What is Coinhako? How does it stand out from its competitors? Is it one from which you can obtain some significant benefits? We are about to find out about that and more in today’s comprehensive review that will be covered in the following sections:
- What is Coinhako?
- Which cryptocurrencies and fiat currencies are supported by Coinhako?
- Fees charged
- How long does it take to make the transfers when using Coinhako?
- Countries this platform is available in
- Is Coinhako Legit or is it a Scam?
- Pros and Cons
Name of the Platform: Coinhako
Official website URL: https://www.coinhako.com/
Overall Rating: (1.7 / 5)
What is Coinhako?
Coinhako exists as an all-in-one crypto service platform that serves as a wallet and as an exchange. Its main offer is to give its users the much-desired convenience, better price rates, and extra security compared to its competitors.
In addition to having competitive fees, the Coinhako wallet is advertised as one that delivers extra security to its customers. This is directly attributed to the fact that customers’ funds are usually stored in cold storage (offline storage), which you can still access. The extensive use of this platform has led to it becoming popular. It has in fact processed more than SGD 350million in transactions.
The platform is backed by well-known investors from the famous Silicon Valley, Singapore, and other countries across the world.
Which cryptocurrencies and fiat currencies are supported by Coinhako?
As of now, this platform supports close to 30 cryptocurrencies. In addition to that, customers can also use the following cryptocurrencies:
The cryptos supported include BTC, ETH, XRP, BCH, LTC, ADA, XLM, NEO, XMR, BNB, ZEC, ZIL, MKR, DOGE, BAT, LINK, THETA, ENJ, DAI, DOT, LUNA, UNI, SNX, COMP, BAND, SOL, CRV, FIL, AAVE, GRT.
Such platforms keep on updating their coin offerings from time to time, hence you can always check in to see if a certain crypto you’re interested in is being offered.
Some of the main fees that most customers are usually concerned with include: deposit fees, withdrawal fees, buying and selling fees, cryptocurrency transfer fees, etc. Let’s have a look at the fees charged for each of the following categories.
- Deposit fees – Coinhako doesn’t charge any fees to deposit money into one’s Coinhako account. Your bank or chosen method of transfer may, however, charge you some fees.
- Withdrawal fees – there are no fees for normal withdrawals through the Xfers local inter-bank transfers. However, for the local interbank transfers, a $5 charge applies to those who withdraw the funds to a Singapore bank account. Those withdrawing to Malaysian bank accounts are usually charged RM6, whereas for Telegraphic transfers the fees usually vary depending on the bank one is using.
- Buying and selling fees-customers get charged a 1% fee for the purchase or sale of cryptos.
- Crypto transfer fees- the transfer fees on this platform usually vary, with Coinhako not charging any fees for the reception of cryptos to one’s Coinhako wallet. The sender is, instead, required to pay transfer fees that are similar to the ones listed above.
- Xfers fees- as a user of the Coinhako wallet, you’ll be required to pay S$1 to make a Coinhako to Xfers wallet transfer. You cannot, unfortunately, make an Xfers to Coinhako wallet transfer, so there are no charges to expect here.
How long does it take to make the transfers when using Coinhako?
For starters, verifying your Coinhako account will take about one day, after which you can begin making transfers to and from that account as you please. The time of transfer varies widely depending on your preferred method of transfer, as shown below:
- Interbank deposits – these usually take 1 business day if the transfer is done on a weekday, or two business days if the transfer is done on a weekend.
- Interbank withdrawal – this can take about 3 working days.
- Xfers wallet deposit – can occur almost immediately/ instantly
- Xfers wallet withdrawals – usually takes up to 4 days for the normal transfers (or two days if you decide to do an express transfer).
- Telegraphic transfer – this will vary widely, depending on the bank of choice.
Countries this platform is available in
Customers can use Coinhako’s services globally using SWIFT international bank transfers, though the fees incurred here are quite high. If you want to incur lower fees, you can switch to a:
- Singapore bank account (offered through an Xfers wallet)
- Malaysian bank account
Is Coinhako Legit or is it a Scam?
Coinhako is, in my opinion, a legit platform. The fact that it has customer reviews on consumer trust sites such as Trustpilot means that it’s existent and is out to deliver the services and features that it promises to its customers. Unfortunately, from the customer reviews given on Trustpilot, Coinhako seems like it’s yet to mediate its promises and value proposition, with its actual service delivery. It has a rating of (1.7/5) stars, which in my opinion is one of the lowest you can find in this industry.
About 84% of those who have given their feedback have referred to Coinhako’s services are being bad. Only 3% think of the services as being excellent. Some of the major issues raised by customers include delays in transfers, poor customer support, system crashing, and deposit money failure. Such are issues that would frustrate anyone who is out to access their cryptocurrencies for whatever reason.
Pros and Cons
- Simple to use
- Suitable for beginners and professionals
- Competitive fees and rates
- Secure wallet
- Poor customer service
- The app keeps on crashing
- Poor customer reviews
- Requires Xfers wallet to get linked to Singapore account or a Malaysian bank account for one to get full usage.
Final Words and Verdict
Verdict: Legit (but not recommended)
Overall Rating: (1.7 / 5)
Coinhako is despite being very popular, one that has frustrated a good number of its customers. As much as it has managed to facilitate the transfer of huge volumes of money in cryptos and fiat, Coinhako is seemingly not the go-to option, due to some issues that are otherwise directly linked to its efficiency. I’d not highly recommend it, though this has to do with the fact that I know that you can get better with other alternatives in this industry.
That will be all for this review on what Coinhako is about and the features that it offers. I hope you now know what to expect from this platform, and can now decide whether you’ll use it to fulfill your needs. Let me know what your thoughts or experiences are with Cionhako, in the comments section.
I wish you success,
Eric, investor, and team member on Gold Retired!