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    How to buy Ada in Singapore: 4 Different Ways

    Cardano (ADA)

    Buying Cardano (ADA) or any other crypto in Singapore can be a complex or easy task depending on how to go about it. Some options may cost you more than others in fees others may not support SGD causing you to spend way more in conversion.

    In this article, we’ll cover how to buy ADA in Singapore in 4 different ways. As crypto enthusiasts, we ensured that we tried out different exchanges and methods to come up with the best ways to buy ADA. We tried out each exchange for over a month to give you a more exhaustive guide.

    Aside from our first-hand experience we also studied user reviews of each exchange and analyzed expert reviews of all methods recommended.

    What is ADA?

    Ada explained in Cardano Website

    ADA is the native cryptocurrency of Cardano. It is the token that powers the Cardano blockchain. The coin has more than $19 billion in market cap. Like other cryptocurrencies, ADA experienced a huge dip in June 2022 dropping from $3.09 to just over 50 cents per coin as of June 2022.

    Below we will list the best 4 platforms where you can buy and trade ADA.

    Independent Reserve

    Independent reserve Home Page

    Independent Reserve is the first licensed exchange in Singapore to function as a regulated provider of Digital Payment Token Services in Singapore. Its license was given by the Monetary Authority of Singapore under the Payment Services Act.

    The exchange currently supports SGD trading pairs with over 9 cryptocurrencies, ADA inclusive. But there’s no cross-trading pair support available. The platform is also desktop and mobile-based so you will be able to buy Cardano (ADA) on the go.

    So Independent Reserve is the first official platform for purchasing ADA and crypto for Singaporeans.

    That said, here’s how to purchase ADA from independent Reserve:

    • Deposit SGD
    • Buy or Trade ADA
    • Confirm purchase

    Here’s the process in detail after sign-up and verification:

    Step 1: Deposit SGD

    Before you begin trading you need to fund your account with SGD. If you already have a verified bank account with Xfers, your SGD bank accounts should already be visible in the upper right corner under “Accounts”. If it isn’t you’ll have to add a bank account manually. Once you’ve added a bank account you can carry out an SGD FAST transfer from the bank.

    cryptocurrency exchanges- Independent Reserve - buying ada

    Step 2: Use Buy/Sell or Trade to Buy ADA

    You can buy ADA on the Independent Reserve exchange either using the buy/sell option or the trade option.

    Buy/Sell

    Under the buy/sell tab you can initiate basic buy and sell actions using buy in SGD. You just need to fill in the amount of SGD you’re willing to deposit.

    Trade ADA

    Independent Reserve allows you to use limit/stop orders and market trades to purchase crypto. This is a feature for advanced crypto traders as limit/stop orders give more control over price points. So using this method you can buy ADA either at the current market rate or a particular Cardano’s price point of your choosing.

    Fees

    • Deposit Fees: SGD FAST deposits under SGD 1000 incur an SGD 2.50 fee. SGD TT deposits incur an SGD 15 processing fee.
    • Trade Fees: 0.5% brokerage fees and taxes on all trades. But the trade fee can vary from 0.02% to 0.5% depending on your trade volume.

    Coinhako

    Coinhako Home Page

    Coinhako offers one of the easiest ways to buy ADA in Singapore as it allows you to purchase the coin using SGD.

    Here are the brief steps to buy ADA on Coinhako:

    • Go to Coinhako, sign up, and follow the instructions to create an account and verify it.
    • Next, deposit SGD into the SGD wallet on Coinhako
    • Locate the Trade button, click it, and search for ADA.
    • Click the Buy button.
    • Enter the amount of SGD that you want to use to make the purchase.
    • Verify your transfer

    Now let’s look at the details.

    Step 1: Fund the Fiat Wallet

    To buy cryptocurrency on Coinhako you’ll need to fund your wallet with any of the supported fiat currencies and since the exchange supports SGD you can simply deposit SGD into the SGD wallet. The exchange allows you to do this in 2 ways:

    XFERS

    Xfers enables you to deposit your funds into Coinhako by acting as a middleman between your bank account and the cryptocurrency exchange.

    FAST

    Coinhako also supports FAST which allows you to send funds right into your SGD wallet. That said, if you’re using this method to fund your account you’ll need to include your unique deposit code to help Coinhako match the deposit to your account. You can include this in the FAST transfer comment section. FAST is the most cost-effective method of depositing SGD into your Coinhako fiat wallet. There are no fees attached if you choose to deposit via FAST. But there’s a 0.55% fee for every deposit through Xfers.

    Step 2: Trade

    On the Coinhako exchange, head over to the ‘Trade’ section. This is the place where you can buy ADA and other cryptocurrencies on the platform. Coinhako does not allow you to determine the price to buy or sell crypto as it matches your trade order to the prevailing market rate.

    Step 3: Find ADA and Click Buy

    Search for ADA in the list of cryptocurrencies to buy and click the Buy button next to it.

