Top Crypto Trading Platforms in Singapore

For those new to cryptocurrency, it’s important to stick with investment platforms regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act. We've reviewed the top options based on SGD deposit methods, trading fees, and features so you can pick the one that works best for you. Below is a comparison table of the top exchanges in Singapore.

1. Coinhako

Coinhako, established in 2014, is a cryptocurrency exchange based in Singapore, serving over 300,000 users across the country. Licensed under the Payment Services Act by MAS, Coinhako offers a secure trading platform for over 100 cryptocurrencies through its advanced Superwallet.

In addition to trading, it provides features like recurring buys, allowing users to automate crypto purchases at regular intervals, and price alerts to notify users of significant market movements. The platform supports multiple payment methods, including PayNow, FAST bank transfers, and card payments. 

The platform also offers a rewards program where users can earn points through daily logins and trades, redeemable for various benefits. For OTC trades above $200,000 SGD, Coinhako charges no fees and provides personal account management, making it great for institutional investors.

• Fees: 0.6% trading fee and free SGD deposits and withdrawals.
• Supported Assets: Over 100 cryptocurrencies.
• Regulation and Licensing: Licensed under Singapore's Payment Services Act, license PS20200556.
• SGD Deposit Options: PayNow, FAST transfers, credit card, debit card and GrabPay.

2. Kraken

Kraken is an American crypto exchange trusted by over 10 million users worldwide. The platform offers access to over 320 cryptocurrencies for spot trading and is complemented by advanced trading features, such as margin trading on 100+ futures contracts with up to 5x leverage.

Security is the main focus of Kraken's operations, employing industry-leading measures like cold storage, 2FA, and regular security audits to provide complete transparency in its reserve holdings. The platform also offers institutional-grade services, including an OTC desk for large trades.

Additionally, Kraken offers staking services, allowing users to earn up to 28% APY in rewards and supports an NFT marketplace. The platform supports multiple USD funding options, including bank transfers and debit/credit card payments, but does not accept deposits in SGD. 

• Fees: Maker fees are 0.16%, and taker fees are 0.26%.
• Supported Assets: Over 320 cryptocurrencies and 100+ margin trading markets.
• Regulation and Licensing: Operates through a subsidiary called "Payward Brokers Pte. Ltd." (a company in Singapore with registered number 201917834G).
• USD Deposit Methods: Bank transfer, credit card or debit card.

3. Independent Reserve

Independent Reserve, established in 2013, is Singapore's first licensed crypto exchange, serving over 350,000 customers. The platform offers a user-friendly interface for buying, selling, and storing popular cryptocurrencies like Bitcoin, Ethereum, Solana and XRP.

The platform provides services like an OTC desk for large-volume trades, API integration for automated trading, and a mobile app for managing portfolios on the go. The exchange supports multiple fiat currencies, including SGD, USD, and AUD, facilitating seamless deposits. 

While supporting fewer assets and features than some competitors, Independent Reserve is arguably the safest platform for investors in Singapore. Its MAS license highlights a commitment to corporate governance and risk management, verified by annual audits and ISO 27001 compliance.

• Fees: Trading fees from 0.5%, with reductions for higher volumes. Free deposits and withdrawals over SG$1,000.
• Supported Assets: Over 20 cryptocurrencies.
• Regulation and Licensing: Licensed under the Payment Services Act (Singapore), license PS20200517.‍
• SGD Deposit Methods: FAST/MEPS, bank transfer and bank wire.

4. Gemini

Gemini is a highly regulated exchange and custodian operating in Singapore with a commitment to security and compliance. The platform supports over 90 cryptocurrencies for spot trading and 50+ derivatives contracts, allowing users to buy, sell, trade and store digital assets. 

In December 2020, Gemini introduced support for the SGD, enabling Singapore residents to deposit and trade directly in their local currency, reducing currency conversion fees. Gemini has also streamlined the account registration process for Singapore residents by integrating with SingPass.

It offers tools like price alerts, recurring buys, and an advanced trading platform, ActiveTrader®, for more sophisticated trading strategies. Additional services include a mobile app, NFT trading, crypto wallet, staking services, Cryptopedia and a regulated stablecoin.

• Fees: 1.49% trading fee; no fees for SGD deposits and withdrawals.
• Supported Assets: Over 100 cryptocurrencies.
• Regulation and Licensing: Received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS).
• SGD Deposit Methods: FAST Bank transfers, credit cards and debit cards.

5. Crypto.com

Crypto.com is a comprehensive crypto platform serving over 100 million users worldwide, including a significant presence in Singapore. It supports more than 350 cryptocurrencies for spot and futures trading. In June 2023, Crypto.com obtained the MPI license from MAS. 

