A complete guide to buying BTC in Singapore: detailed steps for beginners

Bitcoin (BTC) has always attracted much attention in the wave of digital currencies. As the earliest and most well-known cryptocurrency, it has attracted the attention of countless investors. If you are in Singapore and want to enter the Bitcoin investment field, then this full guide will be your right-hand assistant, which will help you to break down every step of buying BTC in detail.

Singapore's law stipulates that exchanges must authenticate users. On Coinbase, enter the authentication interface and you may need to upload a photo of your passport or ID card to prove your identity information. After uploading clear photos, wait for platform review. The review time varies by platform and specific situation and may range from minutes to hours. Only after passing the identity verification can you perform subsequent fund operations and transactions.

• Bank Transfer : Select the bank transfer option in the Coinbase account to add your Singapore local bank account information, including bank name, account number, etc. After the addition is successful, enter the amount you want to transfer and initiate the transfer. The arrival time of a bank transfer may take 1-3 working days, depending on the bank's processing speed.

• Debit Card/Credit Card Payment : Some exchanges support the use of debit cards or credit cards to purchase Bitcoin. Select the corresponding card type in the payment interface, enter card information, such as card number, validity period, CVV code, etc., and submit it after confirming the payment amount. However, using a credit card to purchase cryptocurrency may be restricted by some issuing banks and additional handling fees may be incurred.

• Market order : When your account funds arrive, find the Bitcoin trading pair (such as BTC/USD or BTC/SGD) on the exchange trading interface. Select the market order option and enter the amount or number of Bitcoin you want to purchase, and the system will immediately complete the transaction for you according to the current market price. For example, if the current Bitcoin price is 10,000 SGD, if you enter the Bitcoin purchase of 1,000 SGD, the system will automatically calculate and purchase the corresponding amount of Bitcoin for you.

• Limit order : If you want to buy Bitcoin at a specific price, you can choose a limit order. Set your expected purchase price, such as SGD 9500, and purchase quantity. When the market price reaches or is below the price you set, the order will be executed. However, if the market price does not touch your limit, the order may not be sold.

• Hardware Wallet : After purchasing Bitcoin, it is recommended to transfer it to a standalone wallet for security reasons. Take the Ledger hardware wallet as an example. After purchase, you can initialize and set it according to the instructions, create a wallet password, and back up mnemonics (be sure to keep it properly, this is the key to restoring the wallet). Connect your wallet to your computer, open the corresponding software, and transfer the Bitcoins in the exchange to the Ledger wallet address. The hardware wallet stores the private keys in offline devices, greatly improving security.

• Software wallet : Like Exodus software wallet, create a wallet after downloading and installing, and set a password. Also perform Bitcoin withdrawal operations on the exchange, sending Bitcoin to the address generated by the Exodus wallet. The software wallet is easy to use and can view and manage Bitcoin at any time on your phone or computer, but its security is slightly lower than that of a hardware wallet.