What is Bitcoin
The term cryptocurrency has evolved from a buzzword to one of the driving forces of blockchain technology and economic growth. Also known as a form of cryptocurrency, Bitcoin is one of the first digital or virtual currencies created. Unlike government-issued currencies, Bitcoins operate in a decentralised system. You can buy, sell and exchange directly with other parties without an intermediary like a bank.
Top Bitcoin websites in Singapore
Here are some of the top Bitcoin websites in Singapore to check out:
Website | Coinbase |
| Speciality |
|
| Pricing | Contact for quotation |
| Website | https://www.coinbase.com/ |
Website | Coinhako |
| Speciality |
|
| Pricing | Contact for quotation |
| Website | https://www.coinhako.com/ |
| Address | 14 Robinson Road #08-01A, Singapore 048545 |
Website | Gemini |
| Speciality |
|
| Pricing | Contact for quotation |
| Website | https://www.gemini.com/apac/singapore |
Website | Coinmama |
| Speciality |
|
| Pricing | Contact for quotation |
| Website | https://www.coinmama.com/ |
Website | Binance Singapore |
| Speciality |
|
| Pricing | Contact for quotation |
| Website | https://www.binance.sg/en |
Website | Luno |
| Speciality |
|
| Pricing | Contact for quotation |
| Website | https://www.luno.com/en/ |
Website | Paybis |
| Speciality |
|
| Pricing | Contact for quotation |
| Website | https://paybis.com/ |
Website | Independent Reserve |
| Speciality |
|
| Pricing | Contact for quotation |
| Website | https://www.independentreserve.com.sg/ |
Website | Kriptomat |
| Speciality |
|
| Pricing | Contact for quotation |
| Website | https://kriptomat.io/ |
Website | Kraken |
| Speciality |
|
| Pricing | Contact for quotation |
| Website | https://www.kraken.com/en-us/ |
Website | Plus500 |
| Speciality |
|
| Pricing | Contact for quotation |
| Website | https://www.plus500.com.sg/ |
| Address | 1 Temasek Avenue, Millenia Tower #37-03, Singapore 039192 |
| Telephone | 3138 9075 |
Website | Liquid |
| Speciality |
|
| Pricing | Contact for quotation |
| Website | https://www.liquid.com/ |
Website | DBS Digital Exchange |
| Speciality |
|
| Pricing | Contact for quotation |
| Website | https://www.dbs.com.sg/corporate/solutions/capital-markets/dbs-digital-exchange |
| Telephone | 1800 222 2200 |
| Operating Hours | Daily 8.30 AM – 8.30 PM |
Website | itBit by Paxos |
| Speciality |
|
| Pricing | Contact for quotation |
| Website | https://www.paxos.com/itbit/ |
| Operating Hours | Weekdays 9 AM – 5.30 PM |
Website | AAX |
| Speciality |
|
| Pricing | Contact for quotation |
| Website | https://www.aaxpro.com/en-US/ |
Website | IG |
| Speciality |
|
| Pricing | Contact for quotation |
| Website | https://www.ig.com/sg |
| Address | 9 Battery Road, #01-02 MYP Centre, 049910 Singapore, Singapore |
| Telephone | 6390 5133 |
| Operating Hours | Sundays – Fridays 9 AM – 10 PM |
Website | IQ Option |
| Speciality |
|
| Pricing | Contact for quotation |
| Website | https://iqoption.com.sg/ |
Website | AVA Trade |
| Speciality |
|
| Pricing | Contact for quotation |
| Website | https://www.avatrade.com/ |
| Telephone | 8001205170 |
Website | Bitcoin Exchange |
| Speciality |
|
| Pricing | Contact for quotation |
| Website | https://www.bitcoinatmsg.com/ |
| Address | 531 Upper Cross St, Hong Lim Complex (Chinatown), #03-11, Singapore 050531 |
| Operating Hours | Daily 9 AM – 5 PM |
Website | Etoro |
| Speciality |
|
| Pricing | Contact for quotation |
| Website | https://www.etoro.com/ |
How do Bitcoins work?
Traditional currencies are influenced by inflation rates, economic growth and government policies. Whereas the price of Bitcoin is determined by other factors such as the supply and demand of the market, cost of mining Bitcoin and government regulations. It is currently legal to own Bitcoins in Singapore. The Singapore Monetary Authority of Singapore (MAS) also regulates cryptocurrency exchanges and businesses.
There are no physical Bitcoins and transactions are recorded in a public ledger called the blockchain. Bitcoins are usually stored in a digital wallet and can be used to pay for goods and services. You will have access to a public key and private key which allows you to buy, sell or trade with bitcoins.
