Review of Binance Singapore vs Coinhako

Review of coinhako vs binance singapore

Since the crypto market is heating up, I have decided to do a review of Binance Singapore and Coinhako. If you are thinking to buy some bitcoins, these are the two most popular exchange to look at in Singapore. I used to start out with Coinbase in 2017, but ever since they run into some issues with the Xfers thing, I stopped using it altogether. What is this Xfers?

Xfers is sort of like an intermediary between banks and crypto exchanges. You have to first transfer money from your local banks to Xfers, then link up your Xfers account to the crypto exchanges. That is how you buy crypto in most cases. Binance Singapore and Coinhako are doing that right now.

So which exchange is better? I have split this review up into five categories. The history of business, variety of offerings, regulations & security, costs & fees and lastly process of buying and selling. This would give you a better understanding of how Binance Singapore and Coinhako works.

1. History of Binance Singapore and Coinhako

Coinhako was founded in 2014 and they became an alternative exchange to Coinbase during the 2017 crypto boom. However back then, Coinbase was the leading exchange (It still is now) and most Singaporean investors chose Coinbase over Coinhako. Coinhako is relatively unknown still.

Coinhako business only started picking up when Coinbase announced that they would stop their Xfers service in Singapore. That means you can’t buy bitcoin on Coinbase through Xfers anymore. You can only do that by using debit/credit card. And their fees are crazy high (4%). If you want to buy $500 worth of bitcoins you have to pay $20 in transaction fees.

So people naturally hopped over from Coinbase to Coinhako. Because crypto is still relatively new, there aren’t much fiat-to-crypto gateway exchanges out there yet.

Binance was founded in 2017, right at the period of the crypto boom. They started off serving the China, Korean and Japan market initially. Everything was fine until China and Korea government came down hard and furious to ban cryptocurrencies. The crackdown is really tough. They raided all crypto exchanges and many businesses got shut down. The entire crypto market tanked and that was the trigger of the long bear market.

Binance as a business has been performing exceptionally well. They grew really, really fast and they are now one of the largest exchange in the world with the highest traded volume. That is important for an exchange business as volume and liquidity are what investors and traders look out for.

While Binance has been around since 2017, Binance Singapore came into business only around April 2019. It is interesting to note that Binance Singapore is owned by Temasek’s venture capital arm, Vertex Venture. Coinhako is backed by Tim Draper, one of the big VCs who have also invested in Baidu, Skype and Coinbase.

In terms of branding, I would say Binance is much bigger than Coinhako. They are the big boys in the crypto community and they serve an international market. Coinhako, on the other hand, is only well-known in Singapore and probably some other parts in Asia.

However, if you are comparing Binance Singapore and Coinhako, then Coinhako has been in the business longer than Binance Singapore. Its website has more features and functions and is probably more well-established than Binance Singapore. I prefer Coinhako’s customer support service and they have a lot more stuff like reward points, mobile apps and etc. Binance Singapore is still fairly new and they are still pretty much in the early phase of development.

2. Availability of Altcoins

Coinhako has 34 coins that are listed on their exchange and Binance Singapore only has 8 coins.

Because I am using the Brave Browser and I earn Basic Attention Tokens (BAT) for viewing ads, I am looking for an exchange that allows the buying and selling of BAT. Coinhako has it and Binance Singapore doesn’t have it. Do download the latest brave browser and check up the article I have written. Highly recommended!

This is important for me as you want to be able to sell your BAT to cash. The old method would be to sell your BAT into BTC, then sell your BTC to cash. However, with Coinhako, I can directly sell BAT into cash and withdraw out the profits to my bank account. This saves a lot of spread costs and transfer fees in between.

I also have some OmiseGO coins and Coinhako has it but Binance Singapore doesn’t. It all really depends on individuals and which altcoins you hold. If you are holding other coins like Binance Coin (BNB) and Chainlink, then Binance Singapore offers that. Each exchange stores different coins but generally Coinhako has a wider variety of offerings.

If you are just looking only at bitcoin or ethereum, then it doesn’t matter. Both exchanges have it.

Adding on to that, Coinhako also has a token swap feature that Binance Singapore don’t. This is very useful if you are looking to rebalance your crypto portfolio.

