Buy Crypto with OCBC Bank

Summary: OCBC enables clients to purchase cryptocurrencies like Bitcoin and Ethereum via MAS-approved platforms. Transactions are made in SGD through MAS-regulated cryptocurrency platforms.

Among many, Independent Reserve, a licensed exchange, excels for its fast SGD deposits, low fees, and wide crypto assets range. Being the first to secure an MAS license in Singapore, it's a reputable choice for crypto exchanges.

Can You Buy Crypto with OCBC Bank?

Yes, buying Bitcoin, stablecoins and other digital assets is possible using your OCBC Bank account. Investors can execute Singapore Dollar (SGD) transfers from their OCBC accounts or OCBC Cards to regulated crypto exchanges in Singapore. It is required that residents sign up to a platform regulated by the Monetary Authority of Singapore (MAS) and is licensed under the Payments Services Act.

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How to Buy Bitcoin and Crypto with OCBC

Utilizing your OCBC Bank account to invest and trade in digital assets requires choosing a regulated exchange in Singapore. After careful evaluation of over 10 Monetary Authority of Singapore (MAS)-approved platforms, we determined that Independent Reserve is an ideal option for OCBC Bank account holders. They provide fast SGD deposits, competitive rates, tight spreads and deep liquidity on a broad of crypto assets.

To assist you in your journey, here is an easy-to-follow 4-step guide:

1. Register and validate your account on Independent Reserve.
2. Link your OCBC Bank account and perform an SGD bank transfer.
3. Select the cryptocurrency you intend to purchase (Independent Reserve supports over 30).
4. Input the SGD value and finalize your trade.

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What are the Fees?

The costs associated with buying Bitcoin and other digital assets using an OCBC account can vary depending on the chosen cryptocurrency exchange. Principal fees to account for encompassing deposit charges, withdrawal fees, spread rates, and transaction costs.

Our review suggests Independent Reserve as the most cost-effective choice for OCBC Bank clients. It boasts one of the most competitive pricing structures, featuring tight spreads on crypto assets, and initiating trading fees at just 0.5%. Alongside these charges, there is a minimum deposit fee of SG$2.50 for amounts under $1,000 and a fixed, small withdrawal fee of $1.50.

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Is OCBC Crypto-Friendly?

OCBC has demonstrated its support for customers' cryptocurrency interests by approving transactions with licensed external trading platforms that adhere to the Payment Services Act enforced by the Monetary Authority of Singapore (MAS). This approach enables OCBC’s customers to carry out SGD transfers from their accounts to exchanges that conform with national guidelines and regulations designed to prevent financial malpractices like fraud and money laundering.

As a result, when engaging with these licensed platforms, OCBC customers can confidently dive into cryptocurrency investments, assured that their endeavours are not only safeguarded but also fully aligned with all necessary legal provisions.

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Bottom Line

In conclusion, buying cryptocurrencies such as Bitcoin using an OCBC Bank account is straightforward, secure, and aligned with the legal provisions set by the Monetary Authority of Singapore (MAS). Independent Reserve stands out as a cost-effective choice among MAS-regulated exchanges, offering competitive rates, low fees, and a wide range of crypto assets. OCBC Bank has shown commendable support for its clients' interests in cryptocurrencies by facilitating transactions with compliant external trading platforms.