coinhako review

Coinhako Review: Best for New Investors in the Crypto World

Established in 2014, Coinhako is one of Singapore’s most recognized and reliable crypto exchanges and has the most users. The platform offers the option to trade in Singapore dollars and US dollars. 

Coinhako is the easiest to understand, making it the best for newbies to buy crypto. It, however, does not offer the most extensive collection of digital assets in the market. This is not necessarily a big problem since the missing crypto might only be new and unknown coins.

Key Features

  • Digital assets: Cryptocurrencies, such as Bitcoin, Ethereum, Aave, and more.
  • Minimum balance required: None
  • Deposit fees: S$0
  • Withdrawal fees: S$2 per transaction for fiat wire transfer.
  • Withdrawal limits: None
  • Commission: 1% per transaction when selling, buying, and swapping cryptocurrencies which is above the industry average.
  • Inactivity fee: None
  • Network fees: None
  • License: Monetary Authority of Singapore under the Payment Services Act license (pending).

 

Pros and Cons

Coinhako has its advantages and disadvantages as well. They include:

Pros

  • Beginner-friendly since it is easy to use
  • Has the most popular cryptocurrencies
  • Coinhako crypto transactions are fast, reliable, and with good customer support
  • Has high security
  • You can trade in both USD and Singapore dollars
  • Crypto can earn interest

Cons

  • Has a limited number of cryptocurrencies
  • Offers partial support for some coins
  • It has a platform fee of 1% for all transactions
  • You cannot access crypto news from its main page
  • No network fees

What is Coinhako?

Coinhako was established in 2014 and is an all-in-one crypto exchange with an integrated wallet and is available in Vietnam and Singapore. The platform offers better prices and excellent security compared to other service providers in the industry. Coinhako is quite competitive and offers the most convenient way of storing your crypto since it is highly secure. Its wallet is professionally secured and held in offline cold storage where Coinhako users can still access it.

How Does Coinhako Work?

Coinhako offers a reliable way for users to buy and sell Bitcoin and other popular cryptocurrencies. The platform allows users to trade cryptocurrency for fiat and spot prices. When such trades are well-placed, they have the potential to earn a considerable gain.

Coinhako 24 hours a day, seven days a week, to ensure that users trade at their convenience. The platform also accepts different modes of payment, including bank transfers and debit or credit cards. Users must transfer money from their bank accounts before paying for a cryptocurrency.

Coinhako does not limit orders, which is a common feature on other platforms. It also offers trading fee discounts when you participate when you log in and trade. Coinhako also offers promo codes where users can redeem valuable rewards once other Singapore users use their referral code.

Reason to Trade with Coinhako

Here are the primary reasons why you should consider trading in Coinhako.

1. It Has a Good Selection of All the Cryptocurrencies

While there are other platforms in Singapore, Coinhako offers the most popular crypto tokens in the market, which most crypto investors like. Most crypto investors are only interested in trading in popular cryptocurrencies such as Ethereum, Bitcoin, and Cardano.

Currently, Coinhako has 53 cryptocurrencies that are the most popular. If you start trading, you will easily find what you are looking for. However, it is essential to note that due to the rules and regulations in Singapore, there are cryptocurrencies that might not send to some wallets or even be withdrawn to your own. 

These crypto tokens are referred to as ‘trade-only’ cryptocurrencies on the trading platforms. You can only buy, sell, or swap them on the cryptocurrency exchange only. You can invest in the ‘trade-only’ tokens, but if you would like to move them to another cryptocurrency exchange, you must take the extra step to swap cryptocurrencies to send them to another wallet.

2. Coinhako is Easy to Use, And Beginner Friendly

In comparison to other trading platforms, Coinhako has the most well-designed website with user-friendly interfaces. It makes it easy for new investors to find their way around it. It features a Super-Wallet that shows all the users’ crypto and fiat holdings on the cryptocurrency exchange.

It is easy to Swap, buy, and sell cryptocurrency due to the laid-out user interfaces with clear label buttons. All the Coinhako fees are displayed upfront before you decide to start trading. This allows you to check and confirm all your transactions before proceeding.

Coinhako has a detailed FAQ section and some tips that appear when you need them. You can quickly learn everything you need to about trading on the platform. The platform has a very responsive customer support team that is always ready to help you out in case you are stuck.