For example, if you want to swap OmiseGO to BTC, or Ethereum to Litecoin, you can do that on Coinhako’s platform directly. It allows altcoin to altcoin swap, altcoin to bitcoin or bitcoin to altcoin. All works fine.

More of such swapping services are coming up in the crypto space. Initially, Kyber used to be doing this but now is getting more common. Recently I just used coin switch (Swap NEO to ICX) and they worked seamlessly. Nevertheless, it is better that you swap the coins directly on the exchange platform rather than going through a 3rd party.

3. Regulations & Security

Generally, both Binance Singapore and Coinhako are trusted and secure. I have been using Coinhako for a couple of years and there are no security issues so far.

In Singapore, they recently enacted a new law called the Payment Services Act in 2020. Singapore classifies all these crypto coins as digital payment tokens. Both Coinhako and Binance Singapore has already applied for it and both exchanges work very closely with the local regulators.

Both Binance and Coinhako has been hacked before. In 2019, hackers have managed to hack into Binance and withdraw 7,000 bitcoins which is worth $40 million at that point. That is how the meme “Your Funds are SAFU” came about from CZ’s tweet. This was big news in the crypto space as Binance was thought to have strong security.

Note that this is Binance and not Binance Singapore. Binance Singapore is fairly new and so far no hacking incidents have been reported yet.

Coinhako’s hack was quite recent in Feb 2020. It suffered a sophisticated and coordinated attack but the damage was minimal as less than 20 users were affected.

Ever since Coinhako has asked all users to reset our passwords and enable two-factor authentication to enhance its security. This hack is much smaller in scale as compared to Binance. But security was still compromised.

In both cases, users were all refunded. It was not like the classic Mt. Gox in 2014 where everyone lost thousands of bitcoins. Now exchanges have reserves from their profits to deal with such issues.

The general rule of thumb in crypto is “Not your keys, not your bitcoin”. No exchange is 100% fool-proof. If your crypto is in the exchange, they are not yours. You are just trusting that exchange to store your coins for you and it is sort of like the bank’s IOU. The amount you see just means the exchange owns you that amount of tokens you hold.

These are called “hot wallets” as they exist on the internet and are more susceptible to hackers or technical vulnerabilities on the exchange. The best practice is to store it in a “cold wallet” (offline) or buy a hardware wallet and store your coins there.

For more information on how to keep your crypto funds safely, do check out my article here. I recently bought a Ledger Nano S during the bitcoin halving promotion. The security cost is definitely worthwhile.

4. Costs & Fees

I did a comparison of how much bitcoin you would get if you spend $500.

Review of Binance Singapore and Coinhako
Review of Binance Singapore and Coinhako
Binance Singapore

You can see that the fees on Binance are slightly cheaper than Coinhako. Binance Singapore charges a 0.6% fee in contrast to Coinhako which charges a 0.8% fee.

On Binance Singapore, I can get 0.03972 bitcoin with $500. On Coinhako, I can get 0.03954 with $500. The difference, taking into account fees and rates, is only about $2.25. I would say the rates for Binance Singapore are better, but only to a slight extent.

This is quite common for new entrants as they have to compete for market share by offering more competitive rates. One good example is Gojek vs Grab. Binance Singapore used to offer super attractive referral rates of $20, but they have stopped now already.

5. Process of Buying Bitcoin

For the purpose of this article, I did a test to buy $100 worth of bitcoin through Binance Singapore.

First, I log in to my Xfers and click the top-up button for digital goods wallet. Take note you have to top up to your digital goods wallet if you want to buy crypto. The general wallet is for general retail transactions with merchants.

Then, it gave me the bank account details for me to transfer the $100. After I transfer this message pops up saying that the funds will be reflected in Xfers within 5 minutes. After 1 minute, I received it on Xfers.

Once your money is in Xfers, you are ready to buy bitcoins. But before that, you must first link up your Xfers account to the crypto exchange be it Coinhako or Binance Singapore.

Done. Pretty simple. Now let’s try on Coinhako. I sold my bitcoins on Binance Singapore immediately and buy them again on Coinhako to test out if there are any differences. This is what pops up next.

Review of Binance Singapore and Coinhako
Review of Binance Singapore and Coinhako

That is the downside if you are using Xfers on Coinhako. The minimum purchase to buy through Xfers is $550. Hence, I usually don’t buy using Xfers. I buy through the normal Coinhako wallet. What is the difference between this normal Coinhako wallet and Xfers?

