The price of a single Bitcoin has hit a record high of US$20k yesterday. That’s about S$27k.
[Added 31 Jan 2018: We have just launched our Bitcoin Talk discussion forum. Do participate there to discuss anything about Bitcoin, Ethereum and cryptocurrencies!]
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).
- NuMoney – this new kid on the block is in the midst of opening another retail office in Raffles Place, alongside their current one near Tai Seng MRT. You can buy Bitcoin with an actual person literally over the counter!
- Tokenize – this local company operating out of Marina One gives everyone access to the new paradigm of cryptocurrency. Having Fiat-Crypto pairings already in place, you will soon see the addition of many popular crypto-crypto pairings, a complete one-stop solution for crypto trading. With low fees and transfers within hours, Tokenize is not just a wallet but also a full-fledged order book exchange, perfect for beginner and advanced investment.
- 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!
26 Comments
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
You’re most welcome, Victor.
So how long it takes for you to receive the amount in Gemini?
I sent around noon from DBS online and got it at night in Gemini. It’s literally “same day”.
How much are the fees for the wire?
What about Quoine?
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.
What about NuMoney ?
NuMoney is great! In 5 minutes I was off with ETH in my wallet. They also help customers set up their wallets which is awesome for crypto newbies.
There is a homegrown new platform to buy & sell Bitcoin / Ethereum in Singaore called Singbit.sg. It has zero transaction fee. Try it guys.
– Don’t use CoinHako, they still require Xfers and you really don’t know when you’ll get your money. And they charge really high price for tx fees and bad prices for bitcoin, litecoin, ethereum.
– I checked out Numoney, their tx fees are great, but I think their prices are abit high, not really near market prices.
– CoinBase/Gemini/Binance: are good, especially if you’ve USD
– I recommend coinut, they offer direct deposits and withdrawal of SGD (i think they got an OCBC bank account). You can buy BTC, LTC, ETH easily on their platforms. Easy to trade, buy, sell on this platform. Their prices are quite close to the market prices.