Comparison of Crypto Exchanges Operating in Singapore

in Project HOPE6 months ago

Before I start, in this article, I included my referral links to the various exchanges. If you like this article and want to give me some love, do use those links if you want to sign up 😁.

Buying Bitcoin

Close to a year ago, I posted this article comparing the different ways to buy Bitcoin and/or other cryptos in Singapore. In that article I compared the various payment methods for crypto purchases and the conclusion still holds true till this date. However, I did not really dive deep into each exchange.

In this update, I aim to do a more comprehensive comparison on the various exchanges based on the following criteria,

  • Spot price of cryptocurrencies
  • Fees
  • Payment and trading methods
  • Range of crypto offerings
  • Security (To be covered in a separate post)

Note: I omitted Coinbase from the comparison because they only accept debit/credit cards payment in Singapore. As I discussed in my earlier post, this is the worst way to buy cryptos. Therefore Coinbase is omitted from this comparison.


Overview of exchanges

In this article I will be covering 6 exchanges that operates in Singapore. Here goes...

Binance SG - Referral link

Referral rewards: I get 20% of your trading fees

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No introduction required. Binance is one of the world's largest cryptocurrencies exchanges and operates in multiple countries. Binance.sg is the Binance's Singapore version of fiat-to-crypto on-ramp exchange.

Note that the referral link is for Binance.com as the referral program for Binance.sg has ended :(


Liquid Exchange - Referral link

Referral rewards: I get 50% of your net trading fees

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Liquid exchange allows telegraphic bank transfers and allows most people from most countries to register.


Crypto.com - Referral link

Referral rewards: We both get $50 USD if both of us stakes 50 MCO tokens

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Crypto.com is a worldwide exchange. Its key selling point is that it provides crypto debit cards in UK, USA and Singapore. It have a native MCO and CRO tokens to allow their users earn rewards through staking.


Coinhako - Referral link

Referral rewards: I get 20% of your trading fees

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Coinhako is a regional cryptocurrency exchange. It operates in Singapore, Malaysia, Indonesia and Vietnam.


Luno - Referral link

Referral rewards: We both get SGD 5.00 free BTC

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Luno is quite a niche cryptocurrency exchange. It operates in parts of Africa, Europe and South East Asia.


CoinUT - Referral link

Referral rewards: I get 11 DAI you get 15 DAI

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Coinut is a very small cryptocurrency exchange based in Singapore. It allows telegraphic bank transfers in SGD and USD. It seems like there is no countries specific restrictions for now.


Spot price of cryptocurrencies

If you intend to buy some BTC, you will want to buy it as cheap as possible. Different exchanges might have different spot price for the cryptocurrency you want to purchase. For the sake of comparison, I took a snapshot of the BTC prices across the 6 different exchanges.

BTC price on Binance SG at 10.30am SGT

BTC price on CoinUT at 10.30am SGT

BTC price on Liquid Exchange at 10.30am SGT

BTC price on Luno at 10.30am SGT

BTC price on Crypto.com at 10.30am SGT

BTC price on Coinhako at 10.30am SGT

The table below shows a summary of the spot BTC prices across the exchanges,

ExchangesSpot Price (SGD)
Binance SG$9464.00
CoinUT$9457.63
Liquid Exchange$9523.68
Luno$9485.00
Crypto.com$9507.56
Coinhako$9486.46

CoinUT had the best price, and Liquid Exchange had the worst. However, this is just to illustrate that prices across the different exchanges fluctuate and it is something to consider if you want to buy crypto on the spot.

In this case, the difference is quite negligible though, with a 0.6% difference between the best and the worst price. However, for less liquid cryptocurrencies, the price might vary much more. Hence, it is still important to check if you are getting the best price when you buy cryptos on all these exchanges.


Fees

Another important factor to note are the fees involved when making the purchase. There are largely 3 types of fees involved when you buy cryptocurrencies. Fiat depositing fees, crypto withdrawal fees and conversion/trading fees.

Note that in this comparison, I will base on SGD for fiat and BTC for crypto. Links will be provided so that you can check the fees based on your local fiat or other cryptos that you are keen on. When there are both maker and taker fees, taker fees will be used as I assumes you want to buy on market order.

