Coinhako Review – Licensed Cryptocurrency Exchange With A Poor Track Record
Coinhako has been in business since 2014 and acquired one of the more difficult-to-obtain licenses issued by the Singaporean government. This company features a large number of different payment methods… But this is where the good things end. Their market crashes all the time, and customer support never answers the phone. Due to the poor security measures, this company platform has been a target for numerous hacks and security breaches.
Our Coinhako Review will show you how even a licensed company can cause serious harm to their investors’ wallets.
|Is This Company Safe:||Conhako has a questionable safety record. They have been a victim of numerous hacking scandals.|
|Have Warnings from:||N/A|
|Maximum Leverage:||Leveraged trading not available|
|Minimum Deposit:||Currency Dependant|
|Deposit Bonus:||Not Offered|
|Free Demo Account:||N/A|
|How to Withdraw from This Company?||If you have any issues with a withdrawal from Coinhako, we may provide legal support in resolving these problems.|
Coinhako Does Not Adhere To Regulatory Standards
Coinhako is a subsidiary of Hako Technology PTE LTD, a fully licensed Major Payment Institution. They are authorized by the Monetary Authority of Singapore, with license number PS20200556 under the Payment Services Act. This makes company one of only 5 such companies that are allowed to handle cryptocurrencies in Singapore.
The regulatory information notwithstanding, we do not recommend trading with Coinhako. The company has a history of security breaches, the last major one happening in 2020. This firm has yet to update their security protocols and resolve the issues at hand.
Another one of the reasons why this company may not be a good investment opportunity is their lack of financial transparency. This platform has been in hot water for not complying with regulatory standards pertaining to this issue in particular. Needless to say, this is not something you would expect from a respectable financial institution.
Areas In Which Coinhako Conducts Their Business
Coinhako’s parent company is a Singaporean entity, which has been in business since 2014. They offer their services primarily to the nations in the Southeast Asia region.
Here is where the majority of Coinhako clients live:
Coinhako.com website is available in English, which allows clients from other regions to trade using their platform as well. As always, we advise our readers to elect a Cryptocurrency Exchange regulated in their nation of residence.
Coinhako And Their Abysmal Reputation
This crypto exchange may be a regulated entity, but they do not enjoy much trust from their investors. Although some people are satisfied with the business, the disgruntled clients outnumber them. Out of more than 60 personal reviews, 80% are overly negative. We should remember that some not so honest companies like Investo Capital FX regularly post fake reviews to appear more legitimate.
Here is what the traders have to say about Coinhako:
“ Transferring of Money still pending after 23 days, Notification in CoinHako says it will only take 3-5 days. No Customer Support nor hotline to resolve dispute, I’ve email a couple times to dispute the issue, there was no response till today. System crashes when market is volatile. […] “
“ Sold my USDT for SGD on Coinhako and did SGD withdrawal to my bank. Withdrawal status is on pending since 23th November 2022. Send email to helpdesk without any reply. “
“ Avoid at all costs. This company is out to retain your money and assets by making it very very difficult to withdraw your fiat money and crypto assets. No problem in depositing but BIG PROBLEM in withdrawal. Be prepared to have all your money EATEN by this crook company. When withdrawing, this notorious customer service “MARIE” will contact you and ask for all sort of nonsense documents. […] “
If you have troubles with your Coinhako Withdrawal, contact our legal experts via the live chat on our site and book a free consultation.
Coinhako Is Not A Cheap Company To Trade With
Being one of only 5 such companies regulated in Singapore, this digital currency exchange can pretty much dictate the standards when it comes to cryptocurrency trading. Their transaction Fee is 0.6% which may seem low, but compared to current industry standard of 0.2% it’s triple the cost.
There are all sorts of other charges as well. This company implements a Top-Up Fee, Withdrawal Fee, Network Fee, Processing Fee, Dormancy Fee, and does not disclose any tangible amounts or percentages. These fees quickly stack up to undermine your profits. This firm is also known for blocking the client’s assets for prolonged periods of time and then charging various inactivity fees to the clients.
Coinhako Bonuses, Awards and Contests
Many cryptocurrency exchanges offer a large variety of different awards and contests. This company has a loyalty bonus policy, which is similar to some video games. You may receive points for trading, and managing a daily Coinhako Login. These points may later be redeemed for various rewards.
It is relatively easy to make this kind of offer, especially with how volatile the cryptocurrency market is. Crypto exchanges almost always offer niche crypto coins whose value is highly debatable. Many not-so-honest companies like LQDFX offer bonuses to attract more clients, so beware.
Coinhako Features A Referral Programme
The company has implemented a referral programme for their clients. The clients who attract more people to the platform can earn different benefits, such as a rebate of up to 20%. This sort of multi level marketing is common with many crypto exchanges today, but such practices are frowned upon in many nations.
