Coinhako is a cryptocurrency exchange platform based in Singapore. This platform can be used through the website or through the app available for download on smartphones and tablets as well. Although most traders use computers, this platform has made it easy for them to exchange digital currencies via their mobile devices!
After launching this platform, it was supporting a large group of virtual currencies. However, in June 2020, it announced that it would remove a large group of currencies and made clear that this matter comes within the framework of compliance with the regulatory requirements for obtaining a Singapore government license.
Coins available in Coinhako
At the current time, the platform supports 26 currencies including Bitcoin, Ethereum and Litecoin. Although this number is not as large as Coinbase. However, this number will suit both novice and professional traders alike!
How to top up your Coinhako account?
To top up your Coinhako account, you can choose between two different methods. The first method is the fast bank transfer, the process takes no more than 48 hours, and it is completely free.
The second method is by using the Xfers service. However, it will cost you a fee of 0.55%. In fact, this service is not worth this high fee and therefore you can rely on the bank transfer instead!
But if you find a sudden drop in the price of any coin, you can quickly recharge your account balance using bank cards, however, the deposit fee will be 3%, which is a very high fee! Moreover, the platform only accepts bank cards issued by Singapore banks.
Although the average fee for exchanging cryptocurrencies, in general, is 0.25%, the Coinhako platform offers much higher fees of 1%. So you should compare the quality of the offers presented on the platform and the real profits from them with the total fees that are imposed on Deposits, withdrawals and trading.
In the past, traders were required to pay a flat fee of 0.002 BTC. However, at present, there is no indication of the value of the withdrawal fee which is not helpful for most traders!