Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    Best Crypto Platforms Singapore 2022

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    This article will provide an exhaustive review of the best crypto platforms in Singapore and show you how to pick the right option.

    Best Crypto Platforms Singapore: Our Opinion

    Our choice goes to Crypto.com as the best crypto platform as not only does it have the most cryptocurrencies, it is an all-inclusive option. You can manage and trade NFTs, interact with the DeFi space, get a crypto-based card, execute advanced trades, and much more.

    That said, to come up with our list of the best crypto exchanges or platforms in Singapore we analyzed over 500 user reviews of each platform, studied 50 cryptocurrency expert opinions, and had first-hand experience with each platform. 

    We looked at the security, unique features, pros and cons, and cryptocurrency availability of each platform to come up with the list.

    Now let’s dive into the best crypto platforms!

    Crypto.com - Best All-round Platform for Advanced Traders

    Best Crypto Platforms Singapore

    With over 50 million users buying and selling more than 250 cryptocurrencies, crypto.com is the most popular cryptocurrency platform on this list and one of the best crypto exchanges available. It is regulated by the Monetary Authority of Singapore under the Payment Services Act.

    The platform doesn’t just offer an exchange that facilitates crypto transactions, it also offers users a crypto Visa card, staking rewards on digital assets, deep order book liquidity in all market conditions, and more. 

    Crypto.com also has a Defi platform that offers everything Defi. You’ll get access to a Defi wallet, swap functions, and staking features for tokens. 

    The platform was founded in 2016 and has since expanded its offerings to include everything crypto. We added crypto.com to our list because it is an all-inclusive platform for everything blockchain. You’ll find resources about the crypto space, and have access to a decentralized platform, and NFT platform. Crypto.com also offers a payment solution – crypto pay. 

    Key Features of Crypto.com

    • Crypto Visa prepaid card
    • NFT platform
    • Defi platform
    • Crypto.com Pay
    • Exchange
    • Crypto credit 
    • Staking rewards of up to 14% APY
    • Crypto.org chain blockchain
    • CRO native token
    • Advanced trading functions like margin trading, derivatives trading

    We summarised all the Crypto.com features, but we also made an in-depth Crypto Com Singapore Review page that you can check out.

    Security of Crypto.com

    Crypto.com offers various security measures. The platform holds 100% of users’ cryptocurrencies offline in cold storage. It has a partnership with Ledger and integrates the hardware wallet provider’s institutional grade custody solution, Ledger Vault. Crypto.com also utilizes hardware security modules and multi-signature technologies. This crypto exchange has also secured up to USD 750 million in cold storage insurance against third-party theft, destruction, or physical damage. 

    Since 100% of users’ funds are held in cold storage, it implies as stated by crypto.com that all funds kept in its hot wallets belong to the platform. Crypto.com also uses key generation and multi-signature technologies to keep these funds secure. 

    Beyond fund security, crypto.com offers app security like multi-factor authentication, mandatory whitelisting of crypto addresses, etc.

    Pros

    Cons

    Hodlnaut - Best Crypto Exchange for Earning Interest on Crypto Assets

    hodlnaut Best Crypto Platforms Singapore

    Unlike crypto.com which offers various features, Hodlnaut focuses on enabling its users to earn interest on their digital assets. The Singapore-based platform supports just 7 cryptocurrencies and allows users to earn up to 7.25% APY with no lock-in periods. Hodlnaut also has a low account minimum of $1, allowing complete beginners to try it out. 

    The company currently has 10,000+ active users and has over $350 million in held assets.

    Key Features of Hodlnaut

    • Weekly payouts
    • Optional Nexus Mutuals custody cover for your cryptocurrencies
    • $1 account minimum
    • No lock-ins on deposits and withdrawals
    • Up to 7.25% APY on held assets
    • Token Swap
    • Fixed term deposits for 28 to 180 days
    • Interest account with no lock-in periods

    We summarised all the Independent Reserve key features, but we also made an in-depth Hodlnaut Singapore Review page that you can check out.

