Coinhako Singapore: Best for New Investors in Cryptocurrency
Best for New Investors in Cryptocurrency
Coinhako Singapore: Best for New Investors in Cryptocurrency
Annual Management Fees
Minimum Investment
Platform Fees
Expected Annual Return
Underlying Investment
Funding Options
Founded in 2014, Coinhako is one of the most recognizable crypto exchanges in Singapore. The exchange offers a reliable and secure channel for investors to trade their favorite tokens and coins. Coinhako is one of the easiest platforms to understand; hence great for newbies in the industry.
Coinhako offers a limited number of cryptocurrencies, but most of them are the most known crypto assets in the market, including Ethereum and Bitcoin. The exchange also provides a trading option in US dollars and Singapore dollars.
All details
Key Features
- Withdrawal fees: S$2 for every transaction for fiat bank transfer and prevailing network fees for the cryptocurrency.
- Digital assets to invest in: Cryptocurrencies, including Ethereum and Bitcoin.
- Deposit fees: S$0.
- Commission:1% per transaction when swapping, buying, and selling crypto.
- Minimum balance required: None.
- Inactivity fee: No inactivity fee.
- Licensed by the Monetary Authority of Singapore under the Payment Services Act.
Promotions
Coinhako has a referral program that rewards you with a portion of the trading fees incurred by the one you referred. Here is how it works:
- Share the referral code from the Refer& Earn tab with your friend.
- Your friend signs up to their account with your code and starts trading.
- You will receive 20% of your friend’s transaction fees once they make a valid transaction.
Pros & Cons
Pros
- Beginner-friendly user interface
- Offers the most popular cryptocurrencies for trading
- Reliable and fast customer service
- A high degree of security
- Trades in USD and Singapore Dollars
- Crypto can earn interest
Cons
- Partial support for some coins
- It offers a limited number of cryptocurrencies
- Crypto News is not accessible from the home page
- A platform fee of 1% for selling, buying, and swapping cryptocurrency.
General Information
Other Fees and Charges
The platform has a 1% flat trading fee for all online purchases and crypt swaps. You can purchase cryptocurrency on Coinhako through a debit/credit card or Grab pay. Here is an overview of the purchase fees:
| Payment methods | Trading Fees | Transfer limit |
| Coinhako wallet | 1% | N/A |
| Credit or debit card | 1% + 3% card fee | Maximum S$10,000 per crypto transaction |
| GrabPay | 2.5% platform fee | S$5,000 daily and S$30,000 annual limit for fully verified Grab users capped at S$1,000 per transaction. Limits may vary for individuals at Grab’s discretion. |
Withdrawal and Deposit Fees
Here is a look at the withdrawal and deposit fees charged by Coinhako:
| Funding method | Transaction Fees | Transfer limit |
| Inter-bank transfer via MatchMove (FAST transfers only) | 0% transfer fee + 1% platform fee | S$20,000 per day |
| Xfers Direct Charge | 0.55% bank transfer fee + 1% platform fee | No daily transfer limit, but capped at S$20,000 per transaction (minimum S$5 per transaction) |
Transfer Fees
The transfer fees in Coinhako depend on the cryptocurrency you want to transfer. The fee is displayed on your confirmation email and confirmation pages when you make a transaction to send to another exchange from the platform. Always double-check your transaction details before you confirm the transaction. Coinhako does not charge any fees to receive crypto.
Coinhako Withdrawal Fees
The exchange charges a S$2 withdrawal fee on all transactions from Coinhako account to a bank account in Singapore.
How Does Coinhako Compare with Other Cryptocurrency Exchange In Singapore?
| Trading fee | Number of supported cryptocurrencies | Features | |
| Coinhako | A flat trading fee of 1% | 53 | Trade and store cryptocurrency |
| Gemini | The trading fee ranges from 0.03% to 1.49% | 52 | Trade and store cryptocurrency, earn interest, track portfolio |
| Binance Singapore | A flat trading fee of 0.6% | 8 | Trade and store cryptocurrency and tokens |
Check out similar articles like: Exchanges in Singapore and Crypto Mining in Singapore
Our Verdict
Coinhako does not offer the largest selection of cryptocurrencies but offers the most popular crypto on the platform. At the time of this wring, the exchange allows trading 53 of the most popular cryptocurrencies, which are a great trading choice if you start out in crypto investing.
Coinhako also offers an intuitive and well-designed website that makes it easy to trade with newbies. It also displays the transaction and network fees before executing trading, allowing you to confirm your transaction before trading. The exchange also offers the fastest and most responsive customer services in Singapore.
Creating an Account
Here are the important you need to follow when creating a Coinhako account:
1. Go to Coinhako’s official website www.coinhako.com and Signup up for an account for free in the top right corner
2. Follow the instruction on the screen
3. Complete the Know Your Customer (KYC) requirements and ensure you have the identification documents ready. The documents include NRIC/Passport, Proof of Address, and a selfie with a hand-written note.
