How to Sell Crypto in Singapore

By now, you’ve heard about cryptocurrencies such as Bitcoin, Ethereum, and Cardano. Over the past year, analysts have associated them with high returns. Their prices have skyrocketed, with some, such as Bitcoin, hitting their all-time highs in 2021. With the knowledge of digital currencies, fiat currencies may become a thing of the past sooner than later.

Knowing when and how to sell is equally important if you have decided to invest in cryptos in Singapore. Based on the research of over 50 cryptocurrency exchanges, we have come up with the best exchanges to help you find the best match. We have also come up with other important details regarding selling crypto. Read on to find out more about selling Bitcoin and other cryptocurrencies!

How to Sell Crypto in Singapore

Singapore is a highly developed country with almost no corruption. It comes at the fourth-least globally for corruption. Due to its clear laws and political stability, foreign and local investors are confident in making direct investments. The Monetary Authority of Singapore (MAS) financial regulator and the central bank have clarified that they do not plan on regulating cryptocurrencies any time soon.

It is also legal to own and trade Bitcoin and other virtual currencies in Singapore. The country was among the first to embrace blockchain and DLT (Distributed Ledger Technology). In 2019, they ruled that crypto has basic characteristics of intangible property that users can hold in trust or custody. From the ruling, the legality of owning crypto was no longer in question for Singapore citizens.

How is Crypto Valued?

Cryptocurrencies’ decentralization factor has given regulatory bodies a tough time over the number of years. They also have a fixed supply, so devaluation through inflation is highly unlikely. However, to trade cryptocurrencies, one has to determine the right time to dive into crypto investments. 

The demand for a cryptocurrency coin determines its price the most effectively. A digital coin’s value will rise due to high demand from buyers. In contrast, if a coin has a large token supply but little demand, its value will fall.

The level of token utility — that is, how valuable the token is — is another element that influences the price of a crypto coin. A complicated mining procedure would make increasing the supply of the coin more difficult. Hence, putting upward pressure on the price when demand is high.

How to Withdraw CryptoCurrency

When you sell your cryptocurrency, the transaction is not yet complete. The last step is to withdraw proceeds into either the bank or crypto wallet.

Withdrawing Cryptocurrency

It is not advised that you store your cryptocurrency on an exchange in the long term. Exchanges have the private keys to these wallets; hence your crypto may not be as safe as you think it would be from hackers. The safest option is to transfer the crypto into a secure wallet where only you can access your keys, such as CryptoWallet.

Withdrawing SGD

Depending on the choice of platform for selling, the withdrawal method might be different. Some may be Paypal, cash, bank transfer, or credit card. 

Here is a quick walkthrough to sell crypto to Xfers. Select on Trade, then Sell on a crypto exchange. Select a supported cryptocurrency then choose a fiat wallet. Finally, select your SGD Xfers accounts.

When choosing the most suitable withdrawal method, consider the fees, limits, processing times, and restrictions that may apply. These pointers will ensure you make a well-informed decision.

How to Choose the Best Way to Sell Crypto

As enticing as it sounds to find the best way to sell crypto, there is no such thing. What will work for a successful investor could work for you or not. Hence, it will vary from one person to another. Hence, it would be best if you worked out which one is the best one for you. You can start by asking yourself these questions:

  • How quickly do you want to sell your crypto? 
  • What price do you want to sell?
  • How do you want to receive payment?
  • What do you want in exchange for cryptocurrency?

The listed points will direct you to the decision of how you want to sell your crypto. From there, you can figure out which platforms or methods have all the features you need. Here is a list you can countercheck different options with to come up with the best decision:

Fees: Compare trading fees that apply.

Trading and withdrawal limits – Consider the limit on the amount you can sell

Price: Compare the exchange rates across different platforms

Security: Look into how safe the option is. You can look into 2-factor authentication or a reputation system.

Customer support: Check for the availability and schedules of the customer care system if anything goes wrong with the transaction.

The Best Crypto Exchanges in Singapore

Let’s take a look at the best Bitcoin and crypto exchanges in Singapore!

2 Coinmama

Coinmama was founded in 2013 and has managed a user base of 2.6 million in 188 countries over the years. It supports ten cryptocurrencies such as Ethereum, Bitcoin, and Bitcoin.

The exchange allows you to buy and sell crypto instantly. The payment goes directly into your wallet even though you bought the crypto on another exchange. It is also a safe platform as neither the customer funds nor payment information is stored.

