On 12 August 2020, we changed the way we support Stablecoins to ensure the continuity of this class of digital currencies on our platform.
To help you navigate the latest updates, we have compiled a list of Frequently Asked Questions (FAQs):
**Please note that this only applies to Singapore users.
- Does Coinhako still support USD stablecoins?
- What happened to my remaining USDT/USDC balance?
- What will happen to my future USDT/USDC deposit?
- How can I deposit USD into my Coinhako account?
- Can I withdraw USD to my bank account?
- What is the conversion rate for USD Stablecoins to USD?
- Are there any fees for USD deposit / withdrawal?
- Can I buy / sell cryptocurrencies using USD?
- Are there any limits to trade or transact in USD?
- Can I still buy / sell / swap USDT/USDC?
- Can I still send / receive USDT / USDC?
- Can you convert my balance USD to SGD in my account?
- Can I convert my USDT/USDC Back?
1. Does Coinhako still support USD stablecoins?
Yes, Coinhako will continue to support USDT and USDC. However, we have updated the way we support these tokens on our platform, to align with regulatory requirements.
2. What happened to my remaining USDT/USDC balance?
As per the announcement made on 30 July 2020, all remaining USDT and USDC will be converted to USD at a 1:1 rate on 12 August 2020.
This only applies to this initial conversion and would mean that you’ll get 1 USD for every 1 USD stablecoin (USDT or USDC).
3. What will happen to my future USDT/USDC deposit?
Your future deposited USDT/USDC amount will be converted into US Dollars based on the market price and reflected in your Coinhako USD wallet.
4. How can I deposit USD into my Coinhako account?
We do not support USD deposits to your Coinhako wallet via bank transfers.
You can fund your account in USD by sending USDT/USDC stablecoins to the USDT/USDC wallet address provided on the Deposit page.
All USDT/USDC supported stablecoins sent to a Coinhako Wallet address will be converted to US Dollars at real-time market rates.
5. Can I withdraw USD to my bank account?
We do not support USD withdrawals from Coinhako to your bank account.
Users who wish to make a USD withdrawal may do so by sending their funds out as a USD Stablecoin of their choice (USDT/USDC).
This will be done by sending the USD to an external stablecoin address, which will be converted to the respective Stablecoin at real-time market rates.
Once the transaction is complete, you will receive the details of your withdrawal, as pictured above.
6. What is the conversion rate for USD Stablecoins to USD?
After the initial 1:1 conversion on 12 August 2020, all USD Stablecoins will be converted at real-time market rates.
**Please note that the rate is not fixed, and is subjected to market fluctuations.
Prior to completing any USD deposit or withdrawals, you will be directed to a page which will display the estimated conversion rate for the transaction, and for your confirmation.
7. Are there any fees for USD deposit / withdrawal?
- USD Deposits: No fee
- USD Withdrawals: 15 USD per transaction
** Withdrawals will incur a small network fee. These network fees are not paid to Coinhako-they are paid to miners and nodes who broadcast your transaction onto the blockchain.
8. Can I buy / sell cryptocurrencies using USD?
Yes, you can!
Simply select USD from the "Currency" drop-down menu when executing a trade on Coinhako.
9. Are there any limits to trade or transact in USD?
Yes, please note that the following limits are applicable for USD transactions on Coinhako.
- Minimum amount to buy crypto with USD: 23 USD (~30 SGD) per transaction
- Minimum amount to sell crypto to USD: equivalent to 30 SGD per transaction
Deposits and Withdrawals
- Minimum deposit amount: 15 USDC/USDT
- Minimum withdrawal amount: 23 USD
10. Can I still buy/sell/swap USDT/USDC?
Trading with USDT/USDC on Coinhako stopped on 12 August 2020.
You may, however, enjoy trading directly with the US Dollar, which should more or less incur a similar exchange rate with other cryptocurrencies – after which you will be able to withdraw US Dollars as any supported USD Stablecoins at any time.
11. Can I still send / receive USDT / USDC?
Yes. You may send and receive USDT/USDC by click on the USD wallet.
- You can still receive USDT/USDC. However, the USDT/USDC deposited to Coinhako will be converted into USD based on the market price and reflected in your Coinhako USD wallet.
- If you wish to send USDT/USDC from Coinhako to another wallet, you may choose to withdraw USD in form of USDT/USDC.
12. Can you convert my balance USD to SGD in my account?
Currently, we do not support converting USD to SGD.
Meanwhile, you can purchase cryptocurrencies using USD and then sell it to SGD so that you can withdraw to your bank account.
13. Can I convert my USDT/USDC Back?
Changes to Stablecoin support on 12 August 2020 came in anticipation of regulations that will impact access to Stablecoins globally. These updates are here to stay until any further notice, and we will not be able to reverse the transactions for you.
If you might have missed out on any of our announcements leading up to these changes, we strongly suggest that you check that you are subscribed to our emails or you can join us on telegram.
Please also note that every USD that is on your Coinhako account is backed by the USDT/USDC amount – subjected to market rates – that you sent in, and you can withdraw them as USDT or USDC to an external wallet address of your choice, at any time.
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