Four Singapore-Friendly Cryptocurrency Exchanges To Kickstart Your Bitcoin Investment Journey
Trading Te Bitcoin And Cryptocurrencies Ter Singapore
If you do not reside underneath boulders or te caves, you will have heard about cryptocurrencies. Bitcoin and pals have created fairly a storm te the financial world and stirred up emotions ter most of us – whether it’s joy at having made sizeable profits or regret at not buying earlier.
For the uninitiated, here’s a epistel overview on what Bitcoin is, exactly.
Bitcoin – the world’s largest cryptocurrency – is a digital asset secured by a series of algorithmic encryptions, which are stored on the blockchain. Its value, spil with any other cryptocurrency, comes from its manufactured scarcity.
Which means that there’ll be a finite number of bitcoins floating around the market. Presently methods of calculation indicate that there will only everzwijn be 21 million bitcoins, if Bitcoin’s protocol isn’t switched.
Wij know you don’t want to learn about the history of bitcoin or cryptocurrencies spil a entire. There are slew of articles about that already.
Without further ado, let’s get straight into the meat and potatoes of the greatest investing topic on everyone’s minds: how to purchase Bitcoin.
It’s plain, indeed. Just go after thesis three ordinary steps:
- Find a Bitcoin exchange
- Trade your local currency into Bitcoin
- Store your coins ter a secure wallet
And for my next act, I shall bring about world peace
See? Told you it wasgoed ordinary. Now sit back and read the other 1,000 words of this article, telling you what exactly half of those words meant.
Let’s commence with wallets, which are perhaps the most significant ingredient te the cryptocurrency pie, spil they store and secure your digital currency.
After all, you can’t spend money if someone keeps nicking contant out of your wallet te the real world.
Unlike physical wallets, cryptocurrency wallets don’t actually contain anything te physical form.
All evidence of financial transactions involving cryptocurrencies are stored on the blockchain, which is basically a public ledger of every Bitcoin that presently exists.
Doesn’t look familiar to mij
Te order to trade te cryptocurrency, you’ll very likely need a wallet – especially if you’re programma to invest long-term.
If you’re just a casual investor, you can hop straight to the exchanges portion of this guide below.
Wallets are software programmes used to store, send and receive digital currency.
This is done through both a public key and a private key.
- Public keys permit others to send you money. Feel free to distribute them like candy.
- Private keys are secure digital codes known only to you and your wallet. NOT CANDY. Keep them to yourself, spil they permit access to all your cryptocurrency. Do not leave behind it after creating one.
Now, there are two methods of storing your cryptocurrencies, hot storage and cold storage.
Unnecessary to say, wij are not talking about the supermarket chain.
“We wouldn’t mind if you entrusted your bitcoin with us, however. Not one bit.”
Deepthroating hot and cold
Hot storage refers to methods where your cryptocurrency is kept te a device that is readily and directly connected to the internet.
Thesis wallets often boast plasticity and user-friendly interfaces, making payment and accessing funds speedy and convenient.
However, spil they are permanently connected to the internet, they are susceptible to being hacked. Therefore, you should only carry a petite amount of specie ter your hot storage wallet.
When you store currency with a method which is entirely offline, that’s cold storage. Pretty intuitive, huh?
Think of them spil savings accounts, which are best suited for long-term storage. If you don’t want or need to touch your coin stash for months or even years, waterput it on ice.
For the sake of brevity, wij shall be discussing one wallet from each method: Desktop/Mobile wallets for hot storage and hardware wallets for cold storage.
Desktop wallets are software applications that can only be accessed from the PC or laptop that you installed the wallet on.
Mobile wallets are basically an app for your smartphone that does the same thing, and are especially convenient for establishments with support for cryptocurrency payments.
Hardware wallets are physical devices which are usually USB thumbdrives. They are far more secure than hot storage methods spil hackers need physical access to your device to jack your stash.
Exchanges to trade Bitcoin
Now that you’ve got a wallet set up, you’ll need a webpagina to buy coins from.
Out te the Wild Westelijk of the internet, there are no shortage of websites impatient to take your money.
Many websites trade only te USD or Euros, but ter order to save you from making that one reserve step, wij sifted through them to bring you The Big Four of Coin Exchanges that trade preferably ter SGD.
Ter accordance with a notice waterput out by the Monetary Authority of Singapore (MAS), most sites will require you to verify your identity by uploading pictures of documentation spil proof.
The big daddy, Coinbase is prime example of how much good a excellent user interface can bring to a company.
The largest coin exchange ter the US offers numerous modes of payment, including handelsbank transfers and credit cards.
- Elementary UI that is effortless to navigate for beginners
- Effortless to signup
- Supports numerous modes of payment including credit card, handelsbank transfers
- Mobile app permits for on-the-go trading
- Verification can take a long time
- Customer support takes a long time to react
- Credit card fees for each transaction are very high: Three.99%
- 1.49% transaction toverfee on normal trades are a bit on the high side
- No other altcoins available on the webpagina, albeit that might switch ter 2018
Very widely used ter Singapore and Malaysia, Coinhako boasts zero deposit fees and a immobile withdraw toverfee of S$Two.
- No deposit fees and low immobile withdraw toverfee
- Quick verification
- Good buy and sell thresholds
- Based ter Singapore
- In-depth FAQ section
- Indefinite suspension of fresh user registration since 11 January 2018
- A few claims of slow customer service
- Trading feed of 0.9% which is not good for active traders
- Only available to Singaporean and Malaysian customers
- No altcoins available (Only Bitcoin and Ethereum)
If you choose to go the over-the-counter route, consider LocalBitcoins. It helps to facilitate Bitcoin trading inbetween two people, who can keep their identities secret.
However, this anonymity comes at a premium, with considerably higher exchange rates spil compared to other coin exchange sites.
- No ID or individual information required for signup
- Prompt trades via metselspecie deposit
- No fees for buying or selling
- 1% toverfee for completing advertised trades
- Current outgoing transaction toverfee to non LocalBitcoin wallets: 0.00019577 BTC
- You can get scammed
- Meeting buyers/sellers te person can be dangerous
- Firmer to buy large amounts of Bitcoins compared to other exchanges (you need to find a buyer willing to sell that amount of BTC)
- Spil the name suggests, the only cryptocurrency available on the webpagina is Bitcoin
A unique practice, NuMoney is a startup that permits you to buy an assortment of altcoins at a physical location.
Located close to Buangkok MRT, this appointment-only store only accepts metselspecie payments.
Current rates for BTC are S$14,774.35 spil of 25 January.
- Skip the hassle of verifications
- Swift transfers and sales
- Directly purchase altcoins
- Trade large amounts of metselspecie/crypto
- Staff can help you set up wallets, etc.
- Contant only. Might be risky to carry around large amounts of specie
- Location can be inconvenient to travel to
Never too late to hop ter
After USA and Switzerland, the Little Crimson Dot is the third largest Initial Coin Suggest (ICO) market globally, which just means Singapore is a thriving hotbed of activity for the cryptocurrency industry.
With the meteoric rise of Bitcoin ter 2017, the world has awakened to the perpetually bullish market that is cryptocurrencies.
That is not to say that the time has passed to get into Bitcoin, or rather cryptocurrency spil a entire.
With every passing day, the list of altcoins keeps steadily expanding.
Spil each one provides a different function, the world of alternative cryptocurrency is mysterious, vast and sometimes ridiculous.
An actual thing that wasgoed literally memed into existence
Not every altcoin is a winner, tho’. Wij at MSN urge prospective investors to exercise caution when trading ter cryptocurrencies.