ExchangesFiat Deposit FeesCrypto Withdrawal FeesTrading/Conversion Fees
Binance SGFree thru Xfers0.0004 BTC0.6%
CoinUTFree thru local SGD transfer0.0004 BTC0.5% taker fee
Liquid ExchangeBased on your local TT fees0.0005 BTCFree for 1st $10k
LunoFree thru XfersVaries based on network0.55% taker fee
Crypto.comFree thru XfersVaries based on networkFree thru Xfers
CoinhakoFree thru Xfers0.0008 BTC1%

Of all the exchanges, only Crypto.com is not that transparent in terms of fees as I cannot find very clear info on it from their site. Crypto.com operates an exchange and it seems like the fees on the mobile app and the exchange are different.


Payment and trading methods

There are 2 types of trading methods that I will focus here. Limit orders and spot purchase. Limit orders mean that you can set a target price that you want to buy the crypto at and wait. If the price moves to that level, your order will be filled. Spot purchases simply means that you buy at whatever the exchange offers you at. Clearly, having the ability to place limit orders will be an advantage for active traders but for passive buyers, I think it is not so much of a deal-breaker.

You might notice that I mentioned Xfers quite a lot in the previous section. Xfers is a FinTech company in Singapore which offers a digital payment wallet. It is commonly used by crypto exchanges here for fiat-to-crypto on-ramp payments. If I am not mistaken, Xfers is available in Singapore and Indonesia for now.

Xfers - a digital payment wallet in Singapore

Xfers is a useful service here in Singapore if you want to buy crypto. However, it does come with its limitations. The new Payment Services Act in Singapore limit annual spending to SGD 30,000 and holding limit to SGD 5,000. This means that if you are a whale who wants to buy more than $5,000 of crypto at one go, you are unable to. If you want to spend more than $30,000 per year, you are unable to.

Restrictions on Digital Wallet

In any case, the table below summarizes what each exchange accepts in terms of payment method and the available trading method. Note that for payment methods, it is focused on the Singapore context, also if limit orders are available, then technically market orders (as good as spot purchases) will be implicitly available.

ExchangesPayment MethodsTrading Methods
Binance SGXfersSpot purchases
CoinUTBank transferLimit orders
Liquid ExchangeBank transferLimit orders
LunoXfersSpot purchases
Crypto.comXfers, bank transfers and credit cardsLimit orders available on exchange; spot purchases on mobile app
CoinhakoXfersSpot purchases

Range of cryptocurrencies offerings

This section is pretty clear-cut. The table below lists the cryptocurrencies available for purchase on each exchanges directly with fiat. In this case SGD.

ExchangesAvailable Cryptocurrencies
Binance SGBTC, ETH, BNB, LTC, BCH, XRP, NEO, LINK
CoinUTBTC, ETH, LTC, ETC, DAI, USDT
Liquid ExchangeBTC, ETH, XRP, QASH, BCH
LunoBTC
Crypto.comBTC, ETH, BCH, LTC, XRP, MCO, CRO, BNB, XSGD
CoinhakoBTC, ETH, BCH, LTC, XRP, ALGO, BAT, BNB, CVC, DNT, DOGE, ENJ, GNT, GTO, KNC, LOOM, MCO, MITH, NEO, QKC, SNM, SNT, STORM, TUSD, USDC, USDS, USDT, WTC, XLM, ZIL, ZRX

Conclusion

This guide/comparison should be able to help you find the best exchange depending on your purchasing frequency, volume and the crypto selection. For small BTC purchases, it seems that Crypto.com is the cheapest in terms of fees. For direct purchase of altcoins, Coinhako offers the longest list of altcoins. For large transactions, Liquid Exchange is probably the best. CoinUT and Luno are probably the niche and smaller players in the market. Depending on where you live, they might be the option you have. Finally, Binance SG is a well-known name for those who do not trust the other smaller exchanges with their money.

If you find this guide helpful, do give me your support by signing up through the referral links in this article. 😁

Also, do let me know if I missed out any of the exchanges operating in Singapore which you want me to compare. As mentioned, I will cover the security features each exchange offers in a separate post. Stay tuned!


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This is a good comparison, i have tried to use each of this exchanges but i I haven't been able to try Crypto.com because it doesn't work in Africa. I hope it does soon because it seem to have better trading opportunity

I am not in Singapore but i must say that a few exchanges here do trade in other countries and i use them and enjoy their services.

Does binance SG have different fee with binance global?

Also, are you taxed for using cryptocurrency?

Are you referring to binance.com when you ask about binance global? If so, I think the fees are different.

And no, we are not taxed for using cryptocurrency.

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