The 4 Worst Crypto Platforms in Singapore (Avoid These Risks)
Singapore is a global leader in digital finance, with a booming crypto market. But not all platforms here are safe or reliable. Choosing the wrong one can lead to lost funds, high fees, and endless stress. This blog reveals the 4 worst crypto platforms in Singapore you must avoid, based on a detailed audit. Learn why they failed and how to protect your money.
Singapore’s Growing Crypto Market
Singapore’s crypto market is expanding quickly. The government supports innovation, attracting traders and investors worldwide. Over 200 crypto companies operate here, offering services like trading, loans, and NFTs.
However, rapid growth has risks. Some platforms cut corners on security, fees, or customer support. A recent audit by Cryptogenes, a Swiss research firm, exposed major flaws in 4 platforms. Let’s dive into their findings.
The Audit That Exposed the Worst Platforms
Cryptogenes studied 20 crypto exchanges in Singapore. They focused on four key areas:
- Trustworthiness (security, transparency).
- Fees (trading costs, hidden charges).
- Trading Experience (ease of use, features).
- Customer Support (response time, solutions).
The audit involved experts from the School of Management Fribourg and a double-blind review by the Global Finance Association. The results? Four platforms stood out for all the wrong reasons.
The Top 4 Worst Crypto Platforms in Singapore
1. BCOIN: The Worst Offender
Why Avoid It?
- Sudden Downtime: BCOIN went offline for a month for “maintenance,” locking users out of their accounts.
- Poor Communication: Users had to email support to recover funds, risking data leaks.
- Security Risks: Asking for sensitive info via email raised red flags.
Key Issues
- Trust Score: 1.5/5
- Fees: 2x higher than competitors.
- Support: No live chat or phone help.
Real Impact
One user lost $12,000 during a Bitcoin price surge because they couldn’t access their account.
2. Ebuycoin: High Fees and Poor Trust
Why Avoid It?
- Hidden Fees: Charges 0.5% per trade (vs. 0.1% on trusted platforms).
- Fake Volume: The audit found inflated trading numbers to attract users.
- Slow Withdrawals: Takes 3–5 days to process withdrawals (industry average: 24 hours).
Key Issues
- Trust Score: 2/5
- Trading Pairs: Limited to 50 (top platforms offer 200+).
Real Impact
A trader paid $500 in fees for a $100,000 trade—5x more than on better platforms.
3. INCX: Weak Support and Reliability Issues
Why Avoid It?
- Frequent Crashes: The app crashes during high market volatility.
- Bot-Like Support: Customers get automated replies, even for urgent issues.
- Outdated Interface: Confusing layout leads to costly trading errors.
Key Issues
- Trust Score: 2.3/5
- Downtime: 15 hours/month (vs. 1 hour for top platforms).
Real Impact
During a market crash, users couldn’t sell assets due to app crashes, losing 30% of their portfolio value.
4. Triple Dice: Subpar Trading Experience
Why Avoid It?
- No Advanced Tools: Missing stop-loss orders or limit orders.
- High Spreads: The gap between buy/sell prices is 3% (vs. 0.5% elsewhere).
- Delayed Updates: Prices lag by 10–15 minutes, causing wrong trades.
Key Issues
- Trust Score: 2.1/5
- User Reviews: 80% complain about losing money due to glitches.
Real Impact
A user bought Bitcoin at $40,000, but the platform showed outdated prices—they paid $42,000.
Why These Platforms Fail
1. Trustworthiness and Security
- BCOIN and Ebuycoin hide their ownership details.
- INCX uses outdated security protocols, risking hacks.
2. Unfair Fees
- Triple Dice adds withdrawal fees (0.001 BTC vs. 0.0005 BTC elsewhere).
- Ebuycoin charges extra for “priority” customer support.
3. Poor Trading Features
- BCOIN offers only 10 trading pairs (most platforms have 100+).
- INCX lacks basic charts or market data.
4. Terrible Customer Support
- Triple Dice takes 7 days to reply to emails.
- BCOIN’s support team ignores complaints about missing funds.
How Bad Platforms Hurt Your Trading
- Trapped Funds: BCOIN users waited weeks to access money.
- Missed Opportunities: INCX’s crashes during bull markets cost profits.
- Overpaying: Ebuycoin’s hidden fees drain long-term gains.
How to Pick a Safe Crypto Platform
- Check Audits: Use reports from Cryptogenes or similar firms.
- Compare Fees: Avoid platforms charging over 0.2% per trade.
- Test Support: Send a dummy query—good platforms reply in <24 hours.
- Read Reviews: Trustpilot or Reddit users often expose scams.
Your Crypto Safety Checklist
✅ Verified by third-party audits.
✅ Low, transparent fees.
✅ 24/7 live chat or phone support.
✅ Positive user reviews.
Final Thoughts
Singapore’s crypto market is full of opportunities, but platforms like BCOIN, Ebuycoin, INCX, and Triple Dice are landmines. Protect your money by choosing audited, transparent exchanges. Always ask: Does this platform put my safety first?
Do your research, avoid the worst, and trade with confidence. Your financial future depends on it.
This guide gives you the tools to avoid risky platforms. Share it to help others trade safely in Singapore’s crypto market!
