Choices are never easy. That’s why, we do the math, so you don’t have to. Compare This, a SingSaver series, is here to help make decisions a little easier for you.
These three cryptocurrency exchanges make trading Bitcoin and friends a breeze for investors in Singapore. Find out which one is the king of the hill regarding fees, ease of use, and more.
Cryptocurrency has been a hot topic across 2020 and 2021, as both proponents and detractors of this digital currency make their voices heard loud and clear. In the west, South American nation El Salvador has officially adopted Bitcoin as legal tender in September 2021.
In the east however, China has continued to crack down on cryptocurrency, amongst many other things.
In Singapore, cryptocurrency might not be considered as legal tender just yet, but investing in it is a piece of cake. There are multiple cryptocurrency exchanges that accept deposits in Singapore dollars and allow you to start trading in a matter of minutes.
And if you look carefully around town, you’ll find cryptocurrency ATMs to make deposits and withdrawals.
Three cryptocurrency exchanges that make it easy for individuals in Singapore to trade cryptocurrency are Binance Singapore, Coinhako, and Gemini. All three accept direct deposits in Singapore dollars and grant access to major cryptocurrencies like Bitcoin and Ethereum.
In that case, which one of these would be the best for budding cryptocurrency investors?
Find out which one is worth your time and investment capital in this detailed comparison.
- Number of cryptocurrencies available
- Fees and charges
- Platform features
- Similarities between platforms
- Overall winner
Number of cryptocurrencies available
Binance Singapore, Coinhako, and Gemini all offer Bitcoin and Ethereum, the world’s leading cryptocurrencies. If that’s all you’re looking for, then either of these three cryptocurrency exchanges will serve you well.
Simply make a deposit in Singapore dollars and submit an order. You’ll then be alerted when the trade is made. No fuss, no muss.
However, the cryptocurrency landscape is a lot broader than that these days. More digital currencies have established themselves as serious contenders and there are even cryptocurrencies pegging themselves against fiat monies.
Investors will need a platform that grants them access to more cryptocurrencies than just Bitcoin and Ethereum.
|Cryptocurrency exchange||No. of tradable cryptocurrencies|
|Binance Singapore||8 coins available: Bitcoin, Ethereum, Litecoin, Ripple, Neo, Bitcoin Cash, Chainlink, Binance Coin|
FYI: Binance Singapore is a separate legal entity from Binance
|Coinhako||Up to 48 cryptocurrencies to choose from: Bitcoin, Ethereum, Cardano, Polkadot, Solana, Dogecoin, and more|
You can trade these cryptocurrencies against the Singapore dollar, US dollar-pegged Tether, or Vietnamese Dong-pegged VNDT
|Gemini||Up to 52 cryptocurrencies|
Mainstays include Bitcoin, Ether, Litecoin, and Chainlink
Unfortunately, other notable ones like Cardano and Ripple aren’t available
However, you can trade a number of altcoins with a smaller market cap. These include BarnBridge and Orchid.
Coinhako pips Gemini to the finish line, even though it has four less cryptocurrencies that you can trade. The omission of Cardano, Solana, Ripple, and and Polkadot from the latter is glaring, especially for folks who’d like to invest in altcoins with a large market capitalisation.
Once Gemini rectifies this, it’ll take the top spot in this shootout from Coinhako.
Fees and charges
The mantra of not letting fees and charges eat into your investment returns applies to cryptocurrency too. All three cryptocurrency exchanges levy different fees and charges, so it pays to know which one will have you forking out the least.
It’s the same logic as selecting an online stock brokerage: the less you pay, the more you get to keep.
|Cryptocurrency exchange||Fees and charges|
|Binance Singapore||Straightforward and easy to understand|
Free cash deposits and withdrawals to Xfers wallet, apart from Xfers’ transfer fee
Flat trading fee of 0.6%, but Binance charges as low as 0.015%
|Coinhako||Fee structure is more complex than Binance Singapore|
Deposits in S$, VNDT, and USDT are free, unless you’re using Xfers
Withdrawals cost S$2, VND20,000, or US$15 per transaction
Flat trading fee of 1%
|Gemini||Most complex fee structure among the three platforms|
Free cash deposits and withdrawals
But trading fees range from 0.03% to 1.49%. This depends on whether you’re using ActiveTrader.