    Security of Hodlnaut

    Hodlnaut receives your cryptocurrencies after deposits using Fireblocks multi-party computation wallet infrastructure where every user is assigned a special address generated by Fireblocks. On the backend, the platform will either lend your funds out to borrowers or store them in their cold wallets. The platform itself runs on AWS and encrypts all traffic with SSL encryption. Hodlnaut also makes it mandatory for all users to activate two-factor authentication for logins and withdrawals. Plus, it includes an address whitelisting feature as well.

    Pros

    Cons

    Nexo - Best Crypto Exchange for Crypto Lending

    Nexo Best Crypto Platforms Singapore

    This crypto platform hosts over 4 million users, supports more than 40 cryptocurrencies, and has processed over $80 billion in 4+ years. Nexo enables users to buy cryptocurrencies, earn interest on digital assets, borrow against them, and swap between 300+ market pairs. 

    The platform offers a native token (NEXO Token) that powers it and enables users to earn higher rates, get interest-free credit lines, and bigger rewards when they hold it. 

    Nexo has a credit card as well. But unlike other crypto exchanges like crypto.com, for example, that offer this feature, the Nexo card permits users to keep their crypto rather than sell it when using it via the card. So users use the crypto in their Nexo card balance as collateral for fiat currencies which they spend at various supported merchants. The card is connected to Nexo’s instant crypto credit lines and does not trigger a taxable event. 

    That said, Nexo is primarily a crypto lending platform that uses your deposited or purchased assets as collateral. It made our list of the best crypto exchanges or platforms because of its easy-to-use lending features. You can use not just crypto as collateral for loans but even your NFTs. This makes Nexo one of the most versatile crypto lending platforms. 

    Key Features of Nexo

    • Nexo card 
    • NFT lending
    • Cryptocurrency exchange
    • 40+ cryptocurrencies
    • Crypto lending
    • Borrow funds against your crypto
    • No fixed payment schedule for borrowed funds
    • Replay loans with fiat, crypto, or both
    • Prime brokerage for institutional clients
    • Spot trading
    • Cross margin trading
    • Earn interest on crypto with daily payouts

    We summarised all the Independent Reserve key features, but we also made an in-depth Nexo Review Singapore page that you can check out.

    Security of Nexo

    Nexo has partnerships with Ledger Vault, BitGo, and Bakkt as custodians of its users’ assets. This implies that customer funds are stored in both cold and hot storage with various partners in different regions. The crypto platform has insurance of $775 million through its partnership with these security solutions. Nexo also makes it mandatory to activate two-factor authentication and SMS and email verifications for withdrawals and sign-ins. The platform allows for enhancing account security by activating biometric identification for facial recognition or fingerprint.

    Other security features Nexo offers include:

    • Live Automated Platform
    • Fully Audited Smart Contracts
    • Full Blockchain-Based Smart Contract Security
    • Military-Grade 256-bit Encryption
    • Extensive Firewall Server Architecture
    • Regular Third-Party Penetration Testing and Platform Assessment

    Pros

    Cons

    Bitrue - Best for XRP Investors

    Best Crypto Platforms Singapore bitrue

    Founded in 2018, Bitrue allows users to trade, buy, sell and earn rewards (PowerPiggy or Farming) on supported cryptocurrencies. The platform offers futures trading and margin trading with up to 20x leverage.

    Bitrue, initially launched to offer Bitcoin, was one of the first platforms to list the XRP token. Since then it has become one of the most popular exchanges for XRP traders. This is primarily because Bitrue continued to offer XRP during the SEC investigation of the coin and it became the haven for XRP investors.

    Beyond its XRP offerings, Bitrue offers multiple charting options, stop-loss and limit orders, futures, and margin trading with leverage and advanced trading tools.

