Binance Singapore Review – Legitimate Fiat-To-Crypto Exchange

Binance Singapore Review - Legitimate Fiat-To-Crypto Exchange

Welcome to our Binance Singapore review

Binance exchange is one of the largest cryptocurrency exchanges in terms of trading volume. The Exchange which was only founded in 2017 by Changpeng Zhao has grown to become of the biggest names within the ecosystem.

Binance is not confined by geographical borders. It can be accessed and used all over the world. However, the exchange has a different service offering in different countries. 

Binance Singapore has officially come online - a fiat to crypto exchange servicing the Singapore Dollar (SGD).

Disclaimer: This article does not endorse or recommend investing in cryptocurrencies. This article should not be taken and viewed as investment advice, but only information and opinions. This article is for information and illustrative purposes only.

Binance Singapore Review Summary

Name: Binance Singapore

Transfer Fees ( Binance Cash Wallet to Xfers): Free

Order Fees: 0.8%

Rating: 75/100

Recommended:  Yes

Binance Singapore Review – Is It the Most Direct Way to Trade Cryptocurrency

Summary:  Binance has been rapidly expanding its operations globally. In April 2019, it launched a fiat-to-crypto exchange in Singapore, allowing users to trade Bitcoin and Ethereum against the Singapore dollar. Binance partnered up with a payment processing fintech Xfers to launch the exchange in Singapore—the same company that Coinbase worked with to launch their own operation in Singapore. Coinbase dropped the partnership when it shut down its operation in Singapore. In October, Binance accepted a strategic investment from Vertex Ventures to build the exchange in Singapore and explore other fiat-to-crypto exchanges in Southeast Asia. Binance has often been praised for its wide variety of support coins. Binance is undoubtedly the leading Cryptocurrency Exchange and offers great fees and awesome digital currency support. As it reportedly has access to abundant resources and partners, chances are that Binance will continue to evolve and offer great digital currency exchange services to its clients.

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History of Binance

Choosing the right exchange to trust with your digital assets and their storage is a critical choice that every cryptocurrency holder must make.

The stakes of this decision are quite high, because it, in the cryptocurrency market, is literally life or death.

Binance is one of the many cryptocurrency exchanges that is trustworthy and reliable. The exchange was founded in 2017 and shot to fame in less than a year’s time with its introductory offer. 

The company was founded in China but moved its servers and headquarters out of China and into Japan in advance of the Chinese government ban on cryptocurrency trading in September 2017.

By March 2018 the company had established offices in Taiwan.

As of January 2018 it was largest cryptocurrency exchange with a Binance coin (BNB) market capitalization of $1.3 billion.

In March 2018, Binance announced its intentions to open an office in Malta after stricter regulations in Japan and China.

In April 2018, Binance signed a Memorandum of Understanding (MoU) with the Government of Bermuda.

Months later, a similar memorandum was signed with the Malta Stock Exchange to develop a platform for trading security tokens. 

In 2019, company announced Binance Jersey, an independent entity from its parent Binance.com exchange, with the aim to expand its European influence. Jersey based exchange offers fiat-to-cryptocurrency pairs, including the Euro and the British pound.

And now, Binance Singapore has officially come online - a fiat to crypto exchange servicing the Singapore Dollar (SGD).

Supported Currencies and Payment Methods

Binance offers a crypto-to-crypto exchange, meaning that it doesn’t facilitate any fiat currencies.

At the time of writing, there are only Bitcoin, Ether, BNB available for trading. The platform only permits users to purchase BTC at fixed prices which can only be traded against the SGD

Xfers

Binance’s Singapore’s presence is partly powered by Xfers- a local digital payment provider. Singaporean site has full deposit/withdrawal mechanisms with Xfers.

Binance Fees

Order Fees

Type

Fees

Buying from Binance Cash Wallet

0.8%

Buying from Xfers

0.8%

Selling to Binance Cash Wallet

0.8%

Selling to Xfesr

0.8%

Cryto Fees

Type

DEposit

Withdrawal

Minimum Withdrawal

BTC

Free

0.0005

0.002

ETH

Free

0.01

0.02

BNB

Free

0.1

0.5

​Pros and Cons

Pros and Cons of Binance.SG

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Pros

  • Lowest fees on the market
  • Proprietary Platform Technology
  • Multi-Device Support: Binance supports web browsers, Android, HTML5, WeChat, and other platforms.
  • Fast and effective
  • Very High Transaction Processing Speed

Cons

  • Another downside to using the platform is that BTC purchased are not transferable to other exchanges.
  • Only provides options for limit and market orders
  • Has only listed Bitcoin (BTC), Ethereum (ETH) and Binance (BNB) and the Singapore Dollar (SGD)

Is Binance Safe?

The Binance architecture includes CCSS and ISO/ICO_27001:2013 security protocols. 

For account security, the platform offers users the option to activate Google Authenticator and 2FA to verify withdrawals and security modifications. Users must activate one of these features in order to verify an account.

Binance’s privacy policy states that the platform does collect user information and stores the data on its servers.

Users concerned with privacy can click the “Privacy” tab on the main Binance site if they want to review the details of the Binance policy in full.

Is Binance.SG Legitimate?

Binance is one of the most trusted and popular crypto currency exchanges in the world and it has millions of users registered on it from around the globe.

No doubt, Binance.SG has the same legitimacy as Binance. It has two factor authentication and also the latest encryption technology to make sure your information is always safe.

Further, personal experience with Binance has helped to build my trust in the Singapore exchange. I had no issues with withdrawing my money as and when I pleased.

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