In the early days of crypto trading, it was difficult to find the right cryptocurrency trading platform due to security and fraud concerns. Today, there are multiple global platforms for retail investors to access and start trading right from their mobile phones.
Despite the hype around cryptocurrency, it is important to note that this is a volatile asset. Developments around cryptocurrencies are always evolving. With China clamping down on bitcoin mining and Elon Musk’s tweets, Bitcoin has wiped out almost all its 2021 gains as it hit a new low of US$30,000 recently.
Read Also: 5 Ways You Can Invest In Bitcoin In Singapore With $100
Things To Note Before Choosing A Cryptocurrency Exchange
Based on CoinMarketCap, there are currently 305 cryptocurrency exchanges. However, not all these exchanges have user-friendly cost structures and interfaces. As a retail investor, being able to clearly understand how these exchanges works and the costs would make investing less stressful.
With that in mind, this article focuses on the following five main qualities in this comparison:
1) Ability to buy cryptocurrencies directly with SGD
2) Order types (market, stop and limit orders)
3) Transaction (deposit and withdrawal of SGD) and trading fees
4) Variety of coins for trading
5) Mobile application access
Apart from the trading features, a good security protocol is necessary to secure your account. Activating security features such as two-factor authentication (2FA) are crucial to maintaining the security of your account.
Read Also: Bitcoin VS Ethereum: What Is The Difference Between These Two Cryptocurrencies?
Comparison of Cryptocurrencies Exchanges
Read Also: A Layman Explanation On What To Know Before Trading Cryptocurrencies Like Bitcoin & Ethereum
[Update] Binance (International) has closed its operations in Singapore while Binance (Singapore) will be withdrawing from Singapore by 13 February 2022. Singapore users can consider the other cryptocurrency exchanges to transfer their cryptocurrency holdings.
#1 Binance (International)
Founded by Changpeng Zhao in 2017, Binance International has since grown to become the largest cryptocurrency exchange platform in the world. The platform has over 500 cryptocurrencies to choose from, including bitcoin (BTC), Ethereum (ETH) and even the famous meme coin, dogecoin (DOGE).
For active traders, Binance International offers one of the most competitive rates in the cryptocurrency exchange space. Their platform interface allows us to choose between advanced or classic interfaces. The advanced version is the same as the classic interface but with additional trading tools features such as cross and isolated margin.
Apart from main over the counter (OTC) exchange, Binance International also has a peer-to-peer trading platform. While the website exchange is similar to Binance Singapore, Binance International users have the added feature of accessing the mobile application.
| Features | Binance International |
| SGD Payment Options Fee | 1) Credit card payment (3.5% or US$10, whichever higher) 2) Swift Transfer (Depends on bank) 3) P2P (Depends on exchange rate) |
| Number of Coins (Including Bitcoin & Ethereum) | 500+ |
| SGD Withdrawal Fees | Depends on which exchange or multi-currency account fees |
| Trading Fees | Base fee – 0.0750% |
| Order Types | Market, Limit and Stop Orders |
| Mobile Application Access | Yes |
#2 Binance (Singapore)
Binance Singapore is a syndication of Binance International. Introduced to Singapore in 2019, the platform is backed by Vertex Venture Holding, a subsidiary of Temasek.
Even though Binance Singapore and Binance International are the same company, there are differences in their platform. Some users might prefer the international version due to access to more features such as mobile application access, exposure to more than 500 cryptocurrencies, limit and stop order features.
However, Binance Singapore does provide advantages in terms of transaction fees. Firstly, it is cheaper and more convenient for SGD to purchase cryptocurrencies. Additionally, the withdrawal process from cryptocurrencies back into our bank accounts is more direct and cheaper too.
| Features | Binance SG |
| SGD Payment Options Fee | Bank transfer to Xfers – Free |
| Number of Coins (Including Bitcoin & Ethereum) | 8 (BTC, ETH, LTC, XRP, BNB, BCH, LINK, NEO) |
| SGD Withdrawal Fees | Free to Xfers |
| Trading Fees | 0.6% flat |
| Order Types | Only Market Order |
| Mobile Application Access | No, only web interface. |
#3 Coinbase Exchange
One of the most notable cryptocurrency exchanges in the world, Coinbase is the largest cryptocurrency exchange in the US. Founded in 2012, the company recently listed on NASDAQ. According to CoinMarketCap, is currently the third-largest cryptocurrency exchange by trading volume.
