Coinhako was my first foray into the crypto rabbit hole, by some twist of fate as Crypto.com had been my first choice. Regardless, I found it fortunate that I had signed up with Coinhako as it was an easier platform for beginners and had most success with my trade using that platform.
What is Coinhako?
Coinhako is a wallet and crypto exchange based in Singapore, co-founded by Singapore entrepreneurs, Liu Yusho and Gerry Eng, in 2014. It was originally created to provide a simple and hassle-free way to access Bitcoin and over the years, they have expanded to a wide variety of cryptocurrencies.
They provide one of the most accessible platforms for retail customers to buy, sell, hold, trade and swap cryptocurrencies securely. They also offer an earn feature this year for a variety of cryptocurrencies to allow customers to maximize their crypto holdings. in addition, they allow for multi-payment solutions, like bank transfers, credit card payments and GrabPay.
How I ended using Coinhako first
My brother introduced me to the world of crypto “investment” after he recommended me to sign up for a Crypto.com account. I was unable to sign up as they had stopped all new account registrations in Singapore to comply with the local laws and regulations and their KYC (Know your customer) approval process was problematic. Not wanting to miss out any opportunities and FOMO-ing, I jumped on the crypto bandwagon with Coinhako and have been using it ever since.
What I liked
- User friendly and easy to use interface
- Have a crypto news section which is clean and not cluttered
- Wide variety of cryptocurrencies available for trading
- Hassle free fiat on/off ramp
- Singpass KYC available
- Monetary Authority of Singapore (MAS) regulated
- Reward points and events to get free crypto
- Can earn interest on your crypto (Just launched this year!)
What can be improved on
- High trading/transaction fees at 1%
- Unclear Earn feature requirements (i.e. Minimum amount required)
- Limited number of coins/tokens with Send and Receive feature
Thoughts and Views
Coinhako is highly recommended for someone who is just starting out on crypto, despite the high trading fees at 1%. It is a suitable platform for someone to get a feel of things works and not that intimidating. The 1% fee, if you are comparing with Gemini’s mobile fees, don’t seems too much at all. The last I remembered, Gemini seems to be charging more if you are trading via the mobile platform.
Account creation and setting up is a breeze too. Using Singpass for KYC is a walk in the park and setting up bank transfer account is straightforward, you don’t even need to go through the extra step of getting a Xfers account. It is very straightforward and best of all, it is MAS regulated. They also have a reward system and events that give you free crypto and their latest earn feature is a much awaited addition.
Of course, they do have some areas that could be worked on. For one, there ain’t much variety of crypto that you can send and receive to/from other wallets. Most of them are only available for trading (buy and sell). On the whole, it is worth your consideration if you are just starting out on your crypto adventures.
Check out Coinhako – The platform to buy, sell and store your crypto assets. https://www.coinhako.com/affiliations/sign_up/173349_36362274