- December 1, 2023
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A Guide to Buying and Selling Crypto in Singapore
In this day and age, you undoubtedly must be familiar with cryptocurrencies, which have gained popularity in recent years. Because of their numerous benefits, these alternative forms of investment have piqued the interest of many investors. This interest would include concerns about privacy, disassociation from governments, and the desire to profit.
If you have come across Singapore Crypto News, you’ve probably considered investing in cryptocurrency, especially given the widespread acceptance of these digital currencies. Having said that, buying and selling cryptocurrency in Singapore is much easier now than it was in the past when only dedicated crypto-enthusiasts knew what to do. Continue reading to learn about the steps to take if you want to invest in cryptocurrencies like Bitcoin, Litecoin, or Ethereum, to name a few. Let’s get this party started!
The Legality of Cryptocurrency in Singapore
You can legally purchase various cryptocurrencies in Singapore. The Monetary Authority of Singapore (MAS) does not, however, regulate the purchase and sale of such digital currencies. As a result, you are not protected by the government if you lose money after trading cryptocurrency. Furthermore, cryptocurrencies are not accepted as legal tender in Singapore to pay for goods and services.
How to Buy and Sell Cryptocurrency in Singapore Step-by-Step
Before you start buying and selling cryptocurrency after seeing all those Singapore crypto news, you should first learn everything you can about the market. Several documents must be prepared before you can begin trading cryptocurrencies in Singapore, and these include the following:
- Have a Singpass, National Registration Identity Card, or other acceptable forms of identification (ID).
- Look for an account brokerage in Singapore.
- Find a secure way to store your cryptocurrency. Fortunately, many brokerages provide a secure vault system or an in-built wallet for storing your cryptocurrency.
- A phone in which you will receive an SMS prompt to confirm your identity for two-factor authentication.
- A secure internet connection, whether it’s via Fiber Optic, direct Ethernet, or Wi-Fi.
After you’ve sorted out all of these details, you’re ready to buy cryptocurrency. Here’s an instruction list of the steps to take:
Step 1: Choose the Best Crypto Exchange Singapore
Your first step should be to locate a reputable cryptocurrency exchange where you can safely buy and sell cryptocurrency. There are numerous cryptocurrency exchanges to choose from, and they differ in several ways, including:
- Method of payment
- Integrated features
- Payment Options
- The number of cryptocurrencies supported
As a result, it’s best to carefully consider each of these factors to help you decide which crypto exchange is best for you.
Step 2: Register for an Account
The next step is to sign up with your preferred cryptocurrency exchange. This procedure is simple, and you should begin by entering your personal information, such as your name and email address. You’ll then be required to verify your name and email address, which is a legal requirement for many Singapore crypto exchanges, in a process known as Know Your Customer (KYC). During this verification, you will be required to submit the following documents:
- Your photo identification
- A recent utility bill copy mentioning your address
- Latest bank account statement copy
Depending on the cryptocurrency, these details may be verified after a few days or instantly to confirm your account.
Step 3: Add Money to Your Account
After your account has been approved, you should proceed to fund it. There are several approaches you can take, but the most common ones to consider are as follows:
- Buying cryptocurrency with a credit card is the simplest option, and transactions are completed quickly. When using a credit card, however, you should exercise caution because the charges can quickly add up.
- Deposit funds directly from your bank into the best crypto exchange in Singapore. In most cases, this method is free, but it may take up to several days for the money to appear in your crypto account, depending on the exchange and bank.
- Use your debit card to make your purchase. This method is nearly identical to using your credit card, except that it is almost instant and the fees are much lower.
Step 4: Purchase a Cryptocurrency
After depositing funds into your account, you can now begin purchasing cryptocurrency. To begin the purchase, go to the Buy and Sell section of the exchange. You can begin selecting the cryptocurrency you want to buy by entering how much money you want to spend.
With cryptocurrencies becoming increasingly popular, it’s not surprising that they’ve piqued your interest. If you want to invest in this digital currency, one stumbling block will be a lack of understanding of how to buy and sell cryptocurrency. Fortunately, this guide has allayed such fears by outlining the steps to take when buying and selling cryptocurrency in Singapore.