Asian Exchange Review: CoinHako

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.

Transaction Fees

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.

Transfer Limits

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.

Customer Support

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.

Countries 

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

 

 

Sign up with CoinHako Here

If you are keen to use CoinHako, please proceed to their website here.

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