The platform employs advanced security measures, including multi-factor authentication and cold storage solutions, to safeguard user assets. Additionally, Crypto.com offers a Visa card that allows users to spend their crypto at over 80 million merchants globally and provides 5% cashback.

The Crypto Earn option allows users to earn yields on more than 21 cryptocurrencies and stablecoins. Additional features include trading bots, sports betting, a merchant payment system and an integrated decentralized exchange (DEX).

• Fees: 0.6% trading fee; no charges for SGD deposits and withdrawals.
• Supported Assets: Over 250 cryptocurrencies.
• Regulation and Licensing: Has received its Major Payment Institution License from MAS and is pursuing a license under the Payment Services Act.‍
• SGD Deposit Methods: FAST Bank Transfers and Debit/Credit Card options.

Is Crypto Regulated in Singapore?

In Singapore, crypto activities are regulated under a framework led by the Monetary Authority of Singapore (MAS). The primary legislation governing these activities is the Payment Services Act. The PSA requires digital payment token (DPT) service providers to obtain a Major Payment Institution (MPI) license from MAS. 

This licensing process ensures that service providers adhere to stringent anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements. In 2024, MAS issued 13 MPI licenses for crypto operators, more than doubling the number from the previous year.

The country’s clear regulations and efficient licensing process continue to attract top companies and talent. With over 1,600 blockchain patents, 2,400 industry jobs, and more than 80 crypto exchanges, Singapore is setting the standard for cryptocurrency innovation and compliance in Asia.

How is Crypto Taxed by IRAS?

Cryptocurrency taxation in Singapore is determined by the nature of your activities and intentions within the crypto market. The Inland Revenue Authority of Singapore (IRAS) provides guidelines on how different crypto transactions are taxed.

• Capital Gains Tax: Singapore does not impose capital gains tax on individuals. Therefore, if you buy and hold cryptocurrencies as a long-term investment, any profits from their sale are generally not taxable.
• Income Tax: If you're actively trading cryptocurrencies or using them in a business context, the profits may be considered income and subject to income tax. This includes activities such as frequent trading, mining and staking. Income tax rates in Singapore are progressive, ranging from 0% to 22% for residents.
• Goods and Services Tax (GST): As of January 1, 2020, the supply of digital payment tokens is exempt from GST. This means that buying or selling cryptocurrencies designated as digital payment tokens does not attract GST.

It's essential to maintain accurate records of all your cryptocurrency transactions, including dates, amounts, and the purpose of each transaction. This documentation will assist in accurately reporting your income and ensuring compliance with IRAS requirements.

Cryptocurrency Adoption in Singapore

Cryptocurrency adoption in Singapore is on a significant upward trajectory. Projections indicate that by mid-2025, the number of crypto users in the country will reach approximately 3.41 million, equal to around 55.9% of the population. 

Revenue from the cryptocurrency market is expected to hit $229.4 million USD by the end of 2025. This momentum is driven by factors such as the rising acceptance of cryptocurrencies for everyday transactions and the integration of blockchain technologies by businesses.

MAS has established a clear framework under the Payment Services Act, which has attracted major crypto exchanges such as Binance, Crypto.com, Coinbase, and Independent Reserve.

How to Buy Bitcoin in Singapore

For Singaporean investors, buying Bitcoin is a simple process, thanks to the availability of regulated exchanges overseen by the Monetary Authority of Singapore (MAS). Here’s a guide to get started:

1. Create an Account: Select a trusted exchange in Singapore. Sign up using your email address and complete the Know Your Customer (KYC) process by submitting a government-issued ID.
2. Deposit Singapore Dollars (SGD): Navigate to the deposit section of the platform and choose your preferred payment method. Specify the amount of SGD you want to invest and complete the transaction.
3. Locate Bitcoin: Use the search function on the platform’s trading page to find Bitcoin (BTC). Select the BTC/SGD trading pair to proceed with your purchase.
4. Execute the Trade: Enter the amount of Bitcoin you wish to buy. Carefully review the transaction details, including the price and fees, before confirming the trade.

For added security, consider moving your Bitcoin to a private wallet. Hardware wallets or non-custodial solutions offer greater protection than leaving your funds on an exchange.

Bottom Line

Singapore has firmly established itself as a leading hub for cryptocurrency in Asia with a clear regulatory framework under the Monetary Authority of Singapore (MAS).

Top exchanges like Coinhako, Kraken, Gemini, Crypto.com, and Independent Reserve provide local users with regulated platforms to invest in digital assets. With a rapidly growing user base, innovative services, and supportive policies, Singapore’s crypto ecosystem continues to thrive.