When trying to buy Litecoin in Singapore you may have several questions and points to consider before making your purchase. This starts with the best place to buy Litecoin in Singapore. In addition, you would like to find out about all crypto regulations in Singapore and the tax implications of your investment there.
These are all areas that we will cover here along with our top 3 exchanges to buy Litecoin in Singapore. If you would like to learn more about Litecoin, please visit our Guide to Investing in Litecoin.
The best places to buy Litecoin in Singapore
Binance is one of the top names in the world when it comes to cryptocurrency exchanges. They are extremely trustworthy and are regulated in Malta under the Maltese Virtual Financial Assets Act, which gives traders further protection beyond their excellent reputation.
You can now buy Litecoin and many of the other cryptocurrencies offered by Binance directly and instantly using your credit or debit card along with a number of other convenient methods such as direct bank transfer. These fees are a bit higher than using the exchange but still very competitive between 1% and 3.5% depending on the method. When trading on the exchange, you will experience one of the lowest flat fees in the industry, starting at 0.1%.
If you want to start trading here, you will find that the verification process is also very quick and convenient. With an electronic upload of a few basic documents, you can fully verify yourself in a few minutes. Binance also has one of the broadest ranges of crypto offerings in the industry. You will find more than 100 of the most popular cryptocurrencies here along with many Altcoins and their own native Binance Coin (BNB).
They also offer an easy-to-use trading platform with several different trading views that you can customize to suit your level of experience.
At Binance you will also find: Hundreds of other cryptocurrencies to trade include all major coins and a huge selection of altcoins.
Take a look at our Binance Review or go to the Binance Exchange to sign up. Use discount code: EE59L0QP to get 10% cashback on trading fees.
Paybis is an extremely trustworthy starting point for buying Litecoin and other cryptocurrencies in Singapore. They have been around since 2014 and have helped many merchants get started in crypto trading as they only need your credit or debit card to buy.
When shopping through Paybis, you will need a third-party wallet as it will only make your transaction easier, but the entire sign-up process can be completed in less than 15 minutes, according to the company. This includes a very transparent yet convenient range of KYC checks to comply with regulations and ensure a safe trading experience for you.
They are a truly global company that provides services not just in Singapore but in more than 100 other countries around the world. The fees you will encounter here are cheap and competitive with others in the industry depending on the payment method you use. The lowest fees are found when using SEPA deposit equal to 1.5% of the transaction. For your credit or debit card, fees start at 6.99%.
At Paybis you will also find a wide range of educational content on all aspects of trading cryptocurrencies, which can be very helpful if you are a beginner in the industry.
At Paybis you will also find: Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH) and Stellar Lumens (XLM), Tether (USDT), Binance (BNB), Neo (NEO), Tron ( TRX).
For more information, see our Paybis review or go directly to Paybis to sign up.
Kraken is one of the oldest crypto exchanges in the industry. They have been in operation for more than a decade and have earned widespread respect among dealers in the industry. They offer global trading in Litecoin and many other cryptocurrencies, including in Singapore.
Two of the hugely popular and unique trading features you will find at Kraken are the ability to trade crypto futures and the ability to participate in crypto margin trading with extensive leverage of up to 50: 1. This is ideal for advanced traders and can be done via the also innovative Kraken trading platforms.
With trading platforms available for different trading experiences, you will find that Kraken is a good fit for you no matter what level you are trading. Everyone, from absolute beginners to seasoned veterans, is looked after here.
At Kraken you will also find: A wide range of 40+ other cryptos including Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and more.
You can always read our full Kraken review for more information or go straight to the Kraken website to find out more.
Singapore Cryptocurrency Regulation
The key question you can ask yourself first here is the legality of cryptocurrencies in Singapore and is Litecoin legal in Singapore?
Litecoin is completely legal in Singapore, as is trading many other cryptocurrencies and operating crypto exchanges and services. In fact, Singapore and its market regulator MAS take an open approach to cryptocurrency than many other places.
Over the past year, the regulation and approach to Litecoin and other cryptocurrencies in Singapore has evolved with the implementation of the Payment Services Act. This essentially provides an operating framework within which companies that operate and provide Litecoin and crypto services are regulated and licensed under MAS.
The law also serves to support the development and use of various KYC and AML procedures. Overall, it can be said that Singapore has a very balanced and friendly approach to cryptocurrency in general while ensuring a safe trading environment for you to participate in.
Taxation of cryptocurrency in Singapore
When it comes to Singapore crypto tax, your crypto profits are not taxed in Singapore. This is because there is no capital gains tax in Singapore.
However, if you deposit or receive Litecoin or other cryptocurrencies as payment, you will have to pay the goods and services tax, the Singaporean version of sales tax which is currently 7%, and the income tax which is currently the highest tier of 22%.
We are not tax consultants. Tax regulations are constantly evolving. It is important that you do your own due diligence and speak to a qualified tax advisor on tax matters.