The Ultimate Guide To Investing With Coinhako

Coinhako Investing Guide

Coinhako is one of the many crypto exchanges found in Singapore.

You’ve just signed up for a Coinhako account, and you may be a bit lost when navigating around the platform.

Here are some tips for you on how you can use this platform!

How to deposit money into Coinhako

Here’s what you need to do to deposit funds into Coinhako:

  1. Go to SGD Wallet → Deposit
  2. Choose your method of depositing your funds
  3. Enter Coinhako’s bank details into your mobile banking platform
  4. Receive your funds in your SGD wallet

Here is each step explained in detail:

#1 Go to SGD Wallet → Deposit

On Coinhako’s platform, you’ll see the total value in your account, as well as your SGD and USD wallet balances.

Coinhako Cash Wallet

You can add USD to your USD wallet when you deposit either USDC or USDT to your Coinhako account.

To deposit SGD into your Coinhako account, you’ll need to click on ‘Deposit‘.

#2 Choose your method of depositing your funds

There are 2 ways that you can fund your account:

  1. Xfers Direct
  2. FAST Transfer
Coinhako Funding Methods

To start using Xfers, you’ll need to create a Xfers wallet if you have not done so yet!

1. FAST transfer

If you are intending to use FAST, then you’ll need to add Coinhako as a payee on your online banking platform.

The most important thing is to add your Unique Deposit Code in the reference.

Coinhako Unique Deposit Code

If you forget to do so, it may take a longer time for your deposit to be processed!

2. Xfers Direct

You can choose to use Xfers Direct to transfer your funds immediately from your Xfers wallet to your Coinhako account.

However, this means that you’ll need to transfer funds to your Xfers account first.

Coinhako Xfers Direct

You’ll be asked about the amount you want to deposit from Xfers to your Coinhako account.

Coinhako Xfers Direct Deposit Fee

Xfers charges you a 0.55% fee for every deposit, which is similar for Tokenize too.

#3 Enter Coinhako’s bank details into your mobile banking platform

If you’re using FAST transfer, you’ll need to add Coinhako as a payee using their details.

Coinhako FAST Add Payee Details

Coinhako may change the bank account that you should be depositing to from time to time. It’s important to double check that the bank details are correct before sending your funds!

Coinhako Announcement Change Bank Details

Most importantly, don’t forget to add your Unique Deposit Code in the comments section!

Coinhako Add Unique Deposit Code

#4 Receive your funds in your SGD wallet

After you’ve sent out your funds, Coinhako will notify you when they’ve credited it to your wallet.

Coinhako Successful Deposit Notification

Once your funds have been credited, you can start buying crypto on Coinhako!

Which deposit method should you choose?

Here are the pros and cons of each method:

MethodTime Taken For Funds
To Reach Account
Fees
Xfers DirectWithin minutes0.55%
FAST TransferUp to 1 business dayNone

If you are looking to buy a certain currency that is increasing in price, you may want to use Xfers Direct and pay the fees.

However, if you are just intending to hold onto a coin, then FAST would still be sufficient for you.

My deposit via FAST was only processed at 1pm, after depositing it the previous night. As such, you may want to use Xfers Direct if you want to buy a certain token immediately.

How to buy crypto on Coinhako

Here are 4 steps you’ll need to buy crypto on Coinhako:

  1. Go to ‘Trade’
  2. Look for your currency and click on ‘Buy’
  3. Select the amount of SGD you wish to use to purchase your currency
  4. Verify the transfer

#1 Go to ‘Trade’

On Coinhako’s platform, you’ll need to go to the ‘Trade‘ section.

Coinhako Trade Platform

This is where you are able to buy and sell crypto on Coinhako.

When you are making any trade, you can’t determine the price that you wish to buy or sell at.

Coinhako will try to match it to the prevailing market rate when you make the trade.

#2 Look for your currency and click on ‘Buy’

Coinhako has 30 different currencies that you can buy on their platform.

This includes common ones like BTC and ETH, as well as ‘rarer’ altcoins like THETA and DOT.

You’ll need to scroll down to find the crypto that you are looking for, and then click on ‘Buy‘.

For this example, I will be using Cardano (ADA).

Coinhako Buy ADA Trading Platform

#3 Select the amount of SGD you wish to use to purchase your currency

You will need to select the amount of SGD that you wish to use for your trade. The amount of crypto that you’ll receive will be based on the prevailing market rates.

Coinhako Buy Cardano Platform

For some currencies like ADA, you are unable to send or receive it to and from an external wallet.

