Binance Cryptocurrency Exchange
- Buy crypto with SGD
- Huge range of supported cryptos
- Advanced trading features available
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To buy Bitcoin, you just need some photo ID to create an account on a platform that sells it, then link a payment method to buy it with, like a bank account or debit card. You don’t have to buy a whole Bitcoin either – it’s completely up to you how much you spend.
Cryptocurrency exchanges are the main way people buy Bitcoin and other cryptocurrencies. Don’t worry – while the technology behind Bitcoin is complex, buying it is straightforward and will take about 30 minutes out of your day. Plus, you could learn some new skills to help you build your cryptocurrency portfolio and get the most out of your investment.
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 and payment methods, so you’ll need to research which is the right fit for you. As a beginner, you don’t need a big range of features, and you can always change exchanges later.
The first time you purchase Bitcoin, you will need to choose an exchange that accepts payment in Singapore dollars or your local currency.
Some of the most popular exchanges that accept Singapore dollars are Coinhako, Binance Singapore and Gemini. They are considered beginner-friendly and accept most common payment methods, like bank transfer and debit or credit card.
You can see a list of exchanges in the table, which lets you compare various features, like supported payment methods, fees and the range of different cryptocurrencies on 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 below, 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 by exchanges in Singapore. To do this, you will need a photo ID and 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 may 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.
To buy Bitcoin, 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. You can always transfer the money back to your account later if you decide to sell your cryptocurrency.
Transferring money from your bank account is typically the cheapest option, but you might end up waiting a few days for the funds to arrive, depending on your bank. Once the funds arrive, you can then purchase Bitcoin or another cryptocurrency. Depositing money this way typically gives you the most options and the lowest fees.
Linking a card: Linking a card to your account can be a convenient way to buy Bitcoin, but it has a few downsides. Funds are only transferred when the purchase is made, and fees are typically more expensive than a bank transfer. Credit and debit cards are primarily used for instant purchases, so you can’t deposit funds to use on the spot market.
If you only have a credit card available, the fees can add up quickly, and some providers may not even let you purchase cryptocurrency. It’s generally advisable to avoid using a credit card, as you will also have to pay interest on top of fees.
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 $10 worth, maybe even less. Simply type in how much you want to spend in Singapore dollars, and let the exchange calculate the rest.
Secondly, keep in mind that some exchanges only have one way to buy Bitcoin, while others offer multiple ways to buy. The two most common methods in Singapore are instant buy and the spot market.
Many exchanges now offer users the ability to buy Bitcoin instantly. In this case, the exchange acts as a broker, which means they are selling you the cryptocurrency directly for a set price. This differs from the spot market, where all the users on the exchange go to trade with each other, setting their own price by making bids and offers.
Buying Bitcoin this way is typically a bit more expensive than the spot market, as the exchange usually adds an extra fee on top of the market price. If you want to buy Bitcoin using a credit or debit card, this is usually the way to go. But again, you will pay an extra fee for using a card.
While a very beginner-friendly way to purchase Bitcoin, the fees for this method can really add up if you’re not careful.
The spot market is the most common way to buy, sell and trade cryptocurrency.
It operates like a stock exchange, where buyers and sellers come together and make offers. As a buyer, you can look for the lowest price available and take that, or make an offer at an even lower price and hope that it gets accepted. This gives users full control over the price they want to buy or sell Bitcoin for and offers the most competitive fees and pricing. If you’ve ever heard of people trading Bitcoin, this is the system they use.
The spot market offers the best value for money and is the heart of the Bitcoin market. If fees are your biggest concern, then you may want to use the spot market. You can always use a market order if you want to purchase Bitcoin immediately.
Once you have purchased your Bitcoin, you should consider moving it off the exchange to your own Bitcoin wallet.
A Bitcoin wallet is a software application that helps you securely manage your Bitcoin. Bitcoin uses public and private keys to guard access to your coins. You can think of these as an email address and a password, where the public key is like your email address that everyone can see and is used for sending and receiving Bitcoin. Your private key is like your password and must never be shared with anyone else. If someone obtains access to your private key, then they could steal your Bitcoin. So a wallet helps you keep your private keys safe.
Learning how to use a cryptocurrency wallet takes some time and effort. But there are several benefits to moving your coins off an exchange.
The global average for ownership is 19% with men much more likely than women to own cryptocurrency.
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 now also insure user funds up to a certain value.
As of July 2021, many exchanges, including Kraken, Coinbase and Gemini, have never been hacked, and while Binance was hacked in 2018, it compensated users through its now-famous “Safu” fund. As such, you may want to keep your coins on an exchange for a number of reasons.
You wouldn’t invest in shares without doing your research first, so make sure you understand some essential facts about Bitcoin before you buy:
Bitcoin is not the only cryptocurrency out there. While it may be the biggest and best-known, more than 4,000 other cryptocurrencies are available as of June 2021. While the value of some of these coins is questionable, there are plenty of other digital currencies worth considering as alternatives to Bitcoin.
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