    Step 4: Enter the Amount of SGD you want to Buy

    You will need to enter the amount of SGD that you intend to spend when buying ADA. Again, the amount of ADA you’ll get is determined by the prevailing market rate. You’ll be charged a 0.60% flat fee for every trade that you make.

    Lastly, Coinhako supports the purchase of ADA via your debit or credit card. But you’ll incur additional fees from the exchange’s payment service provider. This makes FAST the more preferable option as its transfers are free.

    Step 5: Transaction Verification

    After you’re through with the above you’ll need to verify your transaction. Upon trade completion, ADA will be credited to your Coinhako account.

    Fees

    A major consideration when buying any cryptocurrency and start trading is the fees associated with the transaction and the platform in general. Coinhako offers various fees:

    • Deposit Fees: No fees for FAST transfers but 0.55% got Xfers
    • Trading Fees: 0.60% for all trades
    • Withdraws Fee: 2$ SGD per withdrawal
    • Debit or SGD credit card: Third-party fee

    The verdict here is that Coinhako allows you to buy cryptocurrency quickly in Singapore using SGD but you’ll pay for the ease it offers via its fees. The exchange has very high fees when compared to its competitors.

    Crypto.com App

    Crypto.com Singapore Home Page

    While the Crypto.com app supports Xfers, it does not allow you to buy ADA using SGD directly.

    That said, here’s what to do to buy ADA on crypto.com in Singapore:

    • Locate your Crypto Wallet
    • Tap on Buy ADA
    • Choose your payment method
    • Confirm trade

    Now let’s look at the process in detail.

    Step 1: Locate your Crypto Wallet

    To buy ADA on the crypto.com app you’ll need to access your wallet. You can do this by tapping on the icon in the middle.

    Step 2: Tap Buy ADA

    You will land on the ADA price screen. Tap on Buy ADA to start your trade.

    Step 3: Choose your Payment Method

    Crypto.com does not allow you to choose the rate you want to buy ADA at. Rather, it will automatically give you the current market rate.

    The app offers 3 primary payment methods that allow you to buy Cardano:

    Debit or SGD Credit Card

    Crypto.com supports buying ADA using a credit or debit card. However, this may not be the most cost-effective approach for some users as the exchange charges about 2.99% in fees for purchases.

    Cryptocurrency Deposit

    If you already have other cryptocurrencies in your wallet, you can use them to trade for Cardano on crypto.com. For example, you can use BTC in your crypto wallet when buying ADA.

    Fiat

    Crypto.com offers a fiat currency wallet that you can use to buy ADA on the platform. However, you cannot use SGD on crypto.com. You’ll be able to buy ADA using either AUD or EUR. This means you’ll have to convert SGD to a supported currency to buy Cardano using fiat.

    Xfers

    Crypto.com supports Xfers but you will not be able to buy ADA via the solution. This is because crypto.com only allows you to buy a handful of cryptocurrencies via Xfers and ADA is not one of them. But there’s a workaround.

    First, buy CRO (the platform’s native token) or BTC on the app using Xfers. Next, buy ADA using CRO or BTC from your Crypto Wallet. Keep in mind though that you can incur a spread if you opt for this method.

    Step 5: Confirm

    After confirming your transaction details, the app will lock in the exchange rate at the time for 15 seconds. Then ADA will be credited to your Crypto.com account.

    Fees

    • Deposit Fees: None
    • Crypto-to-crypto: None
    • Trading Fees: Volume based

    In general, buying ADA on crypto.com in Singapore is a bit demanding as you’ll have to make 2 trades even if you’re using Xfers. And if you want to use a credit or debit card to purchase ADA you’ll be charged a high processing fee.

    Atom Asset Exchange (AAX)

    Atom Asset Exchange (AAX) Home Page

    Founded in 2018, the Atom Asset Exchange supports SGD but only allows you to trade it into USDT or Bitcoin. So just like with Crypto.com you’ll have to carry out 2 trades to purchase ADA on the exchange.

    Here are the brief steps to purchase ADA on AAX:

    • Fund your AAX account with SGD
    • Using the Exchange feature to change SGD into USDT or BTC
    • Locate the ADA/USDT trading pair
    • Trade

    Now let’s see the process in detail.

    Step 1: Deposit SGD

    AAX allows you to deposit SGD into your account. But you must deposit a minimum amount (this usually changes) and if you fund your account with less than a particular amount you’ll incur a deposit fee.

    Step 2: Exchange

    Next, you’ll need to use the exchange function on the platform to trade SGD to USDT. To do so, ensure your SGD deposit had reflected in your account then go to Buy Crypto – Exchange.

    On their exchange, you can buy USDT using your deposited SGD. Now, while AAX allows you to buy BTC with your SGD deposit there is no BTC/ADA trading pair available. So you can only purchase ADA using USDT.

    There are no fees for converting your SGD to USDT.

    Step 3: Locate the ADA/USDT Trading Pair

    After exchanging your SGD for USDT you have to go to the exchange’s trading platform. You can do this by clicking ‘Spot’ on the menu. Next, select ADA/USDT as your trading pair.

