The Ultimate Guide to Buying Crypto in Singapore

Singapore has solidified its position as a global leader in cryptocurrency adoption, with 24.4% of its population owning digital assets as of 2024—far exceeding the global average of 6.8% and outpacing markets like South Korea (13.6%) and Hong Kong (14.3%). 

The nation's progressive regulatory framework, spearheaded by the Monetary Authority of Singapore (MAS), has fostered a secure and innovation-friendly environment for both retail and institutional investors. In fact, 57% of institutional investors in Singapore plan to increase their crypto holdings, surpassing the global average of 47%.

Several key factors have driven this widespread adoption: nearly US$1 billion in crypto transactions were processed in Q2 2024, real-world asset tokenization grew by 85% year-on-year, and the approval of spot Bitcoin ETFs has further boosted investor confidence. 

To support this growth, MAS has introduced stringent yet forward-thinking regulations under the Payment Services Act (PS Act), ensuring that Digital Payment Token (DPT) providers comply with licensing, AML/CFT measures, and consumer protection rules.

With growing opportunities come important considerations: Where should you buy crypto? Which exchanges are safe? How do you store digital assets securely? This guide will help you get on the bandwagon by breaking down MAS-approved exchanges, alternative ways to buy crypto, storage options, and key factors to consider when investing in digital assets in Singapore.

MAS-Approved Crypto Exchanges in Singapore

Here’s a breakdown of some of the top crypto exchanges that have been approved by MAS:

1. Coinhako

Coinhako is one of Singapore’s leading cryptocurrency exchanges, offering a simple and secure platform for buying, selling, and storing digital assets. Founded in 2014, it has grown to support 130+ cryptocurrencies and is the largest crypto exchange in Southeast Asia by market volume. 

With a user-friendly interface, seamless SGD deposits via PayNow, FAST, and credit/debit cards, and a competitive 0.6% trading fee, it is a preferred choice for beginners and seasoned traders alike. 

Coinhako also provides a built-in wallet, allowing users to store their crypto securely, along with an OTC desk for large trades above S$200,000, ensuring discreet and efficient transactions.

2. Independent Reserve

Independent Reserve is a regulated and security-focused cryptocurrency exchange that has been operating since 2013, serving over 350,000 traders across Australia, New Zealand, and Southeast Asia. 

It was the first crypto exchange licensed by the Monetary Authority of Singapore (MAS), reinforcing its commitment to compliance and investor protection. The platform supports 25 major cryptocurrencies, including Bitcoin, Ethereum, and XRP, and allows users to trade directly in SGD, AUD, USD, and NZD, reducing conversion costs. 

With low trading fees starting at 0.5% and volume discounts available, it appeals to both retail and institutional traders. Additionally, Independent Reserve offers an OTC trading desk for high-volume transactions, ensuring privacy and competitive pricing.

The platform’s AutoTrader feature enables automated trading strategies, and its institutional-grade tools make it a popular choice among professional traders. 

However, its limited fiat support (only SGD, AUD, USD, and NZD) and higher withdrawal fees for some currencies may be drawbacks for global investors. Despite these limitations, Independent Reserve’s strong regulatory framework, security-first approach, and deep liquidity make it one of the most trusted crypto exchanges for traders in Singapore.

3. Crypto.com

Founded in 2016, Crypto.com is a globally recognised crypto exchange offering over 250 cryptocurrencies, 20 fiat currencies, and a wide suite of products including a Visa debit card, DeFi wallet, NFT marketplace, and a crypto staking platform. 

It operates across three platforms: the main app (ideal for beginners), the Crypto.com Exchange (for active traders), and the DeFi Wallet (for users who want full control of their assets). Crypto.com is licensed by MAS and uses cold storage, multi-factor authentication, and round-the-clock monitoring to secure user funds.

The platform’s standout features include the Crypto.com Visa Card (spend crypto and earn rewards), Earn Programme (up to 12% p.a. on staked assets), and Pay feature for making purchases with crypto. However, it comes with notably high buy-sell spreads, card transaction fees (up to 4%), and lock-up periods for staking CRO tokens. 

