The year is 2023, and you're ready to dive into the world of Singapore cryptocurrency. But where do you start?
Welcome to your crypto journey in 2023! You ask your friends for advice, but all they keep telling you is ‘“buy Bitcoin”. Our Ultimate Guide To Buying Bitcoin, Ethereum and Other Cryptocurrencies Instantly with SGD in Singapore has got you covered.
What you’ll need to get started
Before you get started, make sure you have the essentials: access to a trusted exchange, a payment method, and storage for your crypto and a positive attitude. With these in place, you're ready to take the next steps.
(In order of importance)
- Access to a trusted exchange (ahem)
- A payment method
- Storage for your crypto
- A positive attitude
Once you’ve acquired the items in the list above, you are ready to move on to the next step. Or if you need more info about Bitcoin, why it has value and what you can do with it, click here.
Step 1: Choosing your exchange
Sign up for an account with an exchange that you trust — preferably one that has been around a long time and is licensed to operate here in Singapore. You’ll likely need to provide KYC (Know Your Customer) information, which is just a fancy way of saying identifying information. Ideally, an exchange would have MyInfo integration to make providing this information more convenient.
Sign up for an account with a reputable exchange that has been licensed to operate in Singapore and consider features like the number of cryptocurrencies available and ease of depositing and withdrawing funds.
Step 2: Looking for payment options to buy crypto with SGD
Choose a payment method that works for you, such as bank transfer, PayNow, credit card, or GrabPay. Note that fees may vary, so check with your bank or exchange before making a transaction.
Connecting a bank account to an exchange is one of the most common methods people use to fund their trades. Most accounts on Coinhako will receive deposits via their bank account within minutes.
The Singaporean flavor that only a handful of cryptocurrency exchanges (including Coinhako) carry. It’s arguably the most convenient method due to its accessibility and speed, as users can fund their accounts via PayNow within 60 seconds. (Deposits via PayNow on Coinhako are free from any fees, just saying)
Need to strike while the market is hot? Credit cards offer a fuss-free way to fund your trades. Most banks charge fees for using credit or debit cards to buy crypto, and they can be slightly higher than other methods, so check with your bank before using them.
Another local favorite, GrabPay, can be extremely useful if you are already a frequent Grab user. Some fees do apply, and may vary for different exchanges, so make sure you know what they are before jumping in.
Step 3: Storing your crypto securely
Once you've acquired your crypto, you'll need a safe place to store it. Hot wallets, such as those provided by your exchange, are convenient but custodial. Consider a cold wallet if you want to own the private key and have more control over your crypto.
Hot wallets, a.k.a online wallets, are internet-connected wallets on devices such as computers, phone, or tablets. The account you created with the exchange of your choice will usually come with a hot wallet.
Cold wallets, on the other hand, are offline wallets or hardware wallets that store your private key and come with software that allows them to view their portfolio.
One key difference between hot and cold wallets is custody — hot wallets are custodial, meaning that you do not own the private key to the wallet, but you are issued an account with which you can trade the crypto that you own. Cold wallets are non-custodial, which means you own the private key to the wallet and the crypto in that wallet.
If you feel like a hot wallet is sufficient for your needs, it is only natural that you look for a secure exchange, preferably one that is ISO27001 certified with rigorous account security requirements like 2-Factor Authentication (2FA) and is licensed to operate here in Singapore.
Step 4: Maintaining positivity
So you’ve bought crypto and stored it in a safe place — is there anything else you should be doing? We could tell you exactly what to do from here, but that would constitute financial advice, which is extremely frowned upon. Remember, cryptocurrency is a volatile market – but maintaining a positive attitude can help you weather the ups and downs. As Buddha said, "What we think, we become."
Ready to get started? Follow our ultimate guide and join the exciting world of Singapore cryptocurrency.
Disclaimer: All writers’ opinions are their own and do not constitute financial advice. As a company, we do our best to provide information that is accurate and valuable. The contents of this blog post are intended for educational purposes only. Individuals are advised to perform due diligence before purchasing any cryptocurrencies as these assets are subject to high volatility, and understand the risks associated with trading cryptocurrencies.