No Regulation

Score

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/10

coinhako

Singapore

|

5-10 years

Suspicious Regulatory License|

Medium potential risk|

https://www.coinhako.com/

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Influence

C

Influence Index NO.1

Singapore 3.84

Better than 97.96% exchange(s)

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Company Name
coinhako
Phone of the company
--
Customer Service Email Address
hello@coinhako.com

WikiBit Risk Alerts

1
Previous Detection 2024-03-29

It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!

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Aspect Information
Company Name Coinhako
Registered Country/Area Singapore
Founded Year 2014
Regulatory Authority Not regulated
Numbers of Cryptocurrencies Available 67
Fees 0.60%
Payment Methods PayNow, bank transfers, Visa & Mastercard
Customer Support Email(hello@coinhako.com), live chat

Overview of coinhako

Coinhako is a virtual currency exchange platform based in Singapore. It was founded in 2014 and is not regulated by any regulatory authority. Coinhako offers a wide range of 67 cryptocurrencies for users to trade. Users can make payments through bank transfer and PayNow. Coinhako provides customer support through email and live chat.

Overview of coinhako

Pros and cons

Pros Cons
Wide range of 67 cryptocurrencies Not regulated by any regulatory authority
Offers various payment methods A high trading fee rate of 0.6%
24/7 customer support Limited market analysis and insights
Wide range of educational resources The platform has been hacked before

Pros:

Wide range of 67 cryptocurrencies: Coinhako offers users a diverse selection of cryptocurrencies to trade, allowing them to access a variety of investment options.

Offers various payment methods: Users can make payments through PayNow, FAST bank transfers, Visa & Mastercard, providing flexibility and convenience for transactions.

24/7 customer support: Coinhako's customer support is available through email and live chat, ensuring timely assistance and addressing users' concerns effectively.

Wide range of educational resources: Coinhako offers users access to a wide range of educational resources including a blog and a knowledge base

Cons:

Not regulated: Coinhako operates without regulation from any regulatory authority, which may raise concerns regarding the platform's security and accountability.

A high trading fee rate of 0.6%:Coinhako imposes a notable trading fee rate of 0.6%, which could potentially impact traders' overall profitability.

Limited market analysis and insights: While the platform offers a range of features for trading, it seems to lack comprehensive market analysis tools and insights that can assist traders in making informed decisions.

The platform has been hacked before: Coinhako has been hacked before which may raise some security concern.

Regulatory Authority

Coinhako is not regulated by any regulatory authority. This lack of regulation can have several disadvantages for traders. Firstly, without regulation, there may be concerns about the security and safety of the platform. Regulatory authorities often enforce stringent security measures and hold exchanges accountable for any breaches or fraudulent activities. With an unregulated exchange like Coinhako, there may be a higher risk of security vulnerabilities and potential loss of funds.

Additionally, the lack of regulation may result in limited consumer protection. Regulatory authorities typically establish rules and guidelines to protect consumers and ensure fair trading practices. Without these protections in place, users may be vulnerable to unfair practices or fraudulent activities on the exchange.

Security

Coinhako's security measures aim to safeguard user funds and protect against unauthorized access. The platform implements several measures to enhance security, including:

1. Two-Factor Authentication (2FA): Coinhako utilizes 2FA to provide an additional layer of security during the login process. Users are required to input a unique code generated by a designated authentication app to complete the login.

2. Cold Storage: The platform stores a significant portion of user funds in offline, cold storage wallets. By keeping the majority of funds offline and disconnected from the internet, Coinhako reduces the risk of hacking or online threats.

3. Encryption: Coinhako encrypts sensitive user data and communications to prevent unauthorized access. Encryption ensures that user information remains confidential and protected.

Cryptocurrencies Available

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).

In addition to trading cryptocurrencies, Coinhako also provides other products and services. These include the option to buy cryptocurrencies with Singapore dollars (SGD) through bank transfers and PayNow, as well as the ability to sell cryptocurrencies and withdraw funds to a bank account. Coinhako also offers an API (Application Programming Interface) for developers to integrate the platform's services into their own applications.

Cryptocurrencies Available

How to open an account?

The registration process for Coinhako is relatively straightforward and can be completed in six steps:

1. Visit the Coinhako website and click on the “Sign Up” button.

2. Provide your email address and choose a strong password for your account.

3. Verify your email address by clicking on the verification link sent to your email.

4. Complete the KYC (Know Your Customer) process by providing personal information, such as your full name, date of birth, and residential address.

5. Upload the necessary identification documents, such as a valid government-issued ID or passport, to verify your identity.

6. Once your account and identity are verified, you can start trading and using the platform to buy, sell, and store cryptocurrencies.

How to open an account?

Fees

Coinhako charges a flat fee when you, buy, sell, and swap cryptocurrencies. Fees are calculated when you place your order and are determined by factors such as your order type or selected payment method. The flat fee of crypto trading is 0.6%.

ransaction Type Fees
Trade with SGD at spot pricing 0.60%
Trade crypto pairs at spot pricing 0.60%
Recurring Buys 0.50%
USDC/USD PairsAll other stablecoins-fiat trades (USDC/SGD, USDT/USD, USDT/SGD, DAI/USD & DAI/SGD) will have a fixed lower fee of about 0.3% 0%
Larger OTC trades (more at www.coinhako.com/institutional) 0%

Payment Methods

Coinhako offers users multi-payment solutions: PayNow, bank transfers, Visa & Mastercard payments and more. These payment methods provide flexibility and convenience for users to deposit funds into their Coinhako accounts.