3. It’s the Only Platform with Crypto News from Across the World

Coinhako has a well-curated list of the latest cryptocurrency news from the leading news site, allowing its investors to keep themselves up to date with the crypto world. However, the news is not available on the platform’s main page, so you will have to click on the crypto listings to go to the token’s page dedicated to the pages and scroll to see the list of the current news.

4. Coinhako is Very Secure

One of the main worry of trading in cryptocurrency is being prone to cybercrimes. Crypto exchanges are prone to hacking where you can have all your assets stolen from your account.

Coinhako has security options such as the second-factor authentication (2FA) when you log in and email verification before you send your crypto assets to another wallet to ensure that all your assets are safe. It is also regulated under the payment services act do you can be sure that your assets are safe.

Coinhako Charges and Fees

Coinhako has a 1% flat trading fee for every online purchase and cryptocurrency swap. You can buy cryptocurrency through Coinhako via debit/credit card and GrabPay.

Here is a summary of the purchase fees.

Payment methods Trading Fees Transfer limit
Coinhako wallet 1% trading fee N/A
Credit or debit card 1% trading fee + 3% card fee Maximum S$10,000 per crypto transaction
GrabPay 2.5% platform fee S$5,000 daily limit and S$30,000 annual limit for fully verified Grab users and capped at S$1,000 per transaction. Limits may vary for individuals at Grab’s discretion.

 

1. Deposit and Withdrawal Fees

Here is a summary of the Coinhako deposit and withdrawal fees.

Funding method Transaction Fees Transfer limit
Inter-bank transfer via MatchMove (FAST transfers only) 0% transfer fee + 1% platform fee S$20,000 per day
Xfers Direct Charge 0.55% bank transfer fee + 1% platform fee No daily transfer limit, but capped at S$20,000 per transaction (minimum S$5 per transaction)

 

2. Coinhako Withdrawal Fees 

Coinhako charges a S$2 withdrawal fee for all transactions from a Coinhako account to a bank account in Singapore.

3. Cryptocurrency Transfer Fees

The transfer fee in Coinhako varies from one cryptocurrency to another. Once you make a transaction to send crypto from the platform, the fee is always displayed on the confirmation pages and confirmation emails. Make sure you check before you confirm your transaction. When receiving crypto, Coinhako does not charge any fees.

How Do I Transfer Funds to Coinhako?

Before trading on Coinhako, you must first verify your account by providing identification. Verification takes a day, and after, you can proceed. There are two methods you can use to transfer funds in Coinhako. 

1. Interbank Deposits

This method takes one business day on weekdays and two business days on weekends. Please note that the funds are processed between 10 am and 4 pm, GMT+8.

2. Interbank Withdrawals

Interbank withdrawals can take up to three working days. If you encounter withdrawal problems, you can contact the customer support staff named on the website, and you will receive a response in less than one business day.

How Much Can You Earn from Trading on Coinhako?

With Coinhako, you can earn up to 6.5% APY on your crypto holdings, including ETH, BTC(Bitcoin), and other supported tokens. Here is a summary of what you can expect to earn on the platform as of 27th December 2021.

Cryptocurrency Interest (APY)
BTC 2.5% to 3%
ETH 2% to 2.5%
DOT 6.48% to 8.7%
ZIL 6% to 8%

 

How to Get Started with Coinhako

To start trading with Coinhako, you will first need to sign up for an account. Here are the steps to follow:

1. Open a Coinhako account on their official website.

2. Fund your Coinhako account through bank transfer, Xfers, or FAST Transfer. The platform provides a secure platform for bank transfers to your bank account and your Coinhako account to your bank accounts. If you are a new user, you must have to create an Xfer wallet to start using Xfers.

3. Once you fund your account, you can start buying, swapping, and selling crypto.

It is important to note that you cannot directly withdraw USD from Coinhako. It would help if you first automatically converted to fiat currencies USD to USDC, a form of US Cybercash.

More on how to buy crypto in Singapore here.

laptop business strategy investment discover more

What Is the Signup and Verification Process of a Coinhako Account?

When creating a Coinhako account, you will be required to provide your basic details, including your name, email address, and age. After you sign up, the verification process starts, which is different for people in Singapore and those in other countries.

Once you verify your email, you will need to provide your identity documents. The Coinhako website has a tool available for you to take photos of the required documents. You will need good lighting to capture the following documents for Singapore nationals.

