Bitcoin ATMs are a convenient method to convert your Singaporean dollars (SGD) into Bitcoin (BTC) by connecting to the Bitcoin Network and allowing you to buy a digital payment token such as BTC instantly. However, these Bitcoin vending machines can often have pretty high fees (often going from 2% to as high as 15%), and unfortunately, these machines are no longer online in Singapore due to new guidelines issued by the Monetary Authority of Singapore (MAS).
Capital is my recommended exchange for Singaporean crypto investors, both for its high level of security and for its ease of use. Capital is also offering zero commission fees if you sign up using our referral link, so if you’re looking for a secure, cost-effective way to buy and sell crypto in Singapore, I can’t recommend Capital highly enough.
What Is A Bitcoin ATM?
A Bitcoin ATM is a kiosk that is connected to the Internet and allows its users to buy Bitcoin (BTC) and other cryptocurrencies with fiat currencies (such as the Singaporean dollar). They aren't an actual automated teller machines (ATM) per se, and they instead make transactions on the Bitcoin blockchain and send the tokens to your crypto wallet via a QR code that you can easily scan with your phone.
That would usually be the end of the story, but depending on the size of the transaction made in a Bitcoin ATM, you may also be required to provide your phone number to verify your identity. If the transaction is particularly larger, you might need a heftier verification measure, such as a government-issued ID (driver's license or passport, for instance).
Are Bitcoin ATMs Available in Singapore?
Originally, there were Bitcoin ATMs available in Singapore, but due to new guidelines issued by the Monetary Authority of Singapore (MAS), these services have gone offline and can no longer be used in the country.
Usually, the Singaporean government is pretty friendly when it comes to cryptocurrency, but these guidelines limit cryptocurrency trading service providers from promoting their services to the general public, as they believe that having such easy access to these tokens could make the public more likely to trade “on impulse”.
Because of this, if you still want to trade cryptocurrencies, I'd suggest considering the use of a cryptocurrency exchange regulated in Singapore. These platforms allow you to exchange Singaporean dollars (SGD) for cryptocurrency seamlessly, and they often do so for much lower fees than what you could expect from similar methods.
How Many Bitcoin Machines Are There In Singapore?
Unfortunately, there is no crypto ATM operator or crypto ATMs left in Singapore, as the new guidelines issued by the MAS disallowed their use in Singaporean territory. Instead, I recommend you use crypto exchanges like Capital, CoinSmart, and Crypto.com if you want to engage in Bitcoin trading, as they're widely available in the country and often have much lower fees.
Where Are Bitcoin Machines Located In Singapore?
Unfortunately, Singapore lacks a public Bitcoin machine anywhere on its territory due to compliance with MAS guidelines. For this reason, I recommend you use a crypto exchange like Capital, CoinSmart, and Crypto.com instead.
How Much Can I Withdraw From A Bitcoin ATM?
It depends on the Bitcoin ATM that you're using, but most of the time, the largest amount that you'll be able to withdraw using these machines is between $1,000 to $10,000. Withdrawing these amounts often come with additional verification requirements, such as needing to provide a phone number and even a government-issued ID like your passport or driver's license.
How Much Are Bitcoin ATM Fees?
The fees involved with using a Bitcoin ATM machines are one of its strongest cons: some can incur fees of between 2% and 4%, but others can incur fees as high as 15%, which would mean you would lose a very significant portion of your funds with every trade that you make.
Even if you were to incur the lowest fees possible, you'd still be losing a significant portion of your investments to fees alone, which wouldn't happen if you used crypto exchanges like Capital, CoinSmart, and Crypto.com to conduct your crypto trading.
How Can I Buy Bitcoin In Singapore Legally?
Bitcoin is legal in Singapore, so there are many ways you can buy Bitcoin in Singapore legally, but the easiest way to do so would be to use a cryptocurrency exchange to swap Singaporean dollars (SGD) for any token of your choosing (including Bitcoin (BTC) and Ethereum (ETH)). You can even swap altcoins (such as SushiSwap (SUSHI)) for other cryptocurrencies, making these platforms even more convenient when it comes to crypto trading.
Here's a summary of our top 3 crypto exchanges in Singapore:
- Capital: Capital doesn't charge any trading commissions or deposit/withdrawal fees, and its spreads are extremely narrow (generally just ~$40 per Bitcoin, which is just 0.13% at today's prices). With the lowest fees in the industry and strong platform security, Capital is a clear choice for the best crypto exchange in Singapore.
- Binance: Binance is the largest crypto exchange in the world, and like Capital, it places an extremely high importance on platform security. Its fees are higher than Capital's, but it's still a good second option for trading crypto in Singapore.
- CoinSmart: With quick deposits and withdrawals and good customer support, CoinSmart is a decent third option if you don't mind converting your SGD into Canadian dollars first.
In Summary
Bitcoin ATMs are a convenient method to convert your Singaporean dollars (SGD) into Bitcoin (BTC) by connecting to the Bitcoin Network and allowing you to buy a digital payment token such as BTC instantly. However, these Bitcoin vending machines can often have pretty high fees (often going from 2% to as high as 15%), and unfortunately, these machines are no longer online in Singapore due to new guidelines issued by the Monetary Authority of Singapore (MAS).
Capital is my recommended exchange for Singaporean crypto investors, both for its high level of security and for its ease of use. Capital is also offering zero commission fees if you sign up using our referral link, so if you’re looking for a secure, cost-effective way to buy and sell crypto in Singapore, I can’t recommend Capital highly enough.
Bitcoin ATM Singapore FAQs
Are Bitcoin ATMs safe?
Yes, Bitcoin ATMs are safe. This is because you have to scan your QR wallet code, and once you've done it, the payment must show as accepted. If this happens, then the tokens you bought will be sent to your wallet and you won't need to worry about anything else happening.
There's an additional layer of security, too: since Bitcoin uses blockchain technology, it's really difficult to hack, so you should also be safe in that regard. This makes Bitcoin ATMs safer than traditional ATMs in many regards.
If you want another layer of safety, consider opening an account with one of the most secure crypto exchanges in Singapore.
Do I need a crypto wallet to use a Bitcoin ATM?
Yes. This is because the QR code that you will scan with your phone will link with your crypto wallet directly and then send the private keys of your tokens there for safe storage. Thankfully, creating a new crypto wallet is easy in case you don't have one, and you can easily come by a hardware wallet in case you're looking for a more robust method of storing your private keys.
How do I purchase a Bitcoin?
In order to purchase one Bitcoin (BTC), you'll need to use crypto over-the-counter (OTC) service/desk, mainly because one Bitcoin can be worth as much as SGD 26,973.34. A trade this big will certainly destabilize any regular order book from retail exchanges, while an OTC service often has access to larger liquidity pools that are not affected by such large trades.
Can Singapore still use Binance?
Unfortunately, Binance's platform in Singapore (known as Binance SG) ceased operations in the country on February 13, 2022. Because of this, I recommend that you use other exchanges like Capital, as it's fully supported in Singapore and charges zero trading commissions on all trades if you sign up using our exclusive referral link.
