How to Buy Bitcoin (BTC) in Singapore

With all the options out there, It can be difficult to know exactly where to buy Bitcoin in Singapore. Fortunately, we’re here to help you with that. We’ve created a quick walkthrough guide to show you how to get your hands on Bitcoin in the region.

Most people involved with cryptocurrency buy Bitcoin through an exchange or CFD broker. Usually, you’ll have to register with one of these platforms by choosing a username and password and providing some personal information. Once you’ve created your account though, you can fund it with SGD and begin trading Bitcoin.

You’ll find several platforms through which you can trade Bitcoin in Singapore. This is very true if you want to buy a popular digital currency such as Bitcoin. For buying or selling Bitcoin, we think your best options are Plus500 and Coinmama. These are fantastic options that make trading Bitcoin in Singapore smooth and easy.

 

  • 📈 Trade: BTC, ETH, XRP, LTC, BCH & IOTA
  • 💰 Deposit Methods: Credit/DebitCard, PayPal, Skrill, Bank Transfer
  • ✅ Regulated
  • ✅ Plus500 is a CFD Broker Which Means No Need To Setup Crypto Wallets
  • 🎧 Support: 24/7 Live Chat & Email
  • ✅ Mobile App For iOS & Android

  • 📈 Trade: BTC, ETH, XRP, LTC, BCH, ADA, QTUM, ETC
  • 💰 Deposit Methods: Credit/ Debit Card, Bank Transfer, Cash
  • ✅ Regulated
  • ❌ No Need To Setup Crypto Wallet
  • 🎧 Support: Email Form & Facebook
  • ❌ Mobile App For iOS & Android

 

80.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Plus500UK Ltd authorized & regulated by the FCA (#509909). You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the Plus500 website.

Buying Bitcoin in Singapore

Contract for Difference

If you want to get a little exposure to Bitcoin but aren’t interested in holding the coin itself, you might want to look into Contract for Difference. With Contract for Difference (CFD), you set your entry price to get started. Once the contract gets to your selling point, all you have to do is close it out. Then you receive the difference between the entry and closing prices. That’s why it’s called Contract for Difference.

We think Plus500 is the best choice for trading Bitcoin through CFD. Using Plus500 lets you watch the price of Bitcoin without the need to buy and hold the cryptocurrency itself. Plus, the platform is regulated, so there’s no concern over its legitimacy.

With Plus500 you get a simple method of gaining exposure to cryptocurrency. The thing people like about Plus500 is that they don’t need a wallet to hold the currency. Additionally, the platform offers a mobile app, so you can view your CFDs while you’re away from your laptop or PC.

Standard Crypto Exchange

If you’re the type of person who would rather jump right in and start buying Bitcoin, then you should take a look at a standard exchange like Coinmama. When you use a cryptocurrency exchange, you can trade, buy, or sell Bitcoin in Singapore.

We think Coinmama is the best option if you want to use a standard exchange to buy Bitcoin in Singapore. The platform has an easy to use interface, offers simple navigation, and makes purchasing cryptocurrency as painless as possible. Coinmama is the exchange to use for buying Bitcoin in Singapore.


Plus500: The Best Place to Sell or Buy Bitcoin Singapore

How to buy Bitcoin in Singapore with Plus500

Plus500 is the CFD broker you want to use if you want to sell or buy Bitcoin in Singapore. With Plus500, you “trade” Bitcoin, but you don’t have to have a cryptocurrency wallet in which to store it. There’s a certain appeal to buying Bitcoin through CFD, which is the reason we like Plus500.

To start setting up an account on the Plus500 platform (80.6% of retail CFD accounts lose money), visit their website and select the blue “Start Trading Now” link located in the center of the page.

How to create Singapore Plus500 account

Next, you’ll see a page that lets you choose your account type. Demo Mode is for those that want to learn a little more about Bitcoin and Plus500 before diving in. For the purposes of our guide, we’re going to choose Real Money.

It’s at this point that you can download the mobile app for your Apple or Android devices if you want to use Plus500 on your smartphone or tablet. You’ll notice the links at the bottom of the page.

How to create real money account on Plus500

On the next screen is a form you’ll need to fill out to begin registering with the Plus500 platform. Enter a valid email address along with your password of choice. If you want, you can use either Google or Facebook to create an account. Click on the “Create Account” link to move forward in the process.

How to create account on Plus500?

