Summary
Tether (USDT) stands as the largest stablecoin by market capitalization, widely supported across most cryptocurrency exchanges. It dominates trading pairs, making USDT the go-to option for buying and trading cryptocurrencies. For Singaporean users, the process to buy Tether (USDT) in Singapore is straightforward—centralized exchanges like BloFin, Binance, and Bybit offer seamless fiat support for SGD, allowing you to use your credit or debit card for quick and easy transactions.
Can I Buy Tether (USDT) in Singapore?
Yes, you can buy Tether (USDT) in Singapore, which can then be traded for cryptocurrencies like BTC, ETH, SOL, or any other digital currency. Singapore’s crypto regulations have been steadily evolving to ensure a high degree of value stability for stablecoins regulated in the country. While exchanges officially listed with the Monetary Authority of Singapore, such as Coinhako, offer direct support, users can also buy Tether (USDT) through exchanges like Binance and BloFin using the P2P route.
How to Buy Tether (USDT) in Singapore Using BloFin
Blofin is an excellent platform for Singaporeans to buy Tether (USDT), offering no KYC requirements and withdrawal limits of up to $20,000 without KYC. Founded in 2019, Blofin has attracted over 2 million users with its innovative features like perpetual futures trading and a recently launched spot trading option.
The platform provides leverage up to 150x and access to over 400 cryptocurrencies. Blofin’s generous VIP fee schedule rewards active traders with reduced fees, and the exchange also offers a $5,000 bonus for new users. With 24/7 customer support, Blofin is an ideal choice for both beginners and expert traders.
Buy Tether (USDT) in Singapore Using BloFin
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1Open your browser and go to the BloFin platform to complete your signup process.
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2Next, click on the Buy Crypto button to proceed to the on-ramp crypto buy and sell services.
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3Select SGD in the You'll pay field and enter the amount you wish to spend to buy Tether.
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4In the You'll receive field, select USDT from the drop-down menu.
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5Choose your payment method, verify the details, and click on the Buy Now button to complete the transaction.
Best Alternatives to BloFin for Buying Tether
Exchanges can occasionally go offline, or you might want an additional option for extra security. Here are some alternative platforms for purchasing Tether (USDT) in Singapore.
Binance
Apart from Blofin, users in Singapore can rely on Binance, the largest crypto exchange by any measure. With over 200 million registered users, Binance offers unmatched liquidity, making it a top choice for both retail and institutional traders. The platform also supports advanced trading tools like integrated TradingView charts and provides a range of products such as futures, margin, staking, and automated bot trading.
Coinhako
Coinhako, one of the few exchanges registered with the Monetary Authority of Singapore, is a great option for buying Tether (USDT) in the country. With over 123 spot cryptocurrencies, Coinhako offers an intuitive platform perfect for both beginners and seasoned traders. Their strong security measures, including two-factor authentication and cold storage, ensure that your funds are safe. Additionally, their fiat integration allows users to easily deposit and withdraw funds in multiple currencies, making it a convenient choice for local crypto enthusiasts.
SGD to USDT Fees
When using centralized exchanges to directly purchase Tether (USDT) with SGD fiat deposits, there are no fees because most centralized exchanges offer free deposits and withdrawals. However, if you use a P2P platform like Binance to buy cryptocurrencies using SGD, you will encounter variable USDT pricing.
Is Tether (USDT) Legal in Singapore?
Tether (USDT) is legal in Singapore, and recent court rulings have further clarified its legal standing. In a notable case, the Singapore High Court ruled that USDT qualifies as property, meaning it can be held on trust and subject to legal protections. The ruling emphasizes Singapore’s “crypto-friendly” stance, recognizing cryptocurrencies like USDT as tangible assets that can be enforced through the courts. This decision aligns with Singapore’s broader approach, where cryptocurrencies are treated in similar ways to traditional financial assets.
Bottom Line
In Singapore, buying Tether (USDT) is simple and accessible through centralized exchanges like BloFin, Binance, and Coinhako, which support SGD deposits for quick transactions. With its favorable legal standing and evolving regulations, Singapore remains an ideal place to buy Tether (USDT) securely and efficiently.
FAQs
1. Can I use my credit card to buy USDT in Singapore?
Yes, many exchanges like BloFin, Binance, and Coinhako allow you to use credit or debit cards for buying USDT. Make sure your card supports international transactions, and check if the platform charges additional fees for card payments.
2. Which payment methods are most common for buying USDT in Singapore?
In Singapore, the most common payment methods include direct SGD deposits via bank transfers, credit/debit cards, and PayNow. Some P2P platforms also support e-wallets like GrabPay for more flexible transactions.
3. Are there any restrictions on trading USDT in Singapore?
Trading USDT is legal in Singapore, but you must comply with the platform’s KYC requirements. Additionally, Singapore’s Monetary Authority (MAS) regulates exchanges, so you should stick to licensed platforms for safety and compliance.
4. Is it cheaper to buy USDT via P2P or direct exchange transactions?
P2P platforms often offer better rates but can come with higher risks, especially with less established merchants. Direct exchange transactions are safer and more straightforward, albeit with slightly higher fees.
5. Are there tax implications for buying or holding USDT in Singapore?
Singapore does not impose capital gains tax on cryptocurrencies. However, if you’re using USDT for trading or business purposes, any profits could be considered taxable income. Consult a tax advisor for clarity.