If you are a foreigner, you will be asked to provide the following valid documents:
- Employment pass
- Students card
- Resident pass
- Proof of address document
4. Wait for account verification
5. Once verified, log in to your Coinhako account and start trading.
Fund Your Coinhako Wallet
The exchange currently offers trading in both SGD and USD trading. Customers in Singapore can fund their trades on the platform with SGD through the following funding options:
Direct Bank Transfers
You can fund your Coinhako account by making a direct SGD deposit from your bank accounts. The deposits are cleared at 10 AM and 4 PM and are the users’ most preferred funding options.
There are clear instructions on how to deposit on the Super Wallet screen. You just need to click the SGD Wallet and then the green Deposit button to complete your transaction. Please carefully go through the instructions and correctly enter the unique deposit code for a smooth deposit process.
Card Payments
Coinhako users in Singapore can access cryptocurrency and other digital assets through card payments. You will need to add your credit card payment details to your Coinhako account and start trading immediately.
Xfers Direct
You can fund your Coinhako SGD wallet without having to leave the Xfers Direct platform. With FAST transfers, you can receive the SGD deposits to your Coinhako wallet in a matter of minutes. Note that each transfer is capped at $20,000, and you will incur a 0.55% fee from Xfers.
Disclaimer: This information may differ from what you see when you visit other financial service websites or the product’s official site, but Loan Advisor continues to keep every detail updated and accurate. This site may be compensated through third-party advertisers. However, the results of our comparison tools which are not marked as sponsored will always be based on objective analysis.
Final Thoughts
Coinhako is one of the most popular crypto exchanges in Singapore. The platform offers the most popular crypto exchanges, including Bitcoin and Ethereum. It has a beginner-friendly user interface with enhanced two-factor verification security to ensure that your assets are always safe.
Key Takeaways
- Coinhako offers a limited number of cryptocurrencies but the most popular ones for its users.
- Coinhako offers deposits in USD and SGD.
- Coinhako has the most responsive and helpful customer support.
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FAQs
Is My Money Safe with Coinhako?
Yes. Coinhako is very secure. The platform offers security options such as the second-factor (2FA) and email verification to keep all your digital assets on the platform safe.
Is Coinhako Licensed in Singapore and Is It Regulated by MAS?
Coinhako has a Major Payment Institution (MPI) license issued by the Monetary Authority of Singapore (MAS) to provide Digital Payment Token (DPT) services under the Payment Services Act (PSA).
Is Coinhako A Singapore Company?
Yes. Coinhako has its headquarters in Central Region Singapore. The platform also offers its services in crypto trading and wallet services in Vietnam.
What Is Coinhako Earn, and How Does It Work?
Coinhako uses different yield generation methods to ensure that you provide a competitive advantage and safe user returns. The platform uses staking to generate yield offered via Earn Products.
Once you apply for the Coinhako Earn service, you can always check the interest using your ROI calculator or through your ‘My Portfolio,’ where you will find the tokens you have subscribed to.
Is It Safe to Keep Crypto on Coinhako?
Yes. The exchange only keeps a small amount of crypto in a hot wallet for active trading. This means that only a portion of the crypto on the platform is exposed to hacking threats. The platform also supports 2FA authentication apps that customers can use for additional security.
Why Should You Trade with Coinhako?
There are a number of benefits of why you should trade with Coinhako. Some of them include:
Has the Most Popular Cryptocurrencies In The Market
Coinhako is not the largest crypto exchange but offers the most popular crypto tokens that most investors prefer. The platform offers only 53 crypto tokens. Most crypto traders are interested in trading in leading coins such as Ethereum, Bitcoin, and Cardano.
Note that due to the current crypto regulations in Singapore, some crypto tokens may not be sent to another wallet or withdrawn to your own. The tokens are referred to as ‘trade-only’ tokens on Coinhako. This means you can only sell, buy or swap them on Coinhako. If you invest in the ‘trade-only’ tokens but want to move to another exchange, you must swap them for another token like Bitcoin or Ethereum.
Beginner-Friendly User Interface
Coinhako has the most intuitively designed websites and mobile app among the crypto exchanges in Singapore. This makes it easy for new trades to find their way around the platform. Coinhako also has the Super Wallet, which shows all your fiat and crypto holdings on the platforms.
Selling, buying, and swapping crypto is simple and clean due to the uncluttered User Interface with clearly labeled buttons. Transaction fees are also clearly displayed upfront, allowing you to check and confirm your transaction before executing. You can also easily transfer funds from your bank account to your Coinhako account.
Coinhako also has a very detailed FAQ section on their website to help you in case you get stuck. Additionally, the platform has a fast customer service team that is quite knowledgeable and responsive.
Coinhako Is Secure
One of the main worries for crypto exchange users is having their assets stolen by hackers. The platform offers a 2-factor authentication logging-in process and email verification when sending your crypto to another wallet. These security measures offer a strong level of security for Coinhako accounts. Unauthorized transactions can easily be detected and recovered.
Offers Crypto News from Around the Internet
The trading platform offers a curated list of cryptocurrency news from the leading news site, allowing you to educate yourself at your preferred pace. Once a certain topic is no longer trending, the news articles are not shown on the front page but on the token’s dedicated page.
Customer Top Reviews
