What Are The Best Crypto Exchanges In Singapore After Binance Leaves?

CreditMaster October 28, 2021

What Are The Best Crypto Exchanges In Singapore After Binance Leaves?

What-Are-The-Best-Crypto-Exchanges-In-Singapore-After-Binance-Leaves-CreditMaster

Cryptocurrency has gained popularity in recent years, alongside the topic of DeFi, decentralized finance.

Amongst all traders, Binance was probably the default platform. Binance has been rated as the best overall crypto exchange in Singapore, thanks to its broad portfolio of virtual coins and low-interest rates.

Alas, Binance is taking its departure from Singapore. MAS has ordered the crypto exchange platform (Binance.com) to stop services in Singapore.

Which other options do you have for your crypto trades?

Let’s find the best alternative to Binance that Singapore has to offer

1. Gemini: Excellent For Local Transfers & Interest

Alternatives-To-Binance.com-Gemini-Crypto-Exchange-Platform-CreditMaster

Gemini is another crypto exchange platform that is live in Singapore. Users can buy, sell and store crypto on Gemini.

Gemini doesn’t support as many cryptocurrencies as Binance, but among its 50+ virtual coins, you can find the most popular ones:

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    • Bitcoin
    • Ethereum
    • Dogecoin
    • And many more

    The first advantage of Gemini is that you can trade those cryptocurrencies for real money, including:

    • Singapore dollar
    • US dollar
    • Hong Kong dollar
    • Australian dollar

    Besides, Gemini is a holistic platform that allows you to:

    • Exchange cryptocurrency
    • Trade (1.49%++ simple UI; 0.25% expert UI)
    • Store your assets
    • Earn interest

    Of course, Gemini takes pride in its high levels of security. On the downside, this exchange has a smaller trading volume and lacks some of the more esoteric cryptocurrencies you could get on Binance.

    Website

     

    2. Coinhako: Good For Local Transfers & SGD Trades

    Coinhako is another reliable alternative to Binance Singapore because it features forty coins, including the most popular Bitcoin and Ethereum. You can exchange these for SGD and USD – just like with Gemini above, but the unique selling proposition with Coinhako is that it supports Vietnamese Dong.

    There’s more:

    Coinhako is famous for its quick bank transfers. After all, it’s a Singapore-founded company! So:

    • You’ll get the cash in your bank account from Coinhako within 24 hours, and:
    • Use Xfers to top up your Coinhako account. It takes just a few minutes before you can start trading, but you’ll have to fork out a 0.55% fee.

    Besides, Coinhako is a very accessible exchange:

    • You can buy crypto using either your debit or credit card.
    • You’re eligible for multiple rewards if you log in and trade every day.

    On the downside, Coinhako, this crypto exchange platform still bears the stigma of its 2020 security breach. Although the few affected users got their money back quickly, some people are still skeptical about Coinhako’s security levels.

    The 1% fee can also be considered a disadvantage if you’re constantly trading crypto because these charges snowball quickly and can eat away at your profit.

    Moreover, the credit card transfer fee is even higher at 3% for each transaction.

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    3. Coinbase: Excellent Security & Reputation

    Alternatives-To-Binance.com--Coinbase-Crypto-Exchange-Platform-CreditMaster

    Here’s another crypto exchange platform for you to buy and sell cryptocurrencies!

    Coinbase boasts 91 cryptocurrencies – which is double as much as the two previous exchanges we discussed. Of course, you can find the popular Bitcoin and Ethereum included in this offer.

    So, why else should you choose this crypto exchange?

    A strong argument in its favour is its reputation. Coinbase has been around since 2012, and it’s the first Nasdaq-listed crypto exchange.

    Besides, Coinbase is exceptionally user-friendly:

    • You don’t have to time the market manually if you prefer long-term investments, thanks to Coinbase’s recurring purchase schedule.
    • The Federal Deposit Insurance Corporation guarantees all accounts up to US$250,000.
    • Coinbase has excellent security insurance.

    On the downside:

    • Singaporean users have to pay 3.99% processing fees when funding their accounts with credit/ debit cards.
    • The trading fee varies between 0.04% and 0.5%, depending on your trading volume.
    • Coinbase has no sign-up promotions.

