Binance Singapore review

Buy and sell 8 popular cryptocurrencies with Singapore dollars with this local exchange.

Must read: Binance shuts Singapore business

Binance is no longer accepting new customers in Singapore and will shut down its operations by 13 February 2022.

  • Great for its popularity and good reputation
  • Not so great for widely-varying fiat purchase fees

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1

Fiat currencies

10

Cryptocurrencies

Details

Product Name Binance Singapore Cryptocurrency Exchange
Fiat Currencies SGD
Cryptocurrencies BTC, ETH, BNB, LTC, BCH, XRP, MIR & 4 more
Deposit Methods Bank transfer
Cryptocurrency
Trading Fee 0.8%
Deposit Fees None
Withdrawal Fees Binance cash wallet to StraitsX: None
Cryptocurrency: Fees vary
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Binance Asia Services withdraws Singapore licence application

Binance Asia Services, the operator of Binance.sg, announced on 13 December 2021 that it has withdrawn its application to the Monetary Authority of Singapore (MAS) to operate a regulated cryptocurrency exchange in the city-state. All registrations, cryptocurrency and currency deposits, and trading facilities on Binance.sg are now closed.

According to its statement, Binance.sg will wind down its business and close by 13 February 2022. Existing users of the platform are also required to close all open positions and withdraw their assets by this date.

Learn more about:

Which fiat and cryptocurrencies are supported?

  • Supported fiat currencies: SGD
  • Supported cryptocurrencies: Approximately 10 cryptocurrencies

Which payment methods are accepted?

  • Bank transfer
  • Cryptocurrency

What’s it like to use Binance Singapore

Fees and limits

Transfer and order fees

Platform fee typeFee
Buying from Binance Cash Wallet0.6%
Buying from StraitsX account0.6%
Selling to Binance Cash Wallet0.6%
Selling to StraitsX account0.6%
Withdraw from Binance Cash Wallet to StraitsXFree

Cryptocurrency fees

Transfer typeDeposit feeWithdrawal feeMinimum withdrawal
BTCFree0.0004 BTC0.001
ETHFree0.01 ETH0.02
BNBFree0.001 BNB0.002
LTCFree0.001 LTC0.002
BCHFree0.001 BCH0.002
XRPFree0.25 XRP2
NEOFree0 NEO1
LINKFree0.7 LINK2

How fast will my funds be available?

Fiat transfers

Clock icon for transfer speed

Instant

Fiat transfers to and from your StraitsX account will typically take mere seconds.

Crypto transfers

Clock icon for transfer speed

Few minutes

Cryptocurrency transfers will vary depending on the crypto, confirmations required and fee paid. It will typically take a few minutes.

Is Binance Singapore safe to use?

  • Regulation. Binance Singapore is registered in Singapore, but according to its terms and conditions may not be regulated as a financial institution in your jurisdiction.
  • Verification process. Binance Singapore is only for Singapore citizens or permanent residents, or people residing in Singapore. Identity verification is required prior to trading.
  • Security features. Binance Singapore is the local affiliate of the popular Binance.com cryptocurrency exchange, which is known for its industry-leading security. Binance.com has been hacked once, but compensated users for any lost funds.

How do I create an account at Binance Singapore

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What else do I need to know about Binance Singapore?

Binance.com is the world’s largest cryptocurrency exchange by both average volume and active userbase, but the main platform is now restricted from providing cryptocurrency trading and payment services for Singapore users.

However, Binance.sg (Binance Asia Services Pte. Ltd), is a local affiliate that operates independently and is a separate legal entity from Binance.com. It is currently allowed to operate in Singapore under an exemption while the MAS processes its licence application for the provision of digital payment token services.

Do note that accounts on Binance.sg are not transferable nor are they connected to Binance.com.

Binance Singapore review in a nutshell

Pros

  • Competitive rates. No undue deposit or withdrawal fees, and a 0.6% fee on trades.
  • Convenient. Simply link your StraitsX account and you can buy and sell with SGD.
  • BNB available. Binance Singapore is one of the very few places to buy and sell BNB for fiat.

Cons

  • Limited cryptocurrency options. Binance.sg only offers 8 cryptocurrencies: BTC, ETH, BNB, LTC, BCH, XRP, NEO and LINK only. You’ll have to use a different exchange for trading other coins.
  • No active trading. Binance Singapore is primarily a fiat bridge. It doesn’t offer advanced features or active trading.
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Compare Binance Singapore against other exchanges

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Independent Reserve Exchange
Bank transfer (ACH), Cryptocurrency, Xfers, SWIFT, FAST Transfer
SGD, USD, AUD, NZD

19
cryptocurrencies

First licensed crypto exchanged in Singapore. Instantly deposit SGD via FAST and buy bitcoin today. Established in 2013, Independent Reserve is one of Singapore's most trusted exchanges.
Tokenize Xchange
Bank transfer, Xfers
SGD

89
cryptocurrencies

FINDER EXCLUSIVE: Get 2 TKX when you sign up and deposit a minimum of 500 SGD. T&Cs apply.
Trade 70+ cryptocurrencies with SGD and earn interest by staking coins on this robust platform.
Kraken Cryptocurrency Exchange
Bank transfer, Cryptocurrency, Wire transfer, Osko, SEPA, Apple Pay, Google Pay, SWIFT
USD, EUR, GBP, JPY, CAD, CHF, AUD

195
cryptocurrencies

Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.
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Frequently asked questions

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