Can You Buy Crypto with DBS Bank?
Yes, DBS Bank allows its accredited and institutional customers to buy cryptocurrencies through its digital asset trading platform called DBS Digital Exchange. Customers can purchase Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and XRP using their Singapore dollar (SGD) or US dollar (USD) accounts.
Retail customers will need to find a MAS-licensed exchange to use their DBS accounts to buy cryptocurrencies. With this method, you sign up & provide KYC information to a regulated crypto broker and transfer SGD from your DBS iBanking account.
How to Buy Bitcoin and Crypto with DBS iBanking
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 fees to buy and sell cryptocurrencies can vary greatly depending on the platform you choose to execute your trade. With Independent Reserve, for example, users pay zero fees to deposit SGD and a base fee of 0.5% which gets discounted depending on your 30-day volume. This is significantly cheaper than alternatives like Coinhako in Singapore which charges in excess of 1% per trade.
Is DBS Crypto-Friendly?
Yes, DBS Bank is considered crypto-friendly as it has launched its digital asset trading platform called DBS Digital Exchange. Additionally, the bank has stated that it sees digital assets as a key part of the future of finance and is committed to providing a secure and regulated platform for customers to trade in digital assets. However, it is important to note that the bank also advises customers to be aware of the risks associated with investing in cryptocurrencies.
To sum up, while DBS Bank offers a digital asset trading platform, it is mainly tailored to institutional and accredited investors, with limited crypto assets and high fees. For retail customers, it is recommended to find a MAS-regulated exchange such as Independent Reserve to buy and trade cryptocurrencies with their DBS accounts. Independent Reserve offers fast SGD deposits, low fees, and deep liquidity on a wide range of crypto assets.