If you want to get started in crypto but not sure how to buy bitcoin or altcoins in Singapore, then you have come to the right place. This article will provide a step-by-step guide to buying bitcoin or altcoins in Singapore. This is how I have been buying crypto over the past few years and my experience has been smooth-sailing thus far.
If you are interested in how I started out in crypto, you can read more about it here.
1. Signing up with Coinhako
*Disclosure: Some of the links below are affiliate links, meaning that at no additional cost to you, I will make a commission if you click through and make a purchase.
The platform that I used is Coinhako. Coinhako is a leading cryptocurrency wallet service from Singapore. To get started, simply sign up with your email address and click on the verification link in your email to confirm the account.
The next step is to verify your account to transact in the local currency. This is where you have to upload all your identity documents, phone verification, address verification and etc. Finally, just set up your 2FA authentication and you are ready to go.
2. Depositing money to Coinhako Wallet
The reason why I love Coinhako is it directly links up to your bank account. This makes the process of buying and selling much more easier and convenient.
To buy some bitcoins, you just have to top up your SGD wallet on Coinhako by pressing the “Deposit” button. The deposit method by default would be via local inter-bank transfer. There would be some instructions asking you what to do and what not to do.
Details would be given as to which account number and which bank you should transfer your funds to. Just make sure that you key in the account details correctly when making the transfer from your internet online banking.
The processing for deposits would take place only twice per day, one at 10 am and another one at 4 pm. It would take within 1 business day for your funds to be reflected on the SGD wallet at Coinhako. So don’t be alarmed if you do not see the transferred amount immediately.
3. Buying bitcoin or altcoins
Once you have some SGD balance in your wallet, you are ready to buy bitcoins or altcoins. It is as simple as that. The most important point to take note is just to ensure that you have sufficient funds in your SGD wallet before making any purchases of digital currencies.
There is a 1% Coinhako fee to buy or sell digital currencies. Nevertheless, it is still cheaper than buying using a debit card on Coinbase which charges around 4%.
The minimum amount for buying cryptocurrencies is $30. But if you are using Xfers wallet, it would be $550. I have tried both Xfers Wallet and Coinhako Wallet and I prefer the latter. This is because I don’t like the hassle of creating a separate Xfers account and maintaining it.
Furthermore, the minimum purchase amount has to be $550 and Coinhako’s swapping service is not available if our Xfers account is connected to it. To elaborate a little further, Coinhako has this swap function that allows you to convert bitcoins to altcoins directly.
4. Swapping bitcoins to altcoins
Previously, you would have to send bitcoin to a major cryptocurrency exchange and buy altcoins. Then you have to wait for the bitcoin transactions to be confirmed and on the exchange end such as Bittrex, you have to wait for another 36 block confirmations before finally receiving the funds.
This can take anywhere from 30 minutes to hours depending on how congested the bitcoin network is. By the time you receive your bitcoins, the price of the altcoin which you intend to trade might have already gone up or down significantly.
Fortunately, as emerging technology evolves, which it always does, more and more innovative solutions have appeared and the user experience of getting altcoins gets simpler.
At Coinhako’s platform, you can now swap your bitcoins to any selected ERC-20 tokens without having to transfer your bitcoins and altcoins to and fro exchanges.
Though the transaction fee is 1% for every swap made, it is still considered minuscule in comparison to all the other fees if you would have to send your bitcoins and altcoins around.
5. Buying altcoins directly with fiat
To simplify the user experience further, you can even buy altcoins directly with SGD on Coinhako without having to buy bitcoins and swap it for altcoins. They have already calculated all the altcoins in terms of SGD and it really saves a lot of transactional fees and time.
6. Cashing out your bitcoins and altcoins to cash
Selling cryptocurrencies on Coinhako follows the exact same procedure as buying. When you sell your cryptocurrencies on Coinhako, it goes into the Coinhako SGD wallet. If you want to cash out the money, simply press the “Withdraw” button and select the option of “Withdrawal to bank account.” This will transfer money out from your Coinhako wallet to your personal bank account.
The withdrawal may take up to 5 business working days. Even though it says that withdrawal to Xfers is immediate, it would also take up to 5 business working days if you want to transfer money out from Xfers back into your personal bank account.
That’s it. Buying bitcoin is as easy as it can get. Knowing how to buy is not the hard part. The hard part is taking the courage to buy.