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Coinhako Review

A trustworthy Singapore-based crypto exchange with affordable 0.6% trading fees and a user-friendly interface for beginners.

Hedge with Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for educational purposes only. Hedge with Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.

Our Take

4.2 / 5
HedgewithCrypto Score We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.

Bottom line:

Coinhako is a reputable and trustworthy Singapore-based crypto exchange. The platform is well-known for its affordable 0.6% trading fees and user-friendly interface. Signing up on the platform is easy via the website or mobile apps available on iOS or Android devices, making it ideal for beginners to access their Coinhako accounts and trade on the go.

Moreover, Coinhako has a good track record for protecting users' data and stored assets. Although, there have been complaints about slow customer service, withheld withdrawals, and mobile app glitches.

  • Trading Fees:

    0.6%

  • Currency:

    USD and SGD

  • Country:

    Singapore

  • Promotion:

    None available at this time

Pros and cons

  • Has full approval from the Monetary Authority of Singapore (MAS) to operate as a crypto exchange
  • Allows direct SGD deposits (or USD) via GrabPay, Xfers Direct, bank transfers, debit cards or credit cards
  • Supports the major digital currencies that can be bought and sold on Coinhako
  • Beginner-focused with a modern design and mobile app for Android and iOS users
  • 0.6% trading fees is not competitive in the global market
  • Over-simplified and lacks advanced trading and charting tools for experienced traders and investors
  • Does not have a broad range of features, products and services to keep investors on the exchange

How We Rated Coinhako

Review CriteriaHedge With Crypto Rating
Features4 / 5
Supported Fiat and Deposit Methods4.3 / 5
Supported Crypto & Trading Pairs4 / 5
Fees4.2 / 5
Ease of Use4.2 / 5
Customer support4.2 / 5
Security Measures4.8 / 5
Mobile App3.9 / 5

Coinhako Overview

Coinhako was started in 2014 by Yushuo Luo and Gerry Eng in Singapore. It is an exchange that helps people in Singapore buy and sell digital currencies. It has a wallet that can store, send, and trade different kinds of crypto. The Coinhako platform has a straightforward and hassle-free method of buying top crypto assets. Geared toward the retail market, Coinhako is purpose-built for beginners. Moreover, it is packed with useful features, a user-centric interface, and a simple trading process.

Coinhako website screenshot

Coinhako offers affordable trading and withdrawal fees, high-end security infrastructure, and other features that make it a viable alternative for Singaporeans looking to trade cryptocurrency. However, Coinhako's trading features are limited, given that it is tailored toward beginners only.

One illustration is that users are restricted to market orders and cannot even create limit orders, the most common order type on crypto exchanges. This is quite restrictive, and more experienced crypto traders could be dissatisfied with the lack of advanced features. Investors can also download the Coinhako app on iOS and Android devices.

PlatformCoinhako
Year of launch2014
Supported cryptocurrenciesBitcoin, Ethereum, XRP and 63 others
Accepted fiat currenciesUSD, SGD
Payment methodsGrabPay, Xfers Direct, bank transfers, debit cards or credit cards
Trading fees0.6% per transaction
Mobile appYes (Android and iOS)

Review of the Top Features on Coinhako

Buy Crypto with Singapore Dollars

Coinhako is one of the best ways to buy crypto with Singapore Dollars (SGD). As a local exchange, there are multiple ways to fund a Coinhako account to invest in digital assets such as Bitcoin, Ethereum, Dogecoin, Cardano, and more. Trading on Coinhako is settled at spot pricing, regardless of whether it is in Singapore Dollars, US Dollars, cryptocurrencies, or any other currencies. In addition, the exchange has industry-leading liquidity providers to guarantee that the best rates are always passed to their users.

Coinhako buy Bitcoin with SGD
Buying Bitcoin with SGD on Coinhako.

The user interface is streamlined to make the overall process a breeze. From the asset list, there are buy and sell buttons clearly shown. From there, it's a simple form to enter the amount to buy using funds from the Coinhako wallet. The fees are shown for transparency as well. Coupons can also be added, but we did not test this feature out.

Coinhako Superwallet

Coinhako's Superwallet provides investors with unrestricted cryptocurrency storage, transactions, and trading. The Superwallet supports common blockchains such as ERC-20 with industry-leading security measures including multi-signature authorization of funds and cold storage funds. However, while the wallet has never been hacked or breached, it's always recommended to transfer assets to a trusted hardware wallet for safe storage.

Coinhako super wallet
Screenshot of the Coinhako super wallet.

