You want to purchase Bitcoin in Singapore, but the process is confusing for beginners…
But don’t worry, as this is where Bitpremier comes in.
This guide will cover how to purchase Bitcoin in Singapore with several payment methods.
Coinbase is the most popular cryptocurrency exchange where Singaporeans can choose to buy Bitcoin.
The exchange claims that users can instantly buy Bitcoin using credit and debit cards, or an Xfers virtual wallet. But before doing that, you’ll have to first sign up to use Coinbase, link your bank account, and provide identity and address proofs to get verified.
Once that’s done, fund the wallet using the preferred payment method and then you can start buying Bitcoin.
Coinbase will purchase the digital currency for you and store the same in what it claims to be a secure storage platform that’s protected by insurance. However, Coinbase is known to charge a hefty fee for purchases made on its platform.
Buying Bitcoin using credit card attracts a 3.99% fee on the total transaction amount. Xfers.io provides a cheaper option for customers in Singapore as the fee is 1.49% of the total transaction.
Once the sign-up and verification formalities are complete, you can link your local bank account to Gemini and transfer funds using internet banking.
However, international remittances need to be enabled for the bank account and users should also note that it will take around two to three days for the verification process to be complete.
The most attractive part about Gemini is that it charges a really low fee of 0.25% for each trade, so it is a much cheaper avenue to buy Bitcoin on as compared to Coinbase.
The number of Bitcoin automated teller machines (ATMs) has grown exponentially over the past few years thanks to the rising popularity of the cryptocurrency. The global count of Bitcoin ATMs has shot up from 471 in January 2015 to 4,213 at present, according to Coin ATM Radar.
Singapore currently has 9 Bitcoin ATMs according to Coin ATM Radar, where Bitcoin buyers can go, deposit fiat currency, and get their cryptocurrency instantly. The machine will accept the cash and deposit the Bitcoin into the buyer’s wallet.
So a Bitcoin ATM gives users a fast and easy way of getting their hands on the cryptocurrency as they can skip the sign-up and verification process. All that you need is a safe and secure wallet where the ATM will send the digital currency.
But this convenience comes at the cost of high transaction fees that reportedly average as high as 8.93%. However, the transaction fee seems to be on the lower side in Singapore, with Coin ATM Radar reporting that ATMs charge between 2.9% and 5% on Bitcoin purchases.
Still, the fees are high when compared to an exchange such as Gemini. So, even though Bitcoin buyers in Singapore have an alternate method of buying Bitcoin, they should consider taking the pain of signing up and verifying on an exchange to buy the digital currency and avoid high transaction fees.
Bitcoin in Singapore
Singapore’s largest bank, DBS, had labeled Bitcoin as a Ponzi scheme in November 2017. Additionally, the Inland Revenue Authority of Singapore views Bitcoin not as a currency but as goods, so anyone transacting using the same has to pay goods and services tax. What’s more, the Singapore Law Ministry has come up with a bill to ensure that cryptocurrencies aren’t considered a legal tender, and has also warned businesses from accepting payments in cryptocurrencies.
However, Singaporeans interested in buying Bitcoin for making peer-to-peer payments, or as a means of investment, can easily get their hands on the cryptocurrency thanks to a range of options. Let’s take a look at the various ways one can buy Bitcoin in Singapore.
In May 2018, digital asset banknote maker Tangem launched smart Bitcoin banknotes in Singapore with an aim of making the ownership and circulation of the cryptocurrency more mainstream in nature. These notes are available in denominations of 0.01 BTC and 0.05 BTC and can be purchased from the company’s Suntec City outlet in Singapore.
Of course, buyers will have to load Bitcoin into the banknote from their wallet, but anyone looking to buy Bitcoin can simply buy a Tangem banknote from someone who already holds it. Tangem claims that its tamper-proof chip technology will prevent the banknotes from hacker attacks.
Users simply need to touch the banknote using a smartphone with NFC capability to find out if it holds valid Bitcoin. If it does, the user can simply pay an equivalent amount in fiat currency to the banknote holder to buy their Bitcoin.
More importantly, Tangem was aiming to circulate 1 million banknotes by the third quarter of 2018 so that they can be used just like physical cash at retail chains and convenience stores. So getting access to one in Singapore shouldn’t be difficult in the future. What’s more, Tangem says that there’s no transaction fees associated with these smart banknotes, so they give users probably the cheapest way of buying Bitcoin in Singapore.
In the end, it can be concluded that there are both traditional and innovative ways to buy Bitcoin in Singapore that users can choose from, depending on a variety of factors such as associated costs, convenience, and availability.
Now, there are many cryptocurrency exchanges that will store the Bitcoin for you, but it is always recommended to get a hardware wallet such as the Ledger Nano S for security’s sake.
A hardware wallet will store your private keys offline, thereby providing protection against any hacks or data breaches. Once the wallet is set up, the user needs to zero in on an exchange from where to buy Bitcoin. Now, there will be a ton of options out there to choose from, but there are a few parameters such as costs, security, and ease of use that should be kept in mind.