Winner: Binance Singapore
Gemini might feature the absolute lowest trading fee at 0.03%, but you’ll need to trade US$500 million worth of cryptocurrency over 30 days to receive this. That is a huge catch, to say the least. Therefore, Binance Singapore wins this round, with its flat 0.6% trading fee.
However, do note the deposit fees that Xfers charges and factor them into your calculations.
The number of cryptocurrencies offered and fees charged aren’t the only things individuals look out for when selecting a cryptocurrency exchange. A platform’s user interface and features are key factors too.
For example, the ability to trade cryptocurrency-related instruments and earn interest on your deposits is gaining serious traction among investors.
|Cryptocurrency exchange||Platform features|
|Binance Singapore||Buy, sell, and store cryptocurrency|
No mobile app available right now
No advanced features like earning interest on your holdings or taking on cryptocurrency loans
|Coinhako||Mobile app available on iOS and Android|
Web platform is available as well
Superwallet promises to store your cryptocurrency holdings securely
|Gemini||Mobile app, web platform, and platform for professional traders are available|
Only one among the three that lets you earn interest on your cryptocurrency holdings
Gemini Wallet promises to store your cryptocurrency holdings securely
Gemini is clearly the winner in this round, being packed to the brim with features that will improve the user experience for cryptocurrency investors old and new.
Not only does its separate platform for professional traders, dubbed ActiveTrader, sport a different interface, the fee structure is geared towards high-volume trades too.
Similarities between platforms
Much has been said about the differences between these three cryptocurrency exchanges, but they also have quite a fair bit in common. And it’s these very similarities that makes them excellent choices for cryptocurrency investors in Singapore who’re just starting out.
For starters, they all accept direct deposits in Singapore dollars, as mentioned above.
Forget about converting your Singapore dollars to a stablecoin like Tether or USD Coin before you start trading. Conversely, you won’t need to convert stablecoins to Singapore dollars before cashing out your returns.
Advanced cryptocurrency investors don’t find this a hassle, but it can be daunting for newcomers, especially when peer-to-peer trades are involved.
Secondly, all three cryptocurrency exchanges are straightforward to use, allowing you to only buy, sell, and store cryptocurrency. Of the three, Gemini offers features like earning interest on your holdings and an upcoming cryptocurrency credit card.
Unfortunately, this means that better options exist for advanced cryptocurrency investors.
Then, there are the fees and charges. All three cryptocurrency exchanges sport higher fees as compared to international competitors. For example, FTX’s trading fees range from 0% to 0.07%. For KuCoin, it charges -0.005% to 0.1% per trade.
These two cryptocurrency exchanges alone blow Binance Singapore, Coinhako, and Gemini out of the water when it comes to fees.
However, keep in mind that a good number of the world’s top cryptocurrency exchanges have not set up shop in Singapore yet, unlike Binance Singapore, Coinhako, and Gemini.
This translates to a lack of regulation and it’s something that will dissuade budding cryptocurrency investors in the Lion City, given all that has happened with the main Binance exchange in 2021.
Overall winner: Gemini
In this three-way cryptocurrency exchange comparison, Gemini emerges as the overall winner. It doesn’t have the most competitive fee structure among the three platforms, but it compensates by having the most cryptocurrencies and features.
With 52 digital currencies that you can trade and 17 that you can only store, Gemini is more than suitable for a beginner.
Furthermore, Gemini’s commitment to security is commendable, given the skyrocketing value of cryptocurrency ever since the start of 2020. Gemini has attained ISO 27001 certification and completed SOC 1 Type 2 and SOC 2 Type 2 examinations.
Additionally, it places the majority of its clients’ holdings in a cold storage system rather than a hot wallet.
Gemini’s user-friendliness is impressive as well, allowing users to make trades seamlessly no matter what device they’re using. And remember, professional traders can access the ActiveTrader platform for advanced order types and a different fee structure.
Finally, the Gemini Earn feature lets you receive interest on your cryptocurrency holdings. Gemini Earn supports 42 cryptocurrencies, with annual percentage yields ranging from 1.35% to 8.05%. Interest is paid out daily, so you can take advantage of any trading opportunities that arise.
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By Ebel Tang
A geek culture enthusiast who’s also a little too invested in the wide world of whisky and watches. And no, he was not named after the Swiss timepiece brand.