Coinhako Review 2022: Is Coinhako Safe & Legal?

What Is Coinhako?

Singapore’s Coinhako is one of the most recognised cryptocurrency exchanges. From the uninitiated, this may beg the question – What exactly are crypto exchanges and cryptocurrency? A Coinhako Singapore review will explain crypto exchanges and cryptocurrency before anything else. This Coinhako review will begin by doing just that.

Coinhako Summary

Headquarters Singapore
Found in 2014
Native Token No
Listed Cryptocurrency BTC, BCH, COMP, AAVE, BAT, ETH, XLM, SNX, UNI, BAND, MKR, GRT, DOT, DOGE, ZIL, CRV, LTC, XRP, LINK, DAI, ENJ, SAND, MANA
Trading Pairs 20
Supported Fiat Currencies USD, SGD, VND
Supported Countries Singapore, Vietnam
Minimum Deposit 25 USDC/ 25 USDT
Deposit Fees No fee, accept 0.55% fee by Xfers
Transaction Fees 1.00%
Withdrawal Fees 2 S$/ 20,000 VND
Application Yes
Customer Support Email, FAQ, & Submit a Request Form

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A traditional currency has a monetary authority, namely a government owned central bank which issues it. Such money or coins is termed as ‘fiat currency’. The printing or minting of each paper money or coins is regulated by the central bank. Cryptocurrency on the other hand does not exist in physical form. Nor is it regulated by any central bank or monetary authority.

Cryptocurrency Fiat Currency
Generated by the computers. Published by the government 
Restricted supply and maximum limit is set. Unrestricted supply and can be produced by the government when necessary. 
Cybercash exchange. Paper money or coins exchange.
Introduced by public and private pieces of code. Launched as coins or paper money.
Intrusted and not controlled by an entity or government. Unified and controlled by laws and banks.
Its values are not determined by supply and demands. Its values are determined by market and regulation.

Cryptocurrency is considered a far more secure form of capital due to the fact that crypto uses decentralized control and a distributed ledger technology called a ‘blockchain’ that uses strong cryptography to secure transactions. All dealings in crypto exchanges in Singapore are enabled by the underlying blockchain technology.

Transactions in fiat currency/money/coin need to be verified by a trusted third party namely a bank. Most of them need to happen from one bank to another bank account to be considered secure and verified. Blockchain reduces the need for such a trusted third party as it is based not on a central ledger but rather on a distributed ledger globally verified by the participants. Such a ledger is resistant to tampering and resilient in operations and has a far higher degree of security.

Some popular cryptocurrencies are Bitcoin, Etherium, and Dogecoin. Of these, Bitcoin is considered to be the first crypto. The prices of cryptos have witnessed volatility at times, and no other investment vehicle has yielded these kinds of profits.

So What Do Crypto Exchanges Do?

They facilitate the exchange of cryptocurrency by customers for other assets. They enable buying cryptocurrency and also permit an investor to sell cryptocurrency. Funding is done into one’s account on a crypto exchange using a credit card or debit card or bank transfer, or PayPal. It charges a fee for transactions. Lower fees charged translate into higher profits for investors.

Coinhako Platform Interface

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How Does Coinhako Work?

A Coinhako account provides an easy platform to buy and sell Bitcoin and other crypto. It permits one to trade cryptocurrency for fiat at spot prices. Trades, well-placed, have the potential to earn a substantial gain. This exchange works 24 hours a day and seven days a week to enable trading by a customer at their convenience, accepting payments through different modes, including bank transfer and credit or debit card. One needs to transfer funds from one’s bank account before they pay for crypto.

More About the Coinhako Platform

Singapore’s Coinhako is a trading platform for over 30 supported cryptocurrencies. This is at least equal to, if not more than most other cryptos trading platforms. For many cryptos, this is the only platform where one can pay directly with Singapore dollars.

While one can certainly buy Bitcoin and other popular cryptos, Singapore’s Coinhako is constantly adding cryptos to the list it supports, and the same can be seen at the Coinhako blog https://blog.coinhako.com/.

Coinhako has a minimum trade amount of 0.50 USD, so it is possible to buy Bitcoin and other cryptos for a low amount. The trading fees are a flat 1% for any trade. The crypto exchange offers an opportunity to lower trading fees using promo codes and reward points to claim discounts. Discounts on the trading fee of upto 20-25% of trading fees can be claimed on this platform using this offer if investors plan their investments and trades judiciously.

Coinhako Working Process

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Is Coinhako an exchange or a wallet?

According to our Coinhako review & research, Coinhako is an exchange that offers the opportunity to buy Bitcoin and other cryptocurrency. Besides supporting cryptocurrency trade, it can also act as a wallet since it offers a secure crypto holdings facility.

