Coinhako cryptocurrency service review

Coinhako Crypto Wallet & Kiosk
Coinhako Crypto Wallet & Kiosk
  • Buy/sell 20+ cryptos
  • Link to your Xfers wallet
  • Competitive fees

A fast and convenient cryptocurrency exchange and wallet in Singapore.

Coinhako is a friendly cryptocurrency service based in Singapore.

All you have to do is sign up and you will get a secure Coinhako wallet. You can then use this wallet to store, buy and sell Bitcoin, Ethereum and other cryptocurrencies.

Product Name Coinhako Crypto Wallet & Kiosk
Fiat Currencies SGD, MYR, IDR, VND
Cryptocurrencies BTC, ETH, BCH, LTC, BNB, OMG, ZIL, ZRX, GNT, SNT, WTC, BAT & more
Deposit Methods Bank transfer
Xfers
Trading Fee 1%
Deposit Fees None
Withdrawal Fees Varies

Pros

  • Quick, simple and easy to use
  • Suitable for all experience levels
  • Positive customer service feedback
  • Competitive rates and fees
  • Secure wallet included

Cons

  • Only supports BTC and ETH
  • Requires a Singapore or Malaysian bank account for full functionality
  • Some transfer limits
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What is Coinhako?

Coinhako is an all-in-one cryptocurrency service as a wallet and exchange. It aims to offer more convenience, better prices and stronger security than other services.

In addition to competitive prices and low fees, the Coinhako wallet is also a highly secure and convenient way of storing your cryptocurrencies. This is because funds in a Coinhako wallet are professionally secured and held offline in cold storage, although you can still access them.

  • Fast. Strong customer service lets you verify your account in one day so you can start buying and selling quickly. If you’re a new bitcoin buyer, you can ask Coinhako customer service to guide you through your first transaction.
  • Convenient. You can link an Xfers wallet to your Coinhako wallet so you can quickly and cost-effectively transfer SGD. For other supported currencies, you can simply make inter-bank transfers or international telegraphic transfers.
  • Competitive prices. Coinhako sells cryptocurrency at low market prices, with only a 0.9% commission fee.
  • Secure. Coinhako offers secure two-factor authentication for all users, while 99% of the funds it holds are kept in cold storage. You also have the option of using your own wallet instead and simply using Coinhako to buy and sell cryptocurrencies rather than store them.

Coinhako is also well known and highly experienced. Coinhako has processed more than SGD$350 million in transactions and is backed by prominent investors from Silicon Valley, Singapore and all around the world.

The trusted professionals at Coinhako also consult with banks and other financial institutions on blockchain technology and digital security.

Which fiat and cryptocurrencies are supported?

  • Supported fiat currencies: SGD, MYR, IDR, VND
  • Supported cryptocurrencies: Approximately 24 cryptocurrencies

What countries is Coinhako available in?

Coinhako services can be used worldwide with telegraphic (SWIFT) international bank transfers, although these may incur high fees.

For lower fees, you can use Coinhako with any of the following:

  • A Singapore bank account via an Xfers wallet
  • A Malaysian bank account

With any other type of account, you will need to deposit funds through telegraphic transfer, which will incur higher fees.

Fees

Payment options

Your options are as follows:

  • Inter-bank transfers. You can use inter-bank transfers to make payments with a Singapore or Malaysian bank account.
  • Xfers wallet transfers. You can make fast and low-cost transfers when you link your Xfers wallet to a Singapore bank account.
  • Telegraphic transfers. You can use telegraphic transfers to make payments with a non-Singaporean or non-Malaysian bank account.

What are the transfer limits?

Purchasing cryptocurrency through an Xfers wallet requires a minimum transaction amount of S$50. Your Xfers wallet will also have its own daily spending limits for your account.

There is no daily maximum transfer limit for your Coinhako Xfers wallet, but there is a S$10,000 limit per transfer.

There is also a daily trading limit. This may vary from person to person, and you may be able to request a higher limit.

How long does it take to make transfers?

Before you can start trading, you will need to verify your account by providing identification. Verification can be done in one day.

Your transfer times will vary depending on the method you choose.

  • Interbank deposits. These will take one business day on weekdays and up to two business days on weekends.
  • Interbank withdrawals. These can take up to three working days.
  • Xfers wallet deposits. There occur almost immediately.
  • Xfers wallet withdrawals. These can take up to four days for normal transfers and up to two days for express transfers.
  • Telegraphic transfers. Transfer times may vary depending on the bank.

If your funds have taken longer than the specified transfer times to become available, you can contact Coinhako customer service and expect to receive a response within one business day.

Coinhako customer service

You can submit a request for support on the Coinhako website or you can make general inquiries at hello@coinhako.com

Coinhako security

A Coinhako wallet may be one of the most secure ways to hold cryptocurrency. This is because you get professional security for your wallet.

  • 99% of funds are held in cold storage. Coinhako holds at least 99% of its customers’ cryptocurrency in a cold wallet at all times. This means it’s offline and much better protected from thieves or hackers. Even if someone does manage to electronically break into Coinhako’s systems, they will only be able to access a small fraction of users’ funds.
  • Two-factor authentication is required. Coinhako ensures a high level of security for its users by requiring two-factor authentication.
  • Experienced consultants protect the service. Some of Singapore’s top cybersecurity consultants work at Coinhako and use their experience to keep the service and its users secure.

Pros and cons of Coinhako

Pros

  • Quick, simple and easy to use
  • Suitable for both beginners and professionals
  • A high level of customer service
  • Competitive rates and fees
  • Highly secure wallet included

Cons

  • Only supports approximately 20+ cryptocurrencies
  • Requires an Xfers wallet linked to a Singaporean bank account or a Malaysian bank account to get full usage
  • Bound by the restrictions, such as transfer limits, of an Xfers wallet in addition to any Coinhako restrictions

Next steps

To sign up, you can simply create an account on Coinhako and verify your identity. After that, you will have a secure Coinhako wallet and can start buying and selling Bitcoin, Ethereum and more.

Image source: Coinhako

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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