Coinhako is one of the popular exchanges available in Singapore. It has recently extended to Malaysia and Vietnam. In this Coinhako review, we will look at their features, pros, cons, safety, and a general overview.
What is Coinhako?
Coinhako is an exchange in Singapore that enables the trading of Cryptocurrencies. It supports over 30 cryptocurrencies and also acts as a wallet. Coinhako supports over 30 Cryptocurrencies and this makes them compete favorably with other top exchanges.
Coinhako is licensed and has a strong security feature.
Features of Coinhako
The review of Coinhako found that different transactions require different fees. The general trading fee on Coinhako is a 1% flat fee. This is high when compared to the other exchanges available.
For deposits, there is no fee attached to the deposit of funds. You can make your deposits through bank transfers or Xfers using USD or SGD.
For withdrawals, the prices vary based on the network or cryptocurrency. There is no specific fee for withdrawal. Coinhako made it so because network fees fluctuate daily.
Also, buying and selling fees differ from withdrawal fees. There is a 1% flat fee attached to buying and selling. For those in Singapore, you can make payments through a credit or debit card issued by VISA or Mastercard.
Transferring your crypto to another wallet or platform attracts some fees. These fees are not set by Coinhako but by the different blockchain networks. The fees you will pay when making transfers are being paid to miners who maintain the blockchain network. Sometimes the transfer fees may be high, other times they may be low. If the market is high, you will pay high transaction fees, and vice versa.
Coinhako uses the two-factor authentication process to keep the accounts of users safe. For the two factor- authentication, they use apps like Authy to further enhance the authentication and in turn improve security. Also, the majority of the user’s assets are stored using cold storage. Cold storage is offline storage that enhances the protection of assets. Hackers will find it difficult to penetrate the assets stored using cold storage.
Coinhako made it possible for its users to earn passive income through its referral program. Users of Coinhako can make extra profit y referring people and getting them to sign up on the Coinhako platform. When you refer someone, each buying, selling, or swap trade they will do will earn you a 20% interest on the trade fees. Ensure that your referred users sign up to the platform using your referral code or link. After the trade by your referred user, your referral bonus will be sent automatically to your profile.
Users get support from Coinhako through two channels. The official channels and social channels. The official channels comprise their Ticketing System and their email address (email@example.com). Or your feedback and concerns, you can reach the platform through the social channels comprising Twitter and Facebook.
To start trading in Coinhako, you will first create an account.
- Go to their official website and open an account. In this process, you will be required to provide your name, email, age, and other info. Also, verify your email address.
- Using either bank transfer, FAST transfer, or Xfers, fund your account. The platform has a secure way of enabling you to transfer from your bank account. Also, if you want to use Xfers, you have to create an Xfers account.
- Proceed to start buying, selling, or swapping your crypto.
After creating an account, you will have to complete the verification process.
Provide the documents required for identification, these documents vary based on the country you are in.
For Singapore citizens
- You NRIC card
- A government service card
Foreign nationals and student residents
- Your student cards
- Residence pass
- Employment pass
From the review on Coinhako, we found a tool available on the Coinhako site that will enable you to take clear photos of the documents. Ensure that you take clear photos of both the front and back of the document.
After taking pictures of the document, the next step is to do a facial recognition check. To do this, take a picture of yourself in a selfie form.
The next step is to fill out a questionnaire and submit it. You can submit it through manual submission or my info submission
This was designed for non-Singapore residents. This process requires two days for verification and approval. For this step, you need the following documents: utility/phone bill, bank statements in PDF format, a statement of your tax returns, and a letter having a government header.
My Info submission
This is for Singapore residents. It is quicker than the manual submission. You will be redirected to the MyInfo website. Log in using your ID and then click on the agree button. Next, you will be redirected to the Coinhako website, then click on the Accept and Continue button.
Once you are done with this step, whether through the manual submission or myinfo submission, you can start trading.
Pros of Coinhako
Good selection of Cryptocurrencies –
Coinhako supports a wide range of popular Cryptocurrencies on its platform. The exchange offers a wide variety of cryptocurrencies up to 53 of them. This is bigger than what most of the other exchanges in Singapore offer. If you decide to trade using Coinhako, you can easily have access to your most preferred coins. Amongst the cryptocurrencies, some are trade-only tokens. By trade only it means that you can only buy, sell, or swap them on the exchange.
Great user interface-
you will find a well-tailored FAQ section that will guide you through trading on the platform. It has a well-designed website that makes it easy for beginners to navigate and find their way easily. On the website, you will find a super wallet that will show all the fiat holding and crypto on the exchange. The website also has clear label buttons that will guide you to buy, sell or swap your cryptocurrency easily.
Crypto news –
Coinhako stands out because of the way it provides Crypto news for its users. If you are using the Coinhako exchange, you will have access to updated news about Cryptocurrency. To get access to the news, search for the crypto listings, scroll to the tokens page and see the list of the current news
High-security features –
Coinhako has put in place good security measures that protect the account and assets of members.
- Passive income option- with the Coinhako referral program, you can earn an additional profit.
Cons of Coinhako
Limited Countries –
Coinhako is a good exchange but it is only available for people in Singapore, Vietnam, or Malaysia. This is a big limitation to residents of other countries that will like to trade with them.
High trading fees-
the flat fee of 1% is high compared to what is applicable in other similar exchanges.
Coinhako only supports exchange in Singapore, Vietnam, and Malaysia.
Is Coinhako safe to use?
In 2020, accounts of about 20 users were hacked, although the spokesperson of the exchange said that no wallets or private keys were compromised. They still went ahead to reimburse all the users who were affected. Since then, no similar incident of hacking has been experienced.
Coinhako has good security measures that help them in securing and protecting the account of users. If you can get past the bad record that the 2020 incidence placed on them, then you can trade with them.
Is Coinhako legit?
As we mentioned earlier, the only bad record so far is the 2020 incidence. The review on Coinhako revealed that the exchange is legit.
Read more: CoinEx review
Coinhako is one of the best exchanges in Singapore in terms of trading popular cryptocurrencies. If you are not living in Singapore, Vietnam, or Malaysia, you should not use Singapore. Attempting to do so, might cost you.
Coinhako is good for beginner investors and the news and update on their website make it possible to trade with them conveniently.