Ways to Get the First Bitcoin in Singapore For Crypto Newbies

Newcomers often come with questions such as “how do I even get started with cryptocurrencies?” or “what are the ways to get the first bitcoin?”. If you are totally new to the crypto space and you are residing in Singapore, there are several platforms to buy your first bitcoin easily.

Ways to Get the First Bitcoin in Singapore For Crypto Newbies

Disclaimer: 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.


Ways to Get the First Bitcoin in Singapore For Crypto Newbies

#1 Coinbase

The most trusted cryptocurrency exchange is called Coinbase. All we need to do is register an account, verify our identity and add payment option.

Not only you can buy bitcoin from Coinbase, but BitcoinCash (BCH), Ethereum and Litecoin.

Coinbase is the world’s largest Bitcoin broker, and also offers an exchange, a wallet, and developer API. In other words, it is a web-based digital wallet that allows you to send and receive Bitcoins. At the time of writing, you can also buy and see Ethereum (Cryptocurrency 2.0) and Litecoin through Coinbase.

Coinbase is one of the world’s largest Bitcoin exchange based in San Francisco. Created in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase’s reputation lies with its presence in 32 countries across the world – especially in the USA, UK, and Brazil, which represent their largest customer base. As per day, there are 45% of visits to Coinbase are from the USA, with Brazil second at 9% of total traffic, and the UK at 4%.

The company is backed by several large venture capital firms and claims to hold 617,000 consumer wallets, 16,000 merchants, as well as integration with U.S. banks.

Step-By-Step To Buy Your First Bitcoin on Coinbase

1. Sign up an account on Coinbase.

Ways to Get the First Bitcoin in Singapore For Crypto Newbies

2. Sign in and verify your identity with passport or drivers license or ID card.

Ways to Get the First Bitcoin in Singapore For Crypto Newbies

3. Buy your first bitcoin

Ways to Get the First Bitcoin in Singapore For Crypto Newbies

#2 Coinhako

Coinhako is a Bitcoin wallet and exchange based in Singapore and it is one of the most user-friendly platforms for both residents of Malaysia and Singapore to buy and sell Bitcoin.

Coinhako was founded in 2014, and it started as the Bitcoin platform allowing people in Singapore to convert fiat currency into Bitcoin instantly and vice versa. CoinHako received a “six-figure” personal investment from The Boost venture capitalist when it launched. The startup was also a participant from “Tribe 4” of Boost VC’s accelerator program.

With the increasing use and recognition of crypto-currency along with backed regulations, the funded fintech is eyeing for more market share in Singapore and ASEAN, CoinHako offers the first insured Asian Bitcoin Exchange in Southeast Asia starting in 2015.

Ways to Get the First Bitcoin in Singapore For Crypto Newbies

Step-By-Step To Buy Your First Bitcoin on Coinhako

Quite similarly to Coinbase, what I like about Coinhako is their user-friendly interface that aims to make it easy for first-time buyers to purchase Bitcoin.

First, create a wallet with your name and email address on Coinhako homepage. Check your email and activate your account by clicking the activation link. Then you will be seeing the dashboard looks like the following screenshot.

Ways to Get the First Bitcoin in Singapore For Crypto Newbies

There are three ways to buy Bitcoin and Ethereum.

Ways to Get the First Bitcoin in Singapore For Crypto Newbies

#1 XfersTransfer: You can deposit SGD/ MYR into your account so you can use that to purchase Bitcoin. You will see “Deposit SGD” or “Deposit MYR” on your dashboard. You can deposit your money via Xfers, of which it is the fastest and most convenient way to deposit your money prior to purchasing your first cryptocurrency. The entire transfer will only take approximately 10 minutes.

Update: Xfers was not able to accept payments via their bank account and they are back online again 🙂

#2 Interbank Transfer: This is the most straightforward way to transfer money. It works exactly the same as transferring money to your family and friends through the online banking system. However, the process will take one (1) business day.

#3 Via international wire transfer: You’ll need the following information about the bank receiving the funds such as Recipient bank’s routing code and recipient’s account number. SWIFT Code, National ID or IBAN number of the bank where the receiving account is located. If possible, avoid this method as it is troublesome and it can take up to 7 days to complete the transfer.

With the money in your wallet, you can now purchase Bitcoin and Ether.

Coinhako Review Bitcoin Exchange and Wallet for Malaysia and Singapore Xfers

Price as per April 2017


Additional Reading/Sources:

Is Ethereum the Next Bitcoin? Is It the Next Big Thing After Bitcoin?

How High Will Ethereum Go? Will Ethereum Reach the Price of Bitcoin?

What Is Ethereum and How to Make Money With Ethereum?

10 Reasons Why You Should Invest in Bitcoin. Is It a Good Time to Buy Bitcoin?

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