Bitcoin and other cryptocurrencies have become very popular. This guide explains how and where to buy Bitcoin and other cryptocurrencies in Singapore.
Bitcoin—it’s all the rage. An idea that twenty years ago would have gotten you laughed out of a room is now one of the strongest/most controversial forces in the economy today.
You may have heard about it from your strange uncle who spends too much time on Reddit—or you may have heard it from a teenager with headphones the size of his head, but the point is that investors in Bitcoin have already made insane amounts of money.
If you’re wondering where to buy Bitcoin, you’re not alone. People are trying to get into the market for it left and right. Some people even rush into it too quickly and end up getting scammed out of their money.
The most famous case is this guy, lovingly dubbed “Carlos the Meme” who overenthusiastically promoted a Bitcoin-adjacent cryptocurrency only to get scammed out of money himself.
(A moment of silence for Carlos the Meme).
The message is clear—if you want to get started in Bitcoin, you need to know what you’re getting into. This article will be your cryptocurrency for beginners lesson and walk you through everything you need to know about how to buy Bitcoin in Singapore.
Bitcoin for Beginners
But before we get into how to buy cryptocurrency, we have to make sure we understand what Bitcoin is.
Bitcoin is a digital currency that is now over ten years old. We’re still not sure who, exactly, created Bitcoin, so you can invest while feeling like you’re joining a secret Illuminati-adjacent elite society.
Bitcoin is not a government-issued currency, so it doesn’t face any government regulations. It also boasts relatively low transaction fees, in contrast to other digital currencies.
An important thing to know about Bitcoin—and all cryptocurrency—is there is no physical currency. Its value works similar to stocks in that Bitcoin doesn’t have much value on its own, only the value we prescribe to it.
Because of this, it is completely wrong for conspiracy theorists who want to go back to the gold standard and make sure all currency has a physical quantity to be measured against.
What to Know?
Before you get going in investing in Singapore cryptocurrency, there are a few things you’re going to need to know about the market.
Because Bitcoin isn’t centralized, every Bitcoin broker you find is going to charge its trading fees. Read up on every brokerage you inspect before you go for it. Using a currency that’s not issued by the government can be one of the most liberating and profitable experiences of your life—but it also means you have to watch your back.
Not every duckling in the pond is ugly, however, many brokerages out there are committed to offering you quality services. Find yourself a brokerage that’s commission-free and low-rent, and you can do no wrong.
Just because Bitcoin isn’t a government-issued currency, doesn’t mean you’re not going to run into some legal issues. Check to make sure there aren’t any regulations or restrictions in Singapore that you’re not aware of; this is a good practice to develop for whenever you look to invest.
For more investment tips, check out our investment section.
Where to Buy Bitcoin
If you’ve found yourself wondering where to buy Bitcoin, you’ve come to the right place. Now that you know all the basics, it’s time to finally dig into the best places to buy Bitcoin in Singapore.
Kriptomat is an exciting, up-and-coming Estonian Bitcoin broker that’s gained popularity in Singapore. They always keep up with regulations and use cold-storage facilities to make sure that your funds are secure.
Their fees are competitive, charging 3.65% on any card transaction. You may use a credit or debit card.
If you don’t end up liking Bitcoin—you don’t have to worry. Kriptomat offers up to 30 other cryptocurrencies.
Paybis might not have a name that’s quite as cool as Kriptomat—but it’s just as good as far as services go. They’ve been around a little longer than Kriptomat, so if longevity is something you look for when it comes to trust, Paybis might be for you.
The best advantage Paybis has, however, is its fees. Depending on the payment method you use, they have the best fees around. If you use a credit or debit card, fees climb up close to 7%, but if you use a SEPA deposit, you can get it down to 1.5%.
In Paybis, you’re going to need a third-party wallet; you’re not able to upload money directly to that platform. While this may seem tedious at first, you’ll be able to do this quickly on their website.
We cannot confirm or deny if this name is a combination of the words “Bitcoin”, and “finance”, but we can confirm that it’s one of the best options for both of those things.
Binance offers fees a little higher than the rest of the items on this list. However, it’s on this list because it offers the largest selection of cryptocurrencies out of any on this list. If you’re looking to play around and find the best cryptocurrency for you—Binance is your best bet.
Invest in Bitcoin
There’s no use denying it—Bitcoin is the way of the future. If you live in or around Singapore, now you know where to buy Bitcoin. Keep in mind the Bitcoin basics, the Singapore specifics, and the best places to go, and you’re well on your way to making your fortune in Bitcoin.
If you’re interested in Singapore-related money-making articles, check out this article on finding a reputable casino in Singapore.