Coinhako Earn

Coinhako's proprietary interest platform, known as Coinhako Earn, enables users to generate interest rates on their crypto assets by holding them for a specific period. Even better and less frequently found in other crypto exchanges, Coinhako has a return on investment (ROI) earnings calculator. The calculator lets users project their earnings from staking cryptocurrency over a specific period. However, it is not clear how Coinhako generates interest on deposits, which should be clearly stated on the website, given the recent collapse of the lending platform, Celsius.

Coinhako Comparisons and Alternatives

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66

0.6%

Rating
We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.
4.2 / 5

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Rating
We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.
4.0 / 5

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Rating
We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.
3.9 / 5

None available at this time

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TokenizeTokenize

20

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Rating
We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.
3.9 / 5

None available at this time

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Is Coinhako Legitimate?

Coinhako is one of the first cryptocurrency companies to receive a Digital Payment Token (DPT) license from the Monetary Authority of Singapore (MAS). In addition, Coinhako holds a Major Payment Institution (MPI) license from MAS to provide digital currency services under the Payment Services Act (PSA).

Payment Methods and Limits

Coinhako covers the most common deposit methods available to Singaporeans. These include GrabPay, Xfers Direct, fiat bank transfer, and debit cards or credit cards to fund a Coinhako account. Bank DEPOSITS can be set up quickly to deposit SGD with major financial institutions such as DBS/POSB, OCBC Bank, UOB, and Standard Chartered Bank. A screenshot of adding a bank account to Coinhako is shown below.

Coinhako adding a bank account

For retail investors in Singapore, using Xfers and bank account transfers is a good option. Although, the transfer speed for bank transfer can take between 3 and 5 business days. Xfers has no maximum limit which is ideal for high-network investors.

Payment MethodCoinhako Limit
Coinhako walletN/A
Credit or debit cardS$10,000 per transaction
GrabPayS$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
Xfers Direct No daily transfer limit, but capped at S$20,000 per transaction (minimum S$5 per transaction)
Inter-Bank transferS$20,000 per day

Supported Cryptocurrencies

Coinhako has 66 cryptocurrencies at the time of writing, a relatively small number of coins compared to alternative platforms in Singapore. However, users will be able to buy the major assets by market capitalization, such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), and Aave (AAVE). For those who want to invest in meme coins, gaming tokens, or Metaverse coins, Coinhako is not the best option. This further reinforces our view that Coinhako is unsuitable for serious crypto traders.

User Experience

On inspection of the platform, the user interface was well-designed, and the buttons had clear labels, making it simple to swap, buy, and sell cryptocurrencies. There is a toggle switch to change between SGD or USD-dominated accounts. One useful aspect is that Coinhako's trading fees are visible and transparent on the buying and selling screen. This way, traders can verify and examine the fees charged before completing a transaction.

Coinhako dashboard
Screenshot of the Coinhako dashboard.

Crypto investors can send and receive crypto assets of their choice from their dashboard – this excludes the ‘trade-only tokens'. However, elite investors can anticipate that Coinhako's trading features will be somewhat limited, given that it has been created to cater to beginners.

For example, while using the platform, investors can only make market orders and not create limit orders – the most common order type on cryptocurrency trading exchanges. Advanced crypto traders may find using Coinhako restrictive and invariably become disappointed with the absence of additional functions to enter positions at the desired price.

Coinhako Fees

Coinhako has a fixed trading fee of 0.6% for buying and selling cryptos on its platform, plus a spread charge that is also applied, which is often a hidden fee. The minimum trade amount on Coinhako is $0.50, which is also not the lowest in the market.

Payment MethodCoinhako Fee
Coinhako wallet0.6%
Credit or debit card3%
GrabPay2.5%
Xfers Direct 0.55%
Inter-Bank transfer0%

As for fiat withdrawal fees, Coinhako levies a S$2 withdrawal fee on every transaction. Despite this, the platform does not publish its rates for crypto withdrawal fees since the transfer charge varies by cryptocurrency. The fee is always indicated on the confirmation pages and emails when users send cryptocurrency over the platform. Coinhako does not charge any fees for receiving standard cryptocurrency.

Customer Support

Coinhako provides users with a comprehensive FAQ area to address the most frequent questions and major problems. However, users can also contact the platform via live chat, email, and ticket submission if they have a more complicated issue. Unfortunately, phone assistance is not offered.

Coinhako is quite active on social media, and users can connect with them on sites like Facebook, Instagram, Twitter, Telegram, AngelList, and LinkedIn. But be aware that because they weren't intended to serve as the platform's primary customer care gateways, the customer help users can get from these channels may be restricted.

Numerous customers appreciated Coinhako customer support for its quick response time and for helping them resolve their problems. However, a sizable portion of people is dissatisfied with the support they are receiving. Complaints have also included mobile app glitches, withheld withdrawals, and the inability to verify users' IDs.

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