Coinhako Review 2023: Digital Assets, Regulation, Trading Fees, and More
Coinhako Review: Our Opinion
Coinhako is an easy-to-use but limited platform. From transaction limits to cryptocurrency usage restrictions, advanced users may find the platform inflexible. That said, for beginners, Coinhako is a great place to start your crypto journey. Plus, it is regulated under the payment services act, which means it isn’t one of the scam crypto exchanges.
An Overview of Coinhako
Coinhako is one of Singapore’s most popular crypto exchanges. The crypto platform was established in 2014 and allows traders to swap, buy, and sell 30+ cryptocurrencies.
But is Coinhako regulated by the Monetary Authority of Singapore? What trading fees should you expect from the platform? Are other users satisfied with the platform? And is Coinhako safe?
These questions and more will be answered in this Coinhako review.
Key Features of Coinhako
Android and iOS Mobile Widgets
Coinhako offers mobile widgets that allow you to track your chosen cryptos easily by adding a widget to your phone’s home screen.
Coinhako Rewards is a loyalty program that allows Coinhako users to earn free crypto and get trading fee discounts. You’ll earn points that can be accumulated and exchanged for various perks under the ‘Rewards‘ tab on your Coinhako dashboard.
The points are given on the first log-in to your Coinhako account every day. You can get double points by logging into your account through their mobile apps for iOS and Android. Coinhako also allows you to multiply your points by logging in on the 7th, 14th, 21st, and 28th of any month.
You’ll also get reward points for consecutive days’ logins. If you log in for 7 consecutive days you’ll earn 90 points, 14 days gets you 160 points, etc. Beyond logins, you can get points when you trade on the Coinhako exchange.
If you’re a long-term crypto HODLer this is a great feature. Coinhako Earn enables users to hold particular cryptocurrencies for specific durations to earn interest on them. Here are some of the crypto coins eligible for the program:
- Ethereum at 2% APY
- DAI at 2.50% APY
- LINK at 2% APY
- SAND at 2% APY
- USDT at 8% APY
- CRV at 5% APY
Cryptocurrencies Available on Coinhako
In comparison to other platforms, Coinhako offers a limited number of coins.
There are currently 30+ cryptocurrencies available on Coinhako. Here’s a list of the current options:
- CRV Curve DAO Token
- FIL Filecoin
- AAVE AAVE Coin
- BTC Bitcoin
- ETH Ethereum
- USDT Tether
- XRP Ripple
- BCH Bitcoin Cash
- DOGE Dogecoin
- BAT Basic Attention Token
- LINK Chainlink
- LTC Litecoin
- ADA Cardano
- XLM Stellar
- NEO NEO Coin
- XMR Monero
- BNB Binance
- ZEC Zcash
- ZIL Zilliqa
- MKR Maker
- THETA Theta Network
- ENJ Enjin
- DAI DAI
- DOT Polkadot
- UNI Uniswap
- SNX Synthetix
- COMP Compound Coin
- BAND Band Protocol
- SOL Solana
- GRT Graph Token
- AVAX Avalanche
- SRM Serum
- EGLD Elrond
- FTM Fantom
- GALA Gala Token
- BTTC BitTorrent
- XNO Nano
- ENS Ethereum Name Service
- IMX Immutable X
- MANA Decentraland
- SHIB Shiba Inu
- HBAR Hedera
- KLAY Klaytn
- MATIC Polygon
- FLOW Flow
- RUNE ThorChain
- ICP Internet Computer
- CEL Celsius
- OMG OMG Network
- CHZ Chiliz
- USDC USD Coin
- IOTA IOTA
- CLV Clover Finance
Coinhako offers different support levels for each coin:
- Full support tokens
- Trade only tokens
- Deposit only tokens
Full Support Tokens
Full support tokens are cryptocurrencies that you can buy, sell, receive, and send via Coinhako. Examples of full support tokens include Bitcoin, Ethereum, Dogecoin, etc.
Trade Only Tokens
Trade Only Tokens are crypto coins that you can buy and sell on Coinhako. You will be unable to send or receive these coins through the exchange. Examples of Trade only tokens are Cardano, Polkadot, and FLOW.
This rule is due to Coinhako’s compliance with the regulation in Singapore. The tokens listed under trade only do not meet the regulatory requirements for send and receive transactions.
Deposit Only Tokens
These are cryptocurrencies that you can only buy, sell, and receive on the exchange. You cannot send them out. Some examples are 1INCH, Shiba Inu, Bitcoin Cash, etc.
You can perform 7 types of transactions on Coinhako. Some of them require deposit fees and others don’t:
- Deposit fiat currency
- Withdraw fiat currency
- Buying and selling crypto
- Receive cryptocurrencies
- Send cryptocurrencies
- Hold cryptocurrencies
- Swap cryptocurrencies
Deposit Fees (Fiat Currency)
If you want to make deposits using the Singapore dollar through inter-bank transfer, Coinhako will not charge a fee.
