A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Coinhako consists of four parts: general information, fees, deposit methods and security.
Coinhako is a cryptocurrency exchange based in Singapore. The platform is also available through mobile use via the Coinhako app. Most cryptocurrency traders use their desktop for their cryptocurrency trading but if you prefer to use your mobile, no worries. You can do that here. As a few of its advantages, Coinhako promotes its security and its longstanding good history.
In an email to its user on 4 June 2020, Coinhako announced that they would delist a large number of previously supported cryptocurrencies, with effect from 15 June 2020. These updates were, according to the email, not related to "any form of security issues nor are they linked to any basis of unlawful activity, but comes as part of ongoing efforts to comply with regulatory requirements, and operate as a licensed operator in Singapore". They also included the following picture in the email:
The exchange does not list US-investors as prohibited from trading, but US-investors should do their own independent assessment of any problems arising from their residency or citizenship. In a worst-case scenario, they may not be able to trade at one or several exchanges that could be the best cryptocurrency exchange site for them.
Coinhako Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. At this exchange, the trading interface only contains the below boxes. This makes it easily understandable for new crypto investors, while it might lack some features that more experienced traders look for. The below is a picture of the trading view at Coinhako:
Coinhako Trading fees
Some top crypto exchanges offer flat trading fees instead of making a difference between who is the maker and who is the taker of each trade. Usually, you say that such exchanges’ trading fees are “flat”. Coinhako offers a flat trading fee of 0.90%. This fee is way above the industry average. The industry average is arguably around 0.25%. One should consider whether this exchange has a strong offering to investors in other respects that outweighs the disadvantage of having a trading fee almost four times higher than industry average.
Coinhako Withdrawal fees
There are a few exchanges out there that lure you in with competitive trading fees, but then hit you on the way out with hefty withdrawal fees. One could argue that Coinhako almost qualifies to be such an exchange. This is because if you withdraw BTC here, you pay a fixed withdrawal fee amounting to 0.002 BTC. The global industry average BTC-withdrawal fee is 0.000812 BTC (60% lower than what Coinhako charges).
Coinhako offers wire transfer as a deposit method, but you can’t deposit via credit card.
Coinhako’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges. The exchange does however state on their website that up to 99% of funds are stored offline (i.e., in cold storage).
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):