Wondering how to buy your first Bitcoin in Singapore?   I am glad that you’re taking the initiative to look for the right way to invest in Bitcoin.   Despite being a small island state, Singapore is among the most crypto-friendly nations in the world.   Unlike other countries, this forward-thinking city-state was quick to embrace cryptocurrency and its technology.   While Bitcoin is not legal tender in Singapore, Bitcoin is completely legal in Singapore.   You can buy, sell, trade Bitcoin easily using different methods.    In my previous post, I talked about some of the best crypto exchanges to buy and sell Bitcoin internationally, but today I’d like to focus on different ways you can buy your first Bitcoin in Singapore.   If you’re ready to begin your journey to Bitcoin ownership, this complete guide will help you get started in no time. Here’re few ways to buy bitcoins in Singapore which I’ll discuss in detail below:

1. SwapSpace – Best for Comparing BTC Purchase Offers
2. LocalCoinSwap– Peer-to-peer exchange, buy Bitcoin with zero fees
3. Independent Reserve – First retail crypto exchange to attain a full license by MAS in Singapore
4. Crypto.com – Sign up and get USD$25 welcome bonus (Use code: heq9qnuzam). Buy BTC with xfers 0% fee
5. OKCoin – Receive $10 worth of BTC when you deposit at least $100 SGD
6. Coinhako– Buy/sell BTC instantly and securely. Use referral code: 5DJFyD4 to get 10% OFF on fees.

  That said, it’s always a good idea to do your own research before you start investing your hard-earned money into the game to avoid any unnecessary losses and scams.   If you haven’t done so, check out a few of our guides:

• What is Bitcoin and Why all the fuss with Cryptocurrency?
• Basic Bitcoin/Crypto Wallet Guides
• FAQ: Everything You Need to Know About Bitcoin Before You Buy
• Top 7 Bitcoin Myths That Need To Be Busted Right Now!
• 10+ Legit Ways to Earn Free Bitcoin (#3 is My Favorite)-UPDATED 2020!

  How to Buy Bitcoin in Singapore In general, there are two things you will need before buying Bitcoin in Singapore:

1. A place to buy it — an exchange
2. A place to store it — a wallet

 

Don’t have a wallet? Check out our guide on Bitcoin wallets.

When it comes to investing in Bitcoin, think of it like converting your SGD into another currency -a currency that can serve as a way to preserve wealth, a currency that can protect your future purchasing power.

Here’s what you’ll do:

1. You take your cash to an exchange.
2. You give them SGD, they take a cut and give you the rest in Bitcoin.
3. You then keep your bitcoins in your own wallet.

It’s pretty similar to exchanging your SGD for another foreign currency, except that the transactions are digital.

  However, to comply with the MAS’ anti-money laundering and financial terrorism measures, major cryptocurrency exchanges will require you to submit personal information such as national ID, passport and proof of address before you can start buying/selling bitcoins.   This KYC (Know-Your-Customer) procedure makes it very difficult for average investors to acquire Bitcoin without revealing their identities.   With that said, not all Bitcoin exchanges are created equal. Each exchange has different verification requirements, fees, and deposit methods.   So let’s get to it.  

Best Places to Buy Bitcoin In Singapore

 

1. Independent Reserve

  Independent Reserve is a cryptocurrency exchange available to all residents of Singapore, both retail and institutional investors, offering tight spreads and low fees.    It is the first retail cryptocurrency exchange in Singapore to attain a license from MAS and currently supports over 200,000 customers.   IR offers the AutoTrader feature where you can setup Dollar Cost Averaging (DCA) for your BTC purchases based on the amount of deposit you have.   Other special features include, OTC (>$100k purchases) and custody of digital assets for Institutional investors.   There is 24/7 premium support and a Multi-currency wallet to store your digital assets.   Here’s how you can buy BTC in minutes with Independent Reserve:  

1. Sign up for a free account, set up your profile, submit your ID and complete your verification.
2. Once verified, deposit your SGD instantly via FAST.
3. Go to the trade page, select your desired crypto in the top left corner and click on BUY (MARKET) to place your order.

  Additional features:

• Instant SGD deposits via FAST
• OTC desk (>$100K deal sizes)
• AutoTrader (Automated DCA strategy)
• 24/7 premium support
• World-class security

Method	Fee
SGD deposits/withdrawals	0.55%
Trade commission	0.5% (lower if trade vol. > $100K)
Crypto withdrawals	Dependent on Network fee
Crypto deposits	Free

 

The Best Bitcoin Exchange for Beginners

Sign up a free IR account today!

   

2. Crypto.com

Crypto.com is a complete all-in-one cryptocurrency platform that not only allows you to buy/sell Bitcoin but also earn up to 8% annually on your crypto, pay with your crypto for cashback at stores, buy 80+ cryptos at true cost and more!

Similar to Coinbase and Binance, you have to connect your Crypto.com account to your Xfers wallet first in order to convert your SGD into Bitcoin. You can also buy Bitcoin using a credit card, debit card, crypto and bank transfer.

Some of the supported cryptocurrencies that you can buy with SGD are: BTC, ETH, BCH, LTC, XRP, CRO, BNB, XSGD

Let’s see how you can buy Bitcoin with SGD on Crypto.com:

1. Sign up for Crypto.com and complete their KYC.
2. Connect Xfers to your Crypto.com. Once you link your Xfers to Crypto.com, you can transfer funds from Xfers wallet to purchase crypto as well as withdraw SGD back by selling crypto.
3. Buy Bitcoin. Go to “Trade > Buy”, select Bitcoin and enter the amount you want to buy with your Xfers. 

