How to Buy Crypto with DBS Bank
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Summary: DBS clients wanting to purchase digital assets can use crypto exchanges regulated by the Monetary Authority of Singapore (MAS), such as Coinhako, Independent Reserve, or Gemini.
Using MAS-regulated platforms ensures DBS customers have a secure environment for trading digital currencies. Singapore dollars (SGD) can be moved through PayNow or FAST, enabling simple transactions.
Top Crypto Platform for DBS - Independent Reserve
Independent Reserve is the best exchange for DBS clients thanks to its low fees, diverse crypto selection, multilingual customer support and MAS compliance.
Available Assets
30+ Cryptocurrencies
Deposit Methods
FAST, Bank Transfers, PayNow
Regulation
Licensed by MAS (License No: PS20200517)
Can I Buy Crypto with DBS Bank?
DBS Bank offers accredited investors direct cryptocurrency trading services through its dedicated platform, DBS Digital Exchange. Interested accredited investors must contact their DBS Relationship Manager to initiate trading via the digibank app, complete mandatory risk disclosures, and comply with all associated regulations set by DBS and MAS.
Unfortunately, regular DBS clients cannot use these services. They must transfer Singapore dollars (SGD) to digital asset exchanges in Singapore fully licensed by the Monetary Authority of Singapore (MAS). These platforms facilitate secure investment, trading, and management of digital currencies.
How to Buy Bitcoin with DBS Bank
DBS clients looking to buy Bitcoin, Ethereum, or other digital currencies can transfer Singapore Dollars (SGD) to crypto exchanges licensed by the Monetary Authority of Singapore (MAS).
One reliable platform is Independent Reserve, regulated under MAS license number PS20200517. The exchange accepts SGD deposits via bank transfers, FAST, and PayNow.
Here’s a step-by-step guide to purchasing BTC using your DBS account:
- Register an Account: Sign up at Independent Reserve and complete the required Know Your Customer (KYC) verification procedures.
- Transfer Funds: Navigate to the deposits section, choose SGD as your funding currency, and follow the instructions to transfer funds from your DBS account.
- Choose Cryptocurrency: After successfully processing your SGD deposit, select Bitcoin or your desired cryptocurrency, ensuring SGD is your trading currency.
- Complete Your Purchase: Enter the amount of Bitcoin you wish to buy, carefully review the details, and finalize your transaction.
DBS Cryptocurrency Policy
DBS Bank adopts a crypto-friendly approach, actively supporting cryptocurrency investment through its specialized platform, DBS Digital Exchange (DDEx). Recognizing the growing significance and investor interest in digital assets, the bank provides accredited clients direct access to cryptocurrency trading within its secure digibank app.
While DBS proactively facilitates cryptocurrency services, the bank also supports SGD transfers to exchanges that hold a Major Payment Institution (MPI) license under the Payment Services Act (PSA) with the Monetary Authority of Singapore (MAS).
Alternative Crypto Exchanges for DBS Customers
DBS customers seeking additional cryptocurrency trading options beyond Independent Reserve have several reliable exchanges. These platforms hold licenses from the Monetary Authority of Singapore (MAS) and accept Singapore Dollar (SGD) deposits:
- Coinhako: Headquartered in Singapore, Coinhako offers direct SGD transfers from DBS accounts. It features a selection of over 100 cryptocurrencies with 1% trading fees.
- Gemini: Gemini allows SGD deposits via DBS bank transfers and PayNow. Known for its robust security, it provides access to around 90 digital assets with fees starting at 0.35%.
- Crypto.com: Popular among investors for its extensive crypto portfolio, Crypto.com facilitates direct SGD deposits from DBS and offers trading in over 250 digital assets, charging fees from 0.4% per transaction.
Users should evaluate each exchange carefully, focusing on aspects such as ease of deposits, transaction fees, and available cryptocurrencies to choose the best platform for their needs.
About DBS Bank
DBS Bank, headquartered in Singapore, is a leading financial institution recognized for its innovative approach to digital banking and support of cryptocurrency investments. With extensive operations across Asia, DBS provides a comprehensive range of banking, wealth management, and investment services to individual and institutional clients.
Notably proactive in crypto, DBS operates the DBS Digital Exchange (DDEx), a secure platform that offers accredited investors direct access to cryptocurrencies and digital assets.
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Final Thoughts
DBS Bank provides secure ways for accredited investors and regular clients alike to access cryptocurrencies, aligning closely with Singapore's stringent MAS regulations.
Accredited investors benefit from seamless integration via DBS Digital Exchange, while regular clients can trade through MAS-licensed platforms like Independent Reserve. To confidently navigate crypto investments, always verify your chosen platform's regulatory status, fully understand associated risks, and stay informed through DBS resources.
Frequently asked questions
What cryptocurrencies can I trade using DBS Digital Exchange?
Does DBS charge fees for cryptocurrency trading?
Can I transfer cryptocurrencies into or out of my DBS account?
Can non-accredited investors trade crypto through DBS Bank?
Written by
Jed Barker
Editor-in-Chief
Jed, a digital asset analyst since 2015, founded Datawallet to simplify crypto and decentralized finance. His background includes research roles in leading publications and a venture firm, reflecting his commitment to making complex financial concepts accessible.
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