    Step 4: Trade

    After your select ADA/USDT as the trading pair, you’ll have to choose your order type which is either Stop Order, Limit, or Market.

    Next, you’ll need to include the details of the trade you intend to make. This includes:

    • The amount of ADA you intend to purchase
    • The USDT price you intend to buy 1 ADA at

    Once, you’re done with the process ADA will be deposited in your AAX account.

    Fees

    • Deposit Fees: Volume based
    • Trading Fees: Up to 0.1%
    • Sending Fees: Dynamic depending on the cryptocurrency being sent

    So what’s the verdict?

    AAX offers high fees and the only option for deposit discounts is with regards to how much you deposit into your account. So you’ll have to deposit a minimum amount every time to get low fees.

    AAX also offers competitive trading fees just like platforms like Binance plus it supports SGD. But you can’t use SGD to buy ADA directly. So this platform is only great for buying ADA if you intend to deposit high amounts and if you don’t mind performing more than 1 trade to get ADA.

    Final Thoughts

    Concluding the best place to buy ADA depends on your specific needs. Do you want to buy ADA with SGD without having to convert your funds? Independent Reserve and Coinhako are great options. But if you don’t mind buying ADA after 2 trades or converting from SGD to other supported fiat currencies first, AAX and Crypto.com are great options.

    Our extensive analysis of the Singaporean Crypto Space doesn’t stop here. You can also check out our Guide on how to invest cryptocurrency in Singapore for more option on where you can invest your money.

    FAQ

    Most frequent questions and answers

    You can get an ADA wallet by joining an exchange that offers hot wallets. This means that your crypto funds are accessible online and are either stored offline in cold storage or insured. Platforms like Coinhako and Independent Reserve are great options. But this means that you won’t have access to your private keys, which essentially means that your crypto does not belong to you. If you want access to your private keys you’ll have to get a private ADA wallet. A great option is the Trezor Model T. This is a hardware wallet or cold wallet that provides complete ownership of your coins and additional security.

    Alternatively, and if you don’t want to spend money for a wallet but still hold your own private keys, you can utilize a software wallet. Atomic wallet, for example, allows you to hold and even stake ADA.

    There are also Cardano-only wallets, like the Yoroi Wallet or ADALite Wallet.

    No, you cannot as Binance SG is currently closed because it breached the Payment Services Act by allowing users to transfer from Binance SG to the global Binance platform.

    No, as PayPal only supports Ethereum, Bitcoin Cash, Bitcoin, and Litecoin

    Yes, you can buy ADA on Coinbase as the exchange supports Singapore.

    Several exchanges and wallets allow you to buy and stake Cardano for rewards. But the official option is Daedalus. This is built by the Cardano team and is an official desktop wallet for Cardano. It is also the safest option to stake your ADA. The wallet offers a 5% APY for staking ADA.

    Some other options include:

    Yoroi

    This wallet in comparison to Daedalus is a lot more lightweight and intuitive for staking ADA tokens. The reason for this is that the Yoroi wallet is a browser extension. The wallet also ensures that you get the best rewards possible by filtering staking pools based on pool size, staking cost, and ROI. Just like Daedalus, it offers a staking reward of 5% APY.

    Exodus Wallet

    If you want a wallet that enables you to stake more than ADA then Exodus is a great pick. However, when you stake ADA on Exodus you’re staking your address, not the tokens. So you’ll be unable to choose how much ADA you want to stake and you’ll have to stake your entire balance. The major benefit here is that your tokens won’t be locked in. The wallet offers about 4.09% in staking rewards.

    There are 2 ways to buy NFT Cardano. The first way is to buy NFT Cardano on the day of its release. If you choose this method, you’ll need to follow each NFT project individually. So you’ll follow their various accounts for updates like Twitter and Telegram. That said, buying NFTs on the day of their launch is difficult, especially for popular projects. The network gets too slow leading to transaction errors.

    The second method is to buy NFT Cardano from a secondary marketplace like jpg.store. To do so, you’ll need to connect your blockchain wallet or web3 wallet. This is because irrespective of if you purchase NFT Cardano on jpg.store or elsewhere you’ll have to have adequate ADA to pay for it.

    After following the on-screen prompts to connect your wallet you’ll need to search for the NFT you’re looking for on the secondary marketplace. Next, click the Buy button to purchase the NFT Cardano.

    As of July 2022, ADA has a market cap of approximately $15 billion and is currently worth $0.50 per coin. That said, innovations on the Cardano platform can result in the growth of its price. However, before making investment decisions ensure you do your own research.

    Houbi Global no longer supports users in Singapore and Houbi Singapore a subsidiary of Houbi Global does not support ADA. So you cannot buy ADA on Huobi in Singapore.

    To buy Cardano you need a wallet to hold ADA and exchange to buy the cryptocurrency with fiat.

    You can buy Cardano with a credit or debit card on crypto exchanges like Coinhako, Crypto.com, Coinbase, etc.

    The easiest way to buy Cardano in Singapore is on an exchange that supports SGD or credit/debit cards like Coinhako.

    Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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