Wondering how you can use Coinhako to buy bitcoin and other digital assets? Here are the answers to our top FAQs to help you out!
- What is Coinhako? How to use Coinhako?
- Is Coinhako regulated?
- Where is Coinhako registered?
- Where can I find new information as a new user?
- What's the difference between SGD/USD spreads?
Deposits and Withdrawals
- How can I fund my Coinhako account?
- How long do SGD withdrawals on Coinhako take?
- How long will it take for deposits to be credited to my Coinhako account?
- Why are my crypto transactions still pending on Coinhako?
- What are Transfer limits?
- Does Coinhako set the crypto transaction fees?
- Are there any issues with creating crypto addresses?
Coinhako Updates in 2020
- NEW Tokens on Coinhako
- Coinhako MyInfo Verification (Automated Identity Verification Processes)
- Changes to Stablecoin Support
- Changes to Xfers support (Xfers Direct Charge)
- Why were some Tokens delisted?
What’s new in 2021?
Coinhako is a market leading platform for access to digital assets like Bitcoin in Asia. We were founded in Singapore in 2014, and we are one of oldest platforms today, in the APAC market.
Our services are available for users in:
Trade in SGD, USD and crypto-to-crypto, on top of wallet services that allow you to send and receive a wide variety of digital assets.
Trade in VNDT, and crypto-to-crypto, on top of wallet services that allow you to send and receive a wide variety of digital assets.
For a complete step-by-step guide on how to start your bitcoin journey, click here
Yes, we are currently regulated under the Payment Services Act in Singapore as an exempted entity – which allows us to continue our business operations legally in Singapore, until the official licenses under the Payment Services Act are issued in Singapore.
As a homegrown company in Singapore, we are working to comply with the Payment Services Act to acquire the necessary licenses and maintain our stronghold as a key cryptocurrency service provider for the local market.
More about the Payment Services Act 👉 here
Our business is registered as HAKO TECHNOLOGY PTE. LTD., business registration no. 201332728R, in Singapore.
If you are new to Coinhako and crypto, you may want to start by broadening your knowledge about cryptocurrencies and how they work.
Here are some good places to start!
- Coinhako Information Page – Find educational resources like under sections like Coinhako Basics and all you need to know about using Coinhako
- Coinhako On Telegram
Coinhako Blog – For interesting and in-depth reads about new tokens, industry happenings and more, you can also check out our Coinhako blog.
- Explore more Coinhako channels here
USD spreads are tighter relative to Asian currency ones. As most financial assets are pegged against the US Dollar, this results in additional volatility for Asian currency trading pairs, such as the SGD.
👉 Click HERE for a more detailed explanation on why SGD/USD spreads differ.
The funding options available depending on your country of residence. For Coinhako Singapore users, the account funding options are:
Singapore users can make direct SGD deposits from a Singapore bank account to their Coinhako account. Deposits are cleared daily at 10am and 4pm and should not take more than one (1) working day to be reflected in your Coinhako account.
Buy crypto directly with card with no waiting time, and get instant access to the market
We introduced Xfers Direct Charge as an additional funding option as of 7 July 2020. Kindly note that your Xfers Wallet is no longer displayed on Coinhako after this upgrade. Instead, you can fund your Coinhako wallet directly. Xfers users can now enjoy full access to supported cryptocurrencies on our platform!
On 12 August 2020, USD Trading was made available for users on Coinhako. We changed the way we support stablecoin to align with loca regulatory requirements. You can now deposit USDT/USDC which will automatically be converted to US dollars, funding your Coinhako USD wallet and giving you access to USD Trading!
SGD withdrawals via bank transfers are typically processed within 3 - 5 business days. During periods of high market volatility or surge in demand however, withdrawals may take up to 7-9 business days. If your withdrawal is taking longer than the relevant stated time period, kindly drop our team a ticket with the details of your transaction and we will sort it out for you. Please be assured that all transactions are processed and your funds will reach you within the stated timeframes!
The time taken for funds to be reflected in your account will depend on the payment option of your choice.
For example, deposits made via bank transfer should not take up more than one(1) working day. Deposits via Xfers Direct are usually cleared within minutes.
**Kindly note that first-time Xfers deposits may be subject to compliance reviews, and this may take up to 48 hours.
Coinhako aims to credit deposits as promptly as possible. If you are facing any delays, they may be due to the following reasons:
- Omission of the unique deposit code
The unique deposit code allows us to manage deposits more efficiently and ensures funds get to you as quickly as possible.
Deposits that do not include the unique deposit code are likely to result in deposit delays. To avoid this, please follow the deposit instructions carefully and remember to include the unique deposit code assigned to you.
Kindly reach out to the support team if you are facing this issue.
- Transferring funds from a bank account that is not registered under your legal name
Deposits from a bank account holder whose name does not match the registered name on Coinhako will not be processed.
In such situations, please reach out to our support team to assist you with refunding the deposit to your account.
Please note that there will be a 2% processing fee for such refunds.
