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Best Crypto Exchange 2021: Which Centralised Crypto Exchange Should You Use?

profileJoel Koh

Although the price of Bitcoin has fallen from its all-time high of US$64,804 (according to CoinGecko) in April 2021 to about US$36,500 (at time of writing), it is still one of the best performing asset classes in the last decade.

This according to Charlie Bilello, the CEO of Compound Capital Advisors an investment management firm based in Australia, who compared Bitcoin’s returns to 17 other best-performing asset classes from 2011 to 13 Mar 2021.

Source: Charlie Bilello | Twitter

Bitcoin’s annualised return of about 230% and a cumulative return that exceeds 20,000,000% simply crushes all the other asset classes.

And we have not even begun to mention the other cryptocurrencies that have delivered better returns albeit over a shorter time frame.

Of course, you need to remember that past performance is not indicative of future returns. There is no telling if Bitcoin and other cryptocurrencies can continue their bull run.

Not to mention that cryptocurrencies are still infamous for their high volatility, with the price of the biggest cryptocurrency Bitcoin falling 50% from its all-time high price a few days ago.

Regardless, I think it’s hard to ignore cryptocurrencies as an asset class.

There has been growing institutional and retail adoption of cryptocurrencies as well as the decentralised finance (DeFi) movement: an ecosystem of decentralised financial services offered on the blockchain that cuts out intermediaries.

If you are looking to get your toes wet and invest in some cryptocurrencies, you are in the right place.

Here are some of the best centralised cryptocurrency exchanges for you to consider.

Disclaimer: The information provided by Seedly serves as an educational piece and is not intended to be personalised investment advice. ​Readers should always do their own due diligence and consider their financial goals before investing in any investment product. The writer may have a vested interest in the investments products mentioned. 


TL;DR: Best Crypto Exchange 2021

Cryptocurrency ExchangeTrading Fees (Per Trade)Pro Account Trading FeesSupported CryptocurrenicesDeposit Fees (Fiat)Withdrawal Fees (Fiat)Can Buy BTC & ETH With SGD?
Binance International0.1%
(Basic tier)
-500+ (BTC, ETH, XRP, LTC, BCH, EOS, XMR, TRX, XLM, NEO & more)SWIFT transfer (Varies based on bank)

Credit/Debit Card:
3.5% per transaction or US$10 (higher)

P2P: Free (Exchange rate may not be as good)
SWIFT transfer (US$30 + bank fee)

P2P: Free (Exchange rate may not be as good)
Not officially (Can buy using P2P exchange)
Huobi Global0.2%
(Flat)
-372 (BTC, BCH, ETH, XRP, LTC, DOT, DASH, ETC, EOS, QTUM & more)SWIFT transfer (Varies based on bank)Yes
Crypto.com0.4%
(Basic tier)
-100+ (BTC, LTC, ETH, CRO, ENJ, BAT, PAX, USDC, OMG, KNC & more)Deposit with Xfers is free

Credit/Debit Card:
3.50% + $0.10
Withdrawal with Xfers is freeYes
Binance Singapore0.6%
(Flat)
-8 (BTC, ETH, BNB, LTC, BCH, XRP, NEO, LINK)Deposit with Xfers is free

Withdrawal with Xfers is freeYes
Coinhako1%
(Flat)
-21 (BTC, ETH, XRP, BCH, LTC, ADA, XLM, NEO, XMR, DOT & more)FAST transfer of SGD:
Free

SGD Deposits via Xfers Direct Charge:
0.55%

USD Deposits in form of USDT/USDT:
Free
FAST transfer:
S$2

USD Withdrawals in form of USDT/USDT:
US$15
Yes
Gemini1.49%+
(Flat with minimum sum for trades less than US$200)
Active Trader:
0.35%
(Basic tier)
48 (BTC, ETH, BCH, LTC, ZEC, ZRX, MKR, BAT, AAVE, FIL & more)FAST transfer is freeYes
Coinbase Exchange1.49%+
(Flat with minimum sum for trades less than US$200)
Coinbase Pro:
0.5%
(Basic tier)
65 (ATOM, BAT, BTC, BCH, XRP, DAI, DASH, EOS, ETH, ETC & more)SWIFT transfer (US$25 + bank fees)

