More platforms are starting to provide cryptocurrency trading services. Similarly, more people are taking interest in cryptocurrency trading because they are starting to learn about its amazing benefits over traditional trading. One very specific type of cryptocurrency trading is bitcoin trading.
Bitcoin is the most expensive crypto coin in the world and the market of cryptocurrency trading takes 88% of total capital with only 9 more cryptocurrencies. Considering how quickly its prices are increasing, bitcoin trading might be right to start now. This might be your way to secure a bright future ahead. However, knowing when to start is not all.
There is a lot more to know when we discuss bitcoin trading in Singapore. From trading ways to trading platforms, everything holds high importance. Here we will discuss everything you need to know about it.
Best Bitcoin Trading Brokers in Singapore
How to start with Bitcoin trading Singapore?
Trading bitcoin needs learning, planning, and strategy like any other type of trading. With all of these going in the right direction you can make a good profit with bitcoin trading. So, to keep things right for you there are a few little things that you must pay attention to. Here is all about how to start bitcoin trading.
Learn bitcoin price and factors affecting it
Starting with general information about bitcoin is important. Knowing its price and factors affecting the price can help you a lot in your bitcoin trading Singapore journey. Some factors that affect its price include:
- Supply/demand issues
- Global events
- Bad press
Decide which trading strategy and style you will be using
Next, it is important to decide which trading strategy and style you will use for trading Bitcoin. When you go randomly you rely mostly on your luck. However, when you select a trading strategy and stick to it your chances of winning become better combined with your luck. Some of your options are:
- Day trading
- Hedging
- HODL
- Trend trading
Decide between trading long and trading short
Now you have a strategy in your mind and your trading style that you will always go with. The next important thing is to decide whether you will be trading long or short. Although it depends on the market situation a lot, making your personal decision is still important. Long means that you are expecting a price increase while short means that you are expecting a price fall.
Set limits for yourself
This is the part that most traders, especially beginners, miss out on, and they end up ruining their trading journey right from the beginning. It is very important to make your limits for both profits and losses. There are tools available for this and there are different types of stops as well. These stops are:
- Normal stop
- Trailing stop
- Guaranteed stop
Make sure to go for one of these to ensure that your trading journey starts safely.
Select a bitcoin trading platform
This is one of the most important parts of bitcoin trading. Consider all platform options available and select the one that brings the best experience. We will explain more about platforms later.
Start trading, monitor your trades, and close at a certain point.
Now you need to start trading, but this also goes according to some strategy. It is important that you monitor how things are going and no matter what happens you need to follow your limits and close the trade accordingly. It will be best if you start with a demo trading account because in this way there will be no worries about losing your money.
Top bitcoin trading Singapore platforms
The following are the top bitcoin trading Singapore platforms that you can choose from.
1. Coinhako
The first one on the list is a startup from Singapore and being local means its services are going to be exceptional for traders in Singapore. It might be your best bitcoin trading platform considering the low fees and easy to use interface.
The fees here are cheaper than some major platforms operational in Singapore. Moreover, it does not put you in the hassle of using desktop platforms or web platforms as you can simply start trading on your mobile phone.
2. FTX
FTX is the bitcoin trading platform in Singapore with possibly the lowest trading fees, but you always need to compare your options to be sure and up to date with the latest prices. It comes with a desktop platform where the interface makes it very easy to use. Most of the important things are shown to bring an immersive trading experience.
However, FTX does not come with MAS regulations but some global regulation authorities regulate if that is what you are looking for.
3. Coinbase
Coinbase is also a world-famous trading platform where you can trade bitcoin. It is famous for the exceptional user experience as well as transparency of services. Along with its bitcoin trading services, there are more than 100 other coins available to trade.
The trading fees are not the lowest here, but it keeps things competitive. The best part is that it comes with additional security and reliability because of MAS regulation.
4. Binance
Binance is not only an exceptional platform for bitcoin trading in Singapore, but it is one of the biggest trading platforms in the whole world. It offers bitcoin trading with a long list of other coins that you can trade with extremely low fees.
One thing important to note is that the international version is not available in Singapore and the Singapore version currently operates. So, there might be a few experience differences.
5. itBit by Paxos
Most of the online trading comes from good experience and this platform maintains the best experience for its users. Here you can trade bitcoin with a lot of withdrawal and deposit options. The interesting fact is that withdrawals do not take any longer.
With a limited number of coins available to trade it can save you from a lot of hassle.
Final Remarks
People have started to switch from traditional trading types to the latest ones like cryptocurrency trading. Not only this but around 97% of people who are trading and investing in Bitcoin say that they have faith that this will become better in future.
Not only this but the number of people who are trading bitcoin is constantly increasing making it obvious that bitcoin trading Singapore may not be going down any time soon.