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CoinHako Review - is it scam or safe?

CoinHako Review - Is coinhako.com scam or good cryptocurrency exchange?

RATING: 1.4 / 4 REVIEWS ForexBrokerz CoinHako

RECOMMENDED BITCOIN BROKERS


Trading accounts

 

Account type Minimum Deposit Leverage Trading fee Deposit Fee
Standard SGD1 or MYR5 Not available 0.90% Free

 

CoinHako is a popular cryptocurrency exchange, which only serves clients in Singapore and Malaysia. They operate mostly as an entry-level service, accepting bank transfers from the two countries. 

 

The company, security of funds

Company Country Regulation
CoinHako Singapore N/A

 

CoinHako is based in Singapore and while it currently doesn’t fall under any regulatory zeal, we expect them to follow the local legislative process as it unveils. Currently ICOs are in the spotlight, as the country has been a heaven for such endeavors.

 

>>Bitcoin trading with a well-regulated company?<<

 

CoinHako’s main service is providing wallets to clients who deposit fiat currencies. That being said, a certain portion of their website claims they do not offer guaranteed price execution. This leads to an interesting situation:

 

On one hand they do provide a wallet, like Coinbase or Bitstamp, but typically only the companies who don’t, such as BTCDirect do not guarantee the price at which your order will be filled. While it is technically possible for both conditions to exist simultaneously, it would be a massive waste. 

 

Sadly, as we are not based in Malaysia or Singapore, we can’t test this company’s actual service. 

 

We must mention, the FAQ section of their website offers nice education for beginners in the crypto-space. This may save people hours of research and potentially a lot of funds.

 

There haven’t been any reports of a large-scale attack against this crypto-exchange, but there are some users who claim their accounts were broken into and drained in the past. 

 

The user opinions on CoinHako are very mixed. They are some of the most polarizing we have seen, when reviewing a crypto-exchange. While some users are relatively happy, there are all types of claims against them – from slow customer support to much more serious issues. A few users claim the funds they send to the company never arrived, which if true is quite unsettling.

 

While we should dismiss some of the comments as trolls, there is still room for worries, especially when it comes to crucial security elements. That being said, once we registered an account in order to test this service, we were immediately required to provide a two-factor-authentication (2FA) device. 

 

Trading conditions

 

Trading instruments (cryptocurrencies)

While the choice of coins available at CoinHako is not that impressive to a crypto-enthusiast, they are perfect for a beginner. The full list includes: Bitcoin, Ethereum and Litecoin. Trading is done against SGD and MYR.

 

Existing clients, who held Bitcoin before the most notable fork have Bitcoin Cash in their wallets. However trading this coin is not supported by CoinHako – one can simply transfer his newly acquired asset to another exchange.

 

Minimum deposit

There are quite a few minimums imposed by CoinHako. The list goes as follows:

 

  • Using CoinHako Wallet, each minimum purchase will be SGD1 or MYR5. 
  • Using Xfers Wallet, each minimum purchase will be SGD50. 

 

When it comes to Bitcoin transfers there is a selling and sending limit of 0.001BTC and 0.005ETH. There is no minimum on the amount of coins you can receive. These levels are likely to be adapted it the price of Bitcoin moves even higher.

 

While these restrictions may annoy some clients, they are most likely in place to prevent the company’s system from being over-flooded by small orders.

 

Leverage

CoinHako does not provide leveraged trading. This isn’t that big of a downside, as most exchanges do not. With the volatility in the world of cryptocurrencies, most people will not need leverage. 

 

>>Forex brokers offering Bitcoin CFDs<<

 

In case you are interested in the price movements of Bitcoin alone and want to trade with leverage, some forex brokers provide that. However this is done via the so called Contracts For Difference (CFDs). When trading such an asset you don’t actually own the underlying asset (cryptocurrency in this case), but only speculate on its price. We would definitely advise you to read our guide before making the decision to enter the world of CFD trading.

 

Fees

The actual trading fee taken by CoinHako is 0.90% of the volume of each transaction. There are two ways of looking at this. From an active trader’s perspective, this is a very high level. Many exchanges charge levels around 0.20%.

 

On the other hand, given the fact this company provides trading against two relatively exotic currencies, such fees seem justified. The truth probably lies in the middle, as this is a solid entry level service.