Credit/Debit Card:
3.99% + 7% of transaction fee (GST)
SWIFT transfer (US$25 + bank fees)Yes

Click to Teleport


Cryptocurrency Regulation Singapore

Unfortunately, cryptocurrencies or Digital Payment Tokens (DPT) as the Monetary Authority of Singapore (MAS) are not regulated by MAS as they are not considered legal tender or securities.

In other words, there is no legislative protection or recourse for you if you buy or sell cryptocurrencies and something goes wrong.

MAS has made it crystal clear that:

  • They (MAS) will not be able to help you in any way if you lose money from dealing with digital tokens that are not products regulated by MAS. This includes situations where the digital token service is provided by an entity regulated by MAS, but where the digital token is not regulated by MAS.
  • If you choose to deal with an unregulated person or entity or invest in unregulated products, you will not be protected under MAS regulations. If you suspect that an investment scheme involving digital tokens could be fraudulent or is being misused for any illicit activity, you should report it to the police immediately.
  • As for cryptocurrencies, persons that buy or sell cryptocurrencies, or facilitate the exchange of cryptocurrencies may be regulated under the Payment Services Act 2019. However, they are not required to protect your cryptocurrency and are not required to ensure that each cryptocurrency transaction is processed properly. MAS regulates cryptocurrency service providers under the Payment Services Act 2019 mainly for money-laundering and terrorism financing risk only.

This is made clear with this advisory that MAS requires DPT service providers to show to customers:

  • Your DPT service provider is licensed by MAS to provide DPT services. Please note that this does not mean you will be able to recover all the money or DPTs you paid to your DPT service provider if your DPT service provider’s business fails.
  • You should not transact in the DPT if you are not familiar with this DPT. Transacting in DPTs may not be suitable for you if you are not familiar with the technology that DPT services are provided.
  • You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.

But things are changing.

On 4 Jan 2021, MAS announced amendments made to the Payment Services Act. Under the new enhancements, any entities that facilitate the transmission, exchange or storage of cryptocurrencies (DPTs) will now have to be licensed and will have to comply with wider rules and regulations set by MAS.

Minister for Transport Ong Ye Kung stated that these enhancements will give MAS the authority to implement user protection ‘when necessary,’ adding that ‘this could include, for example, requiring a DPT service provider to segregate customer assets from its own assets.’

Also, one more risk you have to consider.

There is a saying in the world of cryptocurrencies: ‘Not your keys, not your coin.’

Source: Lynx Art Collection

In other words, when you are buying cryptocurrencies on these exchanges, you are handing over the private keys for your cryptocurrencies and entrusting them to a third party.

Ultimately, the one who is holding the private keys to the cryptocurrencies decides how it’s spent.

This is why we would recommend you to store the private keys to your large cryptocurrency holdings onto your own cold wallet as it grants you complete control over your cryptocurrencies and provides better security as well.

With that out of the way, let’s dive into the exchanges I’ll be comparing and why I chose them.

Criteria For Choosing Crypto Exchanges

We have three main criteria for picking the exchanges for this comparison.

First, these exchanges should allow you to purchase Bitcoin (BTC) and Ethereum (ETH) in Singapore Dollars.

Second, the exchanges on this list are amongst the largest and most reputable cryptocurrency exchanges in the world.

For example, according to CoinMarketCap, Binance, Huobi Global and Coinbase are three of the biggest cryptocurrency spot exchanges in the world

FYI: CoinMarketCap ranks and scores exchanges based on traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes reported).

