7 Best Crypto Exchange in Singapore: Guide to the Top Crypto Platforms

Next up, it’s time to learn how to choose the best crypto trading platform in Singapore.

Yes, there are many platforms to look into, though not all give the same benefits. Some crypto exchanges will offer various types of this digital money and you may think that you’ve hit the jackpot.

But there are other factors at play, too.

Below are the most important criteria to consider in finding the best crypto exchange in Singapore that fits your needs.

Licenses

An important part of any crypto exchange is a license.

The first license any company that wants to be part of the cryptocurrency sector must have is one recognised by the Commercial Law of Singapore. Considering that crypto exchanges are looking to work with cryptocurrencies they need additional licenses.

By this, I mean licenses under the Payment Services Act (PSA). Namely, under the PSA all providers of Digital Payment Token (DPT) services operating in Singapore must be registered and have a license.

With this act MAS is also able to supervise all payment firms, including crypto exchanges, to make sure that they are in accordance with the anti-money laundering (AML) and counter financing of terrorism (CFT) rules.

PSA gives 3 types of licenses out of which the last 2 are most relevant for crypto exchanges:

• a money‑changing licence;
• a standard payment institution licence;
• a major payment institution licence.

For a crypto trading platform to be able to hold a standard payment institution licence or a major payment institution licence, it needs to provide one or more of the following payment services:

• an account issuance service;
• a domestic money transfer service;
• a cross‑border money transfer service;
• a merchant acquisition service;
• an e‑money issuance service;
• a digital payment token service.

All other requirements that are needed for a crypto exchange to have these licenses are detailed in Division 1 subsection 5 of PSA.

Currently, there are only 3 crypto exchanges that have a major payment institution licence:

• DBS Vickers
• Independent Reserve
• FOMO Pay

Moreover, PSA also allows exemptions from holding a license under this act. Although not licensed, these crypto exchanges are allowed to provide certain payment services.

The exemption lasts a certain period of time or until their application is approved or rejected by MAS.

Moreover, if a crypto exchange works with crypto that is classified as securities, then note that there are also stock exchange licences that it should hold.

Ease of Use

The crypto trading platform you are using must be simple to understand. Any type of investment trading can be confusing at first but with a simple user interface (UI), you will get the hang of it faster.

What most crypto trading apps do is, they offer a simple version of the platform for newbies and a more advanced one for those that have been trading for a while.

And of course, this also brings upon different fees that the crypto platform charges.

The difference between the two is not drastic, but there are slight improvements in the advanced UI.

More precisely, with a simple UI, you usually get to see the basics like volatility, all-time highs, how much you have invested already, and so on.

But, with the advanced UI version, you can see all of this, plus every other detail that might interest any long-time crypto investor.

This even includes the history of the crypto’s change, an overview of all your assets, order history, trading history, and more.

Adaptability

You’d want to have your favourite crypto trading platform next to you at all times. Why?

As you know by now, cryptocurrencies can change drastically by the minute.

And, of course, you can’t always be in front of your computer waiting for that to happen.

This is why many prominent crypto exchanges have mobile apps aside from their desktop version. But, the app shouldn’t be your only indicator that a crypto platform is worth your time.

Some excellent crypto exchanges don’t come with an app, but have optimised their platform to work smoothly from every browser.

Whether you’re using your computer, tablet, phone, or any other device, their services will be always in your immediate reach.

Fees

The question is as old as time – how much will the crypto exchange cost you?

The best crypto platforms will have higher fees than those that are still breaking the market. But, as with everything else, you get what you’ve paid for.

When talking about crypto fees you have 3 main types:

• Deposit fees – not all platforms have this fee. Those that do, require a small fee which would also depend on the amount that has been deposited.

• Withdrawal fee – usually, all crypto trading platforms will have this fee. Just like the deposit fee, this one also depends on the amount you are withdrawing.
  That said, some platforms may even have a fixed withdrawal fee.

• Trading fee – there is no escape from this type of fee – every crypto exchange has it. It’s usually a fixed percentage of the whole amount, but sometimes, it can be a flat rate, too.

Number of Available Coins and Flat Currencies

Each crypto trading platform will give you a different number of available crypto that you can trade.

When you are looking for the best crypto trading app in Singapore for yourself, make sure that the coin you want is available.

Also, don’t forget to check how many fiat currencies the platform supports.

