Though Bitcoin has been around for years, it is now finally being taken seriously by more and more financial institutions which have begun to consider Bitcoin and other cryptocurrencies as a proper asset class. There are even funds purely dedicated to investing in cryptocurrencies.
Why? The ability to achieve returns that are multiple times your initial investment in a matter of months is something that even the most prudent investor cannot ignore. For instance, the value of Ethereum, the next biggest cryptocurrency after Bitcoin has risen more than 600% in 3 months.
How To Buy Bitcoin Or Ethereum in Singapore?
The simplest and possibly the safest way to buying Bitcoin or Ethereum in Singapore is via a local company. Personally, we recommend using CoinHako. The process is simple:
1) Create a CoinHako account and do a quick identity verification
2) Do a bank transfer to their bank account
3) Start buying and selling Bitcoin and Ethereum
The downside to this is that the price and spread for Bitcoin and Ethereum is relatively higher for CoinHako compared to what other platforms overseas offer. But with the value of cryptocurrencies rising so quickly, the price difference won’t matter as much. Moreover, being able to trade in Singapore dollars and withdraw your earnings to your own bank account easily is a big plus when investing in cryptocurrencies.
For more competitive pricing, you can also consider CoinBase, an American company with operations in Singapore. A perk of using CoinBase is being able to use your credit card to purchase Bitcoin and Ethereum. However, due to transaction fees, buying from CoinBase is at best just slightly cheaper than buying from CoinHako.
Want Even Better Returns?
If you think Bitcoin and Ethereum are risky or crazy enough, many savvy investors or speculators are already putting their money into other lesser known cryptocurrencies which can rise and fall multiple times their value in just days. It’s a Wild West that’s definitely not for the faint-hearted. The daily volatility can be huge, making it a paradise for traders with huge risk appetite. We will be covering such cryptocurrencies in our next article, so look out for it!
There is always a certain level of risk when you are investing but more so when you are investing in Bitcoin and other cryptocurrencies. On top of the extreme volatility, platforms dealing with the exchange of cryptocurrencies have been hacked or shut down due to various reasons resulting in investors losing their funds. In our upcoming article, we will also be sharing how to keep your Bitcoin safe!