Coinhako Review

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Cryptocurrency exchanges are essential to purchasing, selling, and storing digital assets such as Bitcoin and Ethereum. Although hundreds have sprouted recently, only a few are worthy for those that reside in South East Asia. One of the leading crypto exchanges in Singapore that we will assess in this review is Coinhako. The trading platform provides users with a simple and intuitive way to trade cryptocurrency. This Coinhako review will explore the platform's features to you decide whether to use it.

Our Take

4.2/5

HedgewithCryptoScore

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 the security of users' data and stored assets. Although, there have been complaints about slow customer service, withheld withdrawals, and mobile app glitches.

Visit Coinhako

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

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 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.

Review of the Top Features on Coinhako

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.

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'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.

Screenshot of the Coinhako super wallet.

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

Exchange	Crypto Assets	Trading Fees	Rating	Promotion	Website	Review
Coinhako	66	0.6%	Rating 4.2/5	None available at this time	Visit Coinhako	Coinhako Review
Luno	10	0% - 0.1% (exchange), 2% (instant buy/sell)	Rating 4.1/5	Deposit $30 worth of any crypto and get AUD $30 worth of BTC	Visit Luno	Luno Review
Zipmex	62	0.2% maker, 0.2% taker	Rating 3.9/5	None available at this time	Visit Zipmex	Zipmex Review
Tokenize	20	From 0.8%	Rating 3.9/5	None available at this time	Visit Tokenize	Tokenize Review

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.

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.

Supported Cryptocurrencies

Coinhako has 66 cryptocurrencies at the time of writing, which is 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 that 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 not suitable 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 clearly visible and transparent on the buying and selling screen. This way, traders can verify and examine the fees that will be charged before completing a transaction.

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. In short, Coinhako's does not have the cheapest fees when compared to other exchanges. As an example, there is a 1% premium on Coinhako's BTC price compared to Binance, which also has a trading fee between 0% and 0.1%. The minimum trade amount on Coinhako is $0.50, which is also not the lowest in the market.

As for fiat withdrawal fees, Coinhako levies a S$2 withdrawal fee on every transaction. In spite of 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 cryptocurrency which is standard.

Customer Support

Coinhako provides users with a comprehensive FAQ area to address the most frequent questions and major problems. However, users can also get in touch with 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.

Security of Assets

The security measures employed by Coinhako can be regarded as strong, partly because most user funds are kept in cold storage. There's a small operation fund kept in a hot wallet to facilitate trading. In addition, the exchange lets users activate two-factor authentication (2FA) by using third-party applications (such as Authy). The strength and efficacy of the security measure are increased because 2FA is required for both deposits and withdrawals.

Frequently Asked Questions

Final Verdict and Rating

Coinhako puts a lot of emphasis on its user-friendliness which makes it a great option for newcomers. There are zero deposit fees, multiple payment options, and a mobile app for crypto trading on the go which are excellent features. The downsides for more experienced investors and traders will be the higher trading fees of 0.6% and limited support of altcoins.