We have compiled a list of recommended cryptocurrencies (Bitcoin) and virtual currency exchanges in Singapore, including fees, leverage, etc. There aren’t that many, but I’ll list them here. If you are considering opening an account, please consider opening one. In the case of Singapore, the biggest feature is that the maximum leverage is high.
- Features, advantages and disadvantages of Singapore virtual currency exchanges
- Points to note when using virtual currency exchanges
- Introducing a list of virtual currency exchanges
- Points to note when trading virtual currency
Features, advantages and disadvantages of Singapore virtual currency exchanges
When you think of Singapore’s virtual currency exchange, many people may not have much of an image of it. Many people imagine virtual currency exchanges in developed countries such as the United States, Japan, the United Kingdom, and Germany, but when choosing an exchange in Singapore, there are the following advantages. Please refer to this when opening an account.
Government allows virtual currency
Countries such as China are viewed with skepticism because their dictatorial regimes deny virtual currencies, and laws and regulations have not progressed even in developed countries, but the Singapore government’s view of virtual currencies is relatively tolerant, so Singapore There are many founders who create exchanges. Virtual currency projects and tokens have the advantage of being easier to operate because they are not subject to strict regulations.
Large number of virtual currencies handled
A characteristic of virtual currency exchanges such as the United States and Japan is that they handle very few coins. Because there are only a few stocks, investment destinations are also limited. However, Singapore has the advantage of having many virtual currencies. There is a possibility of investing in unknown coins and making money through speculation. Currencies that are in demand are likely to be listed first, so they are attracting attention.
High maximum leverage
In developed countries, maximum leverage tends to be limited, but in the Singapore exchanges that we will introduce below, the maximum leverage is over 100x. Having a high maximum leverage is an advantage because you can potentially earn a lot from a small amount. On the other hand, there is also the disadvantage of incurring large losses.
subject to tax
Speaking of Singapore, it is a country with very low tax rates, but even if you make profits from virtual currency on Singaporean exchanges, if you are a resident of the United States, Europe, or Japan, you will have to pay taxes in that country. Please note that developed countries have high tax rates, so the burden will be large. Of course, there are penalties for tax evasion, so be careful.
Zero cut adopted
The Singapore exchange introduced in this blog uses zero cut. The zero cut system is a system in which, in the unlikely event that the balance becomes negative, there is no margin call and the exchange will bear the negative amount, reducing the balance to zero, and it is also a relief system. This allows users to trade with confidence.
Points to note when using virtual currency exchanges
Next, we will summarize and explain the information on points to be aware of when using virtual currency exchanges. When starting trading virtual currencies, please be aware of the following points: Be careful when trading crypto assets (Bitcoin (BTC), Ethereum (ETH)).
Exchanges that do not support fiat currencies
Some exchanges in Singapore may not allow you to make deposits and withdrawals using the legal currency of your country of residence. Most places allow bank transfer, credit card, and P2P transactions, but in many cases the legal currency is limited to dollars, Japanese yen, euros, etc. Therefore, you will have to convert and exchange fiat currency or virtual currency at another exchange, transfer money between exchanges, and then trade, which is a bit time-consuming.
Use at your own risk
Basically, exchanges in Singapore operate in Singapore and other countries with a license and permission from the Financial Services Agency, but if you live in a foreign country other than Singapore, there are cases where you do not have a license or permission from the Financial Services Agency of your home country. Please note that there are also. In that case, users must use it at their own risk. However, the exchanges introduced in this blog have not had any problems with withdrawals or withdrawals so far.
Introducing a list of virtual currency exchanges
Now, let’s introduce Singapore’s exchanges in rankings. However, there are only three companies, but you can rest assured that they all do a good job of verifying your identity and processing your withdrawals. Although there is no company as famous as Binance, the platform is easy to use and risks are reduced. Cryptocurrency also has its own tokens, which many people buy on the market. It is safe because operating funds are managed in a digital wallet.
Bybit is a cryptocurrency exchange established in Singapore. However, it later moved its base to Dubai and is a virtual currency exchange that is expanding globally. The leverage is quite high at 100 times, and the number of coins handled is over 300, so it is quite fulfilling. Overall, there are plenty of big campaigns and bonus services, which is a plus.
MEXC Global is a virtual currency exchange established in Singapore, Asia. The main users are Japanese, but it is spread all over the world and millions of users transact every day. It handles over 1500 virtual currencies, and you can also speculate on unknown coins, so it is recommended. The maximum leverage is 200x. News also provides information on coins that are attracting attention.
BitGet is a cryptocurrency exchange established in Singapore. Currently, there are millions of users around the world, and it is popular because it has very solid security. The latest copy trading has been introduced in the industry, and it is very famous and has a large number of registered and participating users. The amount of money will increase because you imitate the buying and selling details of experienced traders, both short-term and long-term. You can increase it starting from a small amount. Understand financial strategies before following them.
Points to note when trading virtual currency