Over the past few days, i have been searching for a guide for new Singaporeans to get their first Bitcoin. I have came across a few and find that some of them are outdated and i have decided to do 1 on my own and share it on Reddit to help fellow Singaporeans or those who are interested on how to buy Bitcoin in Singapore.
*I had to removed quite a few pictures due to the limit of 20 pictures per post. I seek your understanding on this.
A Guide To Buying Your First Bitcoin In Singapore
What Is Bitcoin?
It is a digital currency based on the blockchain technology. The currency is completely free from any central authority and transactions are fast and secure.
Bitcoin was envisioned as a utility coin that was meant to take over real money. However, users have found more value in trading the cryptocurrency as an investment commodity.
Where To Buy Bitcoin In Singapore?
As a Singaporean, we have access to a huge number of both local and overseas exchanges. But for a beginner, I would recommend using some of the platform which has simple User Interface(UI) as the exchanges might be too complicated or intimidating for a new user. Below are the 3 platform that I would recommend.
1.Coinbase:US-Based
2.Coinhako:SG-Based
3.Cryptaw:SG-Based
4.Gemini:US-Based
Difference Between Them?
| Coinbase | Coinhako | Cryptaw | Gemini | |
|---|---|---|---|---|
| Account Verification Requirement | -Personal Details -National ID -Bank Account -Phone Number | -Personal Details -National ID -Bank Account -Phone Number | -Personal Details -National ID -Bank Account | -Personal Details -Passport -Phone Number |
| Exchange Rate | High | Fair | Fair | High |
| Margin Spread | Fair | High | Fair | Fair |
| Fees | Credit/Debit Cards:3.99% Cash:1.49% | Cash:1.0% | Cash:1.2% | Cash:1% |
| Credit/Debit Card | Yes | No | No | No |
| Bank Transfers/Cash | XFers | XFers | Bank Transfer | Wire Transfer |
| Customer Support | Good | Fair | Good | Good |
| Account Security | Google Authenticator | Google Authenticator | Google Authenticator | Authy |
Guide to Buying on Coinbase:
- Register an account with Coinbase: r/https://www.coinbase.com
(*Picture removed due to picture limit)
- Create an individual account:
https://i.redd.it/z1mx1ual4pr11.png
3.Submit your documents for account verification
(*Picture removed due to picture limit)
4.Once you have submitted your documents, you should be directed to this page.
https://i.redd.it/f9abeq9r4pr11.png
5.Register an account with Xfers. (You can choose to buy using Debit/Credit card but it comes with a high transaction fee of 3.99%)
https://i.redd.it/k4ms3vns4pr11.png
6.Click on Buy/Sell on the Coinbase menu bar, select Bitcoin and enter the amount you would like to buy in denomination of SGD/Bitcoin.
https://i.redd.it/45xnue4u4pr11.png
7.You have successfully bought your first Bitcoin. Note that even though the price of Bitcoin is above SGD 8,000 at time of writing, you do not need a lot of money to buy Bitcoin. You can buy a fraction of Bitcoin which is also known as Satoshi(0.00000001BTC).
Guide to Buying on Coinhako:
- Register an account with Coinhako: r/https://www.coinhako.com (You can register using your facebook account)
(*Picture removed due to picture limit)
- Create an account by filling up the registration form:
https://i.redd.it/038rswjx4pr11.png
3.Submit your documents for account verification:
https://i.redd.it/4bgnneey4pr11.png
4.Once you have verified your documents, you would be allowed to transfer funds.
https://i.redd.it/uibnegj35pr11.png
5.Register an account with Xfers.
( Please refer to Coinbase guide above)
6.Click on Wallet on the menu bar, select Buy beside BTC/SGD and enter the amount you would like to buy in denomination of SGD/Bitcoin.
https://i.redd.it/4z1x1f855pr11.png
7.You have successfully bought your first Bitcoin. Note that even though the price of Bitcoin is above SGD 8,000 at time of writing, you do not need a lot of money to buy Bitcoin. You can buy a fraction of Bitcoin which is also known as Satoshi(0.00000001BTC).
Guide to Buying on Cryptaw:
- Register an account with Cryptaw: https://www.cryptaw.com
https://i.redd.it/ywad9um68pr11.png
- Create an account by filling up the registration form:
https://i.redd.it/04ztnm8m5pr11.png
3.Click on Verify Now for account verification:
https://i.redd.it/eh9puiro5pr11.png
4.Submit documents for Account Verification. Click on Show example to see what is expected:
https://i.redd.it/4y3z0pz36pr11.png
5.Once you have verified your documents, you would be allowed to transfer funds.
https://i.redd.it/y07ksclq6pr11.png
6.Click on Buy on the menu
https://i.redd.it/kb8jzmir6pr11.png
7.Check and confirm the Order details.
https://i.redd.it/vwfktgis6pr11.png
8.You have successfully bought your first Bitcoin. Note that even though the price of Bitcoin is above SGD 8,000 at time of writing, you do not need a lot of money to buy Bitcoin. You can buy a fraction of Bitcoin which is also known as Satoshi(0.00000001BTC).
Guide to Buying on Gemini:
- Register an account with Gemini: https://gemini.com
https://i.redd.it/tvfd60tx6pr11.png
- Create an individual account:
https://i.redd.it/f78egmmy6pr11.png
3.Submit your documents for account verification:
https://i.redd.it/1e3sohgz6pr11.png
4.Once you have verified your documents, you would be allowed to transfer funds.
https://i.redd.it/m8cnfda67pr11.png
5.Click on Buy on the menu and choose BTCUSD
https://i.redd.it/pccr0i177pr11.png
6.You have successfully bought your first Bitcoin. Note that even though the price of Bitcoin is above SGD 8,000 at time of writing, you do not need a lot of money to buy Bitcoin. You can buy a fraction of Bitcoin which is also known as Satoshi(0.00000001BTC).
Through this article, I hope you find the exchange that best suits you. From my experience, I started out using Coinbase. But due to the higher fees and bank fees, I decided to switch to Coinhako after finding out more about them. I used Coinhako for slightly over a year and faced very minimal issues, but most of the time I will have to solve them myself as it takes up to a week for Coinhako Support Team to get back to me regarding my issues. Earlier this year, I came to know of Cryptaw through a friend and after some studying, I decided to switch over to Cryptaw as they solve a few issues I face with Coinhako. No doubt Cryptaw charge a 0.2% higher trading fee, but for the convenience that I am getting with their Bank Transfers deposit and higher trade limit, it is definitely worth it. The reason why I included Gemini was because a few of my friends are trading using Gemini and they told me Gemini provides better support. But in my opinion, Cryptaw is good enough for me as I have never faced any issues with them and their Support Team usually replies within a day.
TL;DR: I am using Cryptaw
Note: Trading of cryptocurrencies involves significant level of risk. Prices of goods, regardless of their nature or substance, have no permanent nature and are subject to constant change. Price fluctuations directly affect the value of assets held by an individual over time. Any good - virtual or not - can both gain value and become worthless over time. Due to the fundamentals of the cryptocurrency trading system’s functioning, it is vulnerable to fluctuations in the level of confidence of market participants, which directly affects the level of demand or supply. The level of confidence can be affected both by purely economic factors and non-economic, including technological ones. Given the above, please thoughtfully decide whether the existing degree of risk involved in the cryptocurrency trading is acceptable for you.
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