This series Asian Exchange Review: CoinHako is a series of reviews on exchanges in Asia. Do note that this article does not represent an endorsement of the exchange.
What is CoinHako?
CoinHako is a cryptocurrency exchange based in Singapore and transacts mainly as a fiat exchange for Bitcoin and Ethereum, and most recently for Bitcoin Cash. Currencies that it currently accepts are Singapore Dollars (SGD), Malaysian Ringgit (MYR) and US Dollar (USD).
Coins / Currencies
Bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH).
Singapore Dollars (SGD), Malaysian Ringgit (MYR) and US Dollar (USD).
Ease of Use
CoinHako is very easy to use with a clean user interface. This is perfect for anyone that is new to the cryptocurrency world and might be confused by charts or many diagrams. This is clean, simple and easy to navigate.
There is a 0.9% transaction fee for buying and selling. However, there is also a buy-sell spread of about 1.3-1.4%. So this platform is not ideal for trading but for people who are thinking of investing, or HODLing.
There is no fee for depositing money into CoinHako.
If you go through Xfers to withdraw your money, it will be free too.
However, if you want to a direct bank transfer from CoinHako to your Singapore bank account, you will need to pay S$5, or RM6 to a Malaysian bank account.
For telegraphic transfers, the fees you incur will be dependent on the bank you’re working with.
Sending Bitcoin to another address will incur you 0.001 BTC each transfer, and sending ETH to another address will also incur you 0.001 ETH for each transfer.
There is a transfer limit of $10,000 per transaction. While this is not an issue, but for people who want to buy bigger amounts, this may be a hassle whether to buy or sell.
There is a trading limit as well, and coupled with high spreads, does not make for a good platform to trade cryptos.
CoinHako has a support page which allows customers to feedback or request for support. There is no live chat at the moment. Support should get back to you in a day or two.
While anyone in the world can use CoinHako, transferring the money in via telegraphic transfers is often very expensive. It is far cheaper if you own a Singapore or Malaysian bank account.
Sign up Process
The signup process is quick and painless. You should be able to get approval in a day or two.
Transferring Money In
Banks have been reluctant to work with crypto exchanges like CoinHako, likely because they present a potential to disrupt the existing banking system. Hence, CoinHako has been using Xfers as an intermediary.
Strengths / Advantages
- Clean User Interface
- Easy to Use
- 99% of funds are stored offline in cold storage
- Easy Sign-Up Process
- Two-FA enabled
- Strong Team with Credibility
Weaknesses / Challenges
- High Transaction Fees
- Withdrawal of money takes quite a few days via an intermediary
- Transfer limits of $10,000 per transaction
Asian Exchange Review: CoinHako
Generally, if you are new to the world of cryptocurrencies, CoinHako.com is a great place to start. Even though it’s fees are higher than others, it’s clean and simple user interface is a good introduction to the world of cryptos.
For that reason, this is a good gateway to start getting into cryptos for the mass market. But if it is to stay competitive, it will have to think of ways to reduce the fees for buying and selling or sending cryptos. In my opinion, the fees are still too high, and any veteran will move to a better platform eventually.
Overall, I would give CoinHako 3.8 stars.
Sign up with CoinHako Here
If you are keen to use CoinHako, please proceed to their website here.