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You’re here because you want to purchase Bitcoin in Singapore.
But are unsure which exchange is the best for a beginner.
Most readers will find the most success with Coinbase.
In life or cryptocurrency, there’s never a one size fits all option.
Don’t worry, as this is where Bitpremier comes in.
This guide will cover how to purchase Bitcoin in Singapore with all payment methods imaginable.
Based out of San Francisco, California, Coinbase is considered by many to be the most reputable beginner-friendly exchange. Since 2012, they’ve made it simple for any crypto newbie to buy and sell Bitcoin through their gorgeous user interface. Just make an account, link your preferred payment method, and start purchasing.
Please note that if you are based in the United States, most credit card purchases are disabled. For AML reasons, Coinbase, like most exchanges, requires users to submit a picture of their ID and other information for verification purposes.
When it comes to fees, this will depend on the payment method used. Bank purchases charge 1.49% and on credit and debit purchases expect 3.99%. Purchase limits depend on your accounts verification level, with the highest tier of verification allowing $50,000 to be purchased daily.
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Gemini is an exchange based in New York, US that allows for the trading of USD against Bitcoin, Ethereum, Litecoin, Zcash, and more. For fees on Gemini's brokerage service, expect 1.49% fees on buys and sells for orders over $200. Gemini's brokerage service is an intuitive way for beginners to purchase cryptocurrency.
If you feel comfortable using their exchange feature, have your account switched to ActiveTrader mode. On this mode, fees scale base off your trading volume and are between .35% and 0% depending on if you are a maker or taker.
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.
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 are 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.
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.