Review of Binance Singapore and Coinhako

In Coinhako, there are 2 types of wallet. The SGD Coinhako wallet (option 1) and the Xfers (option 2). I have been using option 1 all along because it is more convenient. The minimum purchase for option 1 is also lower at $30. That means you can just buy $50 worth of bitcoins if you want.

What I really like most about Coinhako is that this option 1 offers direct deposit and withdrawals to local banks. This means I can just transfer money from DBS to Coinhako. Or I can sell my bitcoin and withdraw out the profits directly to my DBS bank account. There is no need to create a new Xfers account and do all the KYC stuff.

However, the disadvantage for option 1 is the top-up only happens at 10 am and 4 pm on weekdays. If you make a deposit request during weekends, then you have to wait till Monday before receiving the funds.

Generally, both work fine. The main difference in the process is Binance Singapore involves an extra step of setting up Xfers. Coinhako allows you the option of transferring directly from your bank account to their SGD wallet. That’s about it.

Final Verdict

Personally, I prefer to use Coinhako. It has more variety of altcoins, especially the ones I am holding (BAT & OMG). And also there is no need for me to manage a separate Xfers. I can just buy and sell crypto directly using local bank transfer.

Coinhako is able to consolidate all my crypto investments into one place, one account. And the user experience has been pretty decent so far. If you want to get started on Coinhako, do sign up here. For a more detailed explanation on the walk-through of using Coinhako, you can read up about the previous article which I wrote.

So why bitcoin?

Here is what happened to Lebanon’s fiat currency recently. Protestors attacked central banks and their currency just lost 50-70% of its value. It is a timely reminder that no fiat currencies can maintain its value in history.

Even Warren Buffet said it during today’s AGM, the US government won’t default on its debts, but the purchasing power of the dollar is in doubt with the printing of money. Ray Dalio also mentioned in his latest article “The Changing World Order”, in the end, central banks always print money and devalue.

Eventually, there would be a flight back into hard money (gold) and now bitcoin (digital gold). Bitcoin and gold are the only 2 alternative assets that protect the purchasing value.

In contrast with unlimited QE, bitcoin is going to cut its supply. The bitcoin halving event, which happens every 210,000 blocks (4 years) is coming in 9 days. After this halving, it would take miners even longer to mine bitcoin and the rewards are going to be reduced from 12.5 to 6.25.

This means the supply of bitcoin is going to become even more scarce and the history of halving events have all pointed to a bull run. Imagine what would happen to the price of gold if the supply of gold mine in the world got cut by 50%. It is the same analogy with bitcoin.

While the fundamentals and macroeconomics of bitcoin are bullish, the technical charts of bitcoin are facing key resistance around the 9k area. Bitcoin has rallied over the past few days already, so we might see a retracement. Remember to do your own research and make your own call. Anything can happen in the crypto world. It can burst upwards or dump downwards, but in the long run, it is still an attractive investment.

Hopefully, this review of Binance Singapore and Coinhako helps you to get started in your crypto journey. The upside potential in the crypto industry is huge. Don’t miss out on it!

*2021 Update: Do check out this new YouTube Video on the comparison of crypto platforms in Singapore as well as a tutorial guide on how to get started.


  1. Hi The Babylonians, whats your take on Bitcoin vs Bitcoin Cash, or other forms of Bitcoin for the main purpose of long term holding?

    • Hi Ong, my take is there is only 1 bitcoin and that is bitcoin. I don’t look at bitcoin cash, bitcoin gold or some other forms of bitcoin. Keep to bitcoin and only bitcoin.

  2. Thank you, very informational post. I bias towards Coinhako for it’s variety too, but revert back to Binance for its low fees. Coinbase may allow credit/debit card purchase for crypto, but the fees attached is too significant.

  3. Thank you for your article. I signed up CoinHako via your referral link 🙂

    The sign up and verification process was very easy. They have integrated with the SG Gov Identity platform and thus making the whole process a breeze.

    Used to be from coinbase but there are payment method issue especially for a customer from Singapore.

  4. I would like to purchase 2 btc, which exchange among Coinhako and Binance would anyone recommend?

    I would like to pay through Bank Wire Transfer.