Coinhako has a minimum of $45 SGD for each trade that you make.

For every trade that you make on Coinhako, you are charged a 1% fee.

Coinhako Buy ADA TRADING Fee

However if you use the promo code ‘COINGECKO‘, you will reduce your fees to 0.8%.

Coinhako Buy ADA Coingecko Trading Fee

Any small reduction in fees would help to increase your returns!

It is also possible to buy crypto using your credit or debit card. However, you will be charged an additional 3% by Coinhako’s payment service provider!

Even though buying via a credit card is really convenient, the high fees are really not worth it.

#4 Verify the transfer

Once you’re done, you will need to verify your trade.

Your crypto will be credited into your account when the trade is completed!

How to sell crypto on Coinhako

Here’s what you need to do to sell your crypto on Coinhako:

  1. Go to ‘Trade’
  2. Look for your currency and click on ‘Sell’
  3. Select the amount of your currency that you wish to sell
  4. Verify the transfer

After transferring your crypto from Binance or Coinbase to Coinhako, you may be looking to sell them for SGD.

Here is each step explained in-depth:

#1 Go to ‘Trade’

Similar to buying crypto, you’ll need to go to the ‘Trade‘ section.

Coinhako Trade Platform

#2 Look for your currency and click on ‘Sell’

You’ll need to scroll down to find the crypto that you are looking for, and then click on ‘Sell‘.

Coinhako Buy ADA Trading Platform

#3 Select the amount of your currency that you wish to sell

You will need to select the amount of your currency that you wish to sell.

Coinhako Sell ADA

The selling price is also based on Coinhako’s prevailing market rate. However, the price that you sell your crypto is usually lower than the buying price.

Coinhako ADA AAVE Difference Between Buy And Sell

This is similar to how a currency exchange works.

If you intend to constantly buy and sell currencies on Coinhako, you may lose a bit of your profits due to this spread.

Similar to buying crypto, Coinhako has a minimum of $45 SGD for each sell trade you make.

You will also be charged a 1% fee.

Coinhako Sell ADA Fee

This can be reduced to 0.8% with the ‘COINGECKO’ promo code as well.

Coinhako Sell ADA Coingecko Fee

#4 Verify the transfer

Once you’re done, you will need to verify your trade.

SGD will be credited into your SGD wallet when the sell order is completed!

How to withdraw money from Coinhako

Here’s what you need to do to withdraw your money from Coinhako:

  1. Go to Withdraw on your SGD wallet
  2. Select the bank account you wish to withdraw to
  3. Enter the amount you wish to withdraw
  4. Authenticate your withdrawal with 2FA
  5. Confirm your withdrawal via the confirmation email
  6. Receive your funds

#1 Go to Withdraw on your SGD wallet

On Coinhako’s platform, you’ll need to go to ‘Withdraw‘ on your SGD wallet.

Coinhako Cash Wallet

#2 Select the bank account you wish to withdraw to

You’ll be asked to select the bank account you want to withdraw your funds to.

Coinhako Select Bank Account To Withdraw To

You’ll need to add a bank account if you have not yet.

#3 Enter the amount you wish to withdraw

You’ll be asked to enter the amount to withdraw.

Coinhako Select Amount To Withdraw 2

You can see the fees that you’ll be charged by Coinhako.

Coinhako Withdrawal Fees

You’ll be charged $2 when you withdraw your funds. As such, it would be best not to withdraw small amounts each time!

#4 Authenticate your withdrawal with 2FA

After requesting your withdrawal, you’ll need to authenticate your withdrawal with a code from your 2FA app.

Coinhako 2FA Authenticate Withdrawal

#5 Confirm your withdrawal via the confirmation email

To make your withdrawal extra secure, Coinhako requires you to confirm your withdrawal via email too.

Coinhako Email Confirmation Withdrawal

#6 Receive your funds

Once the withdrawal has been confirmed, it may take up to 3-5 business days before your funds are transferred to your bank account.

Coinhako Withdrawal Confirmed

I managed to receive my funds in 2 business days, which was pretty fast!

Coinhako Confirm Withdrawal

Overall, I am quite happy with the depositing and withdrawal process on Coinhako.

Conclusion

Coinhako is one of the most convenient platforms to buy crypto directly from SGD.

This is because Coinhako has SGD trading pairs with 30 different currencies, like BNB, XMR and ZIL.

Even though the trading fees are much higher than other crypto exchanges, it may be worth that convenience!


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