Singapore is known for being a cryptocurrency-friendly place and has opened the door to offer cryptocurrency services legally. Given the freedom Singapore has on cryptocurrency trading, more traders would like to purchase BTC with Singapore Dollars in the market, or even some would like to enter the crypto market.
Among other questions about BTC trading, ways to purchase BTC with Singapore Dollars have always been one of the most concerning questions to investors. We have handpicked four ways to trade Bitcoin in Singapore. You can choose the one best-suited you in terms of the transaction fee charged and products and services provided.
Bitcoin ATMs – The most convenient way to trade BTC in Singapore
There are many Bitcoin featuring ATM operators around Singapore. These exchange machines allow you to exchange Bitcoin with Singapore Dollars, and vice versa through the payment network. This trading method is common for many users because they do not have to go through all registering and identity verifying processes, as they can trade the asset right away.
The operation on the Bitcoin ATM is simple. For example, to deposit your fiats, which is SGD in this case, then select Bitcoin as the crypto assets you want to withdraw, and enter the details of your digital wallet. After the exchange, you can collect Bitcoin in your wallet and view it instantly. The downside of using Bitcoin ATMs is that it does not charge cheap. But if you look for a quick trade, it might be the right tool in your hands! You can find where the Bitcoin ATMs are located on Coin ATM Radar, where it shows the ATMs listed in major cities in Singapore.
Peer to peer (P2P) Crypto Platform – Directly Purchase BTC with Singapore Dollars
The P2P trading method exists in many networking transactions, and it can also be used for crypto trading. There are numerous cryptocurrency platforms in the market that enable Bitcoin transactions through the P2P network. These platforms allow users to safely trade crypto directly with other users. Traders just have to register an account on the crypto platform, and then you can view all the advertisements posted by the sellers, with price and payment methods. Then you can select and decide which seller and what price you want to trade Bitcoin with. Binance P2P once operated P2P trading to purchase BTC with Singapore Dollars, unfortunately, Binance shut down the trading services in Singapore starting from September 2021. Yet, traders can still find another platform for P2P Bitcoin trading, such as Paxful and OKex.
Paypal – Trade BTC with the Paypal network
Although paying through Paypal usually comes with additional fees. It is still an easy and simple way for everyone to buy Bitcoin with Paypal. Especially if you already own a Paypal account, then you can link it and complete the payment with SGD quickly. Paypal uses a safe and secure payment network where users do not have to worry much about security matters.
There is one point worth noting that the Bitcoin transaction on Paypal is irreversible, so make sure you put the right number and exchange details before the transaction. Also, some crypto exchange platforms might not support the Paypal method or apply great currency conversion fees.
Bitcoin Trading Platform Brokers – Find Your Broker to Help You Trade Bitcoin
Trading through cryptocurrency exchange and brokers is a trustworthy way to start your Bitcoin investment, no matter it is for beginners or advanced traders. Different crypto trading platforms offer you distinct trading fees per trade, product, and crypto services.
Most of the platforms support the largest coin, Bitcoin, so what traders have to look into is whether they support SGD pairing and their authenticity. It is always important to compare on several legitimate platforms to obtain your best price. If you have no idea what crypto trading platforms you are looking for, you may try some well-known ones, for instance, Coinbase, Gemini, and Crypto.com. But relatively, they might charge a higher transaction fee. In this case, you might also want to look at some smaller-scaled but trustworthy platforms, like BTC Pro.
Every investment contains a certain level of risk. You should always evaluate the associated risk level before investing in any of the investment options!