Trading Features You Can Expect At Coinhako
The coinhako.com website has some transparency problems when it comes to trading features. Some parts of the website are locked behind an account creation page, which does not seem to function properly. There is little info on when it comes to the trading platform on the website proper. Unfortunately, we can’t say that Coinhako stands out from other cryptocurrency exchanges in a good way.
Coinhako Available Trading Assets
Although this company offers trading various cryptocurrencies for either other crypto coins or FIAT currencies, their list of assets is lacking. Crypto exchanges offer around 1200 different coins on average, but the selection is limited to 67 different assets on this digital exchange.
Coinhako supports payment options like deposits and withdrawals for a majority of the assets they offer. Here is the list of more popular trading instruments:
- Cryptocurrencies (Bitcoin, Ethereum, Ripple, Cardano, Polkadot, DogeCoin)
Account Types At Coinhako
There are a few types of different trading accounts on this platform. These are divided by the type of a client that can utilize them. Although the sign-up is free, this exchange does not advertise a free demo account. Unfortunately, the server on Coinhako failed to acknowledge our account creation requests, so we were unable to test the accounts first hand.
These are the account types offered by Coinhako:
- Personal – For individuals
- Business and AI – For companies
- OTC Accounts – For alternative trading investments
Coinhako Trading Software
This firm uses their own proprietary trading software. The application is oriented towards mobile devices, but may be used in the Windows environment as well. This company software is directed towards novices, and sports ease of use over utility.
Some more advanced traders will find that it lacks many advanced tools such as strategy testers, for instance. On the other hand, the app does integrate a Crypto Wallet, as well as Automated Trading and referral links.
Mobile Trading App Availability
The Coinhako trading apps are available for all mobile devices. It supports the two most widespread platforms – Google Android and Apple iOS. The app may be downloaded via Google Play or Apple Store. Both versions of the app feature the same functionality. The software has an average rating of 4.5, for well over 100 000 downloads on each platform.
Conihako is severely lacking in education materials. The education, if you can call it that, is only available as a list of FAQs on the website. These introduce the newcomers to the fundamentals of crypto asset trading, but do not go in depth.
Finding a good source of information and education materials is crucial when choosing the career path of a trader. Unfortunately, company does not provide all the necessities to the novice traders, putting them at higher risk of net loss.
The withdrawals from Coinhako are supported by a large selection of different financial channels. These include Crypto transfers, of course, but also Bank Wires and Bank Card transfers of FIAT currencies. The company claims to process payouts in less than 3 days.
Judging from what we saw in the Terms and Conditions, all withdrawals incur rather large charges. The client accounts are known to be frozen, blocked or just plain deleted, with the clients getting the rug pulled from under their feet.
Customer support at Coinhako is abhorrent. Many clients complain that their tickets are never answered, and that the emails never get a reply.
We have put these claims to the test, and tried out the Live Chat on their website. Coinhako.com claims that their customer support is available 24/7 and in 40 different languages, but we did not receive a reply from a person. Instead, we got a choice of questions similar to FAQs, with a chatbot relaying predefined answers.
The Final Opinions On Coinhako And Their Services
This company does not pass the trust test. The company is prone to security breaches and hacking due to the poorly implemented security solutions. Additionally, this company has a horrible online reputation, with many clients complaining about shady business practices.
If you encounter any issues with Coinhako Withdrawal, you should seek legal support. Our team of recovery experts is well versed in resolving such issues. You may use the Live Chat on our website to book a consultation with our legal advisors. The first consultation is absolutely free, and we are available around the clock.
Is Coinhako Trusted?
No, Coinhako has a very low trust score thanks to the poor security on their platform and poor corporate conduct.
Is Coinhako A Singapore Company?
Yes, the parent company of Coinhako, Hako Technology PTE LTD is based in Singapore.
What Happened To Coinhako?
Coinhako has been a target for numerous hacks and security breaches. The most recent of these hacking attacks happened in 2020, but the company is yet to improve their security systems.
Who Is The Owner Of Coinhako?
The owner of Coinhako is Hako Technology PTE LTD, a regulated Major Payment Institution from Singapore.
Can You Withdraw From Coinhako?
Withdrawals from Coinhako have become a major issue. If you have problems withdrawing from this cryptocurrency exchange, contact us for legal support via the live chat.
How Long Is Coinhako Withdrawal?
Although the company claims to process withdrawals in 3 days or less, many Coinhako clients complain about extremely prolonged withdrawal wait times.
What Is The Deposit Limit For Coinhako?
The maximum amount you may deposit to Coinhako accounts at a time is $10 000.
What Is The Minimum Fee For Coinhako?
Trading fee for Coinhako users is 0.6%, which is three times the current industry average. Clients may incur additional fees and charges while using Coinhako app.
Is Coinhako A Broker?
No, Coinhako is a pure cryptocurrency exchange that does not feature leveraged trading, or trading CFDs on their platform.