We are excluding KuCoin due to their legal troubles where an injunction was against the company was filed by the High Court of Singapore. Also, Kraken is excluded from this list as they do not support buying Bitcoin and Ethereum in Singapore Dollars.

Also, we have included some of the more safe and reputable exchanges like Coinhako, Crypto.com and Gemini that have a local presence with offices in Singapore.

Binance with their international exchange and Singapore exchange ticks both boxes.

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Crypto Exchanges in Singapore Compared: Binance vs Huobi vs Coinbase vs Coinhako vs Crypto.com vs Gemini

Cryptocurrency ExchangeTrading Fees (Per Trade)Pro Account Trading FeesSupported CryptocurrenicesDeposit Fees (Fiat)Withdrawal Fees (Fiat)Can Buy BTC & ETH With SGD?
Binance International0.1%
(Basic tier)
-500+ (BTC, ETH, XRP, LTC, BCH, EOS, XMR, TRX, XLM, NEO & more)SWIFT transfer (Varies based on bank)

Credit/Debit Card:
3.5% per transaction or US$10 (higher)

P2P: Free (Exchange rate may not be as good)
SWIFT transfer (US$30 + bank fee)

P2P: Free (Exchange rate may not be as good)
Not officially (Can buy using P2P exchange)
Huobi Global0.2%
(Flat)
-372 (BTC, BCH, ETH, XRP, LTC, DOT, DASH, ETC, EOS, QTUM & more)SWIFT transfer (Varies based on bank)Yes
Crypto.com0.4%
(Basic tier)
-100+ (BTC, LTC, ETH, CRO, ENJ, BAT, PAX, USDC, OMG, KNC & more)Deposit with Xfers is free

Credit/Debit Card:
3.50% + $0.10
Withdrawal with Xfers is freeYes
Binance Singapore0.6%
(Flat)
-8 (BTC, ETH, BNB, LTC, BCH, XRP, NEO, LINK)Deposit with Xfers is free

Withdrawal with Xfers is freeYes
Coinhako1%
(Flat)
-21 (BTC, ETH, XRP, BCH, LTC, ADA, XLM, NEO, XMR, DOT & more)FAST transfer of SGD:
Free

SGD Deposits via Xfers Direct Charge:
0.55%

USD Deposits in form of USDT/USDT:
Free
FAST transfer:
S$2

USD Withdrawals in form of USDT/USDT:
US$15
Yes
Gemini1.49%+
(Flat with minimum sum for trades less than US$200)
Active Trader:
0.35%
(Basic tier)
48 (BTC, ETH, BCH, LTC, ZEC, ZRX, MKR, BAT, AAVE, FIL & more)FAST transfer is freeYes
Coinbase Exchange1.49%+
(Flat with minimum sum for trades less than US$200)
Coinbase Pro:
0.5%
(Basic tier)
65 (ATOM, BAT, BTC, BCH, XRP, DAI, DASH, EOS, ETH, ETC & more)SWIFT transfer (US$25 + bank fees)

Credit/Debit Card:
3.99% + 7% of transaction fee (GST)
SWIFT transfer (US$25 + bank fees)Yes

However, if you want to transfer your cryptocurrency to other cryptocurrency exchanges, stake your cryptocurrency on other platforms or withdraw your cryptocurrency to another cryptocurrency wallet, you will need to pay a withdrawal fee.

This withdrawal fee is often dynamic and depends on the demand and supply for the computational power required to process the transaction on the specific blockchain network.

For these transactions, the exchanges will charge you a fee based on their estimate of the network transaction fees that they anticipate paying for each transaction. 

In certain circumstances, the fee that the exchanges pay may differ from that estimate. But, all the fees that the exchanges charge will be disclosed at the time of your transaction. 