    Bitrue also provides access to more than 300 cryptocurrencies including Ethereum, XRP, Bitcoin, Avalanche, Polygon, and Cardano. In addition, Bitrue has 2 native tokens. The first one is Bitrue Coin and it is used within the platform for facilitating trading fee deductions, wealth management programs, and cash deposits of project parties. The second native coin is the Bitrue Finance Token. This token is used to facilitate the platform’s financial services suite of products (this includes loans, credit cards, etc). It is currently used as a payment and reward token but more features will be added in time.

    The crypto platform (Bitrue) made our list because it supports advanced trading markets like futures and margin trading and for being a haven for XRP ecosystem investors.

    Key Features of Bitrue

    • Futures lending with crypto collateral
    • Staking interest of up to 100% APY via BTR lockups, power piggy, yield farms, and loans
    • Market, limit, and trigger order types
    • More than 250 cryptocurrencies
    • Bitrue Token and Bitrue Finance Token
    • Device and IP whitelisting
    • Leveraged ETFs
    • Borrow cryptocurrencies
    • Buy and sell cryptocurrency
    • Cryptocurrency exchange

    Bitrue Security

    Bitrue provides various security measures such as cold storage for crypto assets, encrypted servers, IP Addresses, and device whitelisting. That said, the exchange was recently hacked in 2019 and lost about $45 million in user funds mostly in XRP. However, Bitrue offers crypto insurance and quickly refunded all user losses. In general, Bitrue offers the basic security features you’ll find on other popular exchanges.

    Other security features offered include:

    • Email notification upon account log in
    • Two-Factor Authentication via Google Authenticator or SMS

    Pros

    Cons

    Best Crypto Platforms Singapore Comparison Table

    Platform Best for Available Cryptocurrencies Staking Rewards
    Crypto.com Advanced traders 250+ Up to 14%
    Hodlnaut Earning interest 7 Up to 7.25%
    Nexo Crypto lending 40+ Up to 16%
    Bitrue XRP investors 250+ Up to 100%

    What is a Crypto Platform?

    Crypto platforms are exchange platforms that allow users to exchange a digital currency for another digital currency or with fiat currency. 

    Some crypto platforms enable individuals to carry out exchanges through peer to peer basis. This is done by pairing a buyer’s purchase and selling prices with the orders of other users that match the price. The transaction is conducted between the two individuals. 

    As already stated, you can buy cryptocurrencies on crypto platforms using both crypto and fiat currencies. The current market prices of cryptocurrencies are often reflected on the platform. Some crypto exchanges allow you to leave fiat currency within your account or

    How to Choose the Right Exchange?

    Keep in mind that your experiences may vary when choosing the best Bitcoin exchanges. Watch out for altcoins, trading pairings, and other services like margin trading or over-the-counter (OTC) transactions.

    Once you find an exchange that meets your basic requirements, check these other aspects as well, such as security, transparency, technology, legal aspects, fees, and user experience.

    How to Choose the Right Platform

    There are many crypto platforms out there and deciding on which platform is best for you may be tedious especially if you do not know what to look out for. 

    Below are some important factors to consider when choosing a crypto platform.

    Supported Assets 

    One of the first things to consider when choosing a crypto platform is the assets supported by the platform. Some crypto exchanges support a few cryptocurrencies while others support hundreds of cryptocurrencies.

    It is always best to get a platform that supports a variety of both crypto and fiat currencies especially if you wish to trade and exchange different currencies. 

    Payment Methods

    The payment method supported by the crypto platform you choose is important. This is because for you to buy crypto on most crypto exchanges, you will need to credit your account with fiat currency. 

    Some crypto exchanges allow you to buy cryptocurrencies using debit cards, credit cards, PayPal, wire transfers, and other digital payment methods. While others only allow you to use cryptocurrencies for purchase. 

    Some Platforms that allow peer-to-peer transactions support bank transfers. In this case, the fiat currency is transferred directly to the regular bank account of the other user you are buying from. Most crypto exchanges that permit this method of purchase often have precautionary measures to ensure that each party fulfils their part of the agreement, to minimize scams. 