Overall, Crypto.com offers one of the most feature-rich and secure trading experiences in Singapore, appealing to both newcomers and seasoned crypto investors.

4. Coinbase Singapore

Founded in 2012 and publicly listed on NASDAQ, Coinbase is one of the world’s most trusted and transparent crypto exchanges, with over 100 million customers globally. Backed by investors like Singapore’s GIC, it offers a user-friendly platform known for its regulatory compliance, financial transparency, and robust security. 

In Singapore, Coinbase Singapore Pte. Ltd. holds a Major Payment Institution license from MAS and supports FAST bank transfers, USD via SWIFT, and Singpass onboarding, making it convenient for local users to get started.

Coinbase supports over 200 cryptocurrencies, with features like Coinbase Earn (earn crypto while learning), staking for accredited investors, and seamless 1:1 USD:USDC conversions with up to 4.1% APY on USDC holdings. 

5. Upbit Singapore

Upbit is the largest crypto exchange in South Korea by trading volume and has rapidly grown across Asia since its founding in 2017. Now headquartered in Singapore, Upbit holds a Major Payment Institution (MPI) license from MAS, making it one of the few regulated exchanges operating legally in the region. 

With support for over 150 cryptocurrencies and 300+ trading pairs, Upbit is beginner-friendly, offers KRW and crypto trading pairs, and provides strong security credentials, including ISMS-P and ISO certifications.

Upbit is ideal for new and intermediate traders, offering a clean interface, staking rewards, and an NFT marketplace. However, it only supports spot trading and lacks features like margin or derivatives (futures) trading. 

Withdrawal and trading fees are higher than industry averages for some pairs. Still, with a growing user base, strong compliance, and a secure mobile-first platform, Upbit remains a trusted choice for crypto users in Southeast Asia.

6. OKX

Founded in 2017, OKX is one of the world’s leading crypto exchanges, offering hundreds of tokens and advanced trading features. In Singapore, OKX received approval from the MAS as a Major Payment Institution (MPI) in September 2024, allowing it to legally offer digital payment token services and cross-border money transfers.

OKX Singapore supports PayNow and FAST transfers via DBS Bank for easy SGD deposits and withdrawals. The platform also offers a wide suite of tools including spot trading, intelligent trading bots, staking, and a Web3 wallet. OKX’s mobile and desktop interfaces are user-friendly and fast, with support for real-time price tracking, technical charts, and automated trading strategies.

Security is a major focus, with user assets held in cold wallets, multi-person authorisation for withdrawals, and MAS-compliant safeguarding of funds. Account verification is seamless with Singpass, and users benefit from 24/7 customer support.

While OKX excels in product offerings, transparency, and local integration, it lacks support for futures trading in Singapore and has delisted certain tokens following compliance reviews. Still, for Singaporean users looking for a secure and regulated crypto trading platform with strong local features, OKX is a top contender.

7. Bitrue

Founded in Singapore, Bitrue is a full-featured centralized crypto exchange offering over 700 cryptocurrencies, spot and futures trading, staking via Power Piggy, and a rewards centre for earning bonus assets. It appeals to both casual and advanced traders with its wide coin selection, leveraged ETFs, and copy trading features.

Bitrue is known for its multi-layered security, including cold wallet storage, multi-signature protocols, IP whitelisting, and an insurance fund to compensate users in case of platform-led breaches. However, it has experienced major hacks in 2019 and 2023, raising some concerns despite improved security practices since.

Users can earn passive income through Power Piggy, which offers daily interest payouts with no lockups, or choose regular staking for higher, fixed returns. Bitrue also has its own native token, BTR, which grants fee discounts and bonus staking rewards.

Bitrue’s trading fees are competitive, with fixed rates instead of a tiered maker-taker model. It charges 0.098% on major pairs and offers up to 20% off fees with BTR usage. VIP tiers are available for high-volume traders seeking additional perks.