Crypto Exchange Cryptocurrency Withdrawal Fees

At the time of writing here are the median withdrawal fees that the exchanges charge for a sense of how much you will have to pay:

COINLOWEST (USD)MEDIAN (USD)HIGHEST (USD)EXCHANGES COMPARED
BTC

Bitcoin
FREE$18.72$56.15
0.0015 BTC
52
ETH

Ethereum
FREE$21.33$106.65
0.04 ETH
50
USDT

Tether
FREE$12.02$100.15
100 USDT
41
BNB

Binance Coin
FREE$1.98$35.41
0.1 BNB
21
ADA

Cardano
FREE$1.63$219.65
135.14 ADA
26
XRP

XRP
FREE$0.14$4.70
5 XRP
31
DOGE

Dogecoin
FREE$6.67$99.98
300 DOGE
33
D

DOT

Polkadot
FREE$2.44$38.73
1.59 DOT
21
USDC

USD Coin
FREE$12.01$100.00
99.946 USDC
35
I

ICP

Internet Computer
FREE$0.04$2.05
0.016 ICP
7
U

UNI

Uniswap
$2.78
0.1 UNI
$24.59$107.54
3.8702 UNI
24
BCH

Bitcoin Cash
FREE$0.73$37.81
0.052 BCH
46
LINK

Chainlink
FREE$24.66$106.07
3.4418 LINK
34
LTC

Litecoin
FREE$0.28$9.96
0.053 LTC
50
MATIC

Polygon
$1.93
1 MATIC
$63.24$1543.07
800 MATIC
18
XLM

Stellar
FREE$0.00$6.11
15 XLM
32
S

SOL

Solana
FREE$0.32$9.74
0.300005 SOL
10
ETC

Ethereum Classic
FREE$0.75$52.73
0.7 ETC
38
B

BUSD

Binance USD
FREE$8.59$99.98
99.929 BUSD
12
THETA

THETA
$0.79
0.1 THETA
$14.84$379.98
48 THETA
6
VET

VeChain
$0.23
2 VET
$11.66$40.81
350 VET
13
W

WBTC

Wrapped Bitcoin
$1.87
0.00005 WBTC
$13.11$93.43
0.0024935 WBTC
14
EOS

EOS
FREE$0.66$10.24
1.56 EOS
36
TRX

TRON
FREE$0.08$37.41
483 TRX
34
FIL

Filecoin
FREE$2.03$69.89
1 FIL
21
DAI

Dai
$0.10
0.1 DAI
$13.51$99.92
99.864 DAI
22
A

AAVE

Aave
$3.56
0.01 AAVE
$35.63$302.86
0.85 AAVE
22
XMR

Monero
FREE$0.25$9.81
0.04 XMR
22
NEO

Neo
FREE-$11.81
0.2 NEO
25
K

KLAY

Klaytn
$0.009
0.006 KLAY
$1.73$9.20
6 KLAY
6
MKR

Maker
FREE$18.49$92.80
0.026093 MKR
25
S

SHIB

SHIBA INU
$7.57
886092.35494881 SHIB
$25.29$51.85
6069155.24003873 SHIB
11

Source: Withdrawalfees.com

All exchanges charge this cryptocurrency withdrawal fee with the exception of Gemini who offer their customers 10 free cryptocurrency withdrawals every calendar month.

Also, here is more information about the exchanges.

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Binance International (Binance.com) vs Binance Singapore (Binance.sg)

Binance is the world’s biggest blockchain and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume at the time of writing.

The company which is domiciled in the Cayman Islands was founded in 2017 by Changpeng Zhao or ‘CZ’ who started his career by building high-frequency trading software for stockbrokers.

Initially, the company was based in China. But, it had to move its headquarters out of China due to China’s crackdown on cryptocurrency.

As of today, the company claims it has no headquarters in a specific country or region.

However just this month, it was reported by Bloomberg that Binance under investigation from the US Internal Revenue Service and the US Department of Justice on claims of tax offences and money laundering.

But on balance, the investigation is still ongoing. Also, Binance is collaborating with law enforcement agencies to fight bad players.

