How to Buy Bitcoin in Singapore

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The price of a single Bitcoin has hit a record high of US$20k yesterday. That’s about S$27k.

If you had bought S$50k worth of Bitcoins just a year ago, your cryptocurrency holdings would be worth S$1 million today.

To many people, investing in something unregulated is extremely risky, so, caveat emptor.

There are many resources online where you can learn about the history of Bitcoin and how it works. It suffices to say here that many enthusiasts worldwide believe that Bitcoin has proven itself to be a secure and convenient store of wealth. Of course, you have to take the necessary precautions to protect your private keys (or login info if you use an online wallet).

Here’s how you can start buying Bitcoins in Singapore:

  • Coinhako – this is a local company that sells Bitcoins and Ethereum Ethers. Register there and go through their verification process to start. (If you use our referral link, you will get a bonus S$5 after trading S$100 there.)
  • Coinbase – this is a US-based company but allows you to use your credit card to buy Bitcoins and Ethereum ethers. (If you use our referral link, you will get a bonus of S$13 worth of Bitcoin after spending S$134 there.)
  • Xfers – this is a local company that allows you to use local bank transfers (FAST) to deposit SGD into an online wallet and then use the funds in the wallet to purchase Bitcoins at Coinhako and Coinbase (after linking them to Xfers).
  • Gemini – this US-based cryptocurrency exchange was started by the famous Winklevoss brothers. You can use DBS Remit — zero fees, same day transfer — to send USD to your Gemini account.
    • When adding your bank account in Gemini, enter your DBS/POSB account number for the Bank Account Number or IBAN field. For the Swift Number field, type in DBSSSGSG.
    • To send money from DBS/POSB to Gemini, login at DBS online banking portal, select DBS Remit under the Transfer menu, click + New Recipient, and then use the following info:
      – Recipient Name: Gemini Trust Company LLC
      – Recipient’s Country: United States
      – Recipient Gets: USD
      – Recipient’s Address:
          600 Third Avenue, 2nd Fl
          New York, NY 10016
          United States Of America
      – Recipient Bank: Other Banks in United States
      – SWIFT Code: PCBBUS66
      – Recipient’s Account Number: 1000808012
      – Clearing Code: 322286803
      – Payment Details for Recipient: (type in the 6 or more alphabet letters that Gemini asked you write in the “memo” or “instructions” field)

Note that all the 4 websites above require some form of identity verification before they allow you to transact with them. They also sometimes undergo technical maintenance, during which you may not be able to transact with them.

Finally, invest only the money which you can afford to lose, and best of luck!
 

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7 Comments

  1. Hi Bryan

    Would like to thank you for this article. When i was lost as to how to wire money to Gemini, I come about yr article. You are Godsend. Amen

    Just now, I just test wire $138 US to to Gemini, tomorrow will know when the fund is in.
    I think Gemini is not a bad idea as having coinbase and coinhako involved xfer which is down can cause opportunity loss, and also when panic set in, time to sell fast will have an extra channel.

    Thanks and Merry Christmas. God bless you. Amen

    victor

    • Quoine used to have a local CIMB account, yes local as in a Singapore CIMB account (and I had sent money instantaneously using FAST), but not anymore. You now have to wire money to their Japanese bank. I’m pretty sure you can use DBS Remit to send money there.

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