Coinhako Singapore Review : Why We Don’t Like It

What Is Coinhako?

Coinhako is a cryptocurrency exchange and cryptocurrency wallet headquartered in Singapore. It was founded in 2014 by Yusho Liu and Gerry Eng, and it's the largest cryptocurrency wallet in Southeast Asia by market volume. Additionally, it's the first startup from Asia to be accepted into Boost VC, a Bitcoin accelerator from Silicon Valley.

Currently, the exchange supports 67 different crypto tokens (including Avalanche (AVAX), Cardano (ADA), and Chiliz (CHZ)), and it has a fair number of features that make it an acceptable crypto exchange option for Singaporeans. For instance, it allows users to buy cryptocurrencies with fiat currencies such as Singaporean dollars (SGD) directly (bank transfers supported), it has its own cryptocurrency wallet, and it even has a separate OTC desk platform that you can use to conduct large crypto trades.

To start off this Coinhako review, let’s take a deeper look at Coinhako’s pros, cons and features.

Coinhako Pros & Cons

Coinhako Pros

• Beginner-friendly and intuitive user interface.
• Has a fairly low minimum trade limit (0.50 USD).
• Has its own cryptocurrency wallet service.
• Has its own crypto OTC desk for large trades.
• Is a highly secure crypto exchange that uses cold storage to keep your funds safe.
• Doesn't charge any fees when depositing funds.
• Allows you to buy crypto with Singaporean dollars (SGD) directly.

Coinhako Cons

• No advanced trading features.
• A somewhat limited array of supported cryptocurrencies (67).
• A high trading fee rate of 0.6%.
• Conflicting mobile app ratings and reviews.
• The platform has been hacked before.

Coinhako Features

1. Coinhako Desktop Platform

Coinhako features a beginner-friendly and intuitive user interface that will allow you to buy Bitcoin and other altcoins with ease. From your dashboard, you'll be able to both receive and send the crypto token of your choice (as long as it is supported by the platform), and you'll also be able to buy, sell, and transfer funds from the platform with the purchase and sale prices clearly displayed. You even have a crypto swap option that allows you to exchange one crypto token for another, which is a feature that other exchanges often lack.

Coinhako also has its own platform focused on serving world-class institutions and high-net-worth individuals (HNWIs), known as Coinhako Privé, and it also has its own OTC desk that will allow these HNWIs for handling high volume transactions without destabilizing the main exchange's order books.

However, because Coinhako has been designed to appeal to beginners, you can expect its trading features to be pretty barren. One example of this would be the fact that you can only place market orders when using the platform: you can't even place limit orders, which are a basic order type in most crypto exchanges. This is severely limiting, and the more advanced crypto trader may be thoroughly disappointed by this lack of advanced functionalities.

Another thing to note is that the exchange has a flat trading fee of 0.6%, despite not having any deposit fees. It may not be the highest trading fee rate in the world, but 0.6% is enough to considerably lower your crypto investment returns.

2. Coinhako Mobile App

Coinhako's mobile app is slick, well-designed, and just as intuitive to use as the desktop platform is, allowing its users to buy, sell, swap, and access their crypto funds seamlessly and easily. However, the Coinhako app is just as basic as the desktop platform in terms of features, as you're still limited to market orders when using the app.

As for the mobile app's rating, you'll see 2,4 out of 5 stars based on 3,000 reviews on the Google Play Store, and 4.4 out of 5 stars based on 4,000 reviews on the Apple App Store respectively, indicating mixed user satisfaction with the app. Common critiques include inaccurate price listings and delays in deposit processing, which could make you lose money.

3. Coinhako Security Features

Coinhako's security measures can be considered to be solid, mainly because they keep most of all users' funds under cold storage (AKA crypto funds kept in a physical, offline device that is inaccessible by hackers), with only a small chunk of users' funds kept in a hot wallet to make trading easier and more convenient. Additionally, the exchange allows you to enable 2-factor authentication (2FA) through the use of third-party apps (such as Authy). 2FA is also mandatory for deposits and withdrawals, which increases the security measure's strength and effectiveness.

