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The interest in Bitcoin and other cryptocurrencies has been increasing within Singapore. A number of exchanges are waiting for approval from the Monetary Authority of Singapore (MAS) to be fully licensed. A new cryptocurrency exchange in Singapore in this category that we will review in detail in Tokenize.
Tokenize Exchange is a cryptocurrency platform based in Singapore that was launched in early 2018. The exchange provides an easy-to-use and simple user interface for individuals to purchase digital assets such as Bitcoin and Ethereum with Singaporean Dollars (SGD) using Xfers. Since being established, Tokenize Exchange has grown rapidly with over 100,000 customers using its products and services.
|Cryptocurrency||BTC, ETH, XRP, LTC & 16 others|
|Payment Type||XSGD wallet & bank transfer|
|Trading Fee||From 0.8%|
|Deposit Fee||0.55% Xfers, $0 bank transfer|
Tokenize Exchange Compared
Cutting-edge security measures, an intuitive user interface and a mobile trading app are important features of Tokenize Exchange. This comparison table lists alternate crypto trading platforms like Tokenize Exchange.
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|241||0.4% (maker), 0.6% (taker)|
|$5 BTC bonus (USA only)||Visit Coinbase||Coinbase Review|
|BTC, ETH, XRP, USDT, ADA and 25 more||0.5% maximum, 0.02% minimum|
|None available at this time||Visit Independen...||Independent Reserve Review|
|None available at this time||Visit Coinhako||Coinhako Review|
|None available at this time||Visit Tokenize||Tokenize Review|
Key Features & Services
Tokenize Exchange offers its customers the opportunity to invest in 20 of the most popular and liquid digital assets and trading pairs. Each coin can be traded against SGD, USD, BTC and ETH using the exchange.
Competitive Pricing Structure
Low trading fees are an important consideration when using an exchange to purchase crypto. Tokenize Exchange offers fees based on tiers with fees as low as 0.1% for Premium members, which is highly competitive for cryptocurrency exchanges based in Singapore.
Funds held within Tokenize Exchange hot wallets are insured up to USD $100 million by world-renowned custodian BitGo. While it is also recommended to transfer cryptocurrencies to a hardware wallet, the insurance program provides some peace of mind for customers using the platform.
Tokenize exchange offers comprehensive guides and information to guide new investors in the cryptocurrency space. Users on the platform have access to 'Token Store' which provides in-depth analysis and metrics on each supported coin. There is also a summary of the market sentiment that may be useful to investors. This is similar to the crypto fear and greed index which can be an informative tool that can infer if the market is due for a rally or correction based on the trading activity of market participants.
Earn Monthly Interest
Similar to popular lending and borrowing platforms like BlockFi, Hodlnaut, Coinrabbit and Nexo, users that store cryptocurrency assets within a Tokenize wallet can earn interest payments from 4% to 12% APY on a selection of 18 digital currencies.
Is Tokenize Exchange Safe?
The safety and security of funds on an exchange is important when selecting a cryptocurrency exchange. On review of the Tokenize Exchange security page, the platform has implemented strict KYC procedures as per local regulations.
There is no information provided industry-standard security measures such as offline cold-wallet storage, address whitelisting and multi-signature withdrawals are implemented. In terms of account security, users can activate Two Factor Authentication to minimize the risk of unauthorized access.
Which Countries Are Supported?
Tokenize Exchange is a worldwide cryptocurrency trading platform for users to swap digital currencies to other assets. Their fiat-to-crypto exchange is only available to Singapore residents that use SGD. Users from other supported regions and jurisdictions can transfer cryptocurrencies to the exchange for trading with other cryptos.
Creating An Account
To create an account with Tokenize Exchange, users need to be at least 18 years old. The process to register an account is straight forward and takes a few minutes. There are no fees to create or maintain a Tokenize Exchange account or wallet. A valid email address will be required to commence the registration process.
Before trading on Tokenize Exchange, users must complete an identity verification process. This requirement is to comply with the Know-Your-Customer (KYC), Anti-Money Laundering and Countering Terrorism Financing (AML/CTF) rules set out by the Monetary Authority of Singapore (MAS). Visit the website for further information on KYC verification.
Tokenize Exchange basic account (free) includes three options for Singapore residents to deposit funds and purchase Bitcoin, Ethereum and other digital currencies. The supported deposited methods on Tokenize Exchange include deposit by transferring, swap from XSGD wallet and deposit via bank.
