Independent Reserve Exchange
- Make crypto OTC trades in AUD, USD, NZD and SGD
- Get access to professional traders and experts
- Trading fees from 0.02%
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To buy Bitcoin, you just need access to one of the many platforms that sell it. These platforms are called cryptocurrency exchanges. If you're just starting out with Bitcoin, then you will need to figure out how to convert your government currency (fiat) into Bitcoin using one of these exchanges. We've boiled down the process of buying Bitcoin into 4 steps. Regardless of which exchange you use, these 4 steps will be roughly the same.
Don't worry – while you may find Bitcoin complex, buying it is straightforward and will take about 30 minutes out of your day.
A cryptocurrency exchange is a website that allows you to buy and sell cryptocurrencies. They operate similarly to stock trading platforms. Cryptocurrency exchanges differ by fees, security, payment methods and features, so use our table to determine which one is the right fit for you. As a beginner, you don't need a big range of features, and you can always sign up to other exchanges later.
Some of the most popular exchanges that accept SGD are Independent Reserve Exchange, Tokenize Xchange and Changelly Crypto-to-Crypto Exchange. All of these exchanges are considered relatively beginner friendly and offer deposit methods in a variety of methods.
You can see a list of exchanges in the table, which you can use to compare various features such as supported payment methods, security, fees and the number of different cryptocurrencies that they offer.
Once you have chosen an exchange, you will need to go to its website and create an account.
You can do this by selecting the button next to the exchange's name in the table.
To help you pick an exchange, consider the following:
Once you have selected an exchange from the table, you can sign up for an account by selecting the "Go to site" button. This will take you to the account creation page, where you can fill in your details, starting with your name and email address.
You will then need to verify your identity and address, which is part of a process called Know Your Customer (KYC), which is a legal requirement for most exchanges in Singapore. To do this, you will need photo ID as well as a copy of a recent bank statement or utility bill that has your address on it.
KYC is typically approved instantly, although in some cases, you will have to wait a few days before your account is verified. Once your account is approved, you will need to choose a payment method to deposit funds into your account before you can make any purchases.
|Exchange||Bank deposit||Card deposit||Crypto deposit||Buy Bitcoin|
|Independent Reserve Exchange||Go to site|
|Tokenize Xchange||Go to site|
|Changelly Crypto-to-Crypto Exchange||Go to site|
To buy Bitcoin (BTC), you will first need to deposit money into your exchange account or link a credit or debit card.
Depositing funds: The cheapest way to buy Bitcoin is typically by depositing money from your bank account to an exchange and then using it for purchases. However, you might end up waiting a few days for the funds to arrive, depending on the bank and the exchange. Once the funds arrive, you can then buy Bitcoin.
Buying with a credit card: Buying Bitcoin with a credit card can be a convenient way to buy Bitcoin, but there are trade-offs. For starters, fees are typically more expensive than depositing funds through a bank transfer. Credit cards are primarily used for instant purchases, so you can't use them to deposit funds in the exchange. If you only have a credit card available, the fees can add up quickly. For example, credit card providers will typically charge you a cash advance fee which can be quite costly. Depending on your credit card provider and country, some providers will not let you purchase cryptocurrency. Check out Finder's guide on how to buy Bitcoin with a credit card to figure out the details that work best for you.
Buying with a debit card: Buying with a debit card is a lot like using a credit card, but with much better fees. Of the 3 options to fund and buy Bitcoin, a debit card provides you with decent fees and near-instant deposit of funds or Bitcoin.
Don't stress too much about which option you choose, as you can always change it later. But if you're planning to make a large purchase, then it is worthwhile to calculate the fees involved with each method to determine the best value.
First things first – you don't have to buy a whole Bitcoin. Most exchanges will let you buy as little as a few Singapore dollar's worth, usually even less. Simply type in how much you want to spend in SGD, and let the exchange calculate the rest.
An instant buy is typically done with a credit card, but can also be done with fiat or crypto already in your exchange account. Instant buys tend to have the highest fees and are at market price, meaning you are likely paying more than you would if you used the spot market. If using a credit card, there are additional fees too. With instant buys, you are paying for convenience and speed. Generally, you pick an asset to buy and an amount to spend. You are then given a preview of the transaction, and after checking the details, you finalise the purchase.
The spot market is often found under a "Trade" or "Spot" heading. Unlike an instant buy, the spot market allows traders to set desired parameters for a purchase or sale. There are multiple types of trades that you can make on a spot market page. You can make a market order, which is like an instant buy/sell but has lower fees. You can also make a limit order. This is the other most common order type, where you choose a desired price to buy or sell. Limit orders have lower fees than market orders. There can be other trading options too, depending on the exchange.
Once you've acquired Bitcoin, whether through an instant buy or the spot market, you have 2 options. The first option is to leave it on the exchange in order to be able to quickly sell or trade it. The other option is to send your Bitcoin to an external wallet where you hold the keys. This is more complicated, but a safer overall choice.
Learning how to use a cryptocurrency wallet takes some time and effort. But there are several benefits to moving your coins off an exchange.
Exchanges have come a long way since the early days of Bitcoin. Many of the big players now use advanced security practices, hardware and education to help protect user funds. Several exchanges now also insure user funds up to a certain value. Aside from security, there are additional reasons to consider when leaving Bitcoin on an exchange.
You wouldn't invest in crypto without doing your research first, so make sure you understand some essential facts about Bitcoin before you buy:
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