Overview
CoinHako was founded in 2014 in Singapore and has established itself as one of the country's prominent homegrown cryptocurrency exchanges. The platform holds a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) under the Payment Services Act, placing it among the regulated digital payment token service providers in Singapore. This licensing is significant in a market where MAS has taken an increasingly rigorous approach to cryptocurrency regulation.
CoinHako is designed primarily for the Singaporean market, supporting deposits and withdrawals in Singapore dollars (SGD) through local bank transfers and digital payment services like Xfers, which enables PayNow and FAST transfers. These integrations allow SGD deposits to be credited quickly, often within minutes. The platform supports Bitcoin, Ethereum, and a growing selection of other cryptocurrencies.
The exchange emphasizes security and simplicity. CoinHako uses a combination of cold storage for the majority of customer assets, two-factor authentication, and address whitelisting for withdrawals. The platform's interface is clean and approachable, aimed at both beginners making their first crypto purchase and more experienced users who want a reliable local exchange. CoinHako also offers recurring buy features and has expanded into educational content to help Singaporean users navigate the cryptocurrency space.
Getting Started
CoinHako's onboarding is tailored for Singaporean residents and can typically be completed in a short time.
- Step 1: Register at coinhako.com or download the CoinHako app for iOS or Android. Sign up with your email address and create a secure password.
- Step 2: Complete identity verification. Singaporean residents can verify using their NRIC, while non-residents will need to provide a passport. Upload the required documents and a selfie as directed.
- Step 3: Deposit SGD into your account. Use Xfers to make a PayNow or FAST transfer for near-instant deposits, or initiate a standard bank transfer. Follow the instructions provided to ensure your deposit is credited correctly.
- Step 4: Buy Bitcoin or another supported cryptocurrency. Select the asset you want to purchase, enter the amount in SGD, review the transaction details, and confirm your order.
Pros & Cons
Pros
- MAS-licensed: Holds a Major Payment Institution license from the Monetary Authority of Singapore, providing strong regulatory oversight.
- Fast SGD deposits: Integration with Xfers enables near-instant deposits via PayNow and FAST, reducing the wait time to start trading.
- Security-focused: Cold storage for the majority of assets, two-factor authentication, and withdrawal address whitelisting.
Cons
- Singapore-focused: The platform is primarily designed for Singaporean users, with limited appeal or availability for users in other countries.
- Smaller asset selection: While growing, the number of supported cryptocurrencies is smaller than on major global exchanges.
- Lower liquidity: As a regional exchange, trading volumes are modest compared to larger international platforms, which may result in wider spreads on some pairs.