Frequently Asked Questions (FAQs)

Frequently Asked Questions (FAQs)

Wondering how you can use Coinhako to buy bitcoin and other digital assets? Here are the answers to our top FAQs to help you out! 

General FAQs

1. What is Coinhako? How to use Coinhako?

Coinhako is a market leading platform for access to digital assets like Bitcoin in Asia. We were founded in Singapore in 2014, and we are one of oldest platforms in the APAC market today.

Our services are available for users in:

🇸🇬Singapore:

Trade in SGD, USD and crypto-to-crypto, on top of wallet services which allow you to send and receive a wide variety of digital assets.

 

🇻🇳Vietnam:

Trade in VNDT, and crypto-to-crypto, on top of wallet services which allow you to send and receive a wide variety of digital assets.

 

For a complete step-by-step guide on how to start your bitcoin journey, click here

 

2. Is Coinhako regulated?

Coinhako has attained in-principle approval from MAS as a Major Payment Institution to conduct Digital Payment Token services in Singapore.

As a homegrown company in Singapore, we are working to comply with the Payment Services Act to acquire the necessary licenses and maintain our stronghold as a key cryptocurrency service provider for the local market.

More about the Payment Services Act  👉 here

 

3. Where can I find new information as a new user?

If you are new to Coinhako and crypto, you may want to start by broadening your knowledge about cryptocurrencies and how they work. 

 

Here are some good places to start! 

4. What's the difference between SGD/USD spreads?

USD spreads are tighter relative to Asian currency. As most financial assets are pegged against the US Dollar, Asian currency trading pairs like the SGD face additional volatility.

 

👉 Click HERE for a more detailed explanation on why SGD/USD spreads differ.

 

Deposits and Withdrawals

1. How can I fund my Coinhako account?

The funding options available depending on your country of residence. For Coinhako Singapore users, the account funding options are: 

Singapore users can make direct SGD deposits from a Singapore bank account to their Coinhako account. Deposits are cleared daily at 10 AM and 4 PM and should not take more than one (1) working day to be reflected in your Coinhako account.

Buy crypto directly with card with no waiting time, and get instant access to the market 

Xfers Direct Charge was introduced as an additional funding option on 7 July 2020. Xfers users enjoy full access to supported cryptocurrencies on our platform!

USD Trading was made available for Coinhako users on 12 August 2020 We changed the way we support stablecoin to align with local regulatory requirements. You can now deposit USDT/USDC, (which will automatically be converted to US dollars to fund your Coinhako USD wallet) giving you access to USD Trading! 

Get instant access to the market with your funds on GrabPay.

2. How long do SGD withdrawals on Coinhako take?

SGD withdrawals via bank transfers are typically processed within 3 - 5 business days. During periods of high market volatility or surge in demand however, withdrawals may take up to 7-9 business days. If your withdrawal is taking longer than the relevant stated time period, kindly drop our team a ticket with the details of your transaction and we will sort it out for you. Please be assured that all transactions are processed and your funds will reach you within the stated timeframes!

 

3. How long will it take for deposits to be credited to my Coinhako account? 

The time taken for funds to reflect in your account will depend on the payment option of your choice.

Deposits made via bank transfer should not take more than one (1) working day. Deposits via Xfers Direct are usually cleared within minutes.

 

**Kindly note that first-time Xfers deposits may be subject to compliance reviews and may take up to 48 hours.

 

Cryptocurrency Transactions

1. Why are my crypto transactions still pending on Coinhako?

Transactions may sometimes be delayed due to various reasons. One reason you may experience a pending transaction is a congested network. We recommend checking the related platforms to ensure that the network is smooth to avoid experiencing any delays.

 

What affects the cryptocurrency transaction time?
When a blockchain experiences peak traffic, the network becomes congested with a backlog of transactions as miners can select which transactions they wish to verify. Typically, transactions that include higher gas fees get prioritised on the network, further jacking up gas fees during high market activity.

 

What can I do if my transaction is pending on Coinhako?

If you need to send crypto urgently, you may want to consider sending other tokens whose networks are less congested, and have lower transaction fees.

 

👉To learn about crypto transaction delays click here.

 

2. What are Transfer limits?

Transfer limits refer to the total value of all assets that you withdraw in a defined period of time— basically, the total amount that you can withdraw (in fiat) or send (in crypto). Transfer limits are monitored on a daily and 30-day basis. Transfer limits vary for each user, and depend on your level of risk.

 

3. Does Coinhako set the crypto transaction fees?

Coinhako doesn’t actually set the crypto transaction fees. When you send cryptocurrencies to another wallet/platform, network fees are charged and paid to the miners who maintain the blockchain network. Transaction fees may also fluctuate depending on how many pending transactions are on the network – during periods of high market activity, higher fees may be required to ensure a quicker processing time on the blockchain.

 

*Transaction fees are not paid to Coinhako

 

👉 More about Coinhako fees here

 

4. Are there any issues with creating crypto addresses?

Competition for contract execution on Ethereum has grown exponentially in Jan 2021. As ETH addresses on Coinhako are all contract addresses, new address requests are competing with the overwhelming pending transactions on the network. 

