Top 3 Crypto Exchanges Singapore 2023

Singapore is a prominent financial center that has experienced an increase in cryptocurrency use. Investors are seeking for the finest crypto exchange in Singapore, with up to 93% of its population having moderate knowledge of the crypto business.

This article will guide you some newest and safest pros and cons, provided base on top reviewers of top 3 crypto exchanges in Singapore:

I. Ctypto.com – A well-known cryptocurrency exchange is now offering a DeFi wallet.

Crypto.com is a Singapore-based worldwide cryptocurrency exchange. The exchange was established in 2016. The trademark is owned by Foris DAX Asia Pte. Ltd., a Singapore-based subsidiary of Foris DAX MT (Malta) Ltd.

Trading, investing, and staking may be done at a fair cost, and accounts with a considerable holding in CRO (Crypto.com’s native crypto asset) can benefit from discounts. Crypto.com is trusted by over 80 million people.

Maker and taker fees on Crypto.com are 0.4% for level one users and 0.35% for level two users. Maker and taker costs for CRO holders will be reduced by 10%, bringing the price down to 0.36% for level one traders and 0.315% for level two traders. Depending on the asset, the withdrawal cost is computed differently.

The minimum deposit at Crypto.com is determined by the fiat money deposited and the payment method utilized. The Crypto.com exchange allows for the trade of over 250 cryptocurrencies, as well as the storage of 600 coins in its DeFi wallet.

To acquire assets, the site accepts credit/debit cards, bank accounts, Crypto.com Pay, or an ERC-20-compatible wallet. For security concerns, the exchange stores a large portion of its cryptocurrency holdings in cold storage. Users’ fiat cash is maintained in custodial bank accounts. On the platform, multi-factor authentication (MFA) is also employed to ensure that hackers do not obtain access to user cash.

Pros:

• It is appropriate for both new and experienced traders: The website Crypto.com is organized into two platforms. As a result, it has been able to provide numerous capabilities while being user-friendly for newcomers. As a result, it is one of the most comprehensive trading platforms accessible.
• Fees are quite reasonable: Crypto.com charges one of the industry’s lowest basic trading fees at 0.075%. As a result, the platform is ideal for investors or traders trying to optimize their profits.
• Platform with a lot of features: Crypto.com is at the forefront of the cryptocurrency industry. The platform is jam-packed with useful features, so there’s something for everyone. Therefore, consumers are unlikely to be forced to migrate to another exchange because Crypto.com failed to implement a new function, increasing the platform’s lifetime.

Cons:

• Previously compromised: While Crypto.com is regarded for providing great security, a hack in early 2022 severely undermined user confidence. While the site has its advantages, investors should only store required cash on Crypto.com and move everything else to cold storage.
• The platform’s division into parts is perplexing: Although it has its advantages, splitting Crypto.com into two platforms with separate features and costs complicates things, such as moving assets between the Crypto.com App and the Exchange.

II. Independent Reserve – The Most Trusted and Licensed Crypto Exchange

Independent Reserve, which was founded in 2013 and has over 200,000 clients, is one of the most reputable exchangers in Australia and South-East Asia. The Monetary Authority of Singapore (MAS) has officially licensed Independent Reserve as Singapore’s first cryptocurrency exchange under the payment services legislation.

Retail users, trusts, and institutions can use Singaporean dollars (SGD), USD, AUD, or NZD to purchase 30 cryptocurrencies, including Bitcoin, Ethereum, and XRP. Regrettably, no trading pairings are supported, and Independent Reserve exclusively provides direct cryptocurrency purchases.

The site will not charge customers fees for deposits using some payment methods, but will charge SGD 15 for Singaporean Dollar Telegraphic Transfer (SGD TT) deposits. Independent Reserve likewise charges SGD 2.5 for deposits under SGD 1,000, however SGD FAST deposits are free of charge.

While utilizing this cryptocurrency exchange, there are no minimum deposits. Investors are not charged any fees when using electronic funds transfer as a withdrawal method; however, other withdrawal methods incur fees based on the amount withdrawn or the cryptocurrency.

To obtain access to the 35 cryptocurrencies accepted by the exchange, investors can utilize electronic funds transfer deposits, PayID/Osko deposits, and SWIFT deposits as legitimate payment methods.

Pros:

• Great SMSF assistance: Independent Reserve has great infrastructure in place to assist individuals interested in adding cryptocurrency to their retirement savings. When combined with their minimal fees and support for high net-worth people (HNWI), it is an excellent choice for Australians evaluating their financial future.

• Fees are reasonable: Independent Reserve has some of the lowest costs of any Australian exchange. Their transaction costs are as low as 0.02%, which is comparable to some of the market’s largest international crypto trading platforms.
• Tax assistance: With their target audience of high-net-worth individuals and institutional investors, Independent Reserve’s in-built tax help is a reasonable component. This is both cheaper and easier than requiring individuals to incorporate third-party tax solutions into their cryptocurrency exchange.

Cons:

• A small number of coins are supported: Every rival crypto exchange in Australia has a greater selection of cryptocurrencies than Independent Reserve. This isn’t necessarily a big concern because many of the platform’s consumers just want a straightforward way to invest in and trade major currencies (Bitcoin, Ethereum etc.). Those more immersed in crypto culture, on the other hand, will want to explore elsewhere for more esoteric currencies.
• There isn’t a lot of variety in terms of features: Independent Reserve lacks several advanced DeFi and crypto capabilities that are becoming increasingly common on exchanges. There is a lack of staking or earning services, crypto bundles, and NFT support, among other things.
• Insufficient liquidity: Individuals who want to utilize Independent Reserve primarily for trading may wish to explore a different, international platform with greater liquidity and volume. This results in wide spreads; for example, at the time of writing, the buy/sell spread for Bitcoin is more than $100 AUD. Binance’s, on the other hand, was just roughly $35 AUD.

III. Binance – Cheapest Asset Purchasing Platform

Binance is without a doubt one of the top cryptocurrency exchanges in the world. Not only does it have one of the largest collections of currencies and trading pairs, but it also has a feature-rich ecosystem that offers a number of goods to both novices and experienced traders, such as Binance Futures and Binance Earn.

Moreover, Binance is one of the cheapest cryptocurrency exchanges, with no trading costs on Bitcoin spot pairings. Binance imposes a unique 0.10% trading cost, but Binance Coin (BNB) holders pay a reduced rate of 0.075% for level one deals. The cryptocurrency exchange is simple to use. New users may simply learn how to use the platform within the first 10 minutes of joining up. The platform’s minimum deposit is SGD 13.

Pros:

• Low fees of 0.1%, volume and staking discounts and low slippage
• Advanced charting and trading platform on desktop and mobile devices.
• All-in-one platform with a broad range of products and services
• Supported in many countries worldwide

Cons:

• Difficult to navigate for first-time investors and traders
• Complicated to use for individuals that just want to buy and hold crypto
• Company is facing pressure by regulators in several countries
• Customer support is poor with lengthy response times

Conclusion

Cryptocurrency exchanges are required for profitable trading and investment. As a consequence, learning how to select the best crypto exchanges in Singapore is essential. 

See our article here:

https://corpagent.asia/best-countries-for-crypto-businesses/