Crypto adoption has been on the rise in Singapore, based on a recent report that showed over 25% of the country’s population is familiar with digital currencies. By comparison, only 21% of the United States population interacts with crypto.
Do you wish to become a Bitcoin holder in Singapore? Stick around! We will show you how to purchase BTC in this Asian nation.
Is It Legal to Buy Bitcoin in Singapore?
The simple answer to this question is yes! Although the Singapore government hasn’t recognized BTC as legal tender, it lets citizens buy and hold the number one digital asset. Those who wish to engage in crypto are protected by the Monetary Authority of Singapore.
Buying Bitcoin on a Centralized Exchange
The most preferred way of purchasing BTC in Singapore is through centralized exchanges (CEXs). That’s because these trading platforms offer much-needed convenience to access the crypto markets. So, if you are just getting started, acquiring Bitcoin in Singapore from a reliable CEX such as Binance or Coinbase is advisable.
In this guide, we will show you how to acquire Bitcoin on Binance.
1. Create a Binance account: Download the Binance mobile app from trusted online app stores. After that, tap ‘Create an Account’ and provide the needed information, including email/phone number and password.
Note that you must also complete the identity verification process to buy Bitcoin with fiat on Binance. To do this, upload your identification document or driver’s license.
2. Buy Bitcoin: Once you’ve verified your identity, go to ‘Trade’ and press ‘Buy.’ Select BTC as the cryptocurrency you wish to purchase and specify how much fiat you want to spend. Next, choose a payment method and enter the requested details to connect your bank account to Binance.
Check the transaction details to get a clear picture of the involved costs and how much BTC you will receive. Click ‘Buy Bitcoin’ to proceed with the transaction. Binance will notify you when your Bitcoin gets deposited into your account.
Buying Bitcoin in a Non-Custodial Wallet
If you would like to take full control of your Bitcoin after purchasing it, then we recommend using a non-custodial wallet, which allows you to keep the private keys, unlike centralized exchanges, where these keys are managed on your behalf.
So, which non-custodial wallets allow you to buy Bitcoin without leaving the app? Trust Wallet and Phantom are some of the recommended options.
Here is the purchasing process:
1. Create a wallet: Download your preferred wallet browser extension or mobile app from a trusted source. After that, accept the terms of service and privacy policy, then click ‘Create New Wallet.’ Enter a strong password and keep the recovery phrase safe. Once done, you will have access to your new wallet.
2. Buy Bitcoin: Go to ‘Buy’ and select Bitcoin in the list. Choose a suitable payment method and enter the USD amount to be spent. After filling in your payment details, preview and confirm the transaction. You will receive your BTC shortly.
Buying Bitcoin on a Decentralized Exchange
Before explaining the buying process, it is worth mentioning that the original Bitcoin version isn’t available on any decentralized exchange (DEX). However, its wrapped version (WBTC), issued on various blockchains, including Tron and Ethereum, can be bought via a DEX.
Now, let’s show you how to buy WBTC on Ethereum using the Uniswap decentralized exchange.
1. Create a new wallet: Find a crypto wallet compatible with Ethereum and set up an account. We recommend using MetaMask.
2. Add funds: After creating a new wallet, deposit Ether through the provided crypto address. Make sure you deposit enough funds to pay for Bitcoin and gas fees.
3. Connect your wallet to a DEX: Tap ‘Connect’ on Uniswap.org to link your wallet to the DEX.
4. Buy Bitcoin: Click ‘Trade’ and choose ‘ETH’ in the ‘Sell’ box. Next, select ‘WBTC’ in the ‘Buy’ box and specify how much ETH you want to swap for wrapped Bitcoin. After that, check the transaction details and approve the swap on your wallet. You will find your WBTC in the wallet after a few minutes.
And that’s how simple it is to become a Bitcoin owner in Singapore. However, consider the risks involved before making a purchase.