    Having a platform that has flexible methods of purchase is important. This will make your transactions easier and faster. You should go for a platform that accepts fiat currency. 

    Security 

    The importance of security when choosing a crypto exchange to use cannot be overemphasized. This is because crypto platforms are a major target of hackers and cyber thefts. Security breaches are more common with crypto exchanges. 

    Regardless of the popularity of a platform, do your research to make sure they have good security measures before creating an account. A major thing to look out for is whether or not the platform has been hacked in the past. This will let you know the strength of the platform’s security. 

    Another way to know if a platform has good security measures is by checking how hard or easy it is to create an account on the platform. If the account creation process is easy, there is every likelihood that the security is weak and the exchange may not be trustworthy. 

    If the account creation process is hard with strict account creation requirements, the security may be stronger. 

    The platform should also have strict security measures in place like 2FA, address whitelisting, email verification, phone verification, fingerprint verification, and facial recognition. All of these will make it hard for hackers to have access to your funds. 

    While it is important to pick a platform with good security, the ultimate precaution is to ensure that you don’t leave large amounts of crypto assets on one platform. You can spread them across different platforms or you can store them in cold wallets offline. 

    Fees

    A major factor that distinguishes cryptocurrency exchanges is the fees. There are various types of fees crypto platforms charge users that buy and sell crypto: trading fees, deposit fees, and withdrawal fees. 

    Trading Fees are often charged as a flat percentage of the amount of crypto you buy or sell. Some exchanges however choose to charge a different percentage for orders that are markers or takers respectively. 

    In most cases, taker trading fees are usually higher than maker trading fees because makers do not fulfill standing orders and add liquidity to the platform. Takers, on the other hand, complete orders that are waiting for a trade and remove liquidity. 

    Withdrawal Fees are fees charged for the withdrawal of coins from a crypto platform. This is usually charged if you are moving your crypto from one crypto exchange to another or a third-party wallet. 

    Withdrawal fees are not the same for all cryptocurrencies. The withdrawal fee for some coins is higher than for others. 

    There are many crypto exchanges out there that claim to charge zero fees. In most cases, this is not entirely true. What such crypto exchanges do is that instead of charging outright trading fees, they spread the fee. Outright charges are often better because spreads are often more expensive. 

    If you wish to use the platform beyond buying and selling, especially for more advanced trading strategies like margin trading, you may attract additional fees. 

    The fee structure may differ across various crypto exchanges, so you would want to study each platform before making your choice. Choose a platform that has a transparent fee structure, not one that has hidden transaction fees. Also, choose a platform with low trading fees.

    Choosing a platform with hidden transaction fees may be problematic in the future especially if you constantly trade. This is because you would want to choose a platform with low trading fees if you will be trading daily, this will reduce how much the fees eat into your investment returns. 

    Liquidity 

    Liquidity is the ability to buy or sell large quantities of assets without the price movement being adversely affected. 

    Liquidity plays an important role in crypto transactions and whatever platform you choose should have enough trading volume flowing through it. This is because you need liquidity to make trades whenever you want without it moving the market too much. 

    It is not just enough for a crypto exchange to have lots of coins, it should also have sufficient trading volume. This means that the crypto exchange must either have a lot of users or the users must hold and trade a large number of assets frequently. 

    If a platform has just a small amount of orders available, you may have difficulty liquidating your assets because you will have difficulty getting who to buy or sell the coins to. If the platform does not have enough volume, you may end up selling at a lower price and buying at a higher price. 

    The easiest way to know if a platform has high trade volume and good liquidity is to check the trading volume of the cryptocurrency exchange on crypto information websites like CoinMarketCap. This website lists the daily trading volume of different cryptocurrency exchanges.