    What fee do I have to pay? Any help would be appreciated. Thanks

    • I think both Coinhako and Binance SG is good. If you want direct purchase then go for Coinhako and bank transfer in the money. If you want cheaper fees (slightly only) then go for Binance but you need to set up a new Xfers account and link up to Binance.

      Binance order fees is 0.6% while Coinhako is 0.8%. If you are buying big, that 0.2% difference could make up a huge sum.

  5. Hey, I am using Brave Browser too but my BAT are still stuck in the Uphold wallet. Would you be writing a post on how to transfer BAT from Uphold wallet to Coinhako? Is it straightforward?

  6. just signed up with coinhako and bought some BTC last month. Was appalled that the platform does not allow queuing of BTC purchase at a fixed price (like how we purchase stocks). You have to basically just sign in and purchase on the spot whatever the price is.

    • Yea usually regulated broker exchanges that allows for local fiat to crypto are more simplified in that sense. (coinbase is another e.g.) Those with limit orders like bybit, bitfinex, kraken, binance (global) are more for crypto trading, which is something the governments don’t want.

  7. Thank you for your article. Have signed up via your referral:) Can I check with you, does it mean for SGD bank transfer, we can only trade crypto in SGD? Is the crypto price in SGD converted from USD by coinhako?

  8. I have signed up for coinhako. But my account have been locked.

    I have to them to assist to unlock my account and refund funds back to my sgd account but have not receive any response from them.

    • Hey Catherine, I have not experienced my account being locked after using for 3 years, what was the cause? Just shoot an email to them, they would respond soon no worries as they are a regulated exchange in Singapore

  9. thanks for your recommendation
    i changed to coinhako
    however, i now want to track the buy/sell transaction after moving the coins into the ledger
    do you have any recommendation for this?

  10. I have signed up for Coinhako account. However, i thought that all kinds of bitcoins transacted in USD dollars? So if we deposited SGD dollars, will they do the conversion for us? Or any conversion incurred?

  11. Can I check how do you transfer coins from one wallet to another wallet. Eg Binance SG to
    After clicking send on the account page, the next page requires the receipient BTC/ETH address.
    Any idea how to get that information?

    • Hi Seb, your wallet is your public address. Whenever you want to transfer coins to another wallet, you key in that wallet’s public address. Most of the time you will know what is that address. If you want to transfer it to another exchange, you can find that address by clicking “Receive” bitcoins or ethereum and it will show u the address to send to.

    • I have no idea man lol, it used to be 0.8% and it has always been 0.8% for me ever since. Try using the code COINGECKO?

  12. Thank you for this article. Very helpful. Would you be able to clarify this. Xfers has an annual limit of $30k. Does that mean you can only transact up to $30k per annum if using Xfers (Binance), whereas with Coinhako (which has the bank transfer functionality) thus there’s no annual limit. Given the recent rise in BTC, $30k will not even get you 1 BTC. Appreciate your advice.

    • Hey, I am not sure about the Xfers limit though, is there an option to increase your limit? I believe you can not sure about that. I don’t know of any annual limit on Coinhako’s bank transfer which is good news for big buyers.

      You don’t have to buy 1 BTC as you can buy in smaller denominators like 0.003 or something. The minimum buying lot is not 1 bitcoin, you can even get bitcoins from as low as $50. The smallest denominator of bitcoin is satoshis.

      If Xfers has a cap of 30k, what you can do is split up your purchase 15k, 15k to get 1 whole bitcoin? Bad thing is you incur fees twice as compared to buying it all in 1 purchase.

    • Yes I have this issue of trade fail due to 30k spending limit .I’m still unsure whether they can shift our higher spending limit by moving to business account.If u can’t trade at 30k limit ,we can’t buy or sell after hitting that amount

  13. Hi, I noticed there are some really negative comments about Coinhako on the web after May 2020 (e.g. not being able to access funds transferred, not being able to withdraw coins to hard wallet, etc). Are you still using Coinhako?

    • Yes, I am still using Coinhako and it works fine perfectly for me. There are no issues w withdrawing coins to hard wallets (I just did that a few days ago) and I also withdraw cash out to my bank account recently only in Dec.