A global platform, Coinbase provides a sleek and easy-to-use interface that beginner investors would appreciate. The platform offers a modest number of 65 cryptocurrencies. Currently, there are sell and withdrawal limitations for both Singapore and Australia. If we wish to sell or withdraw our cryptocurrencies, we will have to transfer the cryptocurrencies out to another platform and wallet before doing so.
| Features | CoinBase |
| SGD Payment Options Fee | Credit/Debit card payment – 3.99% + 7% GST (Other methods require a USD account) |
| Number of Coins (Including Bitcoin & Ethereum) | 65 |
| SGD Withdrawal Fees | Depends on which exchange or wallet |
| Trading Fees | 0.5% + $0.99 to $2.99 (depending on amount) |
| Order Types | Market, Limit and Stop Orders |
| Mobile Application Access | Yes |
#4 Coinhako
Founded in 2014, the company has since relocated from Silicon Valley and is now based in Singapore. With its user-friendly interface, Coinhako is a popular cryptocurrency exchange among Singaporeans with growing popularity in Asia. The platform has over 21 different cryptocurrencies including the infamous Dogecoin.
One of the easiest platforms to deposit and withdraw in SGD, its fees are slightly higher than Binance Singapore. However, unlike Binance Singapore which does not have a mobile application, Coinhako users have the convenience and accessibility to access trades through its mobile application.
| Features | Coinhako |
| SGD Payment Options Fee | 1) Credit card payment – 3% 2) Bank transfer via Xfers – 0.55% by Xfers 3) FAST Transfer – Free |
| Number of Coins (Including Bitcoin & Ethereum) | 21 |
| SGD Withdrawal Fees | Bank transfer – $2 (3 to 5 days) |
| Trading Fees | 1% flat |
| Order Types | Only Market Order |
| Mobile Application Access | Yes |
#5 Gemini
Founded in 2014 by the famous twin investors, Winklevoss twins, the exchange is known for its high security. Since its establishment, it has not been hacked before. According to CoinMarketCap, Gemini is the 13th largest cryptocurrency exchange with over 45 cryptocurrencies to trade from.
While Gemini fees are slightly higher compared to Coinbase for lower based trades, the security it provides is an element to consider when choosing between which US-based exchange to use.
| Features | Gemini |
| SGD Payment Options Fee | 1) Bank transfer via Xfers – Free 2) FAST Transfer – Free |
| Number of Coins (Including Bitcoin & Ethereum) | 45 |
| SGD Withdrawal Fees | Swift Transfer (depends on banks) |
| Trading Fees | 0.5% + $1.50 to 1.49% (depending on amount) |
| Order Types | Market, Limit and Stop Orders |
| Mobile Application Access | Yes |
[Update] Huobi Global will be closing the accounts of all its Singapore-based users by 31 March 2022. This is in spite of news that Huobi is setting up its regional headquarters in Singapore. The Singapore office would not serve Singaporean customers.
#6 Huobi
Founded in 2013, Huobi is the second-largest cryptocurrencies platform right after Binance International. In 2018, Huobi also became a listed entity on the HKSE. The selection of cryptocurrencies on Huobi is impressive with over 320 coins on the exchange.
Similar to Binance International, Huobi has three payment options for us to deposit SGD for cryptocurrency purchases. The trading fees are cheap compared to the rest of the exchanges, but it is still less competitive than Binance International.
Apart from the OTC exchange, Huobi also provides a peer-to-peer platform for trading.
| Features | Huobi |
| SGD Payment Options Fee | 1) Credit/Debit card – 0.75 + 0.3% + card charges 2) Swift Transfer (depends on bank) 3) P2P (Depends on exchange rate) |
| Number of Coins (Including Bitcoin & Ethereum) | 320+ |
| SGD Withdrawal Fees | Depends on market rate |
| Trading Fees | 0.2% flat |
| Order Types | Market, Limit and Stop Orders |
| Mobile Application Access | Yes |
This article was originally published on 1 July 2021 and updated with new information
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