How to Buy bitcoin or altcoins in Singapore?

how to buy bitcoin and altcoins

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.

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7 Comments

  1. Thanks for this article. Its been helpful especially for newbies like me. Quick question tho, say I’ve bought bitcoins on coinhako and want to transfer it to another exchange to buy a certain token, is that possible? if so, how?

    • Yes, totally possible. Which token are you looking at? Coinhako has a direct swap on their platform though. You can just swap your bitcoins for the tokens if they are listed on Coinhako.

  2. Thanks a lot for the article
    I want to know about the ledger to keep bitcoin safe
    can you do a write a guide on that as well?

    Thanks a lot

      • Thank you for sharing.
        I signed up with Coinbase before discovering your page and you recommended Coinhako
        I still try to figure out how to increase the limit purchase from Coinbase, seems there’s no where i can find the info. The purchase is limited to only 100 buck per week with reach credit or debit card.
        as such i’m trying to switch to Coinhako. I bought Link on Coinbase and realized Coinhako has no such type. Do you have any ideas on how to solve this?
        Appreciate your kind inputs

      • Thanks a lot for the article
        Im very new to this
        I signed up with Coinbase then realized it’s not a very good platform to use
        So now i’m waiting for coinhako to get my account approved
        Just a quick qns- i bought Link on Coinbase but browsed through coinhako and it does not have this type. Do you know why? Very very new to this

        • No probs! Yea Coinhako and Binance Singapore has very limited altcoins as they have to meet regulatory requirements to list tokens. But generally, Coinhako has a wider variety. For LINK I think Binance Singapore has it.

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