As for the exchanges, there are a few things to take note of.

Binance.sg Review

Pros

  • Can easily deposit and withdraw SGD using Xfers to your bank accounts.
  • Can buy BTC, ETH, BNB, LTC, BCH, XRP, NEO, LINK directly using SGD.
  • Easy to use platform.

Cons

  • A limited number of Cryptocurrencies available.
  • Fees are higher than average (0.60% per trade)

The only major limitation of the Binance.sg platform is that you can only trade 8 cryptocurrencies. This is probably due to a need to comply with MAS scrutiny.

Do note that each trade you make on Binance.sg has a S$20 minimum amount required per trade.

Alternatively, you consider Binance.com if you want access to more cryptocurrencies and more features.

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Binance.com Review

Pros

  • Has the biggest selection of cryptocurrencies on the market with support for over 500 coins like the meme coin Shiba Inu.
  • Binance.com charges the lowest fees (0.10% per trade).
  • Biance.com has many other features. You can stake your cryptocurrency, lend out your cryptocurrency and trade derivatives.
  • Binance.com also has a P2P exchange feature where you can buy cryptocurrency from other people advertising on Binance.com without a fee.
    You can simply request for a cryptocurrency and transfer money to someone using e-wallets like PayLah, PayNow, Google Pay or simply a bank transfer.
    However, the exchange rates for using the P2P exchange might not be as good compared to using Binance.com directly.
    Also, you have to be aware that there might be scammers on the P2P exchange platform as although Binance claims it regulates the advertisers, it does not offer any protection if you use the P2P exchange.

Cons

  • Does not accept SGD transfers directly.
  • Depositing Fiat currencies like USD into Binance.com can be expensive depending on the fees charged by your multicurrency bank account for transfers.
  • Expensive to withdraw fiat currencies (US$30 + bank fee).

But if you would like to withdraw fiat currencies from international exchanges like Binance.com, you can do this.

  • Convert your cryptocurrency to USDT.
  • Buy a cryptocurrency like Ripple (XRP) with the converted USDT as it has a low withdrawal fee of 0.25 XRP (~S$0.30).
  • Send your XRP from your Binance.com account to your Binance.sg account.
  • Sell your XRP on Binance.sg for SGD
  • Withdraw SGD out of your account using Xfers or your bank account.

Do take note that the minimum amount you need to withdraw is 2 XRP.

This method also works for other international exchanges without a presence in Singapore.

Binance Security

You can read more about the security measures for Binance.com here.

But, unfortunately, Binance was actually hacked in 2019 and US$40 million in cryptocurrencies were stolen from the exchange.

As for Binance.sg, they do not disclose what security measures put in place which is concerning. But on balance, Binance.sg was not affected by the Binance.com 2019 hack and has not been hacked before.

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Huobi Review

Next up we have Huobi Global.

Huobi Global is the second-largest digital asset exchange by volume at the time of writing.

The company which is based in Seychelles was founded in 2013 in China by Leon Li who worked as a computer engineer at Oracle before he founded Huobi.

The company is also listed in Hong Kong as Huobi Technology Holdings Ltd (HKG: 1611) and has offices in Hong Kong, Japan, South Korea and Singapore with this registered address:

Pros

  • Has one of the largest cryptocurrencies selections on the market with support for about 372 coins.
  • Can use SGD to directly buy USDT, BTC, ETH, HT, EOS, BCH, XRP, LTC, HUSD and more.
  • Huobi only charges low fees (0.20% per trade).
  • You can also trade derivatives on Huobi.
  • Huobi also has a P2P exchange feature where you can buy cryptocurrency from other people advertising on Huobi without a fee using payment platforms like Grab Pay, Transferwise and Revolut.
    However, the exchange rates for using the P2P exchange might not be as good compared to using Huobi directly.
    Also, you have to be aware that there might be scammers on the P2P exchange platform as although Huobi claims it regulates the advertisers, it does not offer any protection if you use the P2P exchange.

