Investments

How to buy bitcoins in Singapore

Savings

I always believe that investment early is good for retirement when i am at my old age. Other than buying my first investment plan that I had finally finance in year 2017 waiting for the first withdrawal in April 2018. 

I also have invest a portion of my savings on stocks. Took quite a fair bit of profits while have still some holding for dividends and some are in red. Well investment always involve in risk but key thing is that you should invest at your own means. I started at the age of 25, and i think i started late. But never the less, is always never too late to start off with. Some people who feel is safer to have all their hard earn money to be kept in bank. However, there is also a risk that you will be expose to when the bank unable to return your money due to bank failure. You can still lost your core savings. Although in Singapore there is deposit Insurance scheme in place, but be mindful, dont put all your savings in one bank because the deposit insurance scheme only insured up to $50,000. 

Your first saving account usually is set up by your parents and usually is either POSB or OCBC. I had a posb account at the age of 9, and i have open my own account with OCBC when i at the age of 25 where i already started working. 

Reason why i choose OCBC because they offer better interest compare to other bank. They have gradually revising their interest payout to not so attractive as compare to the times where i started with them. Now, i am getting a 1.2% interest if i credit my salary to OCBC 360 account, a 0.3% interest if i pay 3 bills with OCBC internet banking and a 0.3% interest for spending at least $500 per month on OCBC credit card. And a base of 0.05%interest for entire balance. Back in the past it use to be 1% each and 0.05% base interest with a total of 3.05% interest of annual savings. Thats pretty attractive back than. But since i am stuck with it, it doesnt pay out very bad interest i will still continue with OCBC.

Know more about bitcoin

Bitcoin is cryptocurrency and worldwide payment system. Just like how you know about Visa, mastercard. Bitcoin in fact is a digital currency as the system work without a central bank. Bitcoin is created as a reward of mining and they can be exchange for currency, product and services. As merchant starts to accept you will be able to use them to pay for your goods.

Know more about bitcoins.

  1. Ensure you secure your wallet - to prevent theft of your bitcoins
  2. Bitcoin price is volatile - The price of a bitcoin can unpredictably increase or decrease over a short period of time due to its young economy, novel nature, and sometimes illiquid markets. Consequently, keeping your savings with Bitcoin is not recommended at this point. Bitcoin should be seen like a high risk asset, and you should never store money that you cannot afford to lose with Bitcoin.

  3. Bitcoin payments are irreversible - Any transaction issued with Bitcoin cannot be reversed, they can only be refunded by the person receiving the funds

  4. Bitcoin is not anonymous - All Bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Bitcoin address

  5. Bitcoin is still experimental - Bitcoin is an experimental new currency that is in active development

  6. Government taxes and regulations - it is not a official curreny

Get Started with Bitcoin

If you have seen news about how much bitcoin has grown and wonder if you should join since the price already soaring high. But what if, the price goes even higher? Well the question is nobody knows how bitcoin price will go. 

For me, i always think that if there is any chance that there is a boat that i am able to afford why not give it a ride and try. I will only put the amount that i can afford to lost totally. Thats the risk i am willing to take. So i decided to give bitcoin a try. So i went to check out how i can buy bitcoin in Singapore.

There are few bitcoin selling platform available in the market. To keep things simple, coinbase or coinhako. I decided coinbase since my friend downloaded it. I get her to referral me as referral will entitle both of us to get Free $10USD worth of bitcoin if I had made at least $100USD buying or selling of bitcoin. Well thats additional! So i will just go with it.

Sign up with coinbase now with my referral. So get started, you will need to verified yourself, by uploading you Identity card for them to verify. Update your particulars and add credit card for verification. They will charge 2 amount to your account and you will need to call your bank to check on the figure and enter the figure to complete the verification. Once ready, you will be able to buy bitcoin. You are able to toggle the currency to view them in SGD. Do note they will have admin fee too. On first transaction, they only allow $200 sgd. The price was down below $18k sgd which is my target. After bought, there is a fee of $5.85. Additional of $2 surcharge to my credit card that translate to 1%. The price actually went even lower to 14.8k plus. I doesnt have more limit to purchase kind of pity. I have planned to set a side of 1k to buy on bitcoin and decided to buy on etheruem as well. After the purchase, the Free $10USD worth of bitcoin came in immediately. So do click on the above sign up link to get my referral. Both of us will get $10USD as i verified with my fren who referred me.

For those wish to have more investment at a time can register Xfers, the limit will be 3k sgd. How it works, is like bank transfer, you transfer into your xfers account and you use Xfers account to buy through coinbase. It should work the same way when you sell.

So i am officially a bitcoin holder however a very peanut holder. I am a beginner too and sharing to those who wish to get started but doesnt know how. For experts, perhaps you can leave comment for more sharing any tips. 

One comment

  1. Hello Shuxian,

    My name is Junxian.

    I tried signing up at Coinbase, encountering difficulties now.

    I can relate to some of your writings. Thanks for your blog.

    Whatsapp.
    9883 6617

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