3 Best Crypto Exchange Platforms in Singapore in 2023

By 

Filip Dimkovski

 on November 1, 2022. 
Reviewed by 

Michelle Meyer

A woman's hands holding a smart phone, with the Gemini logo displayed against a white background, with cryptocurrency coins visible on the table top.

Every seasoned crypto trader or investor will agree on one piece of advice for beginners: if you're serious about investing in cryptocurrency, you must choose a safe and reputable exchange to buy, sell, and trade from. However, with all the exchanges on the market and so much hype surrounding them, how do you know if a platform is safe and best suited to your needs?

Firstly, you shouldn’t choose an exchange based on hype or speculation—you should look at the important factors, such as:

  • Payment options
  • Fees and commissions
  • Price quotes
  • Supported coins
  • Regulation by the Monetary Authority of Singapore (MAS)
  • Customer support
  • Security

We understand that analyzing various exchanges isn't an easy task. That's why we have done the heavy lifting for you and shortlisted the top three crypto exchange platforms in Singapore for 2023.

1. Coinhako

Established Date and Regulation

Established in 2014, Coinhako is one of the most popular and reliable crypto exchange platforms in Singapore and Asia in general. You can use Coinhako confidently and reliably as it's regulated by the MAS under the Payment Services Act.

Fees

This exchange offers traders competitive trading fees. USDC/USD trades have a 0% commission, while all other stablecoin-fiat trades have a 0.3% commission. Outside of stablecoins, Coinhako charges a 0.6% fee for every buy, sell, or swap transaction, which is on the lower end.

Regarding payment fees, Singapore dollars (SGD) deposits by bank transfer are free of charge, but Xfers deposits are subject to a 0.55% fee. SGD bank transfer withdrawals incur an SGD 2 fee per transaction.

Advantages

The main reasons that people flock to Coinhako are that the exchange is easy to use for newbies, has an integrated wallet, and allows users to trade crypto for SGD at spot prices. Moreover, Coinhako Singapore users can fund their accounts with bank transfers, debit/credit cards, GrabPay, and Xfers Direct Charge.

So, what makes Coinhako a good platform? Well, Coinhako's advantages include:

  • Ease of use
  • Support for most coins
  • High security
  • MAS compliance
  • Competitive fees
  • Fast transactions

Disadvantages

Coinhako's only drawback would be its lack of advanced trading features.

2. Independent Reserve

Established Date and Regulation

This Sydney-based cryptocurrency exchange was founded in 2013 with a vision of becoming the leading fiat-to-crypto exchange in Asia and Oceania. It's regulated by the MAS, which means you're unlikely to encounter problems with authorities for safely trading on the platform. Users can buy more than 20 cryptos using fiat currencies, including SGD.

Fees

The fees on the Independent Reserve exchange vary depending on your 30-day trading volume but are generally in the range of 0.02% to 0.5% per transaction.

If you want to fund your account at Independent Reserve, FAST transfer is probably the easiest and cheapest way if you’re in Singapore. Deposits and withdrawals of up to SGD 20,000 every 24 hours are processed instantly. Moreover, you won't incur any deposit fees if you deposit amounts above SGD 1,000. Even if you make a deposit of less than SGD 1,000, you'll pay a small SGD 2.50 processing fee.

Advantages

  • Low fees
  • MAS compliance
  • Fast withdrawals and deposits

Disadvantages

The two biggest cons of Independent Reserve include a limited token offering and its non-user-friendly interface. Since there are only around 20 cryptos to choose from, you won’t be able to make your portfolio that diverse.

3. Gemini

Established Date and Regulation

Founded in 2014, Gemini is a US-based cryptocurrency exchange platform that’s incredibly popular in Singapore. As of late 2022, Gemini supports over 120 cryptocurrencies, including all of the popular ones like BTC, ETH, and BNB. Moreover, the trading interface is simple and clean, both for the website and the mobile app.

Gemini offers a dollar-cost average (DCA) feature, which is specifically for those using the platform for long-term investing. It allows you to invest small amounts at regular intervals. Of course, active traders who want advanced order types are not left out either.

Fees

Gemini has a separate in-built platform (ActiveTrader) with low commissions of 0.4% compared to 1.49% on the Gemini app.

Regarding Singaporian residents, Gemini supports SGD transfers via FAST transfer. It allows you to deposit up to SGD 20,000 per transaction from your local bank account to your Gemini wallet.

Advantages

  • Offers numerous tokens
  • Good for beginners
  • User-friendly interface
  • Low commissions

Disadvantages

Gemini's only real disadvantage is the slightly higher fees than other exchanges.

Conclusion

A quick search on CoinMarketCap reveals that there are over 500 cryptocurrency exchanges, which can make selecting one difficult. However, choosing a reputable exchange with the necessary features to support your trading or investing objectives is critical. Some features you should look for include MAS compliance, easy payment, low fees, support, and ease of use. Thus, our top three crypto exchange platforms in Singapore are Coinhako, Independent Reserve, and Gemini. Still, please do your own research to ensure you select one that's best suited for you.

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