How to buy ADA in Singapore
To take the first step into the world of Cardano, you need to buy some ADA.
Unfortunately, buying ADA as a Singapore resident is not as straight forward as can be. The rules and regulations are ever-changing, so we need to always stay updated on what works and what not.
As described by “David Likes Crypto” in his video, ~97% of people who want to buy cryptos inevitably got lost while navigating the maze of crypto exchanges and deposit/withdrawal, and ended up not buying any.
So, to aid you in your ADA quest, let me introduce to you:
Two recommended platforms to buy ADA in SG
On 1st October 2021, Independent Reserve became the first fully licensed exchange to operate as a regulated provider of Digital Payment Token Services in Singapore. The Monetary Authority of Singapore (MAS) approved the license under the Payment Services Act.
In other words, this is the very first official channel to buy ADA (and other cryptocurrencies) for Singapore residents. Since it is fully audited and regulated, one can safely assume Independent Reserve is a trusted institution and that the operational risks of trading cryptos on this platform should be fairly low.
The process for buying ADA on Independent Reserve is summarized here:
- Sign up and verify your account.
If you elect to use the referral link below (thank you), KOPI stands to earn 50% of all brokerage fees paid by referred customers for the first 90 days.
- Enter RGTAUW referral code at signup
- Or use this link
- Deposit SGD.
- Either Buy/Sell ADA using live indicative prices if you are a beginner, or Trade ADA using market or limit/stop orders for precise price actions.
- Withdraw ADA to your Daedalus/Yoroi wallet to stake with KOPI.
- Withdraw SGD to your Bank Account after you sell your ADA.
This is the second recommended method to buy ADA in Singapore.
First, you need to sign up for an account with crypto.com – https://crypto.com/app/u9x1g90rj2
If you elect to use this referral code u9x1g90rj2, we both get USD25 in CRO if you stake for a Ruby card or above
You can select a card from any tier you like, it does not matter because you are able to buy ADA once you have an account with them.
If you are curious, I hold the Royal Indigo card, because it seems to offer the most bang for buck.
Once your account is set up, you can buy ADA on the IOS or Android app, either by linking your StraitsX (rebranded Xfers) account, or your credit cards.
This method provides the flexibility of trading ADA using both bank transfers (StraitsX) and credit cards.
If you are using an SGD credit card, the FX rates incurred for credit card purchases are terrible (these are charged by the issuing banks).
To get around these FX heartaches, I use my TransferWise account (https://transferwise.com/sg) to swap SGD/USD and save on FX charges. And the good news is you can link your TransferWise Debit card to crypto.com for buying ADA. This is the best arrangement I can come up with.
These are my two preferred channels of buying ADA in Singapore.
If you have better, cheaper, faster way of doing so, please share with the Cardano SG community. We will be eternally grateful.
If you have any doubt, or if you are stuck at one of the steps, feel free to let me know and I will assist you as best as I can.
Two other platforms to buy ADA in SG
In February 2021, Coinhako has enabled ADA trading on its popular platform. You can buy ADA straight from SGD using either bank transfers or credit cards.
However, do note that you are unable to SEND/RECEIVE ADA, as their wallet functions have not been enabled. This will prevent you will sending out ADA to Daedalus/Yoroi/etc for staking. There is no ETA on the enabling of wallet functions upon enquiry with Coinhako.
Hence, only if you are looking to trade ADA on a short term basis without staking them, Coinhako is a feasible solution.
A few years ago, it was possible to swap SGD to Cryptos on Coinbase via Xfers, but this is no longer valid.
You can still make purchases on Coinbase via credit card.
At end of March 2021, Coinbase listed ADA on both Coinbase Pro and regular Coinbase. You can link your credit cards to make purchases in ADA.
One obsolete method
This announcement means that our preferred method of buying ADA in Singapore, which worked for many years, is now obsolete, unfortunately.
An MAS spokesperson said that Binance may be in breach of the Payment Services Act for providing payment services with an appropriate license. It has also placed Binance on its investor alert list.
However, MAS added that Binance Asia Services, a separate entity that operates Binance.sg, can continue its operation as it is currently exempted from holding a license for provision of digital payment services under the transitional arrangements in the Payment Services Act,
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