 

Stablecoin Support 

1. Are Stablecoins still supported on Coinhako?

 

Yes, stablecoins are still supported on Coinhako!

 

We’ve upgraded the way we support stablecoins on our platform to better align with upcoming regulatory changes surrounding support for Stablecoins for our Singapore users. While trading is currently not enabled for USDC & USDT, users can stilll deposit these stablecoins to fund their Coinhako USD wallet. 

 

This USD balance allows all our Singapore users to trade crypto directly with the USDYou can also withdraw your USD balance as USDC or USDT out of your Coinhako account at any time.

 

2. Can I still trade with Stablecoins on Coinhako?

Yes, DAI was listed on Coinhako on 15 October 2020 and it fully available trading with other cryptocurrencies as well as fiat pairings on our platform!

 

Coinhako Updates in 2020

2020 was an exciting year for us with plenty of new updates to the platform! Here’s what happened last year:

 

 1. NEW Tokens on Coinhako

We expanded our list of supported tokens with the additions of market favourites such as Compound (COMP), Chainlink (LINK), Polkadot (DOT), Uniswap (UNI), Dai (DAI), Maker (MKR), Band Protocol (BAND), Curve Dao (CRV), Filecoin (FIL) and The Graph Token (GRT).

Our users can now trade these tokens with currencies supported in their local markets.

 

2. Coinhako MyInfo Verification [Automated Identity Verification Process]

Account verification is now faster, easier and more secure for all Coinhako users!Singapore users can  complete account verification in a matter of minutes via MyInfo. For more information about Coinhako account verification via MyInfo process, please visit here. 

 

*Please be assured that your information is kept strictly confidential. You can also read our privacy policy on how we use data.

 

3. Changes to Stablecoin Support

As of 17 June 2020, Coinhako introduced updates to the support for cryptocurrencies on our platform. These updates saw the support for a number of tokens reduced or removed and also changed the way we support stablecoins on Coinhako. These changes came with a need to align our business with regulations in Singapore but has also opened up new opportunities for our users and our business.

 

 

4. Changes to Xfers support (Xfers Direct Charge)

If you are an Xfers user, the upgrade to Xfers Direct Charge is great news for you!

While your Xfers wallet balance is no longer displayed on Coinhako, you can directly fund your Coinhako SGD wallet with this new Xfers feature. This update also no longer restricts the access to cryptocurrencies for Xfers users on Coinhako; you will be able to trade any supported cryptocurrencies.

 

5. Why were some tokens delisted? 

Changes to token support were made on 4 June 2020, with a need to align our services with latest regulations in Singapore. As a result, support for certain tokens were removed, reduced or changed for our Singapore users. 

Any changes to token support will always be communicated to users prior to implementation across various channels. Make sure you whitelist our email (hello@coinhako.com) so that you do not miss any updates!

 

What’s new in 2021 so far? 

1. Card payments enabled

In January 2021, Coinhako released a new funding option for our users through card payments.

With the new card payment option, users enjoy a seamless trading process and instant access to the market. Skip the deposit queue by funding your trades with card payments!

 

👉 Learn more about Card Payment FAQs in detail

 

2. iOS and Android Mobile widget

Users with iOS and Android devices can now track daily crypto prices by adding the new mobile widget to their home screen.

The mobile widget comes in three different sizes and a customised watchlist to help users keep up with price movements of their selected tokens.

 

3. New tokens listed: SHIB, FTT & more

2021 has been a prolific year for us, with 39 new tokens listed on Coinhako since January. Users can now buy, sell and swap these tokens on Coinhako as we continue to work on bringing more tokens onto our platform.

 

4. New feature: Address book

As part of our adoption of the Travel Rule, Coinhako has introduced a new feature on our platform: address book

The address book allows users to add and store an unlimited number of crypto addresses, making it easier and safer for users to send crypto to trusted addresses seamlessly.

 

5. GrabPay enabled on Coinhako

Enabling GrabPay on Coinhako has allowed users to purchase digital assets instantly on our platform, and offer users a more diverse range of payment options. 

GrabPay is a seamless, hassle-free where payment is processed instantly and only requires users to enter a six-digit OTP sent directly to their mobile number to complete the transaction.

 

6. Launch of Coinhako Privé  

Coinhako Privé offers specially tailored bespoke services for an esteemed class of clients to manage their digital assets like Bitcoin, Ethereum, and more.

With this launch, all Coinhako Privé clients enjoy round-the-clock access to this curated suite of services:

  • Institutional grade liquidity and digital asset management tools
  • Whiteglove services provided by a dedicated personal relationship manager
  • Zero percent trading fees and competitive pricing

 

7. In-principle approval from MAS

Coinhako has attained in-principle approval from MAS as a Major Payment Institution to conduct Digital Payment Token services in Singapore.

This means that going forward, Coinhako will be adopting measures to align with local regulations to ensure that our users continue to enjoy access to digital assets in a safe and secure way.

 

Figured it out? Start Trading Now!


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