 

Method	Fee
Buy Crypto with Xfers	0.0%
Sell Crypto to Xfers	0.4%
Credit card buy/sell	3.5%

  Also, apply for their free MCO visa card, you may get free $25 for just signing up.   Take advantage of this free crypto debit card, it helps you to earn up to 5% back instantly every time you spend. If you’re holding MCO token, its native coin, you can save maximum money and enjoy additional benefits such as:

• 100% rebate on Spotify, Netflix and Amazon Prime
• Airport lounge access
• Cashback on Airbnb and Expedia bookings
• Competitive interbank rates
• Earn bonus interest
• and more

  Buy Bitcoin on Crypto.com (+Free $25 welcome bonus) ** referral code: heq9qnuzam to get your free$25 welcome bonus  

3. LocalCoinSwap

  LocalCoinSwap is a peer-to-peer escrow service that lets you to buy, sell and trade Bitcoin directly with other people in Singapore, safer and faster.   There are 3 main things that make LocalCoinSwap unique:   The first is that it is not an exchange in the same sense as Binance or Luno. Instead of providing a fixed market price, LocalCoinSwap simply connect you to other people, who are looking to buy or sell Bitcoin. You can shop around, compare and find the best value.   LocalCoinSwap also offers a wide range of payment options. You can choose to pay for your bitcoins using various payment options such as cash deposits, bank transfer, Paypal, gift cards, WeChat, credit card, Western Union, altcoins and more.   The third thing that attracted people is that LocalCoinSwap has a 0% trading fee. Registering, buying, and selling Bitcoin is completely free. There’s no deposits, withdrawal fees, transactions fees and escrow fees.   However, if you’d like to advertise your buy/sell offers, LocalCoinSwap charges 1% advertising fee for each completed trade.     Pros:

• Private, secure
• Buy Bitcoin, Ethereum and other top cryptocurrencies with zero fees. 
• Huge selection of payment options.

  Cons:

• Need to practice caution to avoid being scammed

    Bitcoin ATM – The Offline Way If buying Bitcoin online through a cryptocurrency exchange isn’t a good fit for you, you can always use a Bitcoin ATM machine to purchase some bitcoins.   You do not need a bank account nor going through a lengthy sign-up process to use ATM to buy/sell bitcoins. It’s a hassle-free way to get hold of Bitcoin if you can locate a Bitcoin ATM near you.   Use Coin ATM Radar to locate all the closest Bitcoin ATMs near you. Before you visit the physical Bitcoin machine, make sure you bring along your Bitcoin wallet address (this is where they’ll send the bitcoins which you purchase).   To buy Bitcoin with a Bitcoin ATM, all you need to do is enter the amount you want to purchase, insert cash into the machine, and you’ll receive bitcoins directly on your Bitcoin wallet.   When it comes to ID verification, it depends on the machine type and operator you’re using. Different types of Bitcoin ATMs have different level of verification. Some may require personal ID, or mobile phone.   Pros:

• Faster and easier than using a regular crypto exchange.
• No bank accounts.
• Some ATMs allow you to buy bitcoins anonymously.

  Cons:

• High fees. Fees can be up to 7-12% for buying/selling bitcoins.
• Low deposit and withdrawal limits. Not suitable for purchasing large amount of Bitcoin.
• Only few Bitcoin ATMs machine are available.

 

To make help you safely buy Bitcoin with ATMs, read this a complete beginner’s guide on How to use a Bitcoin ATM.

    Not Your Keys, Not Your Bitcoin No matter where you buy from, the most important thing to note is that the process only ends once you’ve transferred your Bitcoin to a wallet which only you hold the keys to.   Many exchanges will provide you a free built-in wallet, which you can use to store, send and receive cryptocurrencies.   However, it’s not advisable to use it keep your Bitcoin for long-term.   Leaving bitcoins on exchanges are extremely risky!   Always make it a habit of transferring Bitcoin to your own wallet once you complete a transaction.   I recommend using hardware wallets like Trezor to secure your Bitcoin for the long term. Both are very easy to use with simple, clear layout. Check out my review and comparison Ledger vs Trezor here.    

Conclusion

There you go! By now you should know exactly how to buy Bitcoin in Singapore using different crypto platforms.   In general, to buy your first Bitcoin in Singapore (or anywhere in the world) :

1. Find a Bitcoin exchange
2. Exchange your local currency like SGD to bitcoins
3. Move your bitcoins to a secure Bitcoin wallet

  You are now the proud owner of Bitcoin.   Welcome to joining some of the world’s brightest minds in a technology that is transforming the financial sector and disrupting some of the oldest societal systems we know.   Enjoy the ride as you watch the price rise and fall, plummet and go to the moon.   Do you have any other questions? Feel free to leave a comment below. And lastly, if you liked this post, don’t forget to share it on Facebook, Pinterest, and Twitter.   I’ve handpicked a few guides for you to read next:

• 10+ Easy Ways to Make Money with Bitcoin and Cryptocurrency
• 4 Best Ways to Convert Bitcoin to Cash
• How to Invest in Bitcoin: The Ultimate Guide for Beginners 2020
• How to Sell Bitcoin – The Ultimate Beginner’s Guide 2020
• 30 Popular Cryptocurrency and Bitcoin Terms
• 10 Interesting Bitcoin Facts You Should Know

  I live and breathe making an income online.  I’ll be sharing more ideas and guides soon. Stay tuned. If you haven’t already, sign up here to receive my emails.