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You've been toying with the idea for the longest time of getting some crypto. Perhaps some Bitcoin or maybe a little Ethereum. But somehow you're just not able to pull the trigger. If this is you, then take a quick gander at this page.
We've laid out a friendly step-by-step manual on the most streamlined way to get your hands on a smidgen of crypto without necessarily going down the cryptocurrency rabbit hole or becoming a crypto trader, or even a
hodler.
In fact, we suggest you spend no more than a total of S$100. That's really all you need to start sniffing around the cryptoverse and get a bit of a feel of what the fuss is all about.
Incidentally, whilst crypto can be purchased from an ATM machine in a number of countries, this is not the case in Singapore. However, this is probably more of a blessing in disguise, because transaction fees at ATM machines are typically pretty prohibitive.
Okay, so how do you get hands on some cryptocurrency, quickly and easily?
Here goes:
Step 1: Open an account at a crypto exchange.
Step 2: Transfer some cash to your newly-opened account.
Step 3: Select your cryptocurrency of choice and the amount of money you want to spend on it.
Step 4. Pull that trigger.
Step 5: There is no Step 5.
This really is all there is to it. It's that easy. Now, to be sure, there are some nuances here and there, but if you're gunning for a quick and easy entry into the world of digital currencies that doesn't cost you an arm and a leg, the above steps are all you need.
Ok, what nuances?
Well, for one thing, your choice of exchange is one such nuance you may want to give some thought first. The crypto exchange you select is important, because, clearly, you want to stay on the right side of the law. And the way to do this is to avoid getting involved with so-called offshore exchanges that are incorporated in places like Seychelles or the Cayman islands. A great rule of thumb to live by is to only use an exchange that is located in a regulated jurisdiction, such as the below 4 exchanges.
*Status may change.
Each of the above top 4 exchanges are recognized as legitimate and are located in countries where crypto is subject to regulation, including Singapore (MAS). Kraken is regulated by FinCEN, Financial Crimes Enforcement Network. Either way, all 4 exchanges are considered as established, as they've pretty much been around since the early days.
By all means, scout around a bit before you sign up with an exchange. Get into the crypto weeds a little. Even if you decide to postpone pulling that trigger after all, we believe it's safe to say that you'll come away with some interesting financial insights.
As always though, if you have a question about how to safely purchase crypto, or perhaps how you can get your company to safely accept crypto payments, by all means get in
touch.
Lastly, one more thing, if you were thinking of trading your coins once you've got them, it's a good idea to keep in mind that trading cryptocurrencies can be highly risky. When it comes to crypto, as they say,
dunch play-play.