I’ve devised this list of some of the top crypto exchanges and the number of coins and fiat currencies they support.

Staking

Considering the huge amount of power that normal mining took, crypto people came up with a softer mining type – staking.

Staking is giving up and locking some or all of your crypto assets – for some time – so as to support a blockchain and validate transactions. In return, you get an interest rate that can be given in the same cryptocurrency or another one.

This process is only available to cryptos that use the proof-of-stake model. Ethereum, Algorand, Solana, Polkadot, and a few others are currently accepting this method.

Something similar to staking is soft staking, presented by KuCoin in 2019. The idea is that you don’t lock up your crypto assets for months. Instead, KuCoin removes the minimum lock-up period and gives you full access to your coins while still paying out rewards.

There is also cold staking, which is the same process as staking, only done offline.

Ease of Withdrawals and Deposits

Different crypto platforms will have different withdrawal and deposit fees. These are usually presented as a percentage of the overall amount you’re giving or taking.

But sometimes, crypto exchanges can put a flat fee regardless of the amount you’re withdrawing or depositing.

Nonetheless, you should also take note of where and how you’re withdrawing or depositing your funds.

Are you taking them out/into a cold wallet?

Are you taking them out as cash?

All of these may have their own fees tied to the process.

Fiat Availability

This is one of the first things you should take into consideration. Losing money on conversion rates is pointless. So, here’s a pro tip – look for a crypto exchange that accepts SGD.

I did my homework on this part as well and it resulted in this table below:

Safety

Globally, the biggest concern over cryptocurrencies is safety. This digital world is still under legalisation.

This is also the main reason why countries are on the fence when it comes to accepting cryptos as official currencies.

But, in recent years, we can’t dismiss the efforts that have been and are still made in creating safety measures and regulations around cryptocurrencies.

Nonetheless, there are several things you can do to make sure that the crypto exchange of your choice is safe and secure. Here are some points to look out for.

First, research where they store the crypto assets. Hot wallets are great for trading but they are also easier to hack. So if all cryptocurrencies are placed in the hot wallet, the chances of losing them are much higher.

Some crypto exchanges are collaborating with custodian companies that offer cold wallets. As an example, Crypto.com has stored around $75 million in cold storage, making this amount hard to damage or fall into the hands of hackers.

The next thing is the level of security they have. Do they have two-factor authentication? Maybe a multi-factor authentication?

The most prominent crypto exchanges use peer-reviewed software and with the help of several analysis tools, they can make sure that they offer strong security.

Another thing to check is the security of the withdrawals and deposits. Again, do they have an authentication system in place? For instance, Crypto.com uses email verification to whitelist unknown email addresses.

Last but not least, does the crypto exchange have any licenses? Any type of certification is important and only backs up the legitimacy of the crypto exchange.

And most importantly, make sure that they provide this license or additional certifications on the official website.

Transparency plays a big role in making sure a company is secure and safe. If it is open about its work and puts it out for everyone to see, you can rest assured that it is a legit crypto exchange.

Signup Rewards

The best outcome is to find a crypto exchange that offers some rewards upon arrival. These usually include free coins. Unfortunately, signup rewards are given only once – and to new users.

However, there are always other options for rewards.

For instance, some crypto trading apps in Singapore offer free coins after learning a bit about their crypto. You can do this by watching some short videos on their platform.

A good example here is Coinbase and its Coinbase Earn.

Crypto Exchange Safety Tips

Owning crypto is great, but there are a few tips you need to know to evade any potential risks. Below is a list of the top 6 safety points:

• Keep track of your accounts – make a personal audit. Write down all crypto accounts you have so that you can act fast if there is any suspicious activity.

• Add a few layers of security – place a 2-factor authentication and restrict your API keys to just a few IP addresses.

• Spread your money – don’t use the exchange as your sole crypto keeper. Instead, spread around several wallets.

• Beware of phishing – hackers will always try to get into your account, so make sure that the domain name of the email is legit.

• Hide your actions – it’s best that you use VPN because it would hide your digital footprint, making hacking less possible.

• Make sure that the Initial Coin Offering is real – check the founding members and their activities, read the white paper, etc.

Final Words

This is it – everything you need to know about cryptocurrencies and finding the best crypto exchange in Singapore.

Cryptocurrency is a growing market and there is no reason why you shouldn’t take part in it. Take your pick from any of the top crypto exchanges and let your income flourish.