  14. Hi! Thanks for the informative article. I have 2 questions :
    1. I have an account on and I planning to shift my coins to binance sg. Are you aware if there is a transfer fee even within binance?
    2. In terms of legalities & regulations – would you say its safe to input details on Xfers? I am still skeptical cause crypto sites have been granted an exemption by MAS since by the books it is not legal

    • Hey Shru, yes as long as you do any on-chain transactions there is a miner fee to pay. That is how blockchain works. Regardless of any exchange, when you do any on-chain transactions such as transferring coins from one address to another, miner fees are incurred.

      Yes it is safe to input details on Xfers. They are regulated by MAS and are legit. Both Coinhako and Binance SG also has been licensed by MAS officially to run it. Don’t worry so much about it unless you are using those shady weird crypto sites. Just stick with the big ones.

  15. Hi, if I were to xash out to local bank accts, would it then be able to use it as like legal tender or nah..?? Is it worth buying it now..?? Are you still using 1 currently..??

    • I am currently using Coinhako. I have tried cashing out many times before, even recently. The process is simple. Just click withdraw to your bank account and the cash SGD shows up in ur DBS account within 3 – 5 days.

  16. Coinhako is a pain in the ass, if you say otherwise you’re probably getting paid by them or just really bias. Yes Coinhako may be good in the past but now it’s just a money hungry exchange, charging 1% in fees just to purchase bitcoin and if you wish to withdraw that bitcoin, you have to pay an additional fee of 0.0006btc equivalent to $30 or so depending on the BTC rate at the moment, which is really outrageously expensive for the fact that it can even take 2 hours to just get your bitcoins withdrawn or sometimes longer, like why pay 0.0006btc in fees if it’s gonna take forever for you to receive your Bitcoins likeee whaaaaat.

    • Coinhako has nth to do w bitcoin transactions, the speed of how fast the transactions go through depends on how congested the network is. Past few weeks sending btc/eth anywhere take much longer because it is jammed up now w all the demand and interest. I think that 2 hours is completely normal, transferred many times in the past used to take even longer sometimes using other exchanges.

      I believe the rates for Binance SG should be around there either. If I am not wrong should be 0.0005 BTC and 0.6%. But the good thing is Coinhako gives you the convenience of linking up DBS bank to Coinhako wallet direct without having to sign up and use Xfers as an intermediary.

      • I think he is talking about the time required for Coinhako to approve transactions such as sending out coins. It takes me exactly 1 second to transfer XRP from my ledger nano to Coinhako but it takes 3 days for Coinhako to approve the transfer of XRP back to my wallet. The admins are usually non responsive and the servers are usually down during whales sell-off.

        Regarding the processing fee, I bought about 500k shares of XRP days ago at 24c SGD but I was charged about $1,000 in processing fee after using the 25% code. Using Coinbase pro or Binance is definitely a better choice for buying tbh. We can just transfer the coins over to Hako if we wants to sell ba.

        Even for today, I initiated a transfer for a mere $10,000 SGD through CoinHako Xfers direct transfer, the money have been stuck for a good 5 hours lol.

  17. Fund withdawals from Coinhako is getting slower and slower. I initiated a withdrawal on 3 Jan. Still “Queued for processing”.

    • yea, Coinhako has released some announcements on that. Deposits and withdrawals getting slower. I guess they didn’t expect the sudden upsurge of demand and activity and their infrastructure is unable to handle the load. I am sure the backlogs would be cleared, just give it a few more days u will probably receive them soon.

  18. Coinhako is a scam despite appearing legitimate. The extremely high transaction fees with MLM like referral scheme are huge red flags already.

    Tested the crypto withdrawal with 0.01 LTC and it worked fine and was out in 10 minutes. But when I tried to follow up with a transfer out of 100 LTCs, the process just shows pending in my wallet for the past 12 hours already. Unbelievable.

    Others might have better experience but I’m avoiding this once I manage to transfer the coins to Binance. ( is equally terrible, can’t even withdraw to other wallets because the send crypto options are all blanked out even though I have a good amount stuck inside.)

  19. Hi, has anyone had any experience with coinhako’s support team. I recently emailed them about an issue with creating an Ethereum address as whenever I try to create an ETH address, a pop up of ” we are unable to process your request at the moment. Please try again later.” shows. It’s been about 2-3 days and i havent received a response from them. If you have any previous experience with this issue, it would be great if you could share it with me.

