In-Depth Review of the Best Cryptocurrency Exchanges in Singapore (2025)

Current Landscape of Crypto Exchanges in Singapore

As Asia’s leading crypto hub, Singapore in 2025 is navigating a delicate balance between regulation and innovation. The Monetary Authority of Singapore (MAS) has established one of the world’s most comprehensive regulatory frameworks through the Payment Services Act. Under this law, exchanges must hold a Digital Payment Token (DPT) license to operate legally.

The current market shows clear polarization:

• On one end are fully licensed exchanges like Independent Reserve, which strictly adhere to 1:1 asset reserves but offer relatively conservative products;

• On the other are international platforms like Bybit, which serve Singaporean users via offshore structures, providing more trading options but facing regulatory risk.

A key turning point came with MAS’s 2024 leverage ban for retail traders, which drastically reshaped the market. Derivatives trading volume dropped by 35%, yet Singapore is now considered one of the world’s safest destinations for crypto investment.

5 Key Factors to Consider When Choosing a Crypto Exchange in Singapore

Crypto investors should evaluate exchanges across several critical dimensions:

1. Regulatory Compliance: MAS-licensed exchanges offer superior asset protection, though they may have more restrictions.

2. Fiat On-Ramp Efficiency: Platforms like Coinhako that support PayNow instant transfers can save local users significant time.

3. Security Profile: Look beyond technical infrastructure—past incidents matter. For example, OKX’s 2024 security breach raised concerns.

4. Fee Transparency: Some platforms advertise low trading fees but offset this with hidden charges like withdrawal costs.

5. Token Coverage: Investors looking to access emerging altcoins will find OKX’s support for over 200 tokens far more attractive than Independent Reserve’s limited offering of 35.

Top 5 Crypto Exchanges in Singapore – In-Depth Analysis

1. Independent Reserve – The Compliance Benchmark

Founded in 2013, Independent Reserve has become a benchmark in Singapore’s crypto scene. After securing one of the first MAS full licenses in 2020, it was selected in 2024 as the sole private partner in the MAS central bank digital currency (CBDC) pilot.

The exchange's strength lies in its security and regulatory rigor:

• 98% of customer funds stored in physically isolated cold wallets;

• Monthly proof-of-reserves published;

• Exclusive support for XSGD, a Singapore-dollar stablecoin, offering zero exchange-rate risk for local users.

However, its conservative approach also brings limitations:

• Supports only 35 mainstream tokens;

• Leverage trading is completely disabled.

This makes it ideal for institutional investors prioritizing security, but too limited for retail users seeking diversified exposure.

2. OKX – Balancing Innovation and Risk

Having received MAS in-principle approval in 2023, OKX has positioned itself at the intersection of compliance and innovation. One of its standout products is dual investment, which lets users earn from price movements without risking their principal.

Key highlights include:

• Major brand boost through a 2025 partnership with the Singapore F1 Grand Prix;

• Support for over 300 tokens, including several local projects;

• SGD trading pairs are fee-free.

That said, the June 2024 cold storage vulnerability exposed weaknesses in its security infrastructure. Although OKX has since upgraded to MPC wallet technology, user confidence has yet to fully rebound.

In addition, MAS’s leverage restrictions mean margin trading is unavailable to Singapore-based users, driving risk-tolerant traders to offshore platforms.

3. Coinhako – The Local Champion

With over a decade of local experience, Coinhako deeply understands the needs of Singaporean users. After obtaining its MAS license in 2021, the platform rolled out multiple features in 2025 to enhance everyday crypto utility:

• Launched a co-branded crypto debit card with DBS Bank;

• Supports PayNow for near-instant fiat deposits (average processing time: 47 seconds);

• Offers full Chinese-language support and a local customer service team with an average 12-minute response time.

Despite these advantages, Coinhako charges a relatively high 0.6% spot trading fee and supports only 45 tokens. The lack of derivatives products also limits options for active traders.

Best suited for conservative, long-term investors treating crypto as part of their wealth portfolio—not for high-frequency traders.

4. Bybit – The Offshore Derivatives Specialist

Though unlicensed by MAS, Dubai-registered Bybit remains the go-to platform for Singapore’s high-volume traders.

In 2025, it launched an AI copy-trading system that mirrors top trader strategies, with a back-tested annual return of 41%. Its derivatives offerings lead the region in depth and innovation:

• Up to 100x leverage;

• Wide variety of structured contracts;

• Zero-slippage engine and negative-fee market maker incentives attract high-frequency traders.

But operating offshore comes with risks. The 2023 API failure caused massive liquidations, and users struggled to seek compensation. To comply with local restrictions, Singaporean users must access the global site via VPN—adding complexity.

A double-edged sword, Bybit is best reserved for experienced traders who can manage their own risk.

5. Crypto.com – Building a Crypto-Payment Ecosystem

Focusing on real-world crypto usage, Crypto.com became the official payment partner of Universal Studios Singapore in 2024, highlighting its push into mainstream commerce.

Notable features:

• Crypto debit card with cashback of up to 8%;

• Exclusive listing of Singapore tourism token TRVL, which provides discounts at local merchants;

• Insurance fund covering 110% of user assets—an industry-leading benchmark.

However, its complex app interface can be overwhelming for beginners. The fixed 25 USDC withdrawal fee is also widely criticized.

Best suited for long-term holders who value everyday utility—especially crypto-savvy travelers.

Conclusion: Choose the Right Exchange for Your Strategy

In this era of tightening regulation, the key question for Singapore-based crypto investors is simple: Do you value security or freedom more?

Each path comes with trade-offs:

• Fully licensed exchanges like Independent Reserve or Coinhako offer ironclad asset protection—but limit access to advanced products;

• Offshore platforms like Bybit offer flexible trading tools and broader token access—but expose users to higher operational risks.

For most retail users, a diversified approach might work best:

• Store core assets with Independent Reserve;

• Trade mainstream tokens on OKX;

• Allocate a small portion of high-risk capital to Bybit.

Remember, in a market where compliance is no longer optional, regulation is protection—not restriction. As the world moves toward harmonized crypto oversight in 2026, Singapore’s regulatory-first model may well become a global standard.

Adapting early to this “safety-first” environment could be your smartest long-term investment decision.