Why Choose Coinhako?

There are many reasons to choose Coinhako over other cryptocurrency exchanges:-

  • It is safe since it uses cold storage for a major part of your cryptocurrency, with only a small part of your crypto being available in hot storage for trading. This means that most of it is stored in physical devices kept under high security.
  • It provides a user-friendly experience of buying and trading in crypto, even for new buyers.
  • It charges no fee for deposits.
  • It has a long-standing good history of maintaining the trust of users.

Unique Features of Coinhako

  • It permits dealings in Singapore Dollars.
  • One can access it through the mobile Coinhako app.
  • The supported cryptocurrencies on Coinhako include the well-known Bitcoin and over thirty other cryptos, even as more are being added.
  • Since January 2021, Coinhako has supported Visa or Mastercard credit or debit cards issued in Singapore.

Unique Features of Coinhako

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Getting Started With Coinhako

You need to sign up for an account on coinhako to be able to start trading.

The steps for a customer to start trading are as given below:-

  • To start trading in Bitcoin or any other crypto, a customer must first fund their Coinhako account. This account can be funded by bank transfer, Xfers Direct, or by FAST Transfer. Coinhako provides a secure platform for bank transfer to the Coinhako account and from the Coinhako account to the bank account. New users who are not on Xfers will have to create an Xfers wallet to start using Xfers.
  • After that, the user can buy and sell crypto. USDC (US Cybercash) can be deposited and will be automatically converted to USD. One must note that US
  • D cannot be directly withdrawn from your Coinhako account. They have to be converted to USDC first.

Signup and Verifications Process for Coinhako Account

One creates an account by providing basic details like name, email, age, etc., and verifies the email address. After signing up, the verification starts, which is different for people from other countries. The verification procedure is as follows:-

After email verification is processed, the user needs to provide their identity documents. A clear photo of any of the following documents needs to be taken through the tool available on the Coinhako site. Both the front and back of the document need to be captured in good light conditions.

Coinhako Signup Process

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For Singapore nationals, the valid documents are:-

  • NRIC Card
  • 11B
  • Any government service card

For Foreign nationals and students residing in Singapore, the valid documents are:-

  • Employment Pass
  • Student Card
  • Residence Pass

The next step in the signup procedure is the facial recognition check. This is as easy as taking a selfie. One simply needs to align one’s face within the oval frame on the screen.

In the next step, one would be prompted to fill in a questionnaire. There are two options to submit the filled questionnaire. These are:-

MyInfo:- This mode is quicker but is available only for Singapore residents. On choosing this option:-

  • The user is redirected to the MyInfo website.
  • Login has to be done with the user’s ID number.
  • The ‘I agree’ button is to be selected.
  • The user is redirected to Coinhako’s website.
  • The user needs to select the ‘Accept and Continue’ button.

Manual Submission:- Manual submission of identity documents is available for non- Singapore residents. It takes 1-2 business days to verify and approve through manual mode. If the user chooses to submit documents manually, the proof of address document needs to be uploaded through the given link, and then the ‘Submit’ button needs to be selected.

Accepted proof of address documents through manual mode are:-

  • Bank Statements – to be submitted in Pdf format.
  • Utility bills or phone bills.
  • Tax return statements.
  • Letter with official government header.

Once the verification process is complete and the application is processed, one can start trading on the platform.

Coinhako Getting Started Process

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Coinhako Review: Pros and Cons

The platform does not allow users to earn interest on their deposits as some other platforms do.

Pros Cons
Receive fiat deposits. High trading wages.
No demands for deposits. Only accessible for Singapore and Malaysia.
Best Crypto wallets service.

Coinhako Fees

One needs to be aware that Coinhako charges flat trading fees of 1.00%. The trading fee for ‘buy’ or ‘sell’ transactions are above the industry average. The withdrawal fee is not fixed and varies for each transaction.

Deposit Fees

There is no fee imposed for the deposit of funds. The preferred methods are bank transfer or Xfers. Funds can be in USD or SGD. There is no minimum deposit amount.

Withdrawal Fees

Coinhako does not specify a withdrawal fee pertaining to the Bitcoin or other crypto assets listed on their exchange. This is so because the day-to-day fluctuation in the network fees on different networks depending on the demand for block space can correspond to the withdrawal fee.

Buying and Selling Fees

As mentioned earlier, a flat 1% ‘buy’ and ‘sell’ fee is charged. Coinhako, you can pay for crypto using a credit or debit card issued by VISA or Mastercard in Singapore. Buying and selling fees are different from withdrawal fees.