Benefits of using Bitcoins
There are several advantages of using Bitcoins:
-
Protects personal information
Any transaction made using Bitcoin is digitally signed using cryptography and reflected on the blockchain. These transaction records are available for anyone to view. Although the transactions are made public to everyone in the blockchain, your personal information remains private. This allows buyers to complete their payments without risking any sensitive personal or financial information.
-
Ease of payment
Similar to our banking or PayNow fund transfer service, there are online payment systems available for you to transact with Bitcoins. You can send Bitcoins to other users anywhere and anytime as long as you have internet access. There are also cryptocurrency credit cards that allow you to spend Bitcoins anywhere even without internet access.
-
Low or no transaction fees for international payments
Bitcoins can facilitate faster transfer of payment across countries at lower rates. When transferring money or making purchases in another currency, you may be charged more than the actual amount.
This is due to additional fees such as the currency exchange rates and international transfer fees. As there are no banks or intermediaries involved in the transaction, this lowers the overall cost of the transaction.
Things to take note of when purchasing Bitcoins
You can purchase Bitcoins or any cryptocurrencies via platforms such as cryptocurrency exchanges, bitcoin ATMs, brokerages or through bitcoin mining. Here are a few things to take note of before purchasing Bitcoins:
-
Secured internet connection
If you are planning to send or trade Bitcoins, it is important to ensure that you are connected to a stable and secured private internet connection. Avoid using public wifi as it may expose you to cybercriminals and increase the risks of cyberattacks on your cryptocurrency accounts.
To prevent such attacks, opt for a VPN connection. VPN helps to establish a secure and encrypted connection between your device and the internet. This adds another layer of security and protects your Bitcoins.
-
Payment method
You can purchase Bitcoins easily using various payment options depending on the digital exchange platform. This includes credit and debit cards, bank transfers, PayPal, Apple pay and more.
You can also choose to purchase Bitcoins through Bitcoin ATMs using cash. However, there are often extra fees, such as withdrawal fees or processing fees, charged when using fiat currency to pay for your Bitcoins.
Alternatively, you can choose to use other cryptocurrencies to trade for Bitcoins. In most cases, there are minimal or no additional costs incurred. Not all exchanges offer this option so it is important to select and choose a payment option that supports your needs.
-
Cryptocurrency wallet
Technically, you do not need to own a cryptocurrency wallet to buy Bitcoins. You can store it at the exchange or brokerage you purchased from. However, a cryptocurrency wallet offers a convenient option for you to hold and store your Bitcoins.
This gives you full control of your Bitcoins and security keys. The wallet can come in a few forms such as a paper wallet, hardware wallet or software wallet.
Ways to protect your Bitcoins
Under the Payment Services Act (PSA), MAS regulates cryptocurrency payments and exchanges. However, the sale of cryptocurrencies such as Bitcoins is not regulated by MAS. As MAS does not protect your cryptocurrencies, there is a risk of losing your investments if the transaction is not processed properly.
Therefore, it is important to ensure that you keep track of and protect your Bitcoins from potential hackers. Here are some ways to keep your Bitcoins secured:
-
Research Bitcoin exchange website
Before creating an account or sharing your details, research and check the reliability of the cryptocurrency exchange platform. It is recommended to opt for a cryptocurrency exchange that is licensed under MAS.
This lowers the chances of exposing yourself to fraudulent platforms or scams. It is also advisable to set up two-factor authentication for your account. This offers an extra layer of security for your account.
-
Avoid storing Bitcoins on exchanges
You can choose to store your Bitcoins on an exchange. Depending on the platform, some may have control over the funds available in your wallet. This increases the risks of theft or fraud. Hence it is recommended to use cryptocurrency exchanges solely for trading.
-
Properly store your Bitcoin wallet details
Bitcoin wallets can come in a digital form which you can easily back up and link to your Google Drive or iCloud account.
In the event you lose your device, you can still rest assured that your wallet is still secured. You can also choose to store your Bitcoins offline in a physical location via a hardware or paper wallet.
These wallets require a special type of password which allows you to retrieve and access the contents from the wallet. It is important that you store your passwords in a secured location and ensure that you do not share them with anyone else.
Editor’s Note:
While every precaution has been made to ensure the accuracy and fairness of this listing, we acknowledge that they may be inaccurate.
Therefore, we urge you to contact the service provider above for the correct information and/or contact us with the correct information.
If you are a service provider and wish to be featured in this listing (MediaOne are read by hundreds of thousands of Singaporeans), please contact us at [email protected]. There is no charge! Please allow us up to 3 working days to review before adjusting the information or including your entry.
