Frequently Asked Questions (FAQs)

Find answers to some of the most frequently asked questions (FAQs):

1. When will you resume your Inter-bank services for SGD accounts?
2. Is Coinhako still operational?
3. Why is there such a huge difference between different currency pairings?
4. Why are my Deposits & Withdrawals taking so long?
5. Why are my Cryptocurrency Transactions taking so long?
6. Why are you taking so long to respond to my ticket?
7. Anything new with Coinhako soon?

You can also find answers to FAQs related to our day-to-day operations at the following pages:

1. Cryptocurrency Basics FAQs
2. Coinhako Services FAQs
3. Account Management & Security FAQs
4. Deposit & Withdrawal Matters FAQs
5. Cryptocurrency Transaction FAQs

1. When will you resume your Inter-bank services for SGD accounts?

We are in a bit of a tricky situation here and would like to apologize for any inconvenience caused.

As Cryptocurrencies continue to present as a grey area for society, financial institutions have demonstrated a reluctance to work with high volume cryptocurrency providers like Coinhako. This is a recurring trend in the industry, especially against high-volume Cryptocurrency providers, and has severely impacted our services for our users.

Please be assured that we are actively seeking to reinstate our interbank transfer services and will be launching some new and exciting features to make the Coinhako user journey more seamless.

Your continued support for our services comes a long way in helping to legitimize the space. We believe change is coming, and thank you for being a part of it!

Meanwhile, you may utilize Xfers to process all SGD related transactions.

To learn more about setting up your Xfers Wallet, on our platform, please refer to this guide.

2. Is Coinhako still operational?

Yes, we definitely are!

You may still Buy, Sell, Send and Receive the Supported Cryptocurrencies on our platform.

Meanwhile, we are excited to share that we are working on some other exciting new products too! Do follow us on social media to keep up with our latest news and updates.

3. Why is there such a huge difference between different currency pairings?

Our prices are set based on rates from Cryptocurrency Market Makers.

For a more in-depth explanation, this boils down to very simple trade and investment basics known as 'Spreads'.

A Spread is the difference between the ask and bid price of an asset and is a feature that is always present in all trade markets.

A simple explanation for differences in pricing across currency pairings is that Spreads are affected by various factors, such as:

• Supply - The total number of Coins that are available to be traded
• Demand for the Cryptocurrency
• The total trading activity of the Cryptocurrency
• Currency volatility
• Any other macroeconomic factors that have a bearing on the activity of trade markets

Example:

Given that MYR tends to be more volatile relative to SGD, the differences between the ask and bid prices - in highly volatile situations - are likely to be amplified. Hence, you might notice relatively higher cost MYR pairings relative to SGD pairings during periods with highly volatile price fluctuations. The reverse could also happen depending on the factors shared above.

If you wish to avoid such situations, we strongly recommend trading during periods of lower volatility.

**Information shared here is purely educational and not meant to influence any investment decisions or promote any products. We strongly recommend consulting with a licensed investment entity if you wish to make any investment decisions.

We always recommend that you do as much research as possible before purchasing Cryptocurrency as - much like any other investment and/or trades - you will be exposed to risks.

4. Why are my Deposits & Withdrawals taking so long?

• Deposits via Inter-bank Transfers take up to 1 business day to be credited to your account
• Withdrawals via Inter-bank Transfers take up to 3 business days to be credited to your designated account.

If your transaction request has not been credited to you within the stated timeframe, please contact our support team here. Kindly attach a screenshot of the transaction and details to help us expedite the process for you.

We seek your kind patience as we work to respond to you as quickly as possible.

5. Why are my Cryptocurrency transactions taking so long?

Transaction timings - across the network - may vary due to a variety of reasons.

Some known reasons to have caused delays in Bitcoin (BTC) transactions are:

1. Delays caused by a lack of Hash Power
2. Delays caused by a lack of Scaling
3. Delays caused by platform requirements

Different cryptocurrencies might also be faced with a different set of issues leading to transactional delays.

Cryptocurrencies are not without any fault. However, you can try to avoid such scenarios with the following tips:

• Not processing any transactions when faced with such scenarios and/or during times of high network traffic.
• Finding out more about the platform you intend to send your transaction to.

For BTC you can:

• Check the network's mining power before processing any transactions. You can view Bitcoin's Hash rate here.
• Monitor the number of unconfirmed transactions on Bitcoin's network before processing any transactions.

Each Cryptocurrency has its own set of resources to check on such matters such as Etherscan.io - but not limited to - for Ethereum (ETH). We always recommend that you do as much research as possible before purchasing any Cryptocurrency as - much like any other investments - you will be exposed to risk.

6. Why are you taking so long to respond to my ticket?

We strive to work as quickly as possible to respond to your ticket within 1 business day.

The cryptocurrency market is, however, subject to highly fluctuating periods of demand. During periods of high demand, we might be faced with a higher amount of ticket traffic and sincerely apologize for any delays in response.

Here are some tips to help you with your ticket queue time:

• For General Enquiries

We strongly recommend that you visit our Information Page where we have a list of self-help articles to help address your enquiries.

• For Technical Matters

For technical issues, we seek your kind understanding that we may require more than 1 business day to get back to you as we would first have to consult with our Tech Team. Please be assured that we will get back to you as soon as possible.

7. Anything new with Coinhako soon?

Yes!

As we had shared earlier, we will be adding 'More services, more Cryptocurrencies, and more countries!' for you in 2020.

We also take security very seriously and are actively working to further enhance the security of our platform for you and your funds.

We are very excited about the up-and-coming service updates so do stay tuned to our Facebook page and keep a look out for news related to us!

Figured it out? Start Trading Cryptocurrencies with Coinhako Now!

If you require further information do not hesitate to contact us here or visit our Blog for the latest updates.