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Here’s what you need to know before buying crypto in Singapore

Want to find out where to buy crypto and if bitcoin is legal in Singapore? Here’s what you need to know before buyingcryptocurrencies in Singapore.

Here’s what you need to know before buying crypto in Singapore

Did you know that Bitcoin is just ONE of over 10,000 cryptocurrencies?
With cryptocurrencies recording wider acceptance and growing interest on a global scale, more people in Singapore are beginning to recognize crypto as a new and alternative asset class.

✏️Cryptocurrencies are digital currencies which use cryptography to record and verify transactions, without the need for a central authority.

Buying Crypto in Singapore

Photo by Joshua Ang on Unsplash

Being a first-world country with a high literacy rate, Singaporeans are a relatively financially-savvy bunch. While previous generations may have parked their funds in real estate, precious metals and stocks, the rise of cryptocurrencies globally have gotten Singaporeans looking for ways to purchase crypto and gain access to exciting projects in space.

Singapore has a fairly friendly approach to crypto and it is relatively easy to obtain crypto in Singapore, even without much technical knowledge.

Cryptocurrency Regulations in Singapore

Strategically located along the straits of Southeast Asia, and equipped with state of the art business infrastructure, Singapore is rapidly blossoming into a booming fintech hub.

In 2020, local regulators introduced the Payment Services Act, a forward-looking framework that seeks to regulate Digital Payment Token (DPT) providers in Singapore. This includes digital asset platforms and crypto exchanges like Coinhako, which allow users to buy, sell, swap and store digital currencies.

These regulations come with the need for more accountable Know-Your-Client (KYC) processes, to ensure that cyber crimes like money laundering and the terrorism-financing are kept at bay.

👉 Read more about the Payment Services Act here

What You Need to Buy Crypto In Singapore

The great thing about crypto is that you can buy it up in fractions and decimals. Don’t have tens of thousands to buy one bitcoin? You can just buy 0.001 BTC - or opt for in-demand DeFi tokens like Solana and AAVE, which have a significantly lower point of entry.

However, you do need some documents to pass the KYC processes, like your NRIC or supporting identity documents.

Singapore users can also get verified within minutes by simply linking up their MyInfo accounts.

👉 Find out more about account verification here

How to buy crypto in Singapore

To start buying crypto, you’ll need to set up an account on a crypto platform that will allow you to buy and sell digital assets. With its simple and intuitive interface, Coinhako is a great place for beginners!

  1. Sign up and Verify your Account
  2. Set up Two Factor Authentication
  3. Choose your funding option
  4. Review the details of your order and click buy to confirm the transaction

👉 What is Two-Factor Authentication?

Funding crypto purchases in Singapore

Buying crypto on Coinhako offers you a range of payment options to choose from. Fund your trades with any of the options below!

Direct SGD Bank Transfers

You can fund your trades by topping up your Coinhako wallet with direct SGD deposits. Simply make a FAST transfer from your preferred bank account to ours, by referring to the details shown on the Deposit page.

🌟No deposit fees

🌟Deposits credited at 10AM & 4PM daily

👉 Make a deposit now

Card Payments

The market moves quickly, and so should you. Trade instantly when you buy bitcoin with credit and debit card - you’ll only need to add your card once.

🌟Instant trades, zero waiting time

👉 Buy Bitcoin with credit card now

Xfers Direct

If you have an Xfers account, you can also fund your trades by connecting your Xfers account, allowing you to make a deposit within minutes.

🌟Quick processing time

Can you buy bitcoin, ethereum, dogecoin directly with SGD?

Coinhako offers a wide range of in-demand cryptocurrencies, with SGD pairings for each. All our cryptocurrencies are priced against SGD and you can trade directly with Singapore Dollars.

For the full list of our supported cryptocurrencies, 👉click HERE

Storing Your Crypto Securely in a Cryptocurrency wallet

After purchasing your crypto, you will need to find a way to store it securely. There are many different types of cryptocurrency wallets including hot wallets, cold wallets and hardware wallets.

Each of these wallets have their pros and cons and you should ultimately pick the option you are most comfortable with.

90% of cryptos on Coinhako are moved into cold storage, making us a highly secure choice for storing your crypto.

👉 Check out our ultimate guide to cryptocurrency wallets in Singapore

We hope this guide has helped kickstart your crypto journey! Watch this space and follow our social channels for more educational content about everything bitcoin, crypto, blockchain and more!

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🤔If you have any enquiries, you may contact us here or you can visit our Information Page.

Coinhako is available in these countries!

🚀 Buy Bitcoin at Coinhako Singapore

🚀 Mua Bitcoin Coinhako Vietnam

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All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.