Cons

  • Depositing Fiat currencies into Huobi can be expensive depending on the fees charged by your multicurrency bank account for transfers.
  • Expensive to withdraw fiat currencies (Variable bank fee).

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Huobi Security 

Huobi has actually been around since 2013 which is an eternity in the cryptocurrency world.

Its backers include Zhen Fund and Sequoia Capital (shareholder of Apple, Alibaba and many other well-known global companies).

Huobi has also stated that the majority of its customer’s assets are stored in multi-signature cold wallets. Whereas outputs are limited to Huobi’s hot wallet.

Also, Huobi has a Huobi Security Reserve where ‘with the exception of losses incurred as a result of users’ own actions, Huobi Global will pay compensation upfront for losses arising from all other security incidents. The compensation comes from this reserve.’

Coinbase Review

Coinbase was founded in San Francisco in 2012 by Brian Armstrong, a former Airbnb engineer. The company allows people and companies to buy and sell various digital currencies, including Bitcoin and Ether.

Coinbase now supports over 65 crypto assets for trading and the total value of its assets under management represent around 11% of crypto assets’ total market capitalisation.

Pros

  • Easy to use and clean UI.
  • Trusted by US regulators as the company went through scrutiny under the traditional initial public offering (IPO) route to be listed on the NASDAQ.

Cons

  • High fees for trading (1.49%++) and payments. But, you can also opt for Coinbase Pro which has lower fees (0.50% per trade).
  • Only supports 65 cryptocurrencies.
  • Depositing or withdrawing Fiat currencies into Coinbase can be quite expensive due to the fees charged by Coinbase as well as the fees charged by your multicurrency bank account for transfers.

Security

For more on Coinbase’s security, you can read this independent review which states:

As most sources say, yes. – it has 40 different licenses to operate in 30 states of the US alone and can be used in many countries to send, receive or store funds.
To buy and sell features, though, Coinbase can be used only in 32 countries – you can consult the list here. – when talking about how safe is Coinbase, we must also mention that Coinbase stores the vast majority of the digital assets in secure offline storage and the cryptocurrency stored in their servers is covered by their insurance policy:
“Coinbase prioritizes the security of our customer’s funds, all digital currency that Coinbase holds online is insured. If Coinbase were to suffer a breach of its online storage, the insurance policy would payout to cover any customer funds lost as a result.”
Another important aspect is that Coinbase adheres to strict KYC (Know Your Customer) rules and closely respects them. It also cannot be used anonymously – “due to the KYC rules, users must submit a government-issued piece of ID and, in some cases, address verification in order to use the platforms BUY and SELL features.”

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Coinhako Review

Coinhako is a cryptocurrency exchange platform for consumers to buy, sell and secure their digital assets.

The company was founded back in 2014 by Singaporean entrepreneurs, Yusho Liu and Gerry Eng, and is headquartered in Singapore with their office located at:

Far East Finance Building, 14 Robinson Road, #08-01A, Singapore, Singapore 048545

Pros

  • Can easily deposit and withdraw SGD using Xfers to your bank accounts.
  • Can trade 21 different cryptocurrencies (BTC, ETH, XRP, BCH, LTC, ADA, XLM, NEO, XMR, DOT & more) using SGD.
  • Easy to use platform.
  • Singapore Dollar (SGD) and Vietnamese Đồng (VND) trading pairs cryptocurrencies.

Cons

  • Fees are higher than average (1.0% per trade)
  • Not as many cryptocurrencies compared to the bigger cryptocurrency exchanges.

Coinbase Security

You can read more about Conhako’s security features here.

Also, Coinhako has not been hacked before.

Crypto.com Review

Crypto.com was founded back in 2016 as Monaco Technologies GmbH with Kris Marszalek as CEO.

The company underwent a rebranding and become Crypto.com in July 2018.

