Although cryptocurrency has been around for a long time, I never had a calling to dabble in it until recently. Bitcoin, Ethereum, and many other altcoins continue to surge relentlessly in value in the ongoing crypto bull market.
Key fintech players such as PayPal and Square have also made cryptocurrency available for purchase directly on their platforms, stoking demand and interest from even more retail investors. Now that both institutional and retail investors are in the game, that gave me to cue to start getting into cryptocurrency. And, Coinhako is one of the exchanges I frequently use to buy cryptocurrencies.
Variety of coins on Coinhako
Including Bitcoin, the total number of cryptocurrencies that you can purchase on Coinhako stands at 26 currently. While the variety offered is not as comprehensive as larger exchanges such as Binance or Coinbase, you still get access to most of the hottest cryptocurrencies right now – that includes Cardano, Polkadot, and Dogecoin.
Of course, variety is just an afterthought if you are keen on purchasing just Bitcoin or Ethereum. Both of which are available on all crypto exchanges.
Funding your Coinhako account
Funding your Coinhako account is simple, and you can choose from two different methods. One, you can do it via a local inter-bank transfer that is free of charge. Coinhako processes the deposits at 10 am and 4 pm every day, Singapore time. Two, you can create a transfer via Xfers. However, doing so will incur a 0.55% fee, which in my opinion is not exactly worth it. From my experience, Xfers aren't reliable from time to time, and you may still face delay in receiving your funds even if you paying the Xfers fee.
Alternatively, if you are in a pinch and you must purchase instantly – let's say there is an attractive dip in the price of Bitcoin – Coinhako also processes credit card payments with an additional 3% processing fee. However, Coinhako only accepts Singapore-issued Visa and Mastercard credit cards at the moment.
Fees for buying, selling, and swapping
Coinhako charges the same 1% processing fee no matter you are buying, selling, or swapping cryptocurrencies. Unless you are paying via credit card – which would incur a 3% card payment fee – that 1% fee is the only fee you need to be concerned with. Compared to other popular crypto exchanges, a 1% processing fee is reasonable and is in line with the overall market rate.
Fees for sending and receiving
Some owners feel that it is important to send their cryptocurrency to a hardware wallet for storage as they do not trust the exchanges' security to safeguard their coins. Stories of exchanges that got hacked aren't new. MtGox Bitcoin exchange collapsed in 2014, and Quadriga losing $135m worth of currencies are just some of the cases that have happened in the past. Cryptocurrency owners who have been in the game for some time know better.
Coinhako indicates the amount of network fee you will incur for sending cryptocurrency, and the fee for each currency varies. Coinhako does not charge users for receiving cryptocurrency, and you can create an address for each currency instantaneously at the click of a button.
Fees for withdrawing cash
Coinhako charges S$2 or VND 20,000 per transaction via inter-bank transfers for SGD and VNDT withdrawals. Additionally, you can also perform USD withdrawals in the form of USDT at 15 USD per transaction.
Earn points and redeem rewards
Coinhako rewards you with points for taking specific actions on the platform. I earn most of my points by logging in daily and getting bonuses for logging in on many consecutive days. You can also earn points by executing a trade on Coinhako.
Currently, you can redeem the following with your points on Coinhako:
- 25% discount coupon for your next trade (250 points)
- 20% discount coupon for your next trade (200 points)
- 100 ZIL (15,000 points)
- 3 BAT (1,750 points)
- 7 XRP (10,000 points)
The discount coupons help reduce my trading fees, and I make sure to use them every time I trade. I also redeem BAT whenever I can since I don't have the patience to accumulate 10,000 or 15,000 points to redeem XRP or ZIL.
Coinhako is only available to users from Singapore and Vietnam at the moment. The platform supports three different languages – English, Bahasa Indonesia, and Vietnamese. Both the web and mobile applications are robust, loads quickly, and delivers a friendly user experience.
As a retail investor in cryptocurrency, your options for choosing an exchange are vast. It is the same for me. I chose Coinhako as one of my preferred exchanges, primarily because of its convenience. I can fund my account in SGD and execute trades in SGD without any intermediary steps like converting my currency. On top of that, the user interface is modern, reliable, and easy to use. Coinhako is an excellent option as a fallback if you are from Singapore and Vietnam, and you do not want to rely excessively on just one single exchange for all your cryptocurrency investments.