Plus500 will ask for more information from you on its Verification page. The platform will also want identification to show that you are who you say you are. Legitimate exchanges ask for this type of ID, so there’s no need to be concerned. Consider it an additional security precaution to validate everyone who uses the Plus500 exchange.

When Plus500 is satisfied with the information you sent them, your account will be activated.

How to verify on Plus500

Funding Your Plus500 Account

Once you receive confirmation that your Plus500 account is active, you can deposit SGD, which you’ll use to buy Bitcoin in Singapore. You can use wire transfer, Skrill, Paypal, or a debit or credit card to fund your Plus500 with SGD.

How to deposit on Plus500

Soon after you provide Plus500 with your deposit information, your SGD will arrive in your account. Now you’re ready to buy Bitcoin. Select the button labeled “Trade” in the left-hand menu. Now you’ll need to click on “Cryptocurrencies” to see all the digital assets the platform supports.

As the top of the list is Bitcoin. With Plus500, “buying” Bitcoin through a Contract for Difference is hassle-free. Click on the “Buy” button you see next to the Bitcoin listing. When you do, you’ll see a window on the right of your screen. In this area, you can enter your CFD preferences.

Type in the amount of Bitcoin you want to “buy.” If you know your way around a CFD, then you can access the advanced features for a more detailed experience. Once you’ve satisfied with your entries, click on that “Buy” link to initiate your CFD.

How to buy Bitcoin on Plus500 in Singapore

Plus500 will complete your order. When it does, you’ll get an alert that the order went through successfully. You’ll also see your purchase on the trading screen. Plus500 will show you how much SGD is available in your account, the current margin, and your profit and loss.

Once you’re ready to close the contract, just select the “Close” button. This will finish out your contract and you’ll receive the difference between the starting price and the closing price.

How to sell Bitcoin in Singapore using Plus500


How to Use Coinmama to Buy Bitcoin in Singapore

If you’re interested in buying Bitcoin in Singapore using a traditional cryptocurrency exchange, then Coinmama is our choice. However, at this time, the only way to use Coinmama is through its website. It does not offer a mobile app.

Navigate to the Coinmama website and find the “Sign Up” button located in the upper right corner. You’ll click on this link to begin creating an account with the exchange.

How to signup to Coinmama

Now you’ll need to complete a form to register with Coinmama. The site needs a valid email address, a password, and a little other information to get you set up. When all that is filled in, click on the “Create Account” link to continue.

How to create a Coinmama account

Coinmama uses Know-Your-Customer (KYC), so you’ll have to provide the site with some personal information. Using KYC creates an additional level of security. This is something that almost all cryptocurrency exchanges request, so you don’t need to be alarmed.

In addition to personal info, they’ll want some documentation to validate you are who you say you are. Coinmama accepts a photo of your driver’s license, passport, or other government identification for verification.

Coinmama registration form

Fortunately, Coinmama is pretty quick when it comes to approving your account. Typically it only takes a few hours to complete the process. Once it’s done, you can start purchasing Bitcoin with Coinmama.

Buying Bitcoin

Something worth noting with Coinmama is that the exchange does not keep your debit or credit card information on file. The response to this is mixed. Some don’t like that they have to enter their info every time they make a purchase, while others feel that their payment information is safer when it’s not stored on the site. Either way, when you buy Bitcoin in Singapore with Coinmama, you don’t have to mess with depositing your funds.

To buy Bitcoin, select the “Buy” button in the upper right corner of the Coinmama site. You’ll see several cryptocurrencies available, but you want Bitcoin so select BTC. At this point, you’ll need to decide which rate you want to view. We’re going to stick with USD, but you can select EUR if you prefer. Coinmama accepts all fiat currencies, however, the exchange only shows these two options to view their rates.

Put in the amount you want to purchase. If you’re not sure of the Bitcoin amount, you can always enter the USD or EUR equivalent. Once you enter the amount, Coinmama will ask for your Bitcoin wallet info. Since Coinmama doesn’t keep your wallet address on its site, you’ll need to open one offsite.

Enter your wallet address, give Coinmama your credit or debit card information, then click on the “Buy BTC” link.

How to buy Bitcoin on Coinmama exchange

At this time, Coinmama will validate the payment information you provided. Upon successful validation, you’ll see your Bitcoin in your offsite wallet. Remember, Coinmama has a minimum amount of Bitcoin you have to purchase, so make sure you’re buying at least that much.