Cryptocurrency Transfer Fees

Crypto transaction fees across blockchain networks are not set by Coinhako. Cross-wallet/platform transfer of crypto to another wallet or platform involves network fees. These fees are paid to the miners who maintain the blockchain network. Transaction fees may also vary depending on how many pending transactions are on the network.

When the market is highly active, the transaction fees may be higher to ensure lower transaction processing time on the blockchain. Network fees must not be confused with buying and selling fees or with deposit or withdrawal fees.

Coinhako Referral Program

Coinhako offers a referral program where investors can invite their friends to open a Coinhako account and trade on the platform. In this offer, each buying, selling, or swap trade by referred users results in a credit of 20% of the trade fees in the corresponding fiduciary currencies to this account of the investors who have made the Coinhako referral. For this, the new users who have been referred have to sign up using the referral code or link sent by the investors making the referral. One can share the referral code with them by email.

For example, if the referred user makes a trade that has a value of 3000 USD at a trading fee of 1%, then the trading fee here would be 30 USD. The referral bonus, in this case, would be 30 x 20/100 = 6 USD.

The credit of referral bonus to one’s Coinhako profile is made after the trade by the referred user is completed. This credit is made automatically on a buying or when credited, selling, or swap transaction.

Coinhako Referral Program

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Coinhako Security Measures

There was an incident in early 2020 on The exchange where about 20 user accounts were hacked. It was mentioned by the Coinhako spokesperson that no private keys were compromised and that each wallet was safe. As per a message from Coinhako’s official profile, the affected investors were fully reimbursed.

The policy of maintaining a significant chunk of crypto in a cold wallet, i.e., in a physical device, and only a small quantity of crypto for trade purposes in a hot wallet that Coinhako offers provides another layer of security, ensuring that the risk of exposure to hacking is minimal.

The exchange supports 2FA apps like Authy. The use of such apps by investors can provide better security to the account.
Why Coinhako?

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Coinhako as a Cryptocurrency Exchange

According to the Coinhako reviews, the cryptocurrency exchange Coinhako is a legitimately licensed platform good for beginners or people starting to invest in this. It not only permits buying and trading of small volumes of crypto but can also offer a good variety of popular cryptocurrencies supported apart from Bitcoin.

The security is comparable to that of other licensed exchanges. Compared to other exchanges, the number of cryptocurrencies supported is less while the fee is higher. It compares well to other parameters like the operating systems which support it, the availability of the wallet, etc.

Supported Currencies

Coinhako supports over 30 popular cryptocurrencies: The more popular of these are Bitcoin, Ethereum, Dogecoin, and many more.

Supported Countries

One should note that Coinhako Exchange supports funding in Singapore, Malaysia, and Vietnam only.
Coinhako as a Cryptoexchange

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Coinhako Customer Support

Coinhako offers support to customers through two channels.

The ‘Official’ Channel:- The official channel has two systems, namely the ‘Ticketing System’ and through the email address [email protected] ‘Socials’ Channel:- While the exchange accepts feedback and concerns through social media like Twitter and Facebook, it does not attend to profile-related questions on these channels.

Coinhako Customer Support

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Coinhako Review: Conclusion

This Coinhako review has given you a better idea of how the exchange works. Overall, Coinhako is a recommended platform both for newcomers as well as experienced investors. What coinhako reviews has attempted to do is to not only explain crypto as a whole but also to provide a critical coinhako review of the products and an easy guide to access them.

FAQs

Is Coinhako Trusted?

Yes. Coinhako is considered the most trusted crypto exchange company in Singapore.

Is Coinhako Legal in Singapore?

Yes, Coinhako is regulated under the Payment Services Act as an exempted entity. It is therefore legally entitled to carry out its business operations.

Is Binance or Coinhako Better?

Binance is better than Coinhako in many respects. Firstly, it charges lower trading fees. Besides lower fees, Binance has a broader range of crypto support. Binance also has a presence in more countries than Coinhako.

Is Coinhako Singapore Based?

Yes. Coinhako headquarters is located at 14 Robinson Road, #08-01A, Singapore.

Does Coinhako Have Withdrawal Fees?

Coinhako charges withdrawal fees that are not defined.

Is It Safe to Keep Crypto on Coinhako?

Yes. Coinhako keeps only a small amount of crypto in a hot wallet. These are only for active trading. Thus only a small amount of crypto is exposed to hacking threats. It also supports 2FA authentication apps that customers can use for additional security.

Is Coinhako Regulated by MAS?

Yes. It is a licensed platform and is regulated by MAS under the Payment Services Act.

Is Coinhako a Cold Wallet?

Crypto belonging to investors is mostly placed in a cold wallet. A small amount of crypto for trading is in the hot wallet.

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