For information on how to link an Xfers account to buy crypto, read this article. Customers that are not registered with Xfers can opt to deposit funds using a bank deposit. This involves completing a bank transfer request form and populating information such as the SWIFT Code, Bank Name and Account Number. The deposit will be processed within a few minutes after receiving a completed bank transfer form.
Premium and Platinum Members can deposit fiat in SGD to fund a Tokenize Exchange wallet. The payment methods are the same as the Basic account. Once the account is funded with fiat, users can proceed to the 'Market' tab to place buy/sell orders.
Tokenize Exchange allows Singapore residents to obtain cryptocurrency using Singaporean Dollars (SGD). There are 20 different cryptocurrencies to choose from that include the major coins such as Bitcoin, Ethereum, Litecoin and XRP. The exchange also supports popular DeFi tokens such as COMP, AAVA and Sushi to obtain with fiat currency.
Each asset is shown in a list which can be expanded to a full-screen candlestick chart to view the historical price before purchasing. The charts appear to be powered by TradingView, which is renowned for providing advanced crypto charting features, drawings tools and indicators. Orders can be placed using an entry box that is similar to using a cryptocurrency trading platform.
For example, the user can use a market or limit order to purchase Bitcoin with SGD. The total fee payable in fiat is shown at the bottom prior to confirming the order. The same process applies to sell Bitcoin back to SGD.
The order entry window above in our opinion is better suited for intermediate and experienced traders that understand the terms limit order, market order and understand how to read a price chart. A simple widget or instant swap feature on the dashboard or home page to convert fiat to cryptocurrency would benefit beginners.
Tokenize Exchange offers a membership program for basic, premium and platinum users. New users that create an account with Tokenize will automatically be assigned the basic free account. The incentives to upgrade to a Premium and Platinum membership include trading fee discounts and reduced withdrawal fees.
|Premium||Hold 160 TKK|
|Platinum||Buy 800 TKK (must stake for 1 year)|
Tokenize Exchange fees for trading digital currencies vary depending on the membership level. User's that purchase crypto with fiat currency using a basic account that is free will incur a fee of 0.8% per transaction. The fee can be reduced to 0.5% and 0.1% by upgrading to the Premium and Platinum memberships respectively.
Trading crypto to crypto uses a similar fee model which starts at 0.25% per transaction which can be reduced to 0.2% and 0.1% by upgrading the membership. For new users on the free account, the starting fee to buy, trade and sell crypto is higher compared to other popular trading platforms. Upgrading to the Platinum program to receive a 0.1% is one of the lowest fees in the market.
|Membership||Trading Fee (Buy / Trade)|
|Basic||0.8% / 0.25%|
|Premium||0.5% / 0.2%|
Tokenize Exchange includes Two Factor Authentication (2FA) which is the security benchmark for protecting user accounts. There is mention of other security measures in place to ensure the highest safest of client funds or information, however these are not disclosed (and should be) if security is the top-most priority for the exchange.
Frequently Asked Questions
Tokenize Exchange appears to be a legitimate cryptocurrency exchange that is regulated in Singapore. The platform complies with the KYC/AML laws set out by the Monetary Authority of Singapore (MAS). Strict ID verification processes are in place to reduce the risk of fraudulent activity and illegal financing of terrorism related activities.
The website states that the funds of Premium Members are reassured to be safely withdrawn in the unlikely event of an unpreventable shutdown of their bank account due to a change in regulation for example. For more information on this, visit the website.
To conclude our review on Tokenize Exchange, the platform provides an easy-to-use and intuitive exchange for individuals located in Singapore to buy and sell cryptocurrencies using local fiat money. The exchange supports the most popular digital currencies such as Bitcoin and Ethereum which can be obtained using Xfers, which will suit the local residents.
Combined with competitive trading fees, the ability to earn interest and detailed analysis of each supported coin in the Token Store, offers a unique selling point compared to other crypto exchanges in Singapore. Overall, Tokenize Exchange is a solid choice to buy crypto with SGD.
|Features||4.4 / 5|
|Supported Fiat Currencies and Deposit Methods||3.5 / 5|
|Supported Cryptocurrencies and Trading Pairs||3.5 / 5|
|Fees||3.4 / 5|
|Ease of Use||4.5 / 5|
|Customer Support||3.6 / 5|
|Security Measures||4.5 / 5|
|Mobile App||3.8 / 5|