Find answers to some of the most frequently asked questions (FAQs):
- What are my options for funding my account?
- Why are my SGD withdrawals so slow?
- Why are there occasional delayed transactions?
- Are USDC & USDT still supported on Coinhako?
- What are Transfer limits?
- What's the difference between SGD/USD pairings?
- Why are there high transaction fees for sending crypto?
- Why are there delayed display of my funds on Coinhako?
- Why were some Tokens delisted?
- What’s new with Coinhako in 2020?
- NEW Tokens on Coinhako
- US Dollar Trading on Coinhako
- Automated Identity Verification Processes
- Changes to Token Support
- Changes to Xfers support (Xfers Direct Charge)
1. What are my options for funding my account?
The funding options available depend on your country of residence. For Coinhako Singapore users, the account funding options are:
Kindly note your Xfers Wallet is no longer displayed on Coinhako after the upgrade to Xfers Direct Charge. Instead, you can fund your Coinhako wallet directly through this new feature. Xfers users can now enjoy full access to supported cryptocurrencies on our platform!
2. Why are my SGD withdrawals so slow?
SGD withdrawals via bank transfers are typically processed within 3 - 5 business days.
If your withdrawal is taking longer than the 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 our team is working to ensure all transactions are processed within the given timeframes!
3. Why are there occasional delayed transactions?
Transactions may get delayed due to various reasons. You may experience a delayed transaction due to a congested network, or a lack of hashing power. We recommend checking blockchain.com to ensure that the network is smooth to avoid experiencing any delays.
For more information, click here.
4. Are USDC & USDT still supported on Coinhako?
Yes, USDC & USDT 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.
When USDC & USDT are sent to your Coinhako wallet it will be credited to your Coinhako USD wallet; This USD balance lets all our Singapore users 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.
5. What are Transfer limits?
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.
You CAN increase your transfer limits. Click HERE to get in touch with us and we’ll help you out!
6. What's the difference between SGD/USD pairings?
USD spreads are considerably smaller when compared to SGD ones. This is because most financial assets are pegged against the US Dollar, and Asian currencies tend to be more volatile.
VISIT HERE! For a more detailed explanation on why SGD/USD spreads differ.
7. Why are there high transaction fees for sending crypto?
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; higher fees may be required to ensure a quicker processing time.
Please note that Coinhako does NOT earn from these fees. Instead, we exercise flexible fees payable to the miners to ensure that your transactions are part of the highest percentile of transaction spending on the network during times of high transaction volume.
This simply means that your outgoing transactions from Coinhako will have a higher chance of being confirmed on the blockchain much quicker.
8. Why are there delayed display of my funds on Coinhako?
As with the upgrade to Xfers Direct Charge during 2020, Xfers wallet balances are no longer displayed on Coinhako. Instead, you can fund your Coinhako SGD wallet directly through this new feature; Xfers users can now enjoy full access to support cryptocurrencies on our platform!
After requesting for a deposit, you will receive the necessary details needed for you to make a FAST transfer to Xfers. Funds will be credited to your Coinhako wallet once you have made the FAST transfer to Xfers.
Do note that the FAST transfer must be made from an external banking platform, but the amount will be credited automatically to your Coinhako wallet.
9. Why were some tokens delisted?
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 (hello@coinhako.com) so that you do not miss any updates!
10. What’s new with Coinhako in 2020?
Yes, it's been an exciting year for us with plenty of new updates to your platform! Here are some of the key updates thus far:
1. NEW Tokens on Coinhako
We expanded our list of supported tokens with the additions of market favourites, Compound (COMP) and Chainlink (LINK)!
Our users can now trade these tokens with currencies supported in their local markets.
2. US Dollar Trading on Coinhako
USD Trading on Coinhako became available on 12 August 2020 for our Singapore users to trade any supported cryptocurrencies on our platform.
This upgrade came with a need to change our support for Stablecoins – our Singapore users can now easily fund their Coinhako accounts in USD simply by making a USD Stablecoin deposit which will be converted at real-time market rates to USD in your Coinhako USD wallet.
3. Automated Identity Verification Processes
Account verification is now faster, easier and more secure for all Coinhako users! Our Singapore users may complete account verification in a matter of minutes via MyInfo.
For more information about our new and improved verification process, please visit here.
*Please be assured that your information is kept strictly confidential. You can also read our privacy policy on how we use data.
4. Changes to Token Support
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.
5. Changes to Xfers support (Xfers Direct Charge)
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.
Figured it out? Start Trading Now!
If you require further information, you may contact us here or visit our Blog for the latest updates.
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