What is Coinhako?
What makes a good crypto exchange? Its reliability? Maybe the security it offers? Or an exceptional UI and low fees? As a Singaporean crypto investor and trader, I want an exchange that offers me reliability with innovation and exceptional features. Naturally, my interest was piqued when I heard of Coinhako, a Singaporean crypto exchange that hits the sweet spot of reliability and innovation.
Coinhako is a cryptocurrency exchange and wallet headquartered in Singapore. With support for 67 cryptocurrencies and almost a decade of experience, having been in operation since 2014, Coinhako is the largest cryptocurrency exchange in Southeast Asia by market volume.
My Overall Thoughts on Coinhako
One of the primary reasons why I joined Coinhako was because it offered direct deposits in Singaporean dollars. I didn't have to change the currency into USD, saving time and money. Coinhako has maintained its status as the only Singaporean exchange supporting deposits in SGD. You can now buy over 67 cryptocurrencies using your Singaporean bank account funds without any additional transfers or steps.
Here are three other reasons why I recommend Coinhako to Singaporean crypto traders:
Low Fees
At Coinhako, the trading fees are set at a flat 0.6%. There are also no deposit fees, and withdrawal fees are only $2 SGD per withdrawal, which is great if you're not making frequent withdrawals.
Both an Exchange and a Wallet
During my experience with Coinhako, I noticed it could be used both as an exchange and as a wallet. The platform can be used to conduct crypto trades and also store coins. The exchange even comes with a separate OTC desk to assist users conducting large crypto trades.
I used the OTC desk platform for a couple of trades and loved the simple interface. The OTC desk platform conducts trades greater than $200,000 in a discreet environment. Users can contact the desk through the live chat and set a private price with sellers. The sales are kept private and not published in the order books, as to minimise the impact and speculation caused by large price movements.
Excellent Mobile App
Finally, Coinhako has an amazing mobile app. While I prefer the comfort of sitting at my computer while placing trades, I know that a lot of Singaporeans prefer instant access on their phones, no matter where they are. The app has all the features that you need from a crypto exchange and wallet, all packed into your pocket.
One feature that is lacking from Coinhako is the ability to place limit orders. While this is not an issue for those who want to simply buy or sell crypto at the current price, for advanced traders, this may be a dealbreaker.
Key Features & Advantages of Coinhako
The information and features above are just the tip of the iceberg. Coinhako is rich in innovative features and ranks among the best exchanges in Southeast Asia.
Let’s look at some of the most notable features and advantages of the Coinhako exchange:
Negatives & Disadvantages of Coinhako
Although I have really come to like Coinhako during my experience with the exchange, I still feel there are areas the exchange can improve upon. No platform is perfect, and Coinhako does have a few shortcomings.
Two of the limitations I personally experienced during my time on the exchange include:
What Services does Coinhako offer?
Let us now move over to the business side of the review and look at the services Coinhako offers, in detail:
Multiple Deposit Methods
As a Singaporean crypto investor, I wanted an exchange that supported local currency deposits, and Coinhako offered just that. Coinhako offers multiple options to deposit funds into your exchange account. The deposit options include:
- Xfers
- Debit and credit card
- FAST Transfer
You can use Xfers by first depositing SGD into your Xfers account through debit card or bank transfer. Once you have the funds in your Xfers account, you can mint XSGD — a stablecoin pegged to the Singaporean dollar — before you can transfer the amount to Coinhako. I personally tried Xfers but found the extra step of minting XSGD — a stablecoin — before transferring money into my Coinhako account a little complicated and elaborate.
FAST secure and safe transfers is a new offering in Singapore that allows you to send money to any financial organisation from your bank. As the name implies, transactions are faster and simpler. The FAST transfer is relatively simpler and better in comparison to Xfers. With FAST transfers, I could send money directly from my bank to different financial organisations, including Coinhako. Coinhako supports FAST transfer, and you can add Coinhako as a payee on the online banking platform.
