How to Buy Cryptocurrency in Singapore: What Investors Should Know

Since the inception of Bitcoin in 2008, the cryptocurrency or crypto scene has exploded in popularity. Fast forward to 2025, where we have more than 20,000 types of crypto in circulation worldwide. According to a Sygnum report released in 2024, Singaporeans are 13% more likely than their global peers to increase long-term allocations into crypto. Today, you can buy crypto like regular stocks, on dedicated crypto exchanges. But before you make the dive, let’s talk about which cryptos to buy, where to buy them and how you can pay for and store them securely.

Options abound for newbie crypto investors:

• Bitcoin, also known as BTC, remains the largest cryptocurrency by market capitalisation in Singapore, suggesting healthy, long-term growth potential. Though Bitcoin’s market cap has declined from its all-time high of 1.9T USD from late 2024 to today’s 1.64T USD, Bitcoin’s bull run is clearly far from over. Want to try your hand at trading Bitcoin without ditching traditional brokerage accounts? Go for Bitcoin ETFs, or Exchange-Traded Funds, which can be traded like regular stocks, without the use of dedicated crypto exchanges. 

>>  View the best brokers for ETFs in Singapore.

• Ethereum (ETH) was launched about 7 years after Bitcoin and is the second largest cryptocurrency in the world. Although Ethereum and Bitcoin share many similarities, there are some distinct differences you should know about. For example, while the maximum number of Bitcoins in circulation is capped at 21M USD, there is no such limitation for Ethereum. Additionally, Ethereum is used for more than just investments, thanks to its highly functional nature. Viewed by its founders and developers as a programmable blockchain and virtual computer—its underlying blockchain technology is often used for smart contracts and decentralised applications. Like Bitcoin, ETH can be purchased using traditional brokerage systems in Singapore like moomoo and POEMS.

• Altcoins encompasses all cryptocurrencies that are not Bitcoin or Ethereum. Popular altcoins in Singapore include XRP, Litecoin (LTC), Cardano (ADA) and Solana (SOL). Note that smaller altcoins can sometimes not be listed on major exchanges like Coinhako or Binance. 

• Since crypto can be volatile, it’s important to define your investment goals to determine where your focus lies. Are you looking to crypto as a way to diversify your investments and enjoy long-term price appreciation? Or are you eager to leverage blockchain technology for decentralised finance (DeFi) applications?

Centralised cryptocurrency exchange or your friendly neighbourhood bank? Let’s explore all the ways you can buy crypto in Singapore.

Centralised crypto exchanges offer a level of convenience similar to online brokerages, which makes them ideal for crypto newbies. User-friendliness, fees and security measures vary from platform to platform, so take your time to read reviews and explore options. 

One thing to take note of is that centralised exchanges may sometimes become targeted by hackers, thanks to the high volume of crypto and cash that flows through them. In December last year, hackers made off with $10M from BitKeep, a crypto wallet provider based in Singapore. 

>>  How to buy Bitcoin (BTC): A quick-start guide.

Trading and withdrawal fees can vary greatly across exchanges. Some crypto exchanges offer hundreds of cryptocurrencies, while others prioritise painless and fuss-free trading systems. Luno, for example, is known for its intuitive and easy-to-grasp user interface as well as fantastic customer service. If you want an established exchange with a decent variety of cryptos available for trading, Coinbase is a solid choice. Founded in 2012, it currently supports 91 cryptocurrencies and also makes it easy for you to automate recurring crypto purchases. Other popular crypto exchanges in Singapore are Coinhako, Gemini, Kraken and Huobi. 

A note on peer-to-peer (P2P) transactions: did you know you can buy crypto directly from other users? Some investors prefer this method, due to its payment flexibility and privacy. Some exchanges that allow for P2P transactions are Huobi and Binance.

If you come from a traditional investing background, you might be more comfortable with using regular brokerages. Moomoo and Interactive Brokers now offer a handful of crypto trading options, which is perfect for investors who want to dabble in crypto while still maintaining a robust portfolio in traditional assets. You can trade Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), XRP, Polkadot (DOT) and Cardano (ADA) on moomoo, though Interactive Brokers users based in Singapore may only be able to access Bitcoin trading.

Did you know that crypto-friendly Singapore shut down Bitcoin ATMs in 2022? Until the day the Monetary Authority of Singapore issues new guidelines, you can only purchase crypto via one other method that’s not a crypto exchange: the DBS Digital Exchange (DDEx). DBS Wealth Management account holders are able to trade cryptos like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Cardano (ADA).

Pay with fiat currency. Most first-time crypto traders will pay for their cryptocurrency using traditional fiat currencies like the Singapore dollar (SGD) or the US dollar (USD). Coinhako users, for instance, will be able to trade crypto against the Singapore dollar, whereas the DBS Digital Exchange only allows for crypto to be traded against the US dollar. 

