How to buy bit coin in Singapore – Part 1
1. Finding Exchange – BTC/SGD
2. Create Account and Verification
- Coinbase :
- FYB-SG :
https://www.youtube.com/watch?v=uCE-zfY-D-A
3. Funding the account
- Coinbase :
- FYB-SG :
https://www.youtube.com/watch?v=pgYh3NkCWbc
4. Buying bitcoin from the exchange
- Coinbase :
- FYB-SG :
https://www.youtube.com/watch?v=D4wFx-HVW-M
5. Selling bitcoin on the exchange
- Coinbase :
- FYB-SG :
https://www.youtube.com/watch?v=SBKyiGMdWxI
6. Withdraw (cashout) cash out from exchange
- Coinbase :
- FYB-SG :
7. Withdraw/transfter bitcoin from exchange (wallet transfer to another btc address)
- Coinbase :
- FYB-SG :
https://www.youtube.com/watch?v=AW_r8wO_I8E
Here's a list of the bitcoin exchange that you can buy with SGD :
1) Coinbase
2) FYB-SG
3) Coinhako (0.9%fee)
4) Quoine (very poor customer service + need TT to japan)
5) Bitfinex
Their verification process varies and exchange fee/charges varies too. We will be looking at 3 criteria :
1. Fee (when buying and selling)
2. Funding options, duration, any fee
3. Withdraw options, duration, any fee
Coinbase :
My first bitcoin purchase was with coinbase, pretty easy on the verification. Just take some ID photos and upload and wait about 5 to 10 minutes for the system to approve. Layout and interface to buy is simple and easy.
Funding : on coinbase website it says only credit card for Singapore and there will be a processing fee of 3.99% + transaction fee of 1.5% each side (buy/sell)
oh btw if you buy USD$100 worth of bitcoin or more using my referral code from coinbase -
https://www.coinbase.com/join/59c06433b4bdb401323f20d2 (we both get USD$10 bonus from coinbase)
ie USD$100, the fee will be USD$5.49
There's actually a 'hidden' method not so direct to get lower fee using xfer. I wished i knew it when i just started.
Coinbase is the 2nd largest exchange in term of bitcoin transaction volume. So the spread will be closer and filled faster.
Downside :
- There's a weekly buying limit of SGD$3000 for funding via xfer
- There's a weekly buying limit of SGD$200 for funding via credit card, after about 1 month, the buying limit will increase to SGD$500.
To increase higher limit with coinbase, you need to contact their customer service.
Coinbase have another platform GDAX which offer a much much competitive fee 0.25% but the BTC/SGD pair is not available to Singapore yet. I would definitely switch over once it's available for Singapore.
FYB-SG
After that I did more research and choose the lowest exchange fee if not one of the lowest, FYB-SG. Note : Their exchange fee for small amount is 0.3% and for larger amount it may scale up to 0.6%
i.e. Buying SGD100 worth of bitcoin, you will pay $0.30
funding with them is fast too(about 1 day or less, once i fund at around 12am and deposit confirmation arrived at 1am). They are prompt to email response too.
No buying limited on FYB-SG though, if you looking at higher purchase. I saw before orders of 8.5 btc on buyer side which is more than SGD 100k that time.
Withdrawal to local SG banks, there's a $2 fee
downside :
- Spread are pretty wide sometimes | price are higher(good for seller side) if you take oversea exchange price like coinbase / bitfinex price and apply USD/SGD fx rate to compare. Thus if you can wait go for limit order with the price you want to buy.
- Trade interface, need to do calculation to buy the amount of bitcoin you want.
- Transfer bitcoin out to another wallet, fee is pretty high for small amount transfer. currently fee at 0.001 btc (abt sgd $23 as of 13 dec 2017 price pretty ex for small amt trf)
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https://bitconnect.co/?ref=1percentb2day
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https://www.facebook.com/groups/1PercentBetterToday
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Looking to buy some bitcoins easily, go for coinbase (each of us get $10 bonus) :
https://www.coinbase.com/join/59c06433b4bdb401323f20d2
Disclaimer : This is not financial advice, it's all based on my personal biased opinion. Do your own research and put in the amount you can afford to lose.
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