How to buy and Sell Bitcoins in Singapore and Malaysia

Safety and Security on Cryptocurrency
July 28, 2016
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How to buy and Sell Bitcoins in Singapore and Malaysia

With the current (2017) craze in Bitcoin and cryptocurrencies, you may want to get in but do not know how. If you are residing in Asia – Singapore, Malaysia, Philippines, Thailand and more, options are aplenty.

First, you need a wallet, which is just a bunch of alphanumeric characters. Unless you have a hardware wallet, luckily, many platforms like Exchanges gives you free wallet to hold your coins. But that also means these platforms are responsible for keeping your wallet safe. This is of upmost importance because anyone who has gain access to your private keys is able to do anything with your money; like transferring every coin out to his own account. And all transactions are one way. So, if a hacker has your private key(s), it is as good as your money is all gone, forever.

Ok, let’s move on. Here are some popular exchanges you can sign up with and start buying and selling Bitcoin.

 

CoinHako

I am currently using CoinHako because I think it has the lowest fees so far. And also, funding is very straight forward; just do an Internet Bank transfer to their DBS bank account. Just make sure that you follow the instructions and just your give deposit code in the comment field during the transfer. I got CoinHako funded within a few mins to a few hours. You can buy both Bitcoin and Ethereum in Coinhako.

Signing Up

The usual process of signing up process entails; requiring you to fill in your email and password. After you confirm your email, you are required to verify you mobile phone and identity. Mobile phone verification is straight-forward, requiring you to enter a OTP (One-Time Password) which you will receive via SMS. Identity proofs require photos of your identity cards for both sides.

Two Factor Authentication

For extra security, do enable two factor authentication via Google Authenticator. Install it on Android phone or iPhone.

Funding and Withdrawal

It is very easy to fund your account. Coinhako offers 3 methods: a) via local inter-bank transfer, b) Deposit via Xfers and c) Deposit via international wire. If you are residing in Singapore, (a) provides that fastest and cheapest (zero fees). Otherwise, one can choose Telegraphic Transfer (most costly) or sign up an account with Xfer.

To withdraw back to your account, Coinhako allows you to add a local bank account and withdraw your money back to your bank. It says it needs 3 business day to complete the transaction.

Wallet

Once you have funded your account, you can start buying and selling Bitcoins or Etheruem. The Coinhako Wallet gives you a overview of what you own and what can be transacted (buy/sell), with current prices. To send or receive coins (BTC or ETH), it is a matter of using addresses. To send coins, you sets the amount of coins and send to address (make sure the address is correct; transactions are non reversible). To receive, you provide an address to your sender so he/she can send coins back to you.

Here is an example of an address. Try it, you can send some Ethereum to me 🙂

Conclusion

Overall, I am happy with Coinhako with its ease of funding and lower fees.

Coinbase

Coinbase is another popular place where you can buy Bitcoin. You can also buy Ethereum and Litecoin with CoinBase. Funding can be via credit card but is limited to US$200 for the first purchase.

 

Remitano