However, Bitrue is not available in the USA, Hong Kong, Japan, or Korea, and services remain restricted in countries under OFAC sanctions. Users in these regions should explore alternatives like Binance or Kraken.

Overall, Bitrue is a versatile and accessible platform offering a wide range of coins, advanced tools, and flexible staking options, but potential users should weigh its past security issues and regional availability before diving in.

What are maker fees and taker fees?

If you’ve ever made a crypto trade, you might’ve noticed there are two types of fees involved: maker fees and taker fees. These fees are charged based on whether you’re adding liquidity to the market (maker) or taking it away (taker). Knowing the difference helps you trade more efficiently and manage your costs — especially if you're trading frequently.

Here’s a quick breakdown of how they work and how different exchanges charge them:

An example,

• Maker example: Bob places a limit sell order for Ethereum at $3,610 when the market is at $3,600. It doesn’t fill right away, so Bob is a maker and pays a lower fee.
• Taker example: Bob places a market buy order for Ethereum at $3,600. It fills instantly — Bob is a taker and pays a higher fee.

Why MAS regulation matters

The Monetary Authority of Singapore (MAS) has positioned the country as a global leader in cryptocurrency adoption by implementing a strict but progressive regulatory framework. Exchanges that obtain a Digital Payment Token (DPT) license under the Payment Services Act (PS Act) must comply with regulations that prioritize:

• Security – Licensed exchanges follow stringent security protocols to protect user funds.
• Compliance – They adhere to anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.
• Investor Protection – MAS regulates stablecoins, enforces risk disclosures, and ensures fair trading practices.

For investors, using an MAS-approved exchange reduces the risk of fraud, platform insolvency, and unregulated operations.

Can I buy crypto from exchanges not approved by MAS?

Yes, you can technically buy cryptocurrency from exchanges not approved by the MAS, but there are important legal and practical considerations to keep in mind:

Legal considerations

1. For Individuals:
The Singapore High Court has clarified that individuals trading cryptocurrencies on unlicensed platforms are not necessarily violating the Payment Services Act (PSA) as long as they are not operating a business providing digital payment token (DPT) services. However, trading on unlicensed platforms can expose users to risks such as fraud or lack of recourse in case of disputes.

2. For Exchanges:
Exchanges operating in Singapore without a license are in violation of the PSA. These platforms are prohibited from targeting Singapore residents through advertisements or promotions.

Risks of using non-MAS licensed exchanges

1. Lack of Oversight: Non-licensed exchanges may not adhere to anti-money laundering (AML) and counter-terrorism financing (CFT) regulations, increasing the risk of fraud or illicit activities.
2. No Consumer Protection: Users trading on unlicensed platforms have little to no legal recourse if the exchange fails or engages in misconduct.
3. Regulatory Warnings: MAS has issued warnings about unlicensed platforms and phishing scams targeting Singapore users.

If you choose to use an unlicensed exchange, ensure it has a strong reputation globally and implements robust security measures like Know Your Customer (KYC) protocols.

Popular Crypto Exchanges Not Approved by MAS

While you can technically access and use these cryptocurrency exchanges that are not regulated by the MAS, doing so carries certain risks and legal considerations:

1. Binance: No longer available in Singapore due to regulatory issues. Using it would require circumventing geo-restrictions, which is not recommended.
2. Bybit: Popular for derivatives trading but lacks MAS approval. Some users access it via VPNs, but this practice is risky and potentially against the platform's terms of service.
3. KuCoin: Offers a wide range of altcoins but operates without MAS regulation. The exchange faces legal challenges in other jurisdictions, including charges from the U.S. Department of Justice for Bank Secrecy Act violations.
4. Kraken: While well-known globally, it's not regulated in Singapore. The exchange has faced regulatory issues in other countries and recently had to delist certain stablecoins for European users due to regulatory pressures.

Other ways to buy crypto in Singapore

While centralized exchanges like Crypto.com and Coinbase remain the go-to for many retail crypto investors in Singapore, there are several alternative channels—especially for accredited investors—to gain exposure to cryptocurrencies. 

