Bitcoin and other cryptocurrencies have indeed revolutionized the world of finance and technology. According to the Council on Foreign Relations, cryptocurrencies have risen from being just digital novelties to trillion-dollar technologies that have the potential to disrupt the global financial system. Today, cryptocurrencies are collectively worth more than $1 trillion.
In this article, we discuss cryptocurrencies and check out the best Bitcoin exchange for beginners to buy Bitcoin in Singapore.
What is a Cryptocurrency?
Cryptocurrencies are digital currencies that can be used as regular fiat money or as a cryptocurrency investment. However, they are different from regular currencies in that they are not controlled or regulated by any central authority. Instead, they run on a blockchain network, which creates, verifies, and transacts crypto.
Cryptocurrency investment is rewarding because it is one avenue where investors can get returns on their investment within the crypto cycle if they analyze the market correctly.
Typically, users exchange cryptocurrencies on decentralized computer networks with the use of virtual wallets. These transactions are recorded publicly on distributed, tamper-proof ledgers known as blockchains. The blockchain keeps track of every transaction securely and transparently. This record is shared among nodes, making the Blockchain fast, open, and safe.
Top 5 Beginner-friendly Cryptocurrency Exchanges in Singapore
Now that you know what cryptocurrencies are, you may be thinking: what is the best Bitcoin exchange for beginners to Buy Bitcoin in Singapore? We’ve collated this list just for you:
Independent Reserve is one of the best places to buy Bitcoin in Singapore. IR is a cryptocurrency exchange with a simple, low flat fee and user-friendly design. It was founded in 2013 and has been operating for a long time in the crypto space. It has earned a reputation for being a trustworthy and reliable platform and as such, you would find Independent Reserve on many reputable best crypto exchange Singapore lists.
This platform has shown to be stable and secure with no known hacks— thanks to their wide range of customer support choices, an abundance of instructional resources, and rigorous security measures. On there, users can access over 100 crypto assets, including popular ones like Bitcoin, Ethereum, and Cardano at low fees.
Coinbase is one of the best crypto exchanges for Singaporeans who want a secure, simple, and educational platform. It is a US-based cryptocurrency exchange with a local expression in Singapore. It has received in-principle approval from the Monetary Authority of Singapore to offer digital payment services in Singapore. Coinbase takes security very seriously. It uses two-factor authentication to protect users’ accounts, and stores most of their crypto assets offline to prevent hacking or theft. It also has an insurance policy to cover just in case of loss of funds.
Coinbase supports SGD in various ways. You can buy crypto with SGD with a credit/debit card, or you can deposit (and withdraw) SGD to your account using bank transfers. In addition, they have a huge community of NFT enthusiasts. The NFT platform on Coinbase rivals that of OpenSea, the leading NFT platform with respect to user activity and transaction volume.
The leading crypto platform based on the number of users, Binance has over 30 million users who can trade more than 350 types of cryptocurrencies. Binance also provides other crypto-related services, such as yield farming, staking crypto to earn interest, borrowing money, and accessing advanced markets like futures and options.
The Binance app is user-friendly and versatile. You can choose the ‘lite’ version for a simple and easy experience or the regular app for a more sophisticated and powerful platform.
Bitcoin trading is free on Binance. For other crypto spot trades, you pay a 0.1% fee. You can get a 25% discount on all fees if you hold a Binance coin (BNB). Binance does not charge you for depositing money, but the withdrawal fees vary depending on the crypto.
Kraken is a secure and reliable cryptocurrency exchange that offers low fees and multiple features for traders in Singapore. It has a large selection of over 200 cryptocurrencies, allowing traders to easily diversify their crypto portfolios.
One of the features that Kraken offers is staking, which lets traders earn passive income by locking up their assets. The stake interest ranges from 0.25% to 20%, depending on the asset and the duration. Staking is a great option for those who want to make their money work for them.
Another feature that Kraken offers is margin trading, which lets experienced traders leverage their positions up to 5x. Margin trading increases the risk and reward of trading as it amplifies the market movements. Kraken has more than 100 margin-enabled markets for traders who want to explore this option.
Kraken has almost all of its features available in Singapore, except for futures trading and opt-in rewards. Many believe that it is the best crypto exchange in Singapore for traders who want to access various crypto services and opportunities.
Regarding security, the platform has been working hard to establish itself as a leader in providing secure trading services. It is one of the safest crypto exchanges Singaporeans can use, as it abides promptly by all Singapore crypto regulations.
Kraken’s spot trading aligns with the maker-taker fee structure. This means the maker fees can vary between 0% and 0.16%. On the other hand, taker fees go between 0.1% and 0.26%. The change is based on the 30-day trading volume. However, margin trading fees range between 0.0.1% and 0.02%.
KuCoin is a global cryptocurrency exchange that offers various trading services with low fees. It has a large and diverse community of over 10 million users in more than 200 countries, including Singapore. Many people consider KuCoin one of the best crypto exchanges in Singapore as it supports many cryptocurrencies and fiat currencies.
On KuCoin, you can trade over 400 cryptos, such as Bitcoin, Ethereum, Cardano, Tether, and XRP. You can also buy crypto using SGD or other fiat currencies. KuCoin is a platform for crypto enthusiasts who want to explore different options and opportunities in the crypto market.
Singapore is a crypto-friendly country, so is a great place to buy Bitcoin and other cryptocurrencies. You have many options, depending on your needs and preferences. All of these platforms comply with local crypto regulations and offer various services. However, remember that the crypto world is dynamic and fast-paced, unlike the traditional finance environment. Therefore, you should always research and stay updated with the latest developments.