Top Crypto Exchange 2022: Which are the best Cryptocurrency Exchanges to use? (Singapore)
*Please note that any information in this article is not financial advice and for entertainment purposes only.
In recent times, cryptocurrencies such as Bitcoin and Ethereum have been gaining traction among traditional investors. As more and more investors pour into cryptocurrencies, it is important to understand the different exchanges available for cryptocurrency trading so that investors are able to make their own financial decisions.
To evaluate cryptocurrency exchanges, we will look at a few different factors to help us make a better comparison. These factors include trading fees, number of supported cryptocurrencies, earning programmes and others.
Please note that this guide is primarily targetted at consumers in Singapore but other readers can also use our guide to get a better idea of how these exchanges stack up against one another.
The main cryptocurrency exchanges we will focus on are:
- Gemini
- Coinhako
- FTX
- Crypto.com
- Independent Reserve
Please note that Binance has halted operations in Singapore and trading on Binance is not possible. KuCoin’s website was locked by the High Court of Singapore in 2020. Coinbase currently does not offer sell services in Singapore. Huobi Global has phased out Singapore-based users to comply with the laws of Singapore. As such, these exchanges will be exempted from the list.
Table for comparison
Please forgive the use of screenshots as Medium doesn’t support tables.
Earning Programmes:
Let us also take a look at the various Earning and Staking programmes available where users can earn passive income on their cryptocurrency holdings on various platforms. These rewards are given to the holders on a recurring basis(weekly, monthly etc.)
Gemini:
Gemini runs a lending programme called Gemini Earn. Users lend their cryptocurrency holdings to institutional borrowers and earn interest on their cryptocurrencies. Gemini Earn vets their borrowing partners based on their risk management framework which reviews our partners’ collateralisation management process. Please be aware of the risks of Gemini Earn.
Interest is paid DAILY at 4 pm ET. Payment starts on the following business day that funds are moved to Gemini Earn. Gemini allows users to earn rewards on their holdings for as long as their funds are moved to Gemini Earn. The interest is also paid out in the same currency deposited (if you deposit BTC, you will be rewarded in BTC).
So far, Gemini Earn supports 45 cryptocurrencies.
Below are some interest rates of the highest-reward cryptocurrencies on Gemini and also some of the more common cryptocurrencies.
BTC: 1.01%
ETH: 1.26%
SOL: 4.29%
Gemini USD: 8.05%
USDC: 7.99%
TerraUSD: 7.99%
FIL: 7.25%
DAI: 6.43%
BCH: 5.12%
LUNA: 4.52%
LTC: 1.51%
LINK: 0.50%
MATIC: 2.02%
Coinhako:
Coinhako runs an earning programme called Coinhako Earn, where Coinhako uses a variety of yield generation methods (staking, lending etc.) to provide returns for their users.
For Coinhako, users can only lock their tokens up for a specified period of time (7 days, 28 days, 60 days) depending on the token and the dates available. Rewards are only handed out to users after the lockup period. Users are allowed to redeem funds before the deadline but they will not receive any rewards. The interest is also paid out in the same currency deposited (if you deposit BTC, you will be rewarded in BTC).
So far, Coinhako Earn supports 13 cryptocurrencies, although this list is set to increase in the future. The 13 cryptocurrencies are BTC, ETH, DOGE, DOT, ZIL, XTZ, SOL, LUNA, MATIC, AVAX, BNB, KSM, XLM.
Here are the interest rates of the tokens on Coinhako Earn, which ranges depending on the Earn period. Do also note that the interest rates stated may vary based on the programme.
BTC: 2.45%-2.9%
ETH: 2.0%
XRP: 4.15%
LUNA: 5.2%
DOT: 5.50%-6.00%
ZIL: 8.00%
FTX:
FTX Earn is a full-featured cryptocurrency platform for earning interest on coins. FTX runs a more standard earning system which allows users to earn the same rates regardless of what cryptocurrency or fiat currencies they hold in their accounts.
Yields are paid HOURLY and immediately after funds are deposited into FTX Earn. The interest is also paid out in the same currency, crypto or fiat, deposited (if you deposit BTC, you will be rewarded in BTC).
Do note that users are free to withdraw their principal and yield payments at any time. There is no limit to how long or how short the earning period must be.
Crypto.com:
Crypto.com’s earning programme, Crypto Earn, depends heavily on the amount of CRO, the native token of Crypto.com, placed in the Crypto Earn programme. The longer the staking period and the more CRO staked, the higher the rewards.
Interest will be paid out every 7 days and will be deposited into your crypto wallet and be available for use immediately. The interest is also paid out in the same currency deposited (if you deposit BTC, you will be rewarded in BTC).
Crypto.com supports 50 tokens in its earning programme. In Singapore, only 43 are available (TAXG, PAX, PAXG, TUSD, TAUD, TCAD, TGBP are unavailable).
Independent Reserve:
So far, Independent Reserve does not have any Earning Programme.