These include international crypto ETPs, locally listed ETFs (restricted to accredited investors), peer-to-peer platforms, and MAS-regulated brokerages offering crypto access via structured products.

Summary: Retail vs accredited investor access to crypto products

International brokers (for retail investors)

Retail investors in Singapore can gain exposure to cryptocurrency through crypto-related ETPs listed on overseas exchanges, such as the SIX Swiss Exchange, Deutsche Börse, or Euronext. 

These products typically track Bitcoin (BTC), Ethereum (ETH), or a basket of digital assets and are accessible via regulated international brokers.

Licensed platforms (for accredited investors)

Accredited investors in Singapore have access to locally listed crypto ETFs and structured crypto investment products. 

These are offered via MAS-regulated platforms and come with institutional-grade custody and compliance standards.

Peer-to-peer (P2P) trading

P2P crypto trading allows individuals in Singapore to buy or sell cryptocurrencies directly with each other, bypassing centralized intermediaries. 

These platforms often use escrow protections to ensure a secure transaction process, making them a viable alternative for users looking to retain privacy or avoid centralized fees—though users must proceed with caution.

How P2P trading works:

• Users list buy/sell offers with chosen prices and payment methods.
• The platform locks crypto in escrow while fiat transfer is confirmed.
• Once confirmed, crypto is released; disputes can be raised if issues arise.

How can I store my crypto safely?

Storing crypto safely is crucial—unlike traditional bank accounts, crypto holdings are only as secure as the wallet and security practices you use. 

There are two main types of wallets: hot wallets and cold wallets. Each serves different purposes and comes with its own trade-offs between convenience and security.

Hot wallets

Hot wallets are internet-connected wallets that allow quick access to your cryptocurrency. They are suitable for frequent trading or spending but are more vulnerable to online threats such as hacks, phishing, or malware.

Examples of hot wallets:

Hot wallets are user-friendly but should not be used to store large amounts of cryptocurrency for long periods.

Cold wallets

Cold wallets are offline wallets, meaning they’re not connected to the internet, making them much more secure from hacking attempts. They’re best for long-term storage of large crypto holdings.

Examples of cold wallets:

While cold wallets provide robust security, they’re less convenient for daily transactions and must be kept physically secure.

Securing your private keys and enabling 2FA

No matter which wallet you choose, securing your private keys is non-negotiable. Your private key is like the password to your crypto – if anyone gains access to it, they can take full control of your funds.

Here’s how to enhance your crypto security:

• Never share your private keys or seed phrase, even with support staff or friends.
• Use two-factor authentication (2FA) on all crypto apps and exchanges to prevent unauthorized access.
• Store backup copies of your keys/seed phrase offline, in secure physical locations (e.g., a safe).
• Avoid cloud storage for sensitive credentials unless encrypted.

Remember: Not your keys, not your crypto. Use self-custodial wallets when possible and always follow best practices to protect your digital assets.

Crypto investment to be treated with cautious

As Singapore accelerates its push into digital assets, cryptocurrencies are no longer just fringe investments—they’re now part of mainstream portfolio strategies. Backed by the Monetary Authority of Singapore (MAS), the city-state has taken a progressive yet cautious stance, encouraging innovation in tokenisation, stablecoins, and CBDCs while enforcing strong consumer protection standards.

This balanced regulatory approach has attracted not only global crypto players but also increased adoption among retail investors, family offices, and high-net-worth individuals. 

Platforms like DBS Digital Exchange and SGX-listed crypto ETFs (for accredited investors) reflect Singapore’s maturing digital asset landscape. Meanwhile, retail investors are participating through MAS-regulated exchanges or via access to overseas-listed crypto ETPs through global brokers.

As crypto becomes a recognised tool for diversification, especially among younger investors, it’s critical to understand that it remains a high-risk asset class. Volatility, evolving regulations, and security threats continue to pose challenges.

Do your due diligence, understand the platforms and products you’re using, and never compromise on security—because in crypto, the safety of your assets ultimately starts with you.