How to Buy Crypto with POSB in Singapore

Last updated on November 12, 2023

Quick Summary: While POSB does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of Singapore cryptocurrency exchanges to pick from, but we suggest using the eToro exchange.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

5/5

11,029 5-star reviews on Trustpilot

POSB Homepage

As mentioned in my quick summary, like most Singapore banks, POSB doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a cryptocurrency trading platform and comes with regulations and extra work for the banks.

There are a large number of cryptocurrency exchanges that you can use to buy Bitcoin and other cryptocurrencies.

Next you’ll want to sign up to an exchange (for this short guide I’ll use eToro as it’s a global and widely used exchange) and deposit funds so you can start trading crypto.

How to buy crypto or bitcoin with POSB

Let’s get started! Just follow our 4 quick steps.

1. Pick a crypto exchange

As mentioned above, I’ll be using eToro for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With eToro

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For eToro there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy crypto

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with POSB.

Buy Crypto With eToro

About POSB

POSB Bank is often referred to as POSB is an Singaporean bank that offers services for consumers in the field of banking and is the first local bank operating continuously in Singapore. The bank was founded on the 1st of January, 1877, it was originally known as the Post Office Savings Bank, the bank operates today as an affiliate of DBS Bank, which acquired the bank along with its subsidiary banks on November 16, 1998.

Prior to the acquisition, DBS Bank was a significant public institution that provided low-cost services for Singaporeans. DBS Bank attempts to continue this tradition , saying it will keep fees low for savings accounts with basic features and to exclude children, full-time students under their 21st and National Servicemen who are full-time from paying bank fees.

Established on January 1, 1877, it was formally known as the Post Office Savings Bank (POSB) The bank was a part of the Postal Services Department in the Straits Settlements. It was established by the colonial government in order to offer banking services to low-income residents living in the Straits Settlement. The headquarters was located within Raffles Place, which was the General Post Office Building, located in Raffles Place, the bank was managed by the Postmaster General. The bank’s policies were formulated by a trustees’ committee appointed by the governor of the Straits Settlements.

The Malayan branch was eventually transformed into Bank Simpanan Nasional in 1974. Following the breakup between 1949 and 1955, the total amount of deposits at the bank grew between M$27.4 million up to M$57.6 million. In year 1951 the institution was able to claim the 100,000th depositor.