Cryptocurrency Exchange Review:
Gemini:
Gemini Trust Company, LLC (Gemini) was founded in 2014 by brothers Cameron and Tyler Winklevoss from Facebook. The company aims to build a secure next-generation cryptocurrency exchange and custodian that allows for the buying, selling and storing of digital assets.
Pros:
- Relatively low trading fees. Remember to activate ActiveTrader on your Gemini account to enjoy the low trading fee of 0.35% per trade. ActiveTrader requires no additional fund deposits or payments and is absolutely free. Otherwise, beware that the trading fees are at 1.49% for orders above S$250.
- Can directly trade with SGD.
- Deposit via FAST transfer is really fast and free. Funds typically arrive within minutes.
- A wide variety of cryptocurrencies (76) to choose from. Notable exclusions include ADA, DASH, EOS and ETC.
- Cryptocurrency withdrawals are FREE for the first 10 each month.
- Gemini Earn programme allows users to enjoy very good yields and withdrawal is flexible. Furthermore, rewards are paid out DAILY. This allows for better compound interest effect.
- Platform is easy to navigate.
- Highly secure. Gemini keeps a majority of its crypto holdings in offline, air-gapped Cold Storage. The rest is held in an online Hot Wallet, which is insured against certain types of losses.
- For professional traders, there are leveraged products, futures, and other tools available as well.
- Gemini has a lending platform and NFT marketplace.
Cons:
- If you forget to turn on ActiveTrader, the trading fees will be quite high as mentioned above.
- Gemini only supports SGD trading pairs with BTC and ETH, so users may need to first trade SGD to BTC/ETH, and then trade BTC and ETH for altcoins.
- Gemini Earn’s interest rates for bigger cryptocurrencies like Bitcoin and Ethereum may be lower than other platforms.
Coinhako:
Coinhako is a cryptocurrency exchange platform founded in 2014 by Singapore entrepreneurs Yosho Liu and Gerry Eng. They aim to be a simple-to-use, beginner-friendly platform for consumers to buy, sell and secure their digital assets.
Pros:
- SGD deposits are quick and free using FAST transfer. Funds typically arrive within minutes.
- A decent variety of cryptocurrencies to choose from.(63)
- Platform is really simple and beginner-friendly.
- Can directly trade with SGD.
- Coinhako is secure and has never been hacked before.
Cons:
- Fees are very high (1%).
- Coinhako Earn programme does not present the best yield rates. Furthermore, claiming is inflexible as it can only be done at the end of the lockup period. Claiming before the end of the lockup period is permitted but users do not get any rewards at all.
- The variety of cryptocurrencies available is still not as wide as other platforms.
- Most of the cryptocurrencies in Coinhako do not have full features available. For instance, one cannot withdraw some cryptocurrencies out of the platform or deposit cryptocurrencies into the platform.
FTX:
FTX is founded by Sam Bankman-Fried in 2019 to be a cryptocurrency derivatives exchange. It has a spot market for buyers and also provides other trading tools for traders.
Pros:
- Low trading fees (0.02% Maker fees and 0.07% Taker fees for basic tier).
- A wide variety of 275 cryptocurrencies to choose from.
- Deposits and withdrawals on FTX are free other than ERC-20 tokens and small BTC withdrawals.
- A wide variety of tools available for experienced traders.
- FTX has a great earning programme with decent rates and rewards are paid out HOURLY. Deposits and withdrawals from the earning programme are flexible as well.
- Deposits are free for overseas bank transfers and credit cards.
- FTX is secure due to its bank-like security features. Funds are stored in cold storage and has never been hacked before.
Cons:
- The trading platform may seem complicated and intimidating for novice buyers and traders.
- Fiat withdrawal fees are steep with a US$25/S$40 fee for withdrawals under US$5000.
Crypto.com:
Crypto.com was founded in 2016 by Kris Marszalek. It is a Hong Kong company with headquarters in Singapore.
Pros:
- Low trading fees (0.40% and below).
- Supports SGD deposits via Xfers.
- A wide variety of cryptocurrencies to choose from (250+)
- Crypto Earn programme has desirable yields and is flexible to use and navigate.
- Crypto withdrawals are flexible where customers are able to choose which blockchain to withdraw to. (For instance, customers can choose whether to withdraw BTC holdings on the Bitcoin or Binance blockchain).
- Highly secure. Crypto.com uses hardware wallets to store most of their crypto holdings.
Cons:
- Crypto.com has been hacked for US$30 million before.
- Annual spending limit on Xfers is $30,000, which for some may be too low.
- Without CRO in the earning programme, the yields are quite low.
Independent Reserve:
Independent Reserve was founded in 2013 and is an institutional-grade cryptocurrency exchange for Australian, New Zealand and Singapore clients.
Pros:
- Decent trading fees (0.50% and below, increases with trading volume increase)
- Approved by MAS and has a good reputation.
- Easy to use platform.
Cons:
- Only 20 cryptocurrencies are available for trading.
- No earn programmes are currently available.
- Fiat deposits incur costs.
That’s all for the 5 cryptocurrency exchanges that are most widely used in Singapore. Which ones are your favourites? Comment down below and share with us.
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