How to Buy Crypto with OCBC Bank

Summary: OCBC Bank allows its clients to dive into the crypto market, offering everything from Bitcoin to Ethereum and Solana, via MAS-approved exchanges. These transactions, carried out in Singapore Dollars (SGD), require registration with an exchange that meets MAS's strict regulatory standards.

‍Coinhako stands out in this space with quick SGD deposits, competitive fees, and a broad selection of over 100 cryptocurrencies, affirming its position as a top exchange in Singapore. Its rigorous compliance with MAS regulations cements its status as a trustworthy and authoritative platform.

Can I Buy Crypto with OCBC Bank?

OCBC Bank enables its clients to buy cryptocurrencies like Bitcoin, Ethereum, Solana and several stablecoins with Singapore Dollars (SGD) directly from their OCBC accounts or using an OCBC card. These transactions go through a regulated cryptocurrency exchange in Singapore. For crypto trading, users must sign up with a digital currency exchange that has received a license from the Monetary Authority of Singapore (MAS), aligning with financial regulations.

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How to Buy Crypto with OCBC Bank

To start with digital currencies through OCBC Bank, it's essential to choose a cryptocurrency exchange regulated by the Monetary Authority of Singapore (MAS) for safety. Coinhako, licensed by MAS under the Payment Services Act, is the most trusted exchange in Singapore. It features swift SGD deposits via PayNOW and bank transfers, low fees, and high liquidity across over 100 cryptocurrencies.

Here's an easy four-step guide:

1. Account Setup: Sign up with Coinhako and verify your identity to activate your account.
2. Linking OCBC Bank Account: Integrate your OCBC account for SGD transactions to Coinhako.
3. Choosing Cryptocurrencies: Coinhako offers a wide range of over 30 cryptocurrencies for trading.
4. Making a Trade: Decide how much SGD you want to invest and complete your transaction on Coinhako.

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What are the Fees?

The costs associated with buying Bitcoin or other digital currencies through an OCBC Bank account can differ depending on the exchange you choose. Important costs to consider include fees for deposits and withdrawals, the difference in prices for buying and selling (spread), and transaction fees.

For those using OCBC Bank, Coinhako stands out as a cost-effective option. It boasts a competitive fee structure, offering some of the smallest spreads on the market for cryptocurrency. Trading fees are as low as 0.6%, highlighting Coinhako's edge in terms of affordability. The platform also offers a low deposit fee of SG$2.50 for sums below $1,000, while withdrawals are charged a nominal flat rate of $1.50.

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Is OCBC Bank Crypto-Friendly?

OCBC Bank is supportive of cryptocurrency investments, allowing transactions with approved trading platforms that adhere to the Monetary Authority of Singapore's (MAS) strict rules. This approach enables OCBC Bank customers to transfer Singapore Dollars (SGD) from their accounts to exchanges that meet the country's regulatory standards designed to prevent financial crimes like fraud and money laundering.

As a result, OCBC Bank users have the opportunity to engage in cryptocurrency trading on these regulated platforms, with the confidence that their activities are safe and fully compliant with all necessary legal requirements.

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Bottom Line

In conclusion, OCBC Bank offers a streamlined gateway for its clients to engage in the cryptocurrency market, ensuring safety, compliance, and convenience through MAS-regulated exchanges like Coinhako. With easy access to a wide array of digital currencies, competitive fees, and the assurance of regulatory compliance, OCBC Bank clients are well-equipped to explore the vast opportunities within the crypto space.