer to the exchange’s native token. VIP users are characterized by their asset holdings (≥ 100,000 USD). 

The fees for regular users are shown below: 

Fiat Deposit Methods

OKX accepts deposits via Visa and Mastercard credit/debit cards. 

Security Features

According to their website, OKX currently maintains a 1:1 ratio of their Proof of Reserves (PoR). This essentially means that for cryptocurrency that users deposit into OKX, there is an equivalent asset that is held in reserve by the exchange. OKX currently provides a monthly reserve report for 22 coins, including BTC, ETH, USDT, USDC, XRP, DOGE, SOL, OKB, APT, BCH, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX and UNI.

Customer Service Channels

OKX has an automated chatbot with video tutorials to address your concerns. Alternatively, customers can also contact the OKX team via their live chat and the different social media channels such as Discord or Telegram. 

Coinbase

Regulated by the MAS, Coinbase is considered a major payment institution in Singapore. For Singaporeans, the onboarding process on Coinbase is quick as it is integrated with Singpass. While the fees on Coinbase might be more expensive compared to other exchanges, many choose to use the exchange due to its seamless interface which is easy to navigate.

Features Offered 

Coinbase offers spot, futures, and perpetual trading. The exchange also allows users to stake and earn rewards on their holdings like DOT and USDC. 

Trading and Other Fees 

Coinbase implements a tiered fee structure where the fees are determined by the user’s trading volume on the site over the last 30 days. The spot trading fees are as follows: 

For stable pairs, Coinbase takes a 0.001% Taker fee and offers a 0% Maker fee. 

Fiat Deposit Methods 

Coinbase accepts deposits through PayNow, and bank transfers via FAST (SGD) or SWIFT (USD). Coinbase also accepts deposits via Visa and Mastercard credit/debit cards. 

Security Features

Coinbase claims to hold a 1:1 ratio of their customer’s assets. The exchange also offers a Vault feature, allowing for time-delayed withdrawals in which the transaction can be canceled within 48 hours. For joint accounts, the vault feature requires authorization from multiple accounts to make a withdrawal. According to the website, 98% of digital currency for the vault is also stored offline, safeguarding customers from unauthorized access. Users are also auto-enrolled for 2 factor-authentication. 

Customer Service Channels

For basic inquiries, customers can access their virtual assistant on their website or app. To speak to their customer support, you can access their live chat or contact their phone support to speak to a live agent. 

Crypto.com

Used by more than 80 million users, Crypto.com has established itself as a leading cryptocurrency platform for users worldwide. The exchange supports a comprehensive list of cryptocurrencies – currently more than 350. 

Features Offered 

Crypto.com offers spot, futures, and perpetual trading. The exchange also allows users to stake and earn rewards on their holdings like DOT and USDC. 

Trading and Other Fees 

For fees, Crypto.com implements a tiered fee system which is determined by the user’s trading volume on the site over the last 30 days. The spot trading fees are as follows: 

As seen on the right above, customers who stake at CRO (≥ 1,000) can enjoy additional trading fee discounts. CRO is the native token of Crypto.com.

Fiat Deposit Methods

Crypto.com exchange accepts deposits through bank transfers via SWIFT (USD). Alternatively, customers can also utilize the Crypto.com app to purchase crypto via credit/debit cards before sending it to their Crypto.com exchange account. 

Security Features

Crypto.com also claims to have 100% of their assets securely held and a 1:1 ratio of their Proof of Reserves (PoR). Crypto.com also utilizes multi-factor authentication (MFA), where customers would need to verify their password, biometric, email, phone, and authenticator verification before making a transaction. 

Singapore is also covered under the exchange’s ‘Account Protection Programme’ whereby customers can receive protection should an unauthorized transaction occur on their account. According to the program, customers may be eligible for goodwill protection of up to 250,000 USD, provided that they meet certain criteria. It is good to note that this program is up to the discretion of the exchange and should not be seen as a guaranteed reimbursement. The program does not cover losses due to negligence or mistaken authorizations. 

Customer Service Channels

For inquiries, customers can access their help center for their FAQ. Alternatively, customers can also access their 24/7 live chat to speak to an agent. 

CoinHako

Based in Singapore, CoinHako supports up to 100 different cryptocurrencies. The exchange is integrated with Singpass, allowing for a quick onboarding process. 

Features Offered 

CoinHako offers spot and stablecoin-fiat trading. 

Trading and Other Fees

CoinHako’s trading fees are as follows:

Customers can enjoy discounted trading fees through CoinHako’s reward system depending on how many points the user has. For more information, visit CoinHacko’s reward site. For withdrawals, CoinHako charges a flat fee of 2 SGD for SGD withdrawals and 50 USD for USD withdrawals. 

Fiat Deposit Methods 

CoinHako accepts deposits through PayNow and bank transfers via FAST (SGD). The exchange also accepts deposits via Grabpay, Visa, and Mastercard credit/debit cards. For Grabpay, a 2.8% fee is applied. 

Security Features

Users can enable 2FA to secure their CoinHako accounts. 

Customer Service Channels

For inquiries, customers can access their help portal for their FAQ. Alternatively, customers can also submit a ticket with the exchange. 

Bitrue

Based in Singapore, Bitrue supports an extensive range of cryptocurrencies – up to 1,000 pairs. Bitrue is known for its trading volume in XRP trading pairs. 

Features Offered 

Bitrue offers spot, ETF, and leverage trading. The exchange also allows users to stake and earn rewards on their holdings.

Trading and Other Fees 

For spot trading, Bitrue takes a 0.098% fee for BTC, ETH & USDT trading pairs, and a 0.196% fee for XRP/BTC, XRP/USDT, and XRP/ETH trading pairs. For all other XRP trading pairs, Bitrue takes a 0.280% fee. For futures, the trading fees differ for each trading pair.

Fiat Deposit Methods 

Bitrue accepts deposits via Apple Pay, Visa, and Mastercard credit/debit cards.

Security Features

While Bitrue does not currently have proof of reserves, the exchange has issued a statement that they are currently working to provide one. 

Bitrue also has a ‘Bitrue Insurance Fund’ whereby in the case of a security breach on the exchange’s side, users can be reimbursed. The wallets are made public and exceed the amount held in the exchange’s hot wallet. This ensures that customers are able to verify the availability of funds in the case that the exchange gets compromised. 

Customer Service Channels

For inquiries, customers can access their help center for their FAQ or submit a ticket with OKX. Customers can also contact a live agent via a live chat function. 

Overview and Comparison Table

Here is a comparison of the 6 different exchanges:

Word Of Caution

While exchanges allow for convenient trading and access to different forms of cryptocurrencies, it is important to keep in mind a popular crypto expression – not your keys, not your coins. This expression emphasizes the importance of not simply relying on an exchange’s security. While it may seem unlikely that established exchanges can fail, the collapse of FTX serves as a reminder that it is always good practice to store the bulk of your investment in personal wallets where you hold the keys.

Final Thoughts 

In terms of features and fees, each exchange differs in terms of the interfaces, trading pairs, and fees that they offer. For example, day traders who make many transactions may choose to use an exchange with a lower trading fee. Ultimately, the choice of which exchange to use depends on an individual’s needs and preferences. That being said, please note that this article is not meant to be taken as financial advice and investors should do their due diligence on what is best suited for their needs.