Cryptocurrency is gaining a lot of interest around the world.
Crypto games like Axie Infinity have created an alternative source of income that affect thousands of lives across the globe.
Defi applications that offer yields 10x better than traditional bank deposits are popping up everywhere like popcorn.
- How & which crypto platform offers the best fiat (cash) deposit rates for putting in money to buy crypto?
- How to withdraw crypto in Singapore; cashing them out and despositing it back to bank accounts. Which crypto platform offers the best fiat withdrawal rates for cashing out of cryptos?
Binance.com P2P Mode Used to Be the Cheapest Until the Ban
In the past, the cheapest way to deposit cash to buy cryptos or sell cryptos and withdraw cash was via the P2P mode offered in Binance.com. However, due to the ban MAS invoked on Binance.com Platform, the mode is no longer available.
This does not mean Singapore as a country is anti-crypto. In fact, MAS recently just granted licenses to establishments like DBS and Independent Reserves licences to deal with cryptos.
The crypto scene is very much alive in Singapore; more and more people are talking about crypto as a very viable form of investment now. Learning how to withdraw crypto in Singapore with the best rates and also deposit fiat to fund crypto purchase in Singapore is a necessary knowledge to have, if you are serious in your crypto investment journey.
5 Crypto Platforms to Deposit & Withdraw Cash in Singapore
There are 4 factors to consider if you ever want to deposit cash to buy cryptocurrency or withdraw cash after selling your cryptocurrency in Singapore. The 4 factors are:
- What cryptos does the platform deal with?
- What are the fiat deposit & withdrawal fees?
- What are the crypto trading fees?
- Reputation & security of the platform
Here are the 5 best crypto platforms you can consider:
1. Independent Reserve
Founded in 2013, Independent Reserve is one of Australia’s most secure and trusted platforms to buy Bitcoin and other cryptocurrencies. On 1st October 2021, Independent Reserve received a converted licence; beating 170 global competitors to operate in Singapore. You can be assured that this platform will be one of the safest places to deposit/withdraw cash and trade cryptocurrencies.
Independent Reserve’s Fees
Independent Reserve does not have StraitsX (used to be Xfers) integration at the moment and they can work directly with bank transfers.
Depositing cash to Independent Reserve wallet will have a fee of 0.55%; similarly withdrawing cash from Independent Reserve will have a fee of 0.55%. Trading of crypto will have a fee of about 0.5%.
For more information about Independent Reserve’s fees, please check this link.
Availability of Cryptos on Independent Reserve
At the moment of writing this article, Independent Reserve offers 22 cryptos (recently they added 5 more!) for investors to trade. Some of the popular cryptos you can find here are: Bitcoin, Etherum, XRP, Dogecoin and ADA.
2. Binance Singapore
Do not be confused with the Binance Global platform that got banned recently in Singapore with this Binance Singapore website.
Binance Singapore operates under Binance Asia Services, a Singapore registered entity that is allowed to offer crypto trading in the country.
Binance Singapore’s Fees
Depositing cash via Binance Singapore platform is free if you use the Binance Cash Wallet Option. Cash withdrawal via Binance Singapore will incur a fee of 0.55%.
Trading of crypto will have a fee of 0.6.%
For more information on Binance Singapore’s fees, please check this link.
Availability of Cryptos on Binance Singapore
At the moment of writing this article, Binance Singapore offers 8 cryptos for investors to trade. Some of the popular cryptos you can find here are: Bitcoin, Etherum, BNB & XRP. Notably, if you require BNB to deal with games or defi applications within the Binance Smart Chain Ecosystem, this is the best place to buy your BNB.
Founded in 2016, Crypto.com is a well established global cryptocurrency exchange. Crypto.com stands out as a one-stop shop for all your crypto transaction needs, making it a good fit for investors of any experience level.
It even offers very cool looking metal Visa cards that offer rebates in their native crypto currency; CRO.
In Singapore, Crypto.com operates under a local company called: Foris DAX Asia Pte Ltd. You will need to install their mobile apps in order to interact with the platform; there does not seem to be any web based application.
Depositing cash via Cryptocom is free. However, cash withdrawal will incur a fee of 0.4%.
Trading of crypto will have a fee of 0.4.%
For more information on Crypto.com’s fees, please check this link.
Availability of Cryptos on Crypto.com
Being a major exchange, Crypto.com offers more than 150 types of cryptocurrencies. However some of the cryptos may not be available depending on which country you reside in. Do your own research.
Founded in 2014, Coinhako is an early market-leading platform in Singapore for access to Digital Assets like Bitcoin. It is one of my favourite exchanges to trade with, due to the ease of use.
Depositing cash via Coinhako is free. Cash withdrawal via Coinhako will incur a flat fee of $2 SGD.
Trading of crypto will have a fee of 0.6%.
For more information on Coinhako’s fees, please check this link.
Availability of Cryptos on Coinhako
Being an early pioneer, Coinhako offers over 40 types of cryptocurrencies. However, not all cryptos on Coinhako are able to transfer out to other exchanges or wallets! ‘
Do be careful. If you purchase a coin that is not transferable, it means you are stuck with Coinhako, you will not be able to utilize the coin for other purposes and you can only sell it.
5. Luno Exchange
Depositing & withdrawing cash via Luno platform is free.Trading of crypto will have a fee of 1%
For more information on Luno’s fees, please check this link.
Availability of Cryptos on Luno
At Luno, you can only choose to buy 6 types of cryptos. If you just need Bitcoin, Etherum or XRP, Luno is a good idea.
Best Crypto Platforms to Deposit & Withdraw Cash in Singapore
Here is a diagram that summarises all the fees various crypto platforms charge. Hope this can be a useful tool for you to learn how to withdraw crypto in Singapore with the best rates and also the best way to fund your crypto purchases.
How to withdraw crypto in Singapore? Using Etherum as example.
I have quite a few contacts who are invested in the Axie Infinity crypto game. One of the common questions is how can they cash out their Smooth Love Potion. Usually they will end up swapping their SLP to Etherum via a major decentralised exchange like Uniswap.
Next they will need to know what is the best way to encash their Etherum.
The table below show what will it be like if they encash 1 Etherum via the 5 different platforms
If you only want to cash out a small sum of money, no matter what your choice of platform is, it will not make much difference. Perhaps the best place to do it is via Independent Reserve, which seems to be the most secure and reputable. (but I am not saying other platforms are not secure).
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