      • Whenever i click on receive for ethereum and try to create an eth address, the prompt pops up. And ive emailed their support but i have yet to receive a reply.

      • When I try to receive eth, I have to first create an eth address. But when I click to create an eth address, the above pop-up appears, and I am unable to create an eth address. Also the support has yet to return to me yet

        • You shouldn’t need to create an ETH address. If you want to receive ETH, simply go to your ETH account in Coinhako, then click “Receive ETH”, then copy that eth address and paste it to where you are sending it from.

  20. The issue now is that, I don’t have an eth address on coinhako so I have to create one but coinhako isn’t allowing me to create one as it’s always unable to do si

  21. Great article, decided to go with Coinhako for easier accessibility. Signed up under your referral and all the best in the investments.

  22. Hi. I am from Malaysia. Can i open Coinhako account and then buy btc with MYR, transfer from Malaysian bank acc? Is it easy to do this and withdraw to Malaysian bank account.

    • Hi Dean, I have not tried before Malaysian bank account eh. But I think the process should be exactly the same. No difference in it. Just deposit your MYR then when you want cash out click the withdraw button

  23. Hello, CoinHako has been changing the registered bank account information a lot lately. At least twice in tge past feq months. Is this normal?

  24. Hi Ancient Babylonian,
    Thanks for your article, I decided to try out coinhako for a bit, but I found that not having a limit order system makes it very difficult to buy coins at prices I want, and it’s also not possible to follow the live price 24/7. Do you know of any other platforms which allow for limit buying, or how to do so on coinhako?

  25. Hi, thanks for the article. Signed up Coinhako using your referral link. Btw, is there any way where I can withdraw or transfer my Etherum from Coinbase to Coinhako?

    • yes you can absolutely transfer ethereum from Coinbase to Coinhako and vice versa. Just click on “receive ETH” > copy your wallet address and paste it on the receiving address of where you want to send it from

  26. Thanks for the article, very uninformative. I used your link to register for Coinhoka. However, the “Current Coinhako Fee: 1.00%”

  27. Cryptocurrency is virtual. We are living in digital world. But my first experience with Coinhako has been stressful. It’s working at Jurassic pace in digital world!!! Ftrstly there’s no number to call for Enquiry. The deposits into verity tech pte limited didn’t come into my wallet as stated 10am or 4pm. I deposited into Verity last nite. Verify also is non existent. No number to call. All queries online which means they choose when where how to reply u. There’s no way u can talk to anytime. At time v of this writing it’s 7.33pm n my wallet still empty. Gosh. Cant believe it’s registered in first world nation Singapore!!!

  28. Hi will you know how to transfer your coins from coinhako to I have GRT coins but the send & receive button are disabled

    • Not all coins in Coinhako you can send out or receive (those that are greyed out are probably those that you can’t).

  29. Hi, there have been many issues with Coinhako on withdrawals, missing coins and system crashed recently, just look at their facebook. I am one of the users and been waiting for a solution for half a month. i read on facebook that some users have issues pending for reply(not solution) since a month ago. If my issue is not solved soon, I will be writing to straits times and mothership and let them warn MAS and the public, it seems that something is not right.

    • I think you are new to crypto. System crash happens across all exchanges even Coinbase, binance when there is a sudden upsurge of demand (like when TSLA bought BTC) or sudden unexpected BTC crash, happens all the time. Sever just can’t handle the load. Even for Robinhood during the GME, AMC saga.

      I have been withdrawing out from Coinhako many times (even now) and there has not been a single time where I did not receive money in my bank account nor has there been missing coins or what.

      I think what you are experiencing is a delay for deposits/withdrawals and etc. Coinhako has already stated that now all these processes would take longer than usual as there is just too much demand and backlog coming in. My advice is just to be patient as I too have waited for weeks for withdrawals to come in.

      Rest assured Coinhako is not like you think, they are regulated and licensed under MAS to operate as a crypto broker exchange here in Singapore.