Coinhako also supports direct payments through Debit or Credit cards. However, for this method to work, your card should be from a Singaporean bank and supported by either Visa or Mastercard. A foreign card supported by another provider won’t work.
Easy-to-access mobile app available
Coinhako’s mobile app is the standout feature offered by the Singaporean exchange. The app is just as intuitive and direct to use as your desktop version and comes with a smooth interface allowing you to sell, access, and swap crypto funds/assets.
The app has a 4.4 star rating on the iOS App Store, which is testimony to the reliability and trust it offers. Additionally, the excellent interface comes with customisable backgrounds. You can choose between a dark or white theme based on your preference.
Over 67 cryptocurrency assets, including Bitcoin supported
I have used many global exchanges, and Coinhako’s range of 67 cryptocurrencies is far from the most offered by an exchange. However, most beginner and intermediate users will find the range of cryptocurrencies enough for their needs.
All the most popular tokens like Ethereum, Bitcoin, Doge, Solana, and Cardano are available for trading. Additionally, Coinhako has made significant additions to its coin range in the past few years. The exchange only had 34 coins in 2020 and has doubled that figure in the three years since then.
Detailed Signup and Verification Process
Coinhako has a detailed signup and verification process in place to ensure compliance with anti-money laundering laws in Singapore. When signing up, you will be required to provide all basic details, including your age, name, and email address.
Besides verifying your email and contact details, you will need to supply your identity documents. Capture pictures of all documents that prove your identity as a Singapore National and post them on the tool. You will need a picture of your NRIC Card, your government service card, and your 11B. You will also be required to verify your face through a live picture at the time of signup.
Cold Storage Security for Customer Funds
Security is a make-or-break factor for a crypto exchange. When all your money is virtual, you want the exchange to deploy state-of-the-art security measures to minimise leaks, infiltrations, and external attacks.
The Monetary Authority of Singapore (MAS) has granted Coinhako an MPI or Major Payment Institution licence to conduct DPT (digital payment token) services under the Payment Services Act of May 2022. Singaporean authorities have only passed on the DPT licence to a total of 5 crypto exchanges.
Coinhako also stores all your crypto assets in a cold wallet offline, minimising any chances of a security breach.
Exceptional Customer Support
The customer support by Coinhako is comprehensive and prompt in addressing queries. The exchange provides a detailed FAQ section answering all common queries that customers might have. Additionally, you can contact the customer support team by email, live chat, or through ticket submission. However, they don't have phone support available yet.
Coinhako is also actively present on social media platforms like Instagram, Facebook, LinkedIn, and Twitter. They even take customer queries on these platforms so your issues will be covered in a timely manner.
Simple Withdrawal Process
Withdrawing your money using the Coinhako app is relatively simple. To give you a brief intro to the process, you can follow the steps below to withdraw your funds from the exchange:
- Tap on the arrow button next to SGD
- Select the option to withdraw
- Select the bank account you want to withdraw your funds into.
- Double-check and verify the account details by selecting ‘Preview Withdrawal.'
- Click on Proceed when you are ready.
- Enter your 2FA code
- Click confirm when the amount is correct.
You will have the funds in your bank account within the same working day. You can reach out to customer support if there is a delay of any sort.
Smooth Desktop Platform
You know how you just want every website you use to be swift, responsive, and user-friendly? Well, Coinhako absolutely checks all these boxes. Every movement across the platform is seamlessly smooth without annoying lags that often plague other exchanges.
The interface is clean, organised, and intuitive. The buttons are exactly where you need them, and navigating through the various features is a breeze. And the best part? They have an app that works just as well as the desktop version. You can switch between the two without losing any features — it's the same great experience inside and out!
Interactive Trading View
Next up, let's talk about the Interactive Trading View. Seriously, this feature was like a breath of fresh air. It's been designed with both amateur crypto-traders and more experienced professionals in mind. You're presented with real-time charts, a market overview, and detailed analytics that even someone without much knowledge of crypto could follow with ease.