Pay with crypto. More than familiar with crypto? If you already own crypto, you can use it to trade for other cryptocurrencies. Known as swapping, this will sometimes incur a fee. For example, Coinhako charges a flat fee of 0.60% for buy, sell and swap orders. Do note that not all cryptocurrencies can be directly swapped.

• Most exchanges allow for bank transfers as well as debit or credit card payments. Some also provide for FAST (Fast and Secure Transfers), an electronic funds transfer service that works on a near-instantaneous basis.   

• Fees for trading, deposit and withdrawing crypto may apply. Review all payments before proceeding and check for payment methods that may be eligible for complimentary transactions. For instance, FAST transfers for withdrawal and deposit fees are free on Gemini. In contrast, Coinhako offers free FAST transfers for deposits but charges $2 per FAST transfer for withdrawals. 

• According to the Inland Revenue Authority of Singapore (IRAS), crypto is defined as digital payment tokens. They are also exempt from Goods & Services Taxes (GST) if exchanged for fiat currency or other digital payment tokens. In other words, you won’t have to worry about paying taxes for crypto gains in Singapore, as an individual investor.

Crypto assets are secured by a private key. Think of this private key as a device that unlocks a virtual vault holding your digital money. If someone gets hold of it, or if you lose it, you’ve lost access to your assets. Digital wallets are crucial for keeping your crypto safe, so let’s take a look at what options are available.

Security should be a top priority for crypto investors based in Singapore, due to the proliferation of high-tech scams. Last year, a quarter of scam losses totalling a whopping 1.1B involved crypto. One victim lost $33.8M to a phishing scam, while another lost $125M through a malware-enabled scam.

Also known as on-platform storage wallets, hot wallets are convenient and easy to use. Often provided by centralised exchanges in the form of software or online wallets, they’re perpetually connected to the internet, allowing for faster transaction speeds. Plus, they can also be used to accumulate points from your exchange’s staking and rewards programmes. (Read this for more on earning rewards through crypto staking.) 

The accessibility and benefits of hot wallets come with some risks. Should your exchange get hacked or if someone gets ahold of your credentials, you could lose your crypto assets.

A cold wallet is a crypto wallet that stores your private key on offline hardware. It’s a great self-storage option for those with large sums of crypto, who want to ensure that their funds are inaccessible to anyone without this physical device.

The drawback of cold wallets mostly apply to investors who make frequent transactions. Though much more secure, cold wallets take more effort to use, which may be inconvenient for those with a habit of making multiple transactions daily.

Some popular cold wallets in Singapore include the Ledger Nano S Plus and the classic Ledger Nano S, one of the first crypto wallets to hit the market.

Though just about anybody can purchase crypto today, that doesn’t make it the right investment vehicle for everybody. Before you dive into the world of crypto, evaluate your overall investment strategy and carefully consider how crypto fits into your broader financial goals. 

Crypto is, after all, highly volatile and crypto regulations are still in their infancy. The MAS cites the collapse of several crypto firms during the crypto winter of 2022 as an example of why consumer safeguards are essential. 

• What does the time horizon associated with your investments look like? Strategies for short term and long term goals can look very different. Aiming for a mix of the two with various asset types is a good way to diversify your investments. As a general rule, it’s best to not allocate more than 10% of your total portfolio to high-risk investments like crypto. 

• Understand your risk tolerance. Speaking of risk, crypto regulations haven’t quite caught up with the times yet. Unlike your money that sits in the bank which is insured by the Singapore Deposit Insurance Corporation (SDIC) for up to $100,000, there is no equivalent protection for protecting crypto investors from platform failures. Always ask yourself if you can afford to lose some or all of your investment.

• Are you a passive or active investor? Think of active investors like day traders, who watch the market and make quick adjustments according to rapid fluctuations. Ask yourself if you have enough time for active investing strategies. Or perhaps you’re confident in the long-term potential of your preferred investment, and willing to accept the risks?

• When and how much should you invest? Remember that you can always start small. After all, ₿10,000 has come a long way from being enough to pay for two Papa John pizzas in 2010, to being worth more than $823.7M USD today. You can also manage volatility and lower your average cost per share by employing dollar-cost averaging. This sets you up with an automated purchase for the same sum of money at regular intervals—a strategy that’s perfect for today’s uncertain markets.

From Bitcoin ATMs becoming a thing of the past, to the Singapore Exchange’s (SGX) announcement in March that Bitcoin futures contracts will be listed as traditional exchanges, the crypto scene in Singapore is rapidly evolving all the time. Stay ahead of the curve with Singsaver and get up to date on everything finance.