If you make an SGD deposit through Xfers, you’ll be charged a 0.55% fee by Xfers. No fee by Coinhako. Also, USD deposits as USDT do not have flat trading fees.
Withdrawal Fees (Fiat Currency)
Coinhako charges S$2 or VND 20,000 in withdrawal fees for bank transactions. USD withdrawals through USDC or USDT do not have any associated withdrawal fees.
However, you’ll have to pay network fees which would be visible on the withdrawal page.
It’s important to note that network fees are not Coinhako fees (withdrawal fees). They go to nodes and miners who broadcast transactions onto the blockchain.
Swap, Buy and Sell Cryptocurrencies
You’ll get charged a 1.0% trading fee for every transaction to swap, buy and sell cryptocurrencies.
You can receive cryptocurrencies for free on Coinhako. But if you send cryptocurrencies into your Coinhako account wallet from an off-platform wallet you can incur network fees. This may differ based on varying factors, which are typically associated with he relevant crypto you are transferring.
Send Out Cryptocurrencies
If you send out cryptocurrencies from your Coinhako wallet, you’ll be charged a fee. This fee will be shown on the transaction confirmation page and email.
Coinhako will absorb all extra costs if the miner fees exceed the regular Coinhako trading fee.
Coinhako does not charge a trading fee for opening, running your account, or storing cryptocurrency.
Coinhako Payment Methods
Coinhako allows you to deposit and withdraw using various payment methods:
- Bank transfer
- Credit/debit card
- Xfers Direct
Deposit SGD via Bank Transfer
To deposit Singapore dollars into your Coinhako account, sign in.
Once you’re in, locate the Super Wallet tab then click the arrow next to SGD. Choose ‘Deposit’.
Next, below the ‘Deposit Account Details‘, you will see the details needed to make a bank transfer:
- Bank name
- Beneficiary name
- Account number
- Unique deposit code
Go to your banking app and enter the required details to transfer your fiat deposit.
That said, Coinhako requires that you adhere to the following rules while making a bank deposit:
- You’re not permitted to use words like Coinhako, Bitcoin, or Cryptocurrency for any transfer.
- Don’t deposit unique amounts.
- You cannot make ATM/GIRO or OTC transfers.
- Funds must be transferred from a bank account that matches the name on your submitted ID.
Withdraw SGD via Bank Transfer
Sign in to your Coinhako account. Next, tap the arrow next to ‘SGD‘ then choose ‘withdraw‘.
If you haven’t set up Two-Factor Authentication, the Coinhako app or page will prompt you to do so. After this, you can add a bank by choosing ‘ Add Bank Account‘.
Enter your bank account details and click ‘Confirm’.
Once you’re done, choose the bank account you intend to withdraw your funds into.
On the next page, you should see the following:
- A field to input the amount you intend to withdraw
- Choose ‘Preview Withdrawal’ to see your withdrawal information again
- Hit ‘Proceed‘
Coinhako will require that you input the code generated by your Two Factor Authentication app. It will also send a verification code to your email and require you to add that as well.
Once the verification process is complete, click ‘Confirm‘.
The withdrawal time frame is dependent on the bank you’re withdrawing into. It can take a couple of minutes to 5 days. Also, Coinhako states that in periods of high volume your withdrawal timeframe may increase.
Credit/Debit Card Payment Method
Coinhako allows traders to buy cryptocurrency using their credit/debit cards but does not permit withdrawals to cards.
To do so you need to add a card to your Coinhako account:
- Go to the Settings tab
- Below the Account tab choose ‘Credit/Debit cards’
- Pick the ‘Add New Credit/Debit Card’ option.
You would need to add your credit or debit card just once. Subsequently, you can just select the card option when funding a transaction.
The great thing about this payment method is that cards with names different from your Coinhako registered account name can fund a trade. Coinhako accepts VISA and MasterCard cards but they must be issued in Singapore.
Also, there’s a transaction limit for every card trade. You can only trade up to SGD 10,000 per transaction.
Beyond the transaction limits, a con with card payments is that sometimes your card-issuing bank will charge a cash advance fee. These fees can range from 5 to 15%. This is because payments to Coinhako will appear as transactions to Quasi Cash Merchants (MCC 6051).
Plus, if your bank does not allow transactions to Quasi Cash Merchants you won’t be able to add a card issued from them to your Coinhako account.
Xfers Direct Deposits
To deposit with Xfers Direct, on your Superwallet screen, choose Deposits and then Xfers.
Next, connect your Xfers account and follow the instructions to make a deposit.
You’ll be charged a 0.55% fee.
Coinhako has experienced its fair share of security incidents. But the platform has put in place measures to ensure the security of your funds like cold storage and Two-factor Authentication.