The platform also has a good track record in terms of regulation: it has been given a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) to offer Digital Payment Token (DPT) Services under the Payment Services Act (PSA), making it one of five crypto firms that have received a DPT license from the MAS.

However, Coinhako doesn't regularly go through security audits to test and improve its security measures, and the platform's funds are not insured against hacking and theft. Additionally, the platform has been hacked before (in 2020 specifically), meaning that its security measures aren't 100% effective. Even though Coinhako is mostly safe to use, it's hard to rest easy without any kind of insurance, especially if there has been a history of hacks before.

With that said, Coinhako did receive the ISO27001 certification in February 2023.

4. Coinhako Customer Support

Coinhako offers its users a thorough FAQ section to answer the most common inquiries and solve most issues you can find when using the platform. In case you have a more complex problem, however, you'll also be able to contact the platform via live chat, email, and ticket submission, but unfortunately, phone support is not available, which is unfortunate.

• Ticket submission: Available
• Phone: Not Available
• Email: [email protected] (24 hours)
• Live chat: Available

Coinhako also has a significant social media presence, and you'll be able to reach them through platforms such as Facebook, Instagram, Twitter, Telegram, AngelList, and LinkedIn. Be aware that the customer support that you can get from these channels can be limited, however, as they weren't designed to be the platform's main customer support gateways.

5. Coinhako Earn

Coinhako also has its own staking system (known as Coinhako Earn) that allows you to earn better interest rates on your cryptocurrencies by holding them for a certain amount of time. It even has its own earnings calculator that will allow you to calculate how much you can earn if you stake your crypto funds for a certain amount of time, which is very convenient and not often seen in other crypto exchanges.

Staking is a great way to earn passive income on your crypto, and it's great to see Coinhako making it accessible and intuitive for its user base. Not all crypto exchanges have a feature like this one, so if you're going to use the platform, take full advantage of this system.

Cryptocurrencies On Coinhako

Coinhako users have access to 67 different cryptocurrencies, which is a considerable amount of tokens. Some of the most popular cryptocurrencies that the platform supports are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Lido Finance (LDO), Optimism (OP), Binance Coin (BNB), Cardano (ADA), and Aave (AAVE).

Considering some crypto exchanges (like Capital and Binance) offer support for hundreds of crypto tokens, though, this can be seen as a limited array to work with, especially for advanced crypto traders or those looking to invest in rare altcoins. If this sounds like what you were thinking, then Coinhako may not be a great option crypto exchange option for you.

Coinhako Fees

Coinhako's fee structure is, thankfully, very easy to understand: you won't incur any fees if you deposit funds regardless of the method you use to do so (including a fiat bank transfer, credit or debit card), and withdrawal fees depend on the day-to-day fluctuation of your chosen token's network fees, meaning that they'll be quite minimal even on a particularly unlucky day.

However, one aspect where Coinhako falls short is in its purchase, sale, and trading fees: it has a flat rate of 0.6% for all of these transactions, and although it isn't the highest transfer fee rate as far as crypto exchanges are concerned, it's certainly high enough for you to see a certain decrease in your investment returns.

The Exchange I Recommend Over Coinhako

Coinhako is far from the best exchange in Singapore: considering its lack of advanced trading features, the fact that the platform has been hacked before, and its high trading fees (starting at 0.6%), I can't recommend Coinhako as a top crypto exchange option for Singaporeans.

Instead, the exchange I recommend over Coinhako is Capital.

Capital doesn't charge any trading commissions or deposit/withdrawal fees, and its spreads are extremely narrow (generally just ~$40 per Bitcoin, which is just 0.13% at today's prices). With the lowest fees in the industry and strong platform security, Capital is a clear choice for the best crypto exchange in Singapore.