Deposit Fees by Payment Method

Coinhako offers various payment options, allowing users to finance their trades using different methods. By choosing PayNow, users can swiftly fund their account in less than 60 seconds without incurring any deposit fees.

Payment Method Fees Currencies
Bank Deposits 0% SGD
Xfers Deposits 0.55%*paid to Xfers SGD
Credit card(Mastercard, VISA) 0% SGD
GrabPay 2.80% SGD
PayNow 0% SGD

Fiat Withdrawal Fees

Coinhako charges a flat fee of 2 SGD for every fiat withdrawal.

Crypto Deposit Withdrawal Fees

Coinhako does not charge any fees for deposition cryptocurrencies, but withdrawing cryptocurrencies will incur a small fee.

Sending (withdrawing) cryptocurrencies Users will incur a fee on Coinhako to cover the network fee needed to process the transaction.
Receiving (deposit)cryptocurrencies No fee will be charged by Coinhako, but you are likely to incur a fee paid to the blockchain for processing the transaction - this will be deducted from the wallet which you made the transaction from.

The processing time for payments may vary depending on the chosen payment method and the user's bank or financial institution. Bank transfers typically take a few business days to be processed and reflected in the user's Coinhako account. PayNow offers faster processing times, with funds usually being credited to the user's account within a shorter period, often within the same business day.

Payment Methods

Educational Resources

Coinhako provides educational resources and tools to help users enhance their understanding of cryptocurrencies and trading. These resources include a blog and a knowledge base, where users can access articles, guides, and tutorials on various aspects of cryptocurrency trading, blockchain technology, and related topics.

Additionally, Coinhako offers a demo trading feature, allowing users to practice trading strategies and familiarize themselves with the platform's interface and functionalities without using real funds. This can be beneficial for users who are new to trading or want to refine their trading skills before engaging in live trading.

Educational Resources

Is coinhako a Good Exchange for You?

When it comes to trading groups that are suitable for Coinhako, there are a few specific target groups that may find the platform beneficial.

1. Beginner traders: Coinhako offers a user-friendly interface and educational resources that can be valuable for beginner traders who are just starting to explore the world of cryptocurrencies. The platform's demo trading feature allows users to practice trading strategies and gain hands-on experience without the risk of using real funds. Beginner traders can take advantage of Coinhako's diverse selection of cryptocurrencies to build their portfolios and learn about different investment options. However, Coinhako is not regulated by any regulatory authority, raising concerns about the transparency and oversight of the exchange.

2. Experienced traders: For experienced traders who are well-versed in the cryptocurrency market, Coinhako provides a wide range of cryptocurrencies to trade against various fiat currencies or other cryptocurrencies. The platform's responsive customer support through email and live chat can ensure timely assistance and address any concerns that experienced traders may have.

3. Singapore-based traders: Coinhako is based in Singapore and offers the option to buy cryptocurrencies with Singapore dollars (SGD), making it a convenient choice for traders located in Singapore. The availability of payment methods such as bank transfers and PayNow caters specifically to the needs of Singapore-based traders.

Conclusion

In conclusion, Coinhako offers a platform for users to trade 67 cryptocurrencies, with the option to buy and sell cryptocurrencies using bank transfers and PayNow. The platform implements security measures such as two-factor authentication and cold storage to safeguard user funds. Coinhako also provides educational resources, a demo trading feature, and responsive customer support. However, it is important to note that Coinhako is not regulated by any regulatory authority, which may pose risks such as potential security vulnerabilities and limited consumer protection.

FAQs

Q: What cryptocurrencies can I trade on Coinhako?

A: Coinhako offers a wide range of 67 cryptocurrencies, including popular options like Bitcoin, Ethereum, Ripple, and Litecoin, among others.

Q: What payment methods are available on Coinhako?

A: Coinhako provides the option to make payments through bank transfers and PayNow. Bank transfers may take a few business days to process, while PayNow offers faster processing times.

Q: How do I register an account on Coinhako?

A: To register on Coinhako, visit their website and click on the “Sign Up” button. Provide your email address, choose a strong password, and verify your email.

Q: Are there educational resources available on Coinhako?

A: Yes, Coinhako provides educational resources such as a blog and a knowledge base, where users can access articles, guides, and tutorials on cryptocurrency trading and related topics.

Q: Who is Coinhako suitable for?

A: Coinhako can be suitable for beginner traders looking for a user-friendly interface and educational resources to learn about cryptocurrencies.

User Review

User 1: I've been using Coinhako for a few months now and overall, it's been a positive experience. The interface is easy to navigate, making it simple to buy and sell different cryptocurrencies. Customer support has been responsive and helpful whenever I've had any questions or issues. The trading fees are reasonable, and the platform provides a good variety of cryptocurrencies to choose from. However, I do wish that Coinhako had more liquidity, as sometimes it can be difficult to execute trades quickly, especially during periods of high market volatility.

User 2: Coinhako has been my go-to cryptocurrency exchange for a while now, and I've found it to be reliable and secure. The platform takes security seriously, implementing features like two-factor authentication and cold storage to protect user funds. I appreciate that they prioritize privacy and data protection as well. Additionally, the deposit and withdrawal speeds have been relatively fast, allowing me to quickly move funds in and out of my account. The selection of cryptocurrencies available is extensive, giving me plenty of options for diversifying my portfolio. The only drawback I've noticed is that the exchange stability can sometimes be affected during periods of high trading volume, resulting in occasional lag or delays in order execution. Despite this, I continue to trust Coinhako for my trading needs.

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

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