Coinhako holds over 90% of its users’ cryptocurrencies in cold storage. This means that your funds are held offline and, therefore, better secured from hackers. So if there’s a hack, hackers will only be able to take a meager amount of customer funds/cryptos.
Concerning account security, Coinhako requires that all users secure their accounts with Two-factor Authentication.
Coinhako allows you to earn interest on your particular crypto holdings by subscribing your coins to Coinhako Earn for specified time frames.
The rates you earn vary depending on the duration you hold the cryptocurrency on Coinhako Earn.
To use Coinhako Earn, go to the ‘Earn‘ tab on your Coinhako dashboard.
Next, pick a coin from the available options on the list.
Store your cryptocurrency by entering the amount you want to earn interest on. Pick the duration and click ‘Submit‘.
That’s it, you’ll begin receiving rewards on your held crypto.
Opening an Coinhako Account
To open a Coinhako account visit www.coinhako.com.
Next, click the menu button on the right of your screen. You’ll see 3 account types:
- Accredited investors
For our guide, we choose an individual account. Enter your legal name as shown on your national identification and an email address that you have access to.
After this stage, you’ll proceed to verifications.
To start, click on your name on the right of your screen and choose “Identity Verification”.
There are 4 verification steps:
- Phone Number: Choose your country of residence and input your mobile number. You’ll get a code, enter the code on the exchange and submit it.
- Identity: Take a photo of your ID (front and back). Accepted documents include Government Service Card, NRIC, 11B
- Questionnaire: Complete the questionnaire on the next page. The questionnaire includes profiling questions.
- Proof of Address: You’ll have to submit valid documents that prove you reside in Singapore or Vietnam.
That’s all. You’re set to fund your account.
Trading Experience on Coinhako
Trading starts on the Superwallet page. There, you can view Coinhako’s selection of digital assets at once.
You’ll also see live buy and sell prices for every digital asset. There’s an SGD/USD button to view prices in both currencies.
You can view a digital asset’s performance by tapping on the particular coin for more details.
You can swap, buy, sell, receive, or send cryptocurrencies here as well. Coinhako also allows you to set custom prices to alert you when prices get to a particular threshold.
Coinhako Customer Support
Coinhako used to offer just a ticket-based support system. Users can create tickets based on specific problems like Account Issues, Fiat Deposits, Withdrawals, etc. Replies to queries are done via your email address and sometimes take days for a response. But now they implemented they support section with a live chat for a faster assistance.
Beyond this, they offer various articles in the support center and on their blog to guide users through common issues.
On the 21st of February 2020, Coinhako experienced an exchange-wide hack attack resulting in assets stolen. This caused the crypto exchange to shut down withdrawals for over a week. So most complaints from customers regarding the platform are due to the hacking incident and the poor customer support during the period.
Some customers are also dissatisfied with the trading experience as certain coins have usage limitations. However, Coinhako makes it easy to purchase crypto using SGD.
Education on Coinhako
Coinhako offers a ton of useful getting started articles on their blog and support centre. But most of the information on the platform is about using Coinhako and not investment tips as with the competition.
Is Coinhako Right For You?
Coinhako is best for beginners who want multiple options to buy cryptocurrency using SGD.
Coinhako offers a beginner-friendly interface that enables users to buy cryptocurrency in SGD instantly. But it doesn’t have any stand-out qualities that other competitors are missing. That said, it is safe and legit as it is regulated by MAS.
Our extensive analysis of the Singaporean Crypto Exchanges doesn’t stop here. You can also read about our Independent Reserve Singapore review as an alternative to Coinhako or you can check out our list of what we think are the best crypto Exchanges available to Singaporeans.
Most frequent questions and answers
Yes, Coinhako is registered under the Payment Services Act in Singapore by the Monetary Authority of Singapore.
Yes, MAS granted Coinhako a Major Payment Institution license.
Yes, Coinhako is headquartered in Singapore.
Despite previous hacks affecting the platform, Coinhako is a secure platform. It features security measures like cold storage and two-factor authentication to protect crypto investors. It is also regulated in Singapore.
Withdrawals take anywhere from 2 hours to a couple of days.
Coinhako is a cryptocurrency exchange that allows users to purchase digital assets.
Yes, Coinhako is one of the leading crypto brokerages in Asia.
To use Xfers, create an Xfers wallet then deposit funds to the wallet. After this, the funds will show up in your Coinhako dashboard.
No, Coinhako provides a crypto exchange wallet.
Depending on your payment method, Coinhako deposits can be instant or take up to 5 days.
Click send Bitcoin from your wallet. Enter the recipient’s wallet address and send.
Coinhako allows Singapore users to buy cryptocurrency with SGD instantly.
You can earn up to 6.5% APY on your crypto holdings.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.