Coinhako Review 2021: Beginner-Friendly Singapore-Based Cryptocurrency Exchange With Good Selection Of Coins And Tokens

Coinhako offers a reliable and secure channel to start trading cryptocurrencies, ideal whether you’re a complete newbie or already know your way around. 

Coinhako is a Singapore-based cryptocurrency exchange that offers a reliable and secure channel for crypto investors to start trading their favourite coins and tokens. 

As a fiat on-ramp into the crypto space, the exchange is among the easiest to use and understand, so that even complete newbies can get by without much trouble. 

It doesn’t offer the largest selection of cryptocurrencies, nor does it offer the lowest trading fees. However, these aren’t necessarily deal-breakers - limited cryptos may only be an issue for those who exclusively go after new or unknown coins, while trading fees can be mitigated by limiting your trades. 

How does Coinhako work, and what does it have to offer the average crypto enthusiast in Singapore? Let’s find out.  

Here’s what you’ll learn about Coinhako in this article.

• Overview of Coinhako
• Why trade with Coinhako?
• Who should use Coinhako?
• Pricing, charges and fees
• Coinhako promotions
• How to set up an account
• Comparison: Coinhako vs other crypto exchanges

Overview of Coinhako

What you can invest in: Cryptocurrencies, such as Bitcoin, Ethereum, Aave and more
Minimum balance required: None
Deposit fees: S$0
Withdrawal fees: S$2 per transaction for fiat bank transfer, prevailing network fees for cryptos
Withdrawal limits: None
Commission: 1% per transaction when buying, swapping or selling cryptos
Inactivity fee: None
Licence: Monetary Authority of Singapore Payment Services Act license (pending)  

Why should you trade with Coinhako

#1: Good selection of popular crypto tokens to address most needs

While Coinhako isn’t the largest crypto exchange and doesn’t list every single token available, this likely isn’t a problem for most investors. 

This is because most crypto traders are only interested in the leading coins like Bitcoin, Ethereum and Cardano. At the time of writing, Coinhako allows you to trade 53 of the most popular cryptocurrencies, and you’ll likely find what you need - especially if you’re just starting off. 

However, do note that due to prevailing Singaporean regulations, there are some cryptos that you may not send to another wallet, and/or withdraw to your own. 

These tokens are referred to as ‘trade-only’ cryptos on Coinhako, meaning that you can only buy, sell or swap them on Coinhako. 

You can still invest in these ‘trade-only’ tokens, but if you wish to take profits or move them to another platform, you’ll need to take the extra step of swapping them for, say, Bitcoin. 

#2: Beginner friendly and easy to use

Coinhako has one of the most intuitive and well-designed websites and apps among crypto exchanges, which makes it easy for even complete newbies to find their way around. Of note is their so-called Super Wallet, which clearly shows you all your holdings (both fiat and crypto) on the platform. 

Buying, selling or swapping cryptos is also simple, thanks to the clean, uncluttered UI with clearly labelled buttons. Fees are also clearly displayed upfront, allowing you to check and confirm your transaction before executing it.     

In case you get lost, there is a readily available and richly detailed FAQ section, and tool tips that appear where it matters, so you can learn everything you need to know about the platform.

And to top it all off, the customer service team is fast, responsive and knowledgeable.

#3: Offers crypto news aggregated from around the Internet

Coinhako also offers a curated list of the latest cryptocurrency news from leading news sites, allowing you to educate yourself at your own pace. 

One criticism however, is that the crypto news articles aren’t shown on the front page. Instead, you’ll need to click on a cryptocurrency listing to go to that token’s dedicated page, then scroll down to see a list of relevant news. 

#4: Offers high degree of security

One of the main worries about trading cryptocurrencies is falling prey to bad actors, such as falling prey to hackers and having all your assets stolen from your account. 

Coinhako makes sure to offer security options such as second-factor authentication (2FA) when logging in, as well as email verification before sending your crypto to another wallet. 

When used properly, these measures offer a reasonably strong level of security for the platform’s users. Unauthorised or fraudulent transactions can be detected and there is a chance of recovery. 

However, do remember that the onus is still on you to secure your account.  

For whom is Coinhako best suited?

Coinhako offers reliable service and reasonably robust security, with a decent - if limited - selection of cryptocurrencies for trade, along with a beginner-friendly interface.  

As such, Coinhako is highly recommended for those who are new to the crypto world, or investors that mostly deal in blue-chip tokens like Bitcoin and Ethereum. 

What charges or fees should you look out for? 

Pay attention to these platform fees when using Coinhako:

• When buying, selling or swapping cryptocurrencies - 1% per transaction
• When withdrawing fiat to your bank account - S$2 per transaction  

Additionally, you should also be aware of other standard fees, such as network fees for withdrawing your cryptos, or bank charges when buying tokens using your credit or debit card.

These charges and fees will eat into your holdings, so be sure to plan your transactions carefully to avoid incurring too much in fees. 

What are the promotions available for Coinhako?

Coinhako has a referral programme which rewards you with a portion of the trading fees incurred by the person you referred. Here’s how it works: 

1. Share your referral code with your friend (you can find your code under the Refer & Earn tab)
2. Your friend signs up for an account using your code and starts trading
3. You receive 20% of your friend’s transaction fees whenever they make a valid transaction

How do you open and fund your Coinhako account?

Opening your Coinhako account

Follow these steps to open your Coinhako account

1. Go to www.coinhako.com and click on ‘Sign up free’ in the top right
2. Follow the on-screen instructions. 
3. You will need to complete Know Your Customer (KYC) requirements so be sure to have your identification documents ready. These include NRIC/Passport, Proof of Address and a selfie with a hand-written note. 
4. Wait for your account to be verified.
5. Once verified, you may login and start trading.

For a detailed explanation of the process, read this Coinhako blog post.

Funding your Coinhako account

You may use the following methods to fund your Coinhako account.

At-a-glance comparison: Coinhako vs other cryptocurrency exchanges

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