If you are trying to buy Litecoin in Singapore, there are several questions you may have, and points to consider prior to making your purchase. This starts with the best place to buy Litecoin in Singapore. Alongside this, you will want to get a lowdown on any crypto regulations in Singapore as well as the tax implications of your investment there.
These are all areas we will cover right here together with giving your our top 5 places to buy Litecoin in Singapore. If you want to learn more about Litecoin, please visit our Investing in Litecoin guide.
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 well-trusted and regulated in Malta under the Maltese Virtual Financial Assets Act that provides traders with further protection beyond their excellent reputation.
You can now purchase Litecoin and many of the other cryptocurrencies offered by Binance directly and instantly using your credit or debit card alongside a number of other convenient methods like a direct bank transfer. These fees are a little higher than using the exchange but still very competitive at between 1%-3.5% depending on the method. Trading with the exchange you will experience one of the lowest flat fees in the industry, from 0.1%.
If you do want to start trading here, you will find the verification process is also very fast and convenient. You can be fully verified in just a few minutes with an electronic upload of a couple of basic documents. Binance also features one of the widest ranges of crypto offerings available in the sector. You will find more than 100 of the most popular cryptocurrencies all available here along with many altcoins, and their own native Binance Coin (BNB).
They also provide an easy to use trading platform available with several different trading views you can tailor to your experience level.
At Binance you will also find: Hundreds of other cryptocurrencies to trade include all major coins and a huge range of altcoins.
Paybis is an extremely trustworthy starting point for buying Litecoin and other cryptocurrencies in Singapore. They have been around since 2014 and helped many traders get their start in crypto trading with the convenience of needing only your credit or debit card to buy.
You will need a third-party wallet when buying through Paybis as they simply facilitate your transaction but the entire sign-up process can be complete in less than 15 minutes according to the company. This includes a very transparent yet convenient range of KYC checks to conform to regulation and ensure a safe trading experience for you.
They are a truly global company offering services not only in Singapore but more than 100 other nations around the world. The fees you will encounter here are good value and competitive with others in the sector depending on the payment method you use. The lowest fees are found if you use a SEPA deposit at 1.5% of the transaction. For your credit or debit card, the fees start at 6.99%.
At Paybis you will also find a wide range of educational content on all aspects of trading cryptocurrency that can be very helpful if you are a beginner in the sector.
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).
Kraken is one of the longest-standing crypto exchanges in the industry. They have been operating for more than a decade and with that have garnered widespread respect within the industry among traders. They offer trading around the world in Litecoin and many more cryptocurrencies, including within Singapore.
Two of the hugely popular and unique trading features you will find at Kraken are the ability to trade crypto futures, and the chance to engage in crypto margin trading with extensive leverage up to 50:1. This is great for more advanced traders and can be done through the also innovative Kraken trading platforms.
With trading platforms available to suit different levels of trading experience, you will find that Kraken caters well for you no matter which level you are trading at. Everyone from complete beginners, to seasoned veterans, are taken care of here.
At Kraken you will also find: A wide range of more than 40 other cryptos including Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and more.
Singapore Cryptocurrency Regulation
The key question here that you may ask first is centered around cryptocurrency legality in Singapore, and is Litecoin legal in Singapore?
Litecoin is completely legal in Singapore as is the trading of many other cryptocurrencies, and the operation of crypto exchanges and services. In fact, Singapore and their market regulator MAS take an open approach to cryptocurrency more so than many other places.
Within the last year, the regulation and approach to Litecoin and other cryptocurrencies in Singapore has evolved with the implementation of the Payment Services Act. This basically provides an operating framework within which companies operating and providing Litecoin and crypto services are regulated and licensed under MAS.
The act also serves to support the development and use of various KYC and AML processes. Overall, it can be said that Singapore takes a very balanced, and friendly approach to cryptocurrency in general while also ensuring a safe, secure trading environment for you to participate in.
Singapore Taxation of Cryptocurrency
When it comes to crypto tax in Singapore, you are not taxed on your crypto gains in Singapore. This is due to the fact that there is no capital gains tax in Singapore.
With that said, if you pay in, or receive Litecoin or other cryptocurrencies as a payment, then you will have to pay Goods and Services tax, the Singaporean version of VAT which is currently 7%, and income tax that currently has a highest bracket of 22%.
We are not tax advisors. Tax regulations are always evolving. It is important you do your own due diligence and speak with a qualified tax consultant on matters related to tax.