  • NRIC Card
  • Any government service card
  • 11B

If you are a foreigner, you will need to provide the following valid documents:

  • Students card
  • Employment pass
  • Resident Pass
  • Proof of address document.

After you are done with the process, you will need to verify your face through the facial recognition check. This will require you to take a selfie. The next step will require you to fill in a questionnaire. There are two options when you get to this point of signing up. 

1. MyInfo Submission

MyInfo is much quicker for Singapore residents. Here the user is redirected to the MyInfo website. You will have to log in with your user ID and click the agree button. After that, you will be directed back to the Coinhako website, where you must click the ‘Accept ad Continue’ button.

2. Manual Submission

The manual submission option is available for non-Singapore residents. This process will take two business days to verify and approve. If you choose to sign up through this method, here are the documents that you will need to upload.

  • Phone bills or a utility bill
  • Bank statements (In PDF format)
  • A statement of your tax returns
  • A letter with an official government header

Once this process is over, you can start trading immediately.

Young businessman throughs around dollars and dances on the street

How Does Coinhako Compare to Other Exchanges?

Crypto Exchange Trading Fees (Per Trade) Pro-Account Trading Fees Supported Cryptocurrencies Deposit Fees (Fiat) Withdrawal Fee (Fiat) Can Buy BTC & ETH With SGD?
Coinhako 0.1%   50+ (BTC, THC & more) Free deposit via Xfers S$2$2 per transaction for fiat bank transfer Yes
Binance International  0.1%

(Basic tier)

500+ (BTC, ETH, XRP, LTC, BCH, EOS, MXR, TRX, XLM, NEO & more) SWIFT transfer (Varies based on the bank)

 

Credit or debit Card:

3.5% per transaction or US$10 (higher)

 

P2P: Free (Exchange rate may not be as good)

SWIFT transfer (US$30 + bank fee)

 

P2P: Free (Exchange rate may not be as good

Not officially (Can buy using P2P exchange)
Binance Singapore  0.6%

(Flat)

8 (BTC, ETH, BNB, LTC, BCH, XRP, NEO, LINK) Deposit with Xfers is free Withdrawal with Xfers is free Yes
Coinbase Exchange 1.49%+

(Flat with the minimum sum for trades less than US$200)

Coinbase Pro:

0.5%

(Basic tier)

65 (ATOM, BAT, BTC, BCH, XRP, DAI, DASH, EOS, ETH, ETC & more) SWIFT transfer (US$25 + bank fees)

 

Credit/Debit Card:

3.99% + 7% of trading fee (GST)

SWIFT transfer (US$25 + bank fees) Yes
Huobi Global 0.2%

(Flat)

372 (BTC, BCH, ETH, XRP, LTC, DOT, DASH, ETH, EOS, QTUM & more) SWIFT transfer (Varies based on the bank) SWIFT transfer (Varies based on the bank) Yes
Crypto.com 0.4%

(Basic tier)

100+ (BTC, LTC, ETH, CRO, ENJ, BAT, PAX, USDC, OMG, KNC & more) Deposit with Xfers is free

 

Credit/Debit Card:

3.50% + $0.10

Withdrawal with Xfers is free Yes

 

 

 

 

 

Who Should Use Coinhako?

This Coinhako review shows that it is great for newbies in the crypto world or investors who want to deal with the most popular crypto tokens, such as Ethereum and Bitcoin.

The platform offers reliable service with enhanced security with a limited selection of digital assets to trade-in. Coinhako also has a beginner-friendly interface that makes it great for newbies.

Sign up Coinhako here

Related Question

1. Is Coinhako Regulated by (MAS) Monetary Authority of Singapore?

Yes. It is regulated by MAS under the Payment Services Act.

Closing

Coinhako is one of Singapore’s most popular crypto exchanges. The trading platform has a straightforward user interface that makes it easy to use, hence great for newbie investors. Coinhako also has enhanced security with the two-factor authentication making it hard for hackers to access your account.

Key Takeaways

  • Coinhako has a limited selection of crypto tokens but features the most popular in Singapore.
  • Coinhako has the ‘trade only’ crypto tokens that can only be traded on the Coinhako app.
  • The platform has the Super Wallet feature that shows your holdings, both fiat and crypto.

Need a loan? Let Instant Loan find the best licensed moneylenders in Singapore that can provide you the most suitable loan package. Take advantage of our three loan quotes today, free of charge!

Instant Loan CTA Banners DesktopInstant Loan CTA Banner 2