Best Crypto Exchanges to Use in Singapore
Why is Binance a good choice for Singaporeans?
Binance is the world’s largest cryptocurrency exchange, and in Singapore, it remains a popular choice for several reasons. First, low fees. Binance’s trading fees are among the lowest globally, starting at just 0.1% per transaction, and there are discounts when using their native token, BNB. Additionally, Binance has a massive variety of cryptocurrencies available for trade — over 500 pairs — making it an attractive option for those looking to diversify their portfolio.
Another strong point for Binance is its high liquidity, which ensures that large trades can be executed quickly without slippage. This is especially important for traders in Singapore, who may be dealing with significant volumes.
However, Binance was ordered to stop offering regulated payment services in Singapore in 2021. So, while Singaporeans can still use Binance’s international platform, they need to be aware of regulatory restrictions.
Gemini: A Trusted Name in Crypto
Gemini stands out as one of the most secure exchanges on the market, fully regulated in the United States, and offers a compliant and transparent service in Singapore as well. Their security-first approach, including insurance on assets held in their wallet and robust two-factor authentication (2FA), makes them a great option if security is a top concern.
Fees on Gemini are a bit higher than Binance, starting at 1.49% for trades, but for many users, the peace of mind from enhanced security is worth it. Moreover, Gemini offers a feature known as Gemini Earn, which allows users to earn interest on their crypto holdings, making it appealing for those looking to grow their digital assets passively.
Crypto.com: Crypto Meets Real-World Usability
Crypto.com is a great platform for users who want a comprehensive experience beyond just trading. Not only does it have competitive fees (up to 0.4% per trade), but it also offers a Visa card that allows users to spend their crypto in everyday scenarios. The card provides cashback in crypto, further incentivizing the use of their ecosystem.
Crypto.com also offers staking options that let users earn up to 14.5% annually on certain coins. Additionally, they support over 250 cryptocurrencies, making it a robust choice for diverse portfolios.
One major draw for Crypto.com is its user-friendly app. It’s easy to navigate, making it ideal for beginners, while also having enough advanced features to satisfy more experienced traders.
Coinhako: A Local Favorite
Coinhako is a Singapore-based exchange and one of the most popular among locals. It was founded in 2014, making it one of the older players in the crypto exchange market. One advantage of Coinhako is its ease of use. The platform is designed with simplicity in mind, which is ideal for newcomers to the crypto world. Coinhako allows users to buy crypto directly using Singapore dollars (SGD), making it convenient for locals to deposit and withdraw funds.
While Coinhako offers fewer trading pairs compared to Binance or Crypto.com, it does provide access to the most popular cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. Coinhako charges a flat 1% transaction fee, which is higher than some of its global competitors but is offset by the convenience of using a local platform.
Regulations and Compliance
Regulation is an important factor to consider when choosing a crypto exchange in Singapore. The country’s regulatory body, the Monetary Authority of Singapore (MAS), has been actively monitoring and guiding the crypto space. As of now, exchanges like Gemini and Coinhako have obtained exemptions under the Payment Services Act (PSA), allowing them to operate legally while they await full licensing.
It's crucial for users to choose exchanges that comply with local laws to ensure the safety of their assets and avoid any legal issues. Binance’s withdrawal from the regulated Singapore market highlights the importance of compliance. Therefore, for long-term users, it’s advisable to stick to exchanges that have a clear regulatory standing.
Security
When it comes to storing crypto, the mantra is simple: "Not your keys, not your coins." While exchanges offer convenience for trading, it’s recommended to store large amounts of crypto in a hardware wallet. That said, exchanges like Gemini and Crypto.com do offer insured wallets, which provide some peace of mind.
Binance and Gemini have multi-tiered security measures, including cold storage for a significant portion of their funds. Meanwhile, Coinhako’s security protocols have been tightened after a few past incidents, making it a safer platform today.
Comparison Table
Here’s a quick comparison of the top exchanges in Singapore:
| Exchange | Fees | Supported Coins | Security Features | Unique Offering |
|---|---|---|---|---|
| Binance | 0.1% | 500+ | Multi-tier, cold storage, 2FA | Low fees, high liquidity |
| Gemini | 1.49% | 70+ | Insurance on assets, 2FA | Gemini Earn (interest on holdings) |
| Crypto.com | Up to 0.4% | 250+ | Cold storage, insured wallets | Visa card, staking, cashback |
| Coinhako | 1% | 40+ | 2FA, cold storage | SGD support, easy for beginners |
Final Thoughts
When choosing a crypto exchange in Singapore, it ultimately depends on your priorities. If low fees and variety are key, Binance is a great option — though you need to navigate regulatory constraints. If you value security and compliance, Gemini is a top-tier choice, particularly for long-term holders. For those looking for a well-rounded platform that integrates crypto into daily life, Crypto.com stands out. And for beginners looking for a local exchange with easy access to SGD, Coinhako is a go-to.
Cryptocurrency trading involves risks, and as the market in Singapore grows, it's critical to choose a platform that aligns with your goals, whether that's security, usability, or a mix of both.
Remember, the best exchange for you will depend on your specific needs, so take time to evaluate them based on fees, supported currencies, security features, and regulatory standing.
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