Summary: DBS Bank allows customers to acquire cryptocurrencies such as Bitcoin and Ethereum via Monetary Authority of Singapore (MAS) approved exchanges. Transactions can be performed in Singapore Dollar (SGD), and users are required to register with a digital currency platform that is regulated by the MAS.
Among the platforms reviewed, Independent Reserve, a licensed exchange, stands out for its rapid SGD deposits, low fees, and broad array of crypto assets. Their platform was the first to win their MAS license in Singapore, highlighting that they are one of the most trusted crypto institutions in the country.
Can You Buy Crypto with DBS Bank?
Yes, acquiring Bitcoin, Ethereum, stablecoins, and various other digital currencies through DBS Bank is feasible. Transactions can be executed in Singapore Dollar (SGD) from your DBS bank account or DBS Card directed towards an approved cryptocurrency exchange in Singapore. Crypto investors are required to register with a legitimate digital currency platform that is regulated by the Monetary Authority of Singapore, or a comparable financial authority, and complies with the necessary regulatory guidelines.
How to Buy Bitcoin and Crypto with DBS
As outlined above, the best way to invest and trade digital assets with a DBS account is through a regulated exchange in Singapore. Based on our review of over 20 MAS-approved platforms, we found that Independent Reserve was the best way to get started. They offer fast SGD deposits, low fees and deep liquidity on a wide range of crypto assets.
Here is a simple 4 step guide to getting started:
- Sign up and verify your account on Independent Reserve.
- Connect your DBS Bank account and complete a bank transfer for SGD.
- Find the crypto asset you want to buy (30+ on Independent Reserve).
- Input the SGD amount and execute your trade.
What are the Fees?
The charges incurred when acquiring Bitcoin and other digital currencies through a DBS Bank account might fluctuate depending on the selected cryptocurrency exchange. Primary expenses to consider include deposit fees, withdrawal charges, spread percentages, and trading costs.
We recommend Independent Reserve as the most cost-effective option for DBS Bank customers, as it features one of the most competitive cost structures with the tightest spreads on crypto assets and trading fees commencing at 0.5%. In addition to these costs, there is a modest fee of SG$2.50 for deposits valued below $1,000, and a nominal, fixed withdrawal fee of $1.50.
Is DBS Crypto-Friendly?
DBS Bank has illustrated its backing for its clients' cryptocurrency endeavors by sanctioning transactions with certified external trading exchanges that comply with the rules established by the Monetary Authority of Singapore (MAS). This policy permits DBS Bank's customers to conduct SGD transfers from their accounts to platforms that align with national norms and standards devised to thwart financial wrongdoings such as fraud and money laundering.
Consequently, when conducting transactions with these compliant platforms, DBS Bank customers can confidently venture into cryptocurrency investments, knowing that their pursuits are not only secure but also in complete compliance with all requisite legal stipulations.
In conclusion, DBS Bank supports its customers in making cryptocurrency investments. This is achieved by permitting transactions with certified trading exchanges in Singapore that comply with the regulations set by the Monetary Authority of Singapore. Independent Reserve stands out as a recommended platform for its competitive pricing and a wide range of available crypto assets. Thus, DBS Bank clients can confidently dive into the crypto market, assured of their investments' security and legal compliance.