More About Bitcoin

Let’s talk a little more about Bitcoin. A lot of people don’t know that Bitcoin is the original cryptocurrency. It was created in 2009 by Satoshi Nakamoto and was the first digital currency available on the market.

What is Its Purpose?

The primary purpose of Bitcoin is offering its users a decentralized store of value. Anyone who has Bitcoin can buy goods and services from around the world. Bitcoin has no connection to any financial institution, government, or country. Additionally, it’s a great option for businesses as it doesn’t charge excessive fees which are often incurred when using credit cards.

Who is It For?

Bitcoin is ideal for anyone who wants to learn about cryptocurrencies or decentralization. It the most recognizable coin in the industry and is both secure and private. Plus, Bitcoin is perfect for large corporations and investors. Many industries are beginning to see the value of Bitcoin, including healthcare, manufacturing, and finance.

If you’re the type of person who doesn’t like to allow banks control of your money, Bitcoin provides an alternative way to store your cash. You store your Bitcoin in a digital wallet, which you keep on your mobile device or desktop. Essentially, your wallet behaves as your bank, but you’ll encounter no regulations and much lower fees.

However, bear in mind that cryptocurrency wallets are not insured. That means if you lose your funds, there’s no getting them back. It’s in your best interesting to keep a watchful eye on your Bitcoin wallet so you’re always aware that your funds are safe.

Pros and Cons

Bitcoin logo

Here are a few of the advantages and disadvantages of Bitcoin:

Pros
  • Bitcoin is the initial digital currency to offer a digital store of value
  • Shows continual signs of growth from total market cap perspective
  • The most recognizable cryptocurrency in the world
  • Shows longevity by being on the market for the past decade
  • Available for purchase on nearly any crypto platform
  • Fractions of Bitcoin can be purchased by users
Cons
  • As a digital currency, Bitcoin is a potentially risky investment
  • Dramatic value change on a day-to-day basis

Is Bitcoin a Good Investment?

If someone tells you they know the future of Bitcoin, they’re probably not telling you the truth. What we do know, however, is that the longer it hangs around, the greater its chances of solidifying itself as a part of the financial industry.

As the most popular cryptocurrency, Bitcoin has staying power. Here are a few other points to consider in regards to whether Bitcoin is a good investment:

  • Bitcoin is the most recognizable cryptocurrency around the world
  • Measuring stick for all other digital assets
  • Investment in Bitcoin is not a huge risk since it’s the top cryptocurrency in market capitalization
  • Available on nearly any exchange
  • Easily to access for buying, selling, or trading
  • Store of value provides significant potential in the future
  • The leader in bringing cryptocurrency to the masses

The cryptocurrency industry, which includes Bitcoin, is very volatile. That means there are risks inherent to investing in Bitcoin. You may experience significant highs and lows in a short period of time when purchasing Bitcoin. For further analytics or predictions regarding Bitcoin, visit Trading view or CoinMarketCap.

 

  • 📈 Trade: BTC, ETH, XRP, LTC, BCH & IOTA
  • 💰 Deposit Methods: Credit/DebitCard, PayPal, Skrill, Bank Transfer
  • ✅ Regulated
  • ✅ Plus500 is a CFD Broker Which Means No Need To Setup Crypto Wallets
  • 🎧 Support: 24/7 Live Chat & Email
  • ✅ Mobile App For iOS & Android

  • 📈 Trade: BTC, ETH, XRP, LTC, BCH, ADA, QTUM, ETC
  • 💰 Deposit Methods: Credit/ Debit Card, Bank Transfer, Cash
  • ✅ Regulated
  • ❌ No Need To Setup Crypto Wallet
  • 🎧 Support: Email Form & Facebook
  • ❌ Mobile App For iOS & Android

 

80.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

 

Did you know that you can also buy other major cryptocurrencies like Ethereum from Singapore as well? Read our Singaporeans guide to buying Ethereum.

Further Reading At TotalCrypto.io
1) Brush Up On Your Bitcoin Knowledge With Our BTC Editorial.

2) Most People Do Not Have All Day To Sit At A Computer & Trade Bitcoin. Scalping Is A Crypto Trading Strategy Which You Can Use To Trade In Just 30 Minute Sessions.

3) Learn About The Most Common Mistakes Crypto Traders Make.

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DISCLAIMER: Be aware that the activity of cryptoassets mentioned in this article is unregulated. This article must not be construed as investment advice. Always do your own research.

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