    Aside from the ease of buying and selling, liquidity is important because of volatility. The crypto market is highly volatile, if the liquidity is low it can worsen volatility to the point that prices rise and crash beyond control. 

    Insurance 

    Having good security features is not enough. The best crypto exchanges always have good insurance policies. You do not want to leave your assets in the hands of a company that has no way of compensating you when there is a loss of crypto assets on the platform due to employee theft or a hacking attack 

    Most good cryptocurrency exchanges offer Federal Deposit Insurance Corporation protection for users’ cash. This covers the fiat currency that is held on the platform. The currency is kept in an FDIC-insured bank. 

    You can check the insurance policy of the platform you wish to use by going through the company’s details. This can often be found in the FAQ section and in the user agreement you are given to sign while creating an account. 

    Ease of Use 

    If you are new to crypto investment and trading, you may want to choose a platform that doesn’t have a complicated interface. 

    Using a cryptocurrency exchange with an advanced interface with lots of charts and other complex features can not only be intimidating but also affect your trading experience. A newbie-friendly platform is often recommended if you are just learning the ropes of crypto trading.

    Some platforms offer both basic and advanced views. This can also be a good option. 

    The cryptocurrency exchange should also have an intuitive interface and a good user experience. User experience is subjective so be sure to do your research and find a platform that is best suited for you. 

    Customer Service

    There is every likelihood that you may run into problems when using a crypto exchange. In some cases, these problems may require urgent attention especially if money is at stake. If this happens, you need to be able to easily reach out to the platform’s customer support team and get the problem rectified.

    A good platform should have excellent customer service. There should be a variety of channels through which you can reach the support team and the working hours should be flexible. Response to customer queries should also be swift.

    You can tell how good the customer service of a platform is by looking at the reviews of real users on Independent websites. If there is a lot of complaint about the response time or the quality of service in general, you may want to choose a better platform.

    Accessibility

    Accessibility is an important factor that is always overlooked. Not all cryptocurrency exchanges are supported in every country. This is because many state and federal governments have not yet decided on exactly how to treat cryptocurrencies. 

    When choosing a crypto exchange, choose one that is available in your country. This will make it easy for you to use the platform. 

    Conclusion

    The best crypto platform in Singapore is ultimately determined by your particular needs. If you need an advanced trading platform with everything crypto, then crypto.com is the best crypto exchange for you. On the other hand, if you want a credit card free of taxable events Nexo is the option to go for. So it all depends on what you need from a platform, this will determine if it is the best fit for you.

    FAQ

    Most frequent questions and answers

    The best crypto platform in Singapore is crypto.com as it offers an all-inclusive option. On the platform, you can take NFT and crypto-backed loans, get a crypto-backed prepaid card, have access to a Defi platform, and much more. 

    The best way to buy cryptocurrency in Singapore is from a secure exchange like crypto.com or Nexo using your local currency. 

    You can buy XRP by signing up to cryptocurrency exchanges available in Singapore like Crypto.com, Nexo, Coinbase, Bitrue, and Hodlnaut, then making a fiat currency deposit or purchasing the coin through your credit or debit card. Some platforms also allow you to purchase crypto using another crypto.

    Yes, you can withdraw your fiat currency on crypto.com using FAST (Fast and Secure Transactions). 

    You can use FAST, Xfers, and a credit/debit card to deposit SGD to crypto. 

    Yes, crypto.com is a cryptocurrency exchange headquartered in Singapore.

    Yes, crypto trading platforms are legal and must be licensed by the Monetary Authority of Singapore to operate in the nation. 

    The primary way to spot a crypto exchange scam is by licensing and regulation. If an exchange isn’t regulated by any national or international bodies like the Monetary Authority of Singapore, this should raise some red flags.

    But beyond this, if an exchange promises a too-good-to-be-true return on investments, it is most likely so. Also, offers that guarantee returns should also raise red flags as the crypto market is volatile. 

    Yes, if the trading platform had deep or high liquidity you can use it for large trades. 

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