Crypto.com serves over 10 million customers today, with the world’s fastest-growing crypto app, along with the Crypto.com Visa Card, the Crypto.com Exchange and Crypto.com DeFi Wallet.

To access Crypto.com in Singapore you will need to download the Crypto.com mobile app on either iOS and Android. With the app, you can access the entire Crypto.com ecosystem.

Although the company is headquartered in Hong Kong, it has an office in Singapore located at:

111 North Bridge Road #08-19 Pennisula Plaza Singapore 179098

Pros

  • Affordable fees (0.40% per trade).
  • Easy to convert FIAT to cryptocurrency.
  • Highly secure.
  • You can stake your cryptocurrency to earn interest.
  • Has a Crypto.com Visa card with cashback rewards.

Cons

  • Customer service can be a bit slow.

Crypto.com Security

Crypto.com is rather secure and claims to be the first cryptocurrency company in the world to have these security certifications:

  • ISO/IEC 27701:2019
  • CCSS Level 3
  • ISO27001:2013
  • PCI:DSS 3.2.1, Level 1 compliance.

The company was also independently audited by world-renowned audit firm SGS. This audit led to the company being awarded a Tier 4 certification, the highest level for both NIST Cybersecurity and Privacy Frameworks.

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Gemini Crypto Exchange Review

Gemini Trust Company, LLC (Gemini) was founded in 2014, by brothers Cameron and Tyler Winklevoss of Facebook fame, to build a bridge to the future of money.

The company is a next-generation cryptocurrency exchange and custodian that allows customers to buy, sell, and store digital assets such as bitcoin and ether.

Gemini is a New York trust company that is held to the highest level of fiduciary obligations, capital reserve requirements, and banking compliance standards.

Pros

  • Can easily deposit and withdraw SGD using FAST to your bank accounts.
  • Can trade 48 different cryptocurrencies (BTC, ETH, BCH, LTC, ZEC, ZRX, MKR, BAT, AAVE, FIL & more).
  • 10 FREE cryptocurrency withdrawals per month.
  • Easy to use platform.
  • Highly secure and regulated.
  • Gemini also has a lending platform and NFT marketplace.

Cons

  • Fees are higher than average (1.5%++ per trade)
    However, you can opt for the Gemini ActiveTrader platform which has lower fees (0.35% per trade).*

*Do note that for the Gemini Active Trader platform, you can only buy BTC and ETH with SGD. This means that you will have to pay the transaction fee twice if you want to buy other cryptocurrencies with a BTC and ETH pair.

Gemini Security

Gemini claims that the majority of your crypto is held in their offline, air-gapped Cold Storage system. Only a small portion is held in their online Hot Wallet, which is insured.

You can read more about their security measures here.

Anecdotally, Beeple the digital artist who sold his Non-Fungible Token (NFT) for US$69 million was interviewed on The Daily Show With Trevor Noah. During the interview he revealed that he was a Gemini customer.

Source: The Daily Show With Trevor Noah

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Annex A

Holding and Annual Spending Limits

Source: Xfers

Also, as part of the Payment Services Act, MAS has implemented holding and annual spend limits that you have to take note of.

First, there is a holding limit of S$5,000 (Digital Goods Wallet + General Wallet) for your Xfers account. In addition there is an annual spend limit of S$30,000 and a daily withdrawal limit of S$10,000.

Although there is no limit on the amount you can deposit into your Xfers account, the amount you can hold inside Xfers cannot exceed S$5,000.

Let’s say you have a balance of $4,000 in your Xfers account. You can only deposit $1,000 more into your Xfers account. 

Any amount above the holding limit will be placed in your temporary holding balance.

You can only withdraw the temporary holding balance to the bank account you have linked with Xfers.

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About Joel Koh
History student turned writer at Seedly. Before you ask, not a teacher. My time as a history student has equipped me with the skills to evaluate the impact societal development has on financial and nonfinancial events.
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