 

Trading platform

 

CoinHako offers placing orders in their entry form. This is not that impressive, but perfectly suitable for beginners. That being said, charting is provided by TradingView, which is a solid option. Here is a preview:

 

 

As mentioned before, we couldn’t register an account with CoinHako (for obvious reasons) in order to tests their functionality completely.

 

Methods of payment

 

Fiat currency transfers to and from CoinHako (in SGD and MYR) are done via bank transfers. Deposits aren’t charged any fees, but keep in mind the banks involved in the process will most likely do so. 

 

When withdrawing funds, one will have to pay:

 

  • S$2 or S$5 for transfers to Singaporean bank accounts via Xfers, respectively;
  • RM6 for transfers to Malaysian bank accounts

 

These fees are relatively small and more importantly not percentage based, making them ideal for bigger transfers.

 

Obviously, verified users can also make blockchain transfers.

 

>>See where you can buy Bitcoin with a credit card<<

 

With that in mind, the addition of credit cards, as a payment option would obviously benefit this service a lot.

 

Conclusion

 

CoinHako provides an entry into the world of cryptocurrencies for people in Singapore and Malaysia. We are left with very mixed feelings about the exchange. Initially they look like a solid company, providing a user-friendly experience. On the other hand, the plethora of negative comments makes us doubt the quality of their service. Since we aren’t based in either of the countries they support, we couldn’t verify our newly created account in order to have a more close look. Here are the pros and cons of this exchange:

 

Pros Cons
No major hacks High trading fees (for active trading)
Accepts fiat currency transfers Focus on 2 countries
Deposits free of charge Few altcoins available
Provides wallets Some very negative user reviews 

 

Latest news about CoinHako
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Traders` reviews for CoinHako

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Slippage

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Price feed

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Summary

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TOTAL SCAM stay away

this platform is definitely a scam with so many unreflected deposit fiats, poor security, a lot of technical issues, system upgrade/downtime, issues with withdrawal fiats that takes forever to process. Customer service that will never solve your issues and so many scams going on in their telegram members chatgroup. Please don't fall prey to their baits, traps and the impostors that pretend to be admins. Who knows it's just an inside job and the scammers could just be from Coinhako. Just be careful or your hard earned money will go to the drain..

jack-of-all-trades 05/24/2019

Good n friendly

My experience is good so far. Cash in cash out relatively fast. UI is okay, can be better. Support replies quickly. Recommended if you want to try.

Desmond Ho 05/17/2019

Warning warning! Coinhako scam alert!!!

Beware guys, please don't ever deposit money in your wallet. Their customer service will never give you a satisfactory answer. The payment will not reflect in your wallet and they will hold it for no reason and ask you to pay ransom for your own money. The admin will keep increasing the ransom and ask you to transfer them in bitcoins and promise to release your money if you pay a certain amount but they will keep increasing the amount until you will have no more left to ransom your deposit. End up you lose money even more and more and more. They are scammers and robbers. I have had a very bad experience with them and would like to share this for public awareness. Please withdraw whatever money or bitcoins you have with them or you will be in deep trouble. Pull them out now before it's too late...You will thank me for writing this warning. I have kept so many evidence for proof!

Bitcointrader 05/17/2019

Scam - BTC could not be withdrawn

Bought bitcoin through Coinhako to send to an exchange and was told BTC could not be withdrawn. Contacted customer support and they finally replied after a week referring me to a 3rd party - which has nothing to do with sending BTC from the Coinhako wallet. They then closed the support ticket. So now I'm stuck with BTC that I have no use for. Shoddy customer support and only buy BTC from here if you intend for it to be stuck forever on the CoinHako platform - which is risky since it seems this company is well on its way down.

Sanjeev 12/29/2017

Scam

Total scam. I did a test with RM100. Buying btc at RM 66,144/1. The result when the transaction went through seconds later was buying at 70,842 when current price still listed as 66,346 a effective lose of 15% right up front. Whats even worse is I go to transfer whats left and their transfer fee is .002 BTC which is more than the 0.0014 I now how. So a total loss of RM100. Lucky I just tested with a small amount. No wonder it was easy to get verified as its a scam.

Mike D 12/26/2017
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