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    4. Huobi Global: Best Versatility & Similarity To Binance

    We rated Huobi Global as best for versatility because:

    • It boasts 379 cryptocurrencies, so it’s the most similar alternative to Binance Singapore has to offer.
    • Its trading volume reaches $8.1 billion each day.
    • You can change that crypto you’re buying for various fiat monies.
    • You can use Mastercard or Visa, but also PayNow, TransferWise, plus other 58 platforms.
    • It has tools galore to accommodate all traders’ preferences, from Huobi Earn that lets you accumulate interest to margin trading and AI automation.
    • Your trading fees vary depending on how many tokens you have – and that’s another thing it has in common with Binance. So, professional traders have the tiniest fees between 0.0097% and 0.0462%, while newbies’ trading fees are around 0.2%.

    On the downside, the credit/debit card fees for crypto trading reach 3.99%.

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    5. Kraken: Excellent Flexibility For Pro Traders

    If you’re a pro trader, you’ll instantly fall in love with Kraken. Although it only has 86 cryptocurrencies – which makes it average compared to other exchange trades – Kraken shines through its flexibility.

    For instance, you can do:

    • Spot trading
    • Crypto to US exchanges
    • Margin trading
    • Staking your holdings to earn up to 20% annual interest

    On the downside, Kraken doesn’t support many currencies, and it has a slew of fees you have to consider. However, these limitations only bother one-time investors and not seasoned ones.

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    6. FTX: Widest Assets Range

    FTX has the broadest range of assets consisting of 243 cryptocurrencies and many tokens. Plenty of choices to buy and sell cryptocurrency. That way, you can trade a lot of assets to diversify your portfolio.

    So what are these tokens?

    FTX gives you access to stock tokens, which are based on genuine shares from companies like:

    • Amazon
    • Alibaba
    • Tesla
    • Zoom

    FTX also allows margin trading, with a reasonably low leverage limit, plus crypto futures. Besides, you’ll benefit from free deposits and a tiered fee structure that’s advantageous even for non-FTT holders. If that’s you, the charges you can expect vary from 0% to 0.07%, compared to 0-0.015% for FTT holders.

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    7. Crypto.com: Best Rewards

    Crypto.com has some of the best rewards on the market. You can use this exchange platform if you want to make real money from your crypto investments in the short term. So, here’s what you can expect:

    • 5%/year on crypto
    • 14%/year for stablecoins
    • 8% cashback if you’re using your Crypto.com Visa Card to spend money
    • 10% back in CRO if you’re using Crypto.com Pay for shopping

    Besides, you use 20+ fiat currencies to buy and sell 150 cryptocurrencies, including:

    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Polkadot
    • And more

    Other features include:

    • DeFi Wallet: to store and protect your crypto
    • DeFi Earn: this program has no lock-up period and guarantees stable returns
    • DeFi Swap: allows you to swap cryptocurrencies and earn rewards

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    Best Alternative To Binance Singapore: Which Exchange Should You Choose?

    Best-Alternative-To-Binance.com--Which-Exchange-Should-You-Choose-CreditMaster

    Like with any other product or service, you have to take your needs into account. That is how you can find the best crypto exchange for yourself.

    For example, if you’re interested in esoteric crypto, choose a platform like Kraken with many options. If you’re only interested in popular crypto, like Bitcoin or Ethereum, you have more alternatives.

    But since you’re here looking for an excellent alternative to Binance Singapore, you may want that versatility. Also, you may need a quick, pain-free withdrawal and deposit process with as few fees as possible. When you’re looking at these fees, ask yourself whether you’re going to make professional trades or if you’re only beginning.

    Here’s the difference:

    An expert trader would benefit from versatility, flexibility, and a tier-structured fee system. By comparison, newbies would prefer rewards, smaller transaction fees, and seamless trading.

    Either way, investing in crypto is becoming an increasingly popular way of diversifying your portfolio and increasing your revenues. That’s why a wise loan now would help you to acquire more crypto and associated assets so that you can enhance your wealth quickly.

    For users who are facing financial troubles, they can consider getting a low interest and fast loan from CreditMaster. Although personal loans may not have a good reputation in Singapore, but there are always two sides of a coin.

    In terms of financial products, CreditMaster have been around for many years and served numerous customers, helping them through tough times!

    Fill up our 3-minute application form here.

     

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    At CreditMaster, we believe in building long-term relationships with our clients. Our team of experienced professionals is always ready to provide personalised financial advice and assistance to ensure that our clients make informed decisions. We understand that each client's situation is unique, and we strive to tailor our services to meet their specific needs.

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