In this technologically driven era, the digitalisation of currency is not a thing of the future. Digital currencies have become an integral part of economies all around the globe. With the advent of mobile wallets, credit cards, debit cards and internet banking systems, innovation has not been known to take a step back. One of the newer members in the realm of digital currencies is crypto currency. Transactions secured through cryptography make cryptocurrencies the premium digital asset of the new world. Buying cryptocurrencies might seem like a mind-boggling ordeal at first, but with the right knowledge in mind, one can swiftly go through the process. Bitcoin, being the first decentralised cryptocurrency that came out in the market, has a larger dominance on a global scale. However, other options like Etherium, Litecoin and NEO are also available.
There are quite a few viable options to make credible cryptocurrency transactions. Here is a list that details on the best ones to buy Bitcoins available in Singapore:-
Registering with Coinbase is a quick process, and once you’re through that, you can buy the desired cryptocurrency via debit card, credit card and bank transfer. As claimed by Coinbase, translations happen under mere minutes, and there are no fees for deposits. However, a 1.49 cut has to pay while purchasing coins. Moreover, a purchase of bitcoins amounting to more than 136.24 Singapore Dollars will yield you a discount of 13.62 Singapore Dollars. In a nutshell, Coinbase is a trustworthy source to buy bitcoins, but it can take as much as 5 days to process payments made by bank transfers. If you are really concerned about privacy, you should know that Coinbase can track how and when you spend your bitcoins.
CoinMama is especially great for making purchases that don’t amount to a big value. The reason is that there is no requirement for providing identification for purchases worth less than $150. Customers can make payment via debit cards as well as credit cards. On every purchase, CoinMama is entitled to a fee of 6%, which is quite expensive. However, the vast global reach of CoinMama is probably the biggest reason for its success. Reliability is not a concern, but privacy protection is. All in all, Coin-Mama is among the popular and trustworthy sources for buying bitcoins in Singapore.
While the popularity of GDAX in the United States is a well-known fact, it might not be the best cryptocurrency source for people who don’t like dealing with complex user interfaces. Purchases can be made via wire transfer as well as bank transfer. SEPA can also be used to facilitate purchases with GDAX. The fees associated with purchasing bitcoins from GDAX is quite low, and purchases of lower amounts can even be made at 0% fees. The only considerable downside to GDAX is its complex user-interface. Other than that, fishy use of your bitcoins can lead to permanent closure of your account.
LocalBitcoins is a portal that brings 3rd parties interested in making Bitcoin trades together. There is no restriction whatsoever on the payment method, and the united parties may choose to carry out the transactions in whatever medium as they deem fit. However, the most common payment method is cash deposits. Local meet ups and cash deposits make transactions quite snappy and take the privacy equation to another level. Large purchases of bitcoins can be a bit problematic with LocalBitcoins, but other than that, it is a trustworthy option to go for given the users explicitly follow the rules.
Until the month of January 2017, customers in Singapore had the provision to buy bitcoins at 0% fees. However, the golden period has now passed and even after that, the fees are close to 1% for market makers. Bitcoins can be sold universally on Luno as well. However, the payment options offer constraints to customers as most trades require bank deposits only. Credit cards and debit cards are not supported. Luno is easy to use and has a good reputation in the Asian continent.
American investors are known to support the Singapore based crypto currency retail portal that Coin-Hako is. Payments can be made by bank transfers as well as wire transfers. Xfers can be used to purchase bitcoins resulting in transactions that complete in 10 minutes or less. A fee of 0.9% is quite reasonable for customers. In terms of reliability, CoinHako has no problems to offer. Identity verification can be skipped for smaller trades. A downside to using Xfers to buy Bitcoins is that the customer can’t make a purchase beyond 100 SGD.
FYG-SG is the first Bitcoin exchange to be set up in Singapore. After making payments via bank transfers, customers can purchase Bitcoins at 0% fees. Cash deposits can also to be used to facilitate Bitcoin purchases. Identification is required for all trades. So, if you’re looking for making a private purchase of a small number of Bitcoins, FYG-SG is not the best option for you. The user interface is pretty simple and credibility is moderate.
Well, ATMs have been making life easier for a long time by making the whole process of cash withdrawal instantaneous and reliable. Bitcoin ATMs function exactly like the normal ones. If privacy is a concern, Bitcoin ATMs are a great way to acquire that crypto currency. Given the availability of search engines and the internet, finding out the spots where Bitcoin ATMs in Singapore operate is not a tough task. However, a huge drawback to using Bitcoin ATMs is that charge a hefty fee of 5-10% per purchase.
Even though VirWoX is not a typical portal to buy Bitcoins, there is a workaround that can enable customers to purchase small to moderate amount of Bitcoins via PayPal. Technically, VirWoX is a place where the currency of the virtual world ‘Second Life’, Second Life Lindens are sold. Customers need to first purchase Second Life Lindens which can be further be traded for Bitcoins. However, the seemingly smart manoeuvre can cost you about 10% in fees.
Mycelium Local Trader
Mycelium Local Trader is yet again a place where third parties interested in making Bitcoin transactions come together. Mycelium Local Trader charges absolutely nothing for the trades facilitated by it. The customer simply needs to visit the portal, pick a seller and fix an in-person meeting. Beyond that, the Bitcoin purchase works like any other trade in the world. Densely populated areas are the best to opt Mycelium Local Trader for. However, in areas with smaller populations, Mycelium Local Trad-er is not a great option to buy Bitcoins.
Check out our Etoro article here to know more about the procedures to buy Bitcoin and Ethereum in fractional units.