Based in Singapore and wish to buy Bitcoin today? If so, the easiest way to do this is to use a debit or credit card at a regulated online broker. In doing so, the process takes minutes. Alternatively, you might also consider a peer-to-peer exchange or a Bitcoin ATM.
Either way, in this beginner’s guide we show you how to buy Bitcoin in Singapore in the easiest, safest, and most convenient manner. We also give you some handy tips on how to choose a platform.
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If so, you’ll find our top-rated Singapore Bitcoin broker listed below. The broker in question is regulated on three fronts via the FCA, ASIC, and CySEC. You will be able to open an account in minutes, and deposit funds with a debit/credit card, e-wallet, or local bank transfer. Crucially, the platform allows you to buy Bitcoin on a commission-free basis, so you’ll get to keep your costs down to an absolute minimum.
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Bitcoin in Singapore
Alongside the likes of Malta, Hong Kong, and Gibraltar – Singapore is often described as a global hub for all-things blockchain. Much of this is due to the crypto-friendly approach that the Singapore government has taken towards the digital currency industry, which has subsequently fed through to the private sector.
This includes blue-chip firms that are already exploring blockchain-based systems, and a plethora of crypto-project startups. And then you have the likes of Binance – the world’s largest cryptocurrency exchange in terms of trading volumes, who has a base in Singapore.
In terms of the government itself, authorities are also pushing a number of blockchain initiatives, such as a decentralized platform that can store and secure academic certificates. When it comes to buying and selling Bitcoin in Singapore, residents have heaps of localized methods to choose from. This includes online brokers, crypto-to-crypto exchanges, and Bitcoin ATMs.
As of early 2020 – the Monetary Authority of Singapore (MAS) has since released new regulations for those facilitating Bitcoin purchases in the country. The rules ensure that online brokers verify the identity of all users that wish to trade cryptocurrencies, subsequently falling in-line with the country’s wider regulations on anti-money laundering. To date, there have been no major instances of wide-spread cryptocurrency-related fraud in Singapore, which is extremely positive.
What is the Best Way to Buy Bitcoin in Singapore?
As we briefly touched upon above, Singapore residents are afforded a good number of methods when it comes to buying Bitcoin in the country. For those of you that wish to purchase Bitcoin with Singaporean dollars, you might want to consider a Bitcoin ATM. There are currently 8 ATMs active in the nation, so you shouldn’t be located too far away from your nearest terminal.
For those unaware, this allows you to insert physical notes into the machine, and in return, you’ll receive Bitcoin. The key issue with this method is that Bitcoin ATMs a typically charge high fees. Alternatively, you might want to consider a peer-to-peer platform. This allows you to connect with a seller in Singapore directly. Once you agree on an exchange rate – alongside the mode of payment (for example a local bank transfer), the coins are deposited into an escrow wallet.
Once your payment is confirmed, they will then be transferred to your own wallet. With that being said, peer-to-peer transactions do not benefit from the regulatory protections of MAS, or any other licensing body for that matter. Instead, the easiest, safest, and most convenient way of buying Bitcoin in Singapore is to use a regulated online broker. For example, platforms like eToro hold regulatory licenses on three fronts, and the account opening process takes minutes.
Most importantly, the online broker supports heaps of everyday payment methods. This includes bank transfer – or for instant deposits, a debit/credit card or e-wallet. The online broker option will also result in the most cost-effective way of buying Bitcoin because platforms like eToro allow you to trade on a commission-free basis.
How to Buy Bitcoin in Singapore: Step-by-Step Tutorial
As noted above, the easiest way to get your hands on Bitcoin is to use an online broker. Although the process is seamless, it might be the case that you need a bit of guidance if you’ve never bought Bitcoin before. If this is the case, below you will find our beginner-friendly guide on buying Bitcoin in just 5 steps.
Take note, the below step-by-step instructions are with our top-rated online broker eToro, albeit, the process remains largely the same regardless of which platform you choose.
Step 1: Open an Account
You will first need to head over to the eToro website and elect to open a Bitcoin account. The process takes minutes, and simply requires some basic information from you.