- Disruptions by our payment / banking / service provider(s)
We work closely with multiple payment / banking / service provider(s) to ensure our platform offers a variety of payment options – an important factor in enabling access to crypto and digital assets for our customers.
While this has made our services more convenient for our customers, there have been instances where these service providers faced issues / errors in their own systems.
This results in transactions via the impacted payment option(s) being delayed.
During periods of high market activity, such delays could further disrupt our services and we apologise if you might have been impacted in any such situations.
As a platform, our mission has always been to make digital assets as accessible as possible for our customers, and we endeavour to improve our payment options from any potential disruptions.
Meanwhile, we strongly recommend the following options in such scenarios:
- Follow us on Telegram where we will keep you updated on any platform disruptions
- Try one of our other payment options.
Transactions may get delayed due to various reasons. One reason you may experience a pending transaction is due to a congested network. We recommend checking the related platforms involved to ensure that the network is smooth to avoid experiencing any delays.
What affects the cryptocurrency transaction time?
When a blockchain experiences peak traffic, the network becomes congested with a backlog of transactions as miners can select which transactions they wish to verify. Typically, transactions that include higher gas fees get prioritised on the network, further jacking up gas fees during high market activity.
What can I do if my transaction is pending on Coinhako?
If you need to send crypto urgently, you may want to consider sending other tokens whose networks are less congested, and have lower transaction fees.
👉To learn about crypto transaction delays click here.
Transfer limits refer to the total value of all assets that you withdraw in a defined period of time— basically, the total amount that you can withdraw (in fiat) or send (in crypto). Transfer limits are monitored on a daily and 30-day basis. Transfer limits vary for each user, and depend on your level of risk.
When you send cryptocurrencies to another wallet/platform, network fees are charged and paid to the miners who maintain the blockchain network. Transaction fees may also fluctuate depending on how many pending transactions there are on the network. During periods of high market activity, higher fees may be required to ensure a quicker processing time on the blockchain.
**Coinhako does not earn from these fees.
👉 More about Coinhako fees HERE
Competition for contract execution on Ethereum has grown exponentially in Jan 2021. As ETH addresses on Coinhako are all contract addresses, new address requests are competing with the overwhelming pending transactions on the network.
Yes, stablecoins are still supported on Coinhako!
On 30 July 2020, we upgraded the way we support Stablecoins on our platform to better align with upcoming regulatory changes surrounding the support for Stablecoins for our Singapore users. While trading is currently not enabled for USDC & USDT, users may deposit these stablecoins to fund their Coinhako USD wallet.
This USD balance allows all our Singapore users to trade crypto directly with the USD! You may also withdraw your USD balance as USDC or USDT out of your Coinhako account at any time.
Yes, DAI was listed on Coinhako on 15 October 2020 and it fully available trading with other cryptocurrencies as well as fiat pairings on our platform!
Coinhako Updates in 2020
2020 was an exciting year for us with plenty of new updates to the platform! Here’s what happened last year:
We expanded our list of supported tokens with the additions of market favourites such as Compound (COMP), Chainlink (LINK), Polkadot (DOT), Uniswap (UNI), Dai (DAI), Maker (MKR), Band Protocol (BAND), Curve Dao (CRV), Filecoin (FIL) and The Graph Token (GRT).
Our users can now trade these tokens with currencies supported in their local markets.
Will Coinhako be listing new tokens? 👉Click here to see other tokens we might list in future!
Account verification is now faster, easier and more secure for all Coinhako users!Singapore users can complete account verification in a matter of minutes via MyInfo. For more information about Coinhako account verification via MyInfo process, please visit here.
As of 17 June 2020, Coinhako introduced updates to the support for cryptocurrencies on our platform. These updates saw the support for a number of tokens reduced or removed and also changed the way we support stablecoins on Coinhako. These changes came with a need to align our business with regulations in Singapore but has also opened up new opportunities for our users and our business.
If you are an Xfers user, the upgrade to Xfers Direct Charge is great news for you!
While your Xfers wallet balance is no longer displayed on Coinhako, you can directly fund your Coinhako SGD wallet with this new Xfers feature. This update also no longer restricts the access to cryptocurrencies for Xfers users on Coinhako; you will be able to trade any supported cryptocurrencies.
Changes to token support were made on 4 June 2020, with a need to align our services with latest regulations in Singapore. As a result, support for certain tokens were removed, reduced or changed for our Singapore users.
Any changes to token support will always be communicated to users prior to implementation across various channels. Make sure you whitelist our email (firstname.lastname@example.org) so that you do not miss any updates!
What’s new in 2021 so far?
In January 2021, Coinhako released a new funding option for our users through card payments. With the new card payment option, users enjoy a seamless trading process and instant access to the market. Skip the deposit queue by funding your trades with card payments!
Users with iOS and Android devices can now track daily crypto prices by adding the new mobile widget to their home screen.
The mobile widget comes in three different sizes and a customised watchlist to help users keep up with price movements of their selected tokens.