  • Supported cryptos: 10 including Bitcoin
  • Fees: Up to 5.9% on purchases; 2.9% on sales; other fees may apply
  • Things to note: Coinmama sells cryptocurrencies from its inventory. Also, it does not provide cryptocurrency wallets.

Pros (What We Like)

  • Easy interface
  • Minimum trade; $50 to buy cryptocurrency, $200 to sell

Cons (What We Don’t Like)

  • Higher fees than many competitors
  • No crypto-to-crypto trading pairs

5 Paxful

Paxful is a peer-to-peer crypto exchange founded in 2015. The company prides itself on over 4.8 million users globally, with over 350 payment methods diversifying user options. Being peer to peer, it may be exposed to an unfair trading environment. However, keeping transactions within the Paxful marketplace reduces the likelihood of disputes and scams.

  • Supported cryptos: 4 including Bitcoin
  • Fees: 0.5% for crypto conversions
  • Things to note: Peer-to-peer trading on the platform

Pros (What We Like)

  • Positive wallet reviews
  • Hundreds of payment methods
  • Supports charitable initiatives
  • No commission fees

Cons (What We Don’t Like)

  • Limited customer support services
  • Unregulated by financial authorities

6 Indacoin

Indacoin is a London-based crypto exchange. The exchange has allowed the purchasing of crypto using credit cards since 2013, when it started providing crypto trading services. The exchange has some strict limits for new users, such as the $200 limit for the first transaction. With time, as the users stay on the platform, the limits are removed, usually in a month.

There is a mobile version on Playstore and App Store for consumer convenience.

  • Supported cryptos: 500+
  • Fees: Zero fees on limit orders. However, other transactions are calculated upon adding transaction details.
  • Things to note: Indacoin only accepts MasterCard SecureCode and Visa Verified cards. It is because they are 3D-Secured hence, secure.

Pros (What We Like)

  • Beginner friendly
  • Worldwide availability
  • Major selection of cryptos

Cons (What We Don’t Like)

  • Limits initially on purchases
  • Higher fees than average

7 LocalBitcoins

LocalBitcoins is a platform that connects users with others to transact in Bitcoin, buying or selling. It was founded in 2012 and has since become among the top marketplaces for Bitcoin in the world.

LocalBitcoins was previously anonymous until recently. Under new laws, it has to verify customers with KYC processes. Also, you can no longer buy Bitcoin with cash from the site.

  • Supported cryptos: Bitcoin, Ethereum
  • Fees: 1% per trade
  • Things to note: Peer-to-peer trading

Pros (What We Like)

  • Available worldwide with 248 seller listings

Cons (What We Don’t Like)

  • Possibility of fraud and scams by users

FAQ

How do I sell my crypto for cash?

You can either use an exchange or go to a crypto ATM to sell your crypto for cash. Select the sell option, choose the cryptocurrency, and enter the amount you want to cash out in exchange. Confirm the details and click on ‘sell now.’ If cashing out into a bank, it may take a while to cash out because they need to verify the transaction.

You can choose the amount of crypto you want to sell from your digital wallet such as CryptoWallet in a crypto ATM. The pay is instant, and the amount received depends on the current rates.

How do I withdraw money from crypto in Singapore?

You can withdraw cryptocurrency in cash through the bank. The other option is to withdraw into a cold wallet or different crypto exchange. You should look into the fees charged for each method and determine whether it is worth the amount you wish to withdraw.

Is cryptocurrency trading legal in Singapore?

Cryptocurrency trading is legal in Singapore. The government has not yet flagged cryptos and has mentioned that they do not yet find it necessary to regulate them. However, they have warned investors of the huge risk they are facing while trading cryptocurrencies.

Is crypto taxable in Singapore?

Previously, cryptocurrencies were taxable in Singapore under the Goods and Services Tax. However, it was discontinued since the Inland Revenue Authority of Singapore (IRAS) reviewed the GST requirements and found that cryptos do not lie there. Hence, investors are not taxed for their profit as there is no such thing as Capital Gains Tax in Singapore.

How can I find out that an exchange for cryptocurrency is reliable?

You will know that an exchange is reliable by doing your research. Look into its customer reviews, fees charged, customer care support, payment methods, transaction speed, and the security measures it offers. For most of them, their reputation precedes them; hence it is quite easy to do detailed research on any exchange online.