As such, enter the following information:
- First and Last Name
- Home Address
- Date of Birth
- Australian Tax Number
- Contact Details
Regulated platforms are also required to assess your prior trading experience. This is to ensure that as a retail client, you know the risks of investing real-world money.
Step 2: KYC & Verification
As eToro is regulated by three tier-one licensing bodies, it takes its anti-money laundering responsibilities very seriously. As a result, you will need to verify your identity by uploading a copy of your passport or driver’s license. In most cases, eToro will be able to validate the document on the spot.
Step 3: Deposit Funds
Once your ID has been verified, you can then head over to the deposit page. You will see a list of payment method options available to you, which includes:
- Debit Card
- Credit Card
- Local Bank Transfer
Although eToro supports deposits from Singapore customers, your account will be denominated in USD. As such, you’ll need to meet a $200 minimum deposit threshold, which amounts to around $285 SGD.
Step 4: Go to Bitcoin Trading Page
Unless you opted for a bank transfer, your deposit will be credited instantly and thus – you can proceed to buy Bitcoin. As eToro offers heaps of financial instruments across dozens of asset classes, you are best advised to enter ‘Bitcoin’ into the search box at the top of the screen. Next, click on the ‘Trade’ box.
Step 5: Buy Bitcoin
The final stage of Bitcoin investment process is to place an order. This is where newbie traders start to feel intimidated, as you will need to fill out a range of pre-market metrics.
With that in mind, below you will find a brief explainer of how the order box works. Read through each bullet point as you are before filling the order form out.
- Buy/Sell: Unless you are planning to short-sell Bitcoin – meaning you think its price will go down, leave the order box set as a ‘buy’ order.
- Market/Limit Order: If you want to buy Bitcoin at a specific entry price, select a ‘limit order’ and enter your desired price. If you’re happy to take the next available price, leave it as a ‘market order’.
- Leverage: If you want to buy Bitcoin on leverage, eToro caps this at just 2x on cryptocurrencies.
- Stop-Loss: You should install a stop-loss order, which allows you to exit your trade when a pre-defined price point is met.
- Take-Profit: If you want to lock in your profits when a price target is triggered, set up a take-profit order.
Finally, click on ‘Buy’ to complete your Bitcoin purchase.
What to Look for in a Singapore Bitcoin Broker
Other Ways to Buy Bitcoin in Singapore
If you’re too keen on using an online broker, or you simply want to consider other options – below you will find two alternative ways to buy Bitcoin in Singapore.
In summary, with Singapore being a super blockchain-friendly nation, it will come as no surprise to learn that you have heaps of options when it comes to buying Bitcoin for the first time. This includes cryptocurrency exchanges, peer-to-peer platforms, and even Bitcoin ATMs. With that said – and as we have discussed thoroughly in our guide, the easiest way to buy Bitcoin in Singapore is to use a regulated online broker.
This is because the buying process should not take more than 10 minutes, and you can even use a debit/credit card, bank account, or e-wallet to fund your purchase. Most importantly, online brokers offer the safest way to invest in cryptocurrencies, as you will have the regulatory protection of licensing bodies like the FCA, ASIC, and CySEC.
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Is Bitcoin legal in Singapore?
As one of the most crypto-friendly nations in the world, it will come as no surprise to learn that Bitcoin is completely legal in Singapore. This includes the process of buying, selling, trading, and even mining Bitcoin.
What payment methods do Singapore Bitcoin brokers support?
Singaporeans are usually given the option of depositing funds with a debit/credit card, e-wallet, or bank transfer.
Can I buy Bitcoin from Singaporean broker in Australia?
If you are using a Singapore broker that holds a regulatory license, you will need to provide a copy of your government-issued ID. If anonymity is important to you, your best bet will be to use a Bitcoin ATM.
What is the minimum amount I have to invest?
If opting for a regulated broker, you'll likely need to deposit at least $150-$250 SGD to get started. This will, however, vary from broker-to-broker.
Can I buy Bitcoin with leverage in Singapore?
Singapore has imposed a maximum leverage limit of 50:1 for non-professional traders. However, it's unlikely that your chosen broker will give you this much when trading Bitcoin. In fact, regulated brokers like eToro limit cryptocurrency leverage to just 2:1.