  30. Hi Yue Sin, I have 3 accounts, Etoro(3years), Binance.SG and Coinhako. I have bought,sold and withdrew and transferred from all 3 platforms. I have not encountered any issues with the first 2, even there were issues, i have livechat with etoro which they usually resolved within 2 days. As for withdrawal and coin transferred, binance SG did it with a day or 2. As for coinhako, i sent a email on the 9 feb morning, i have gotten a reply on that day itself saying engineer is looking at it. It went silence since then even i sent 3 emails requesting for an update. It was only i went to post message on FACEBOOK then someone finally reply me on 19 feb that someone is looking at my issue. I have not received any solution update till now. I will give them a short while more before going to straits times and mothership. Someone has to bring this to MAS and public attention. Too many people money are involved. As for the crash, i agreed that i experienced the same on etoro and binance SG, but these 2 are fine when come to withdrawal and coin transferred, and of cos the existence of a prompt customer service,

  31. Very helpful post. Thank you for sharing the information. I have just started buying BTC this year and want to move the coins to a separate wallet in my macbook. But I can’t seem to do so. The Coinhako page keeps telling me that the address is invalid. Do you have any idea why? Coinhako help page doesn’t cover this part and they have yet to reply my enquiries.

  32. Can someone please explain why COINHAKO KEEP CHANGING BANK ACCOUNTS and company name in their new bank accountsssss???

    • No idea, and honestly I wouldn’t bother about such matters. It takes < 1 minute to fill in those bank details lol. Just follow instructions to top-up can already, nothing will go wrong.

  33. Hi, thank you for the nice article.
    I have an account on, my question is should I move my coins into Binance Singapore? or should I keep it on
    What is the main difference between the two?
    Would be great if you could give an opinion.Thanks.

    • sure. Binance is the global version of it, that is where you buy all your altcoins over there. Binance Singapore is a regulated broker like Coinhako that allows you to buy cryptocurrency with direct fiat and cashing out in SGD. If you are Hodling, keep it at Binance Singapore, if you want to buy altcoins or do trading, do it at

    • Fyi,reply from Coinhako

      Mia (Coinhako)

      Apr 7, 2021, 17:21 GMT+8


      Thank you for your feedback.

      We understand that the change in bank accounts might raise concerns. The frequent changes in account details are extra steps our team has taken to ensure that this option remains available to all of you, as we value the ease of access for our customers.

      To give you a bit more context, local banks have been reluctant to provide services with local crypto/blockchain companies since 2017 – this is why you will find that the majority of local crypto platforms do not have direct bank transfer options and rely on 3rd party payment providers.

      We firmly believe that the situation will clear up after the official issuance of licenses for local crypto companies, under the Payment Services Act; Which our team is working hard to ensure we secure.

      Meanwhile, we seek your kind understanding on the matter and you can try other options such as card payments.

      We are also working on expanding our payment rails for your convenience, so do stay tuned to our channels like for any announcements.


  34. Thank you for your article. Have signed up via your referral:) I have a question though, do we need to pay tax for the capital gain or profits from digital tokens in Singapore?

  35. Hi, I am trying send my altcoin from coinhako to moonlet but was prompted to enter the recipient’s name. What is it? Do I enter my real name or what? Thanks!

  36. Binance sg occasionally has issues with purchases. I recently tried to buy 2000sgd worth of bnb. The amount was deducted from xfers but the transaction history is rejected in binance sg. I submitted a request on thurs and its Monday morning and I haven’t got my money back nor a reply from them.

    Fees are 0.6%, lowest I found, but the techsupport is not 24/7 as advertised and there is no option to store your crypto in your own hardware wallet. Crypto transfer fees (crypto withdrawal) can be much higher for some coins too (20sgd vs <1sgd) because they don't support all the crypto networks.

  37. I made a recent CoinHako coins withdrawal to another wallet on the 19 May 2021. Until now 25 May 2021, time of writing, the status is still pending. Previously, I tried with 10 units of transfer, there wasn’t an issue but with 100 units, It is still hanging with no reply from them. There is number to call and sort the matter. File numerous support tickets and all fell deaf ears. This is my recent experience. This is not sham.. I can tell you and show it to you.

  38. Thank you so much for sharing
    I have learnt alot from your website for someone who is “late” to the crypto scene
    Have downloaded both binance and coinhako and find coinhako to be more user friendly and feels safer with all the authentication etc
    Personally, i am very interested in your strategy of staking your coins for “dividend-like” income
    May I find out if it is possible to stake coins on coinhako platform? Otherwise, what is the best way to do it?
    Sorry for asking as I have been researching online to no avail.
    Thank you!

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