How To Withdraw From Coinhako

To withdraw fiat (cash) from Coinhako, follow these steps:

• Tap on the arrow beside ‘SGD’.
• Select ‘Withdraw' (Skip to Step 7 if you’ve already added a bank account).
• If your 2FA is not set up, you will be prompted to do so. After that, you can add your bank account by selecting ‘Add Bank Account'.
• Fill in the details (bank country, bank name, account number, and beneficiary name) of your bank account accordingly
• Select “Confirm“.
• When you are ready, select the bank account to which you wish to withdraw your funds.
• Enter the amount you wish to withdraw.
• Double-check your account details.
• Select ‘Preview Withdrawal' to review your withdrawal details.
• Select “Proceed” when you’re ready.
• Enter the code generated by your 2FA authenticator app and the verification code sent to your email.
• Verify that the amount is correct and click ‘Confirm'.

In Summary

Coinhako is a cryptocurrency exchange and cryptocurrency wallet founded in 2014 and headquartered in Singapore. It has many features that would make it an appealing choice for beginner crypto investors in Singapore, such as its intuitive user interface and slick mobile app, but considering its lack of advanced trading features, the fact that the platform has been hacked before, and it's high starting trading fee rate of 0.6%, I'd be hesitant to recommend Coinhako as a top crypto exchange option for Singaporeans.

Capital is my recommended exchange for Singaporean crypto investors, both for its high level of security and for its ease of use. Capital is also offering zero commission fees if you sign up using our referral link, so if you’re looking for a secure, cost-effective way to buy and sell crypto in Singapore, I can’t recommend Capital highly enough.

Coinhako FAQs

Is Coinhako safe & secure?

Yes, trading with Coinhako is completely safe and secure. It offers industry-standard security measures to keep your Coinhako account safe, such as a cold storage policy that keeps your balance away from the reach of hackers and 2-factor authentication (2FA) that strengthens your account's safety.

If you're looking for the safest crypto exchange in Singapore, though, I recommend Capital.

Is Coinhako legit?

Yes, Coinhako is legit for several reasons: it has been around since 2014, it has been accepted into Boost VC, and it has been given a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) to offer Digital Payment Token (DPT) Services under the Payment Services Act (PSA), making it compliant with Singaporean law.

Is Coinhako legal in Singapore?

Yes, Coinhako operates legally in Singapore. After all, it has been given a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) to offer Digital Payment Token (DPT) Services under the Payment Services Act (PSA). Additionally, earnings gained through your exchange count as capital gains for tax purposes.

Is Coinhako trustworthy?

Yes, Coinhako is a trustworthy exchange for several reasons: it has been around since 2014, it has more than 300,000 registered users, and it has been given a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) to offer Digital Payment Token (DPT) Services under the Payment Services Act (PSA).

Does Coinhako verify accounts instantly?

Yes, Coinhako does verify some accounts instantly, though if your account needs to go through the manual verification process for some reason, these are the documents you’ll need to provide:

• Country of residence.
• Phone number.
• A picture of the front and back of a valid Identity Document (such as an NRIC card).

Is Coinhako good for Singaporeans?

Coinhako is a decent exchange for Singaporeans, though if you’re looking for the best overall trading experience, I recommend using Capital instead. Capital offers quite a bit more than Coinhako, and I’m confident you’ll have a better experience with them.

How well is Coinhako reviewed on Reddit?

Reddit’s review of Coinhako is uncertain: some Redditors have good things to say, while others don’t. Of course, Redditors are known for their brutally honest opinions, so take what they say with a grain of salt.

Can I buy Dogecoin with Coinhako?

Yes, you can buy Dogecoin with Coinhako. If you want to buy Dogecoin with lower fees, though, I suggest using Capital instead.

Is Coinhako insured?

No, Coinhako’s crypto holdings are not insured.

Coinhako Referral Code

You don’t need a referral code to receive a signup bonus with Coinhako. Simply sign up using our signup bonus link and then deposit $100 or more into your account.

Does Coinhako Report To The MAS?

Yes — as a Major Payment Institution (MPI) licensed by the Monetary Authority of Singapore (MAS) to offer Digital Payment Token (DPT) Services under the Payment Services Act (PSA), Coinhako is required to report to the MAS. With that said, Coinhako is only required to report transactions larger than $10,000 to the MAS. Transactions below that amount do not need to be reported to the MAS.