These visual aids really help you understand where the market stands and where it’s heading. For example, the pre-trade charts prompted me to make informed decisions and feel more confident in my trades — especially since I have all the necessary data in front of me.
Crypto News and Information
Last but certainly not least, Coinhako's Crypto News and Information. This feature is my favourite, hands down! The exchange does not just help you trade; it also keeps you ahead with the latest news and updates from the dynamic world of crypto. It is, indeed, like having a personal crypto newscaster!
Articles, updates, trend analyses, it's all there, all reliable, and super accessible. It's great to be able to catch up on the news between trades, especially as cryptocurrency changes so frequently and without much warning.
In a nutshell, Coinhako’s platform really brings crypto trading to life by providing a smooth set of services and solutions.
What I don't like about Coinhako
Now that we’ve looked at all the advantages of the Coinhako exchange, it is time to go over what doesn’t work and needs improvement:
No Deposit Protection or Insurance
One thing that makes me apprehensive about Coinhako is the lack of Deposit Protection or Insurance. When dealing in the often-volatile world of cryptocurrency, protection from loss should be a given.
If something goes wrong — say, the market crashes or there's a breach — your funds could potentially be hanging by a thread. And Coinhako is no stranger to security breaches, as 20 accounts were hacked in 2020. While the damage was minimised and security protocols have been tightened since then, there should be a deposit protection mechanism in place.
I really think Coinhako should consider providing some form of safety cushion for our deposits; it would give users like me much-needed peace of mind.
No Option for Limit Orders
Another inconsistency I found is that Coinhako offers No Option for Limit Orders. Limit orders allow you to buy or sell a cryptocurrency at a specific price and play an essential part in managing potential losses.
It’s somewhat disconcerting not having this option since I have to monitor the market more frequently, and in the fast-paced world of crypto, timing is everything. Not being able to set these predetermined prices seems like a significant oversight and, honestly, a real drawback in an otherwise excellent platform.
Coinhako Fees
Let’s now look at the fees charged by Coinhako:
Coinhako Deposit Fees
Coinhako does not charge anything on deposits. However, the mode of transfer you choose for the deposit will cost you some fees. These include:
- Xfers will charge a 0.55% transfer fee plus a 1% platform fee.
- Grabpay charges 2.5% flat for each deposit.
- Your local bank may charge 1.5% for each deposit made through a credit or debit card.
- Lastly, the FAST Transfer platform will charge a 1% fee.
Coinhako Trading Fees
The trading fees are currently set at 0.6% for each trade. Before the update in May 2022, the trading fees were at 1% per trade, so this decrease is a welcome change. At 0.6% per trade, the fees are reasonable and on par or better than what is offered by other providers.
Coinhako Withdrawal Fees
Coinhako charges a consistent S$2 for each fiat withdrawal you make. The rate is consistent for all Singaporean dollars you withdraw from your account.
Pros and Cons of Coinhako
- Beginner-friendly exchange with an intuitive interface.
- The minimum trade limit of 0.50 USD is very low.
- Cryptocurrency wallet service alongside the exchange services.
- Highly secure with cold storage for safe funds storage.
- No fees are charged for depositing funds.
- You can directly buy crypto using your Singaporean dollars.
- The trading features and options are somewhat limited.
- No deposit protection or insurance for your funds in the exchange.
Verdict
Operational since 2014, Coinhako has come a long way in the last few years to become the biggest cryptocurrency exchange in Southeast Asia. The exchange offers a decent trading UI alongside a growing suite of digital currencies.
While the exchange has been around for a decade, now is the best time to jump over; why? Because, Coinhako has increased the number of cryptocurrencies it offers, improved the security measures in place, introduced cold storage, and reduced trading fees by 40%, all in the last three years.
Visit Coinhako and see if it is suitable for your needs. Alternatively, if you are still doing more research, see my article on the best crypto exchanges in Singapore to help you make your decision.
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