Coinhako Review: Bitcoin Exchange and Wallet for Malaysia and Singapore
Bitcoin price has surged above $4,900, of which it is a few times higher than gold. I started investing in Bitcoin a few years ago when the price was still relatively low. Looking at where it is heading to, I bet a lot of people are still taking the opportunity to invest in Bitcoin as some say it will break $15,000 in two to three years time. If you are totally new to the world of cryptocurrency, the easiest way to build your investment portfolio would be buying and selling them. For those who reside in Malaysia and Singapore, you probably heard about Coinhako. Is it a reliable exchange? Is it safe to buy Bitcoin and store them in Coinhako? Read on and find out more.
Coinhako Review: Bitcoin Exchange and Wallet for Malaysia and Singapore
What is Coinhako?
Coinhako is a Bitcoin wallet and exchange based in Singapore and it is one of the most user-friendly platforms for both residents of Malaysia and Singapore to buy and sell Bitcoin.
Coinhako was founded in 2014, and it started as the Bitcoin platform allowing people in Singapore to convert fiat currency into Bitcoin instantly and vice versa. CoinHako received a “six-figure” personal investment from The Boost venture capitalist when it launched. The startup was also a participant from “Tribe 4” of Boost VC’s accelerator program.
With the increasing use and recognition of crypto-currency along with backed regulations, the funded fintech is eyeing for more market share in Singapore and ASEAN, CoinHako offers the first insured Asian Bitcoin Exchange in Southeast Asia starting in 2015.
Those interested in Bitcoin in Singapore and Malaysia who may not have the resources to properly to secure their coins will now have a secure option for storage. CoinHako, in practice, functions much the same as CoinBase does for American customers, allowing people in Singapore and Malaysia to convert fiat currency instantly to Bitcoin, and vice versa.
TIPS: You can now buy, sell and store Ethereum in Singapore and Malaysia. Ethereum, similar to bitcoin, is a decentralized platform to run smart contracts that are not operated by any institutionalized bank or government. You can read more about Ethereum on What Is Ethereum and How to Make Money With Ethereum?.
How Does Coinhako Work?
Quite similarly to Coinbase, what I like about Coinhako is their user-friendly interface that aims to make it easy for first-time buyers to purchase Bitcoin.
First, create a wallet with your name and email address on Coinhako homepage. Check your email and activate your account by clicking the activation link. Then you will be seeing the dashboard looks like the following screenshot.
There are three ways to buy Bitcoin and Ethereum.
#1 XfersTransfer: You can deposit SGD/ MYR into your account so you can use that to purchase Bitcoin. You will see “Deposit SGD” or “Deposit MYR” on your dashboard. You can deposit your money via Xfers, of which it is the fastest and most convenient way to deposit your money prior to purchasing your first cryptocurrency. The entire transfer will only take approximately 10 minutes.
Update: Xfers was not able to accept payments via their bank account and they are back online again 🙂
#2 Interbank Transfer: This is the most straightforward way to transfer money. It works exactly the same as transferring money to your family and friends through the online banking system. However, the process will take one (1) business day.
#3 Via international wire transfer: You’ll need the following information about the bank receiving the funds such as Recipient bank’s routing code and recipient’s account number. SWIFT Code, National ID or IBAN number of the bank where the receiving account is located. If possible, avoid this method as it is troublesome and it can take up to 7 days to complete the transfer.
With the money in your wallet, you can now purchase Bitcoin and Ether.
Price indication: They provide live price for basic investment and merchant services.
Buy and Sell Bitcoins: They provide exchange services directly from the wallet. Their prices are very competitive and in line with market prices.
Mobile App: They provide both Android and iPhone apps. All wallet services are included and they are synchronized with the web application meaning whatever you do in the app is immediately reflected on the website.
Buying Bitcoin and Ether using either Singapore or Malaysia bank account. Coinhako uses the lowest price in the market with a 0.9% fee (cheaper than Coinbase).
Is Coinhako Insured?
Coinhako has integrated the BitGo digital currency security platform and insurance offering and will now be run with multi-signature wallets and a state-of-the-art platform, and their holdings will be insured against theft and hacks.
The insurance offering is through an undisclosed A-rated insurer from XL Group, which covers up to $250,000 of losses for all BitGo customers. Clients can choose to increase the amount with a 1 percent flat fee. The security firm also provides transparency, improved management controls and internal checks for better monitoring of the exchange’s security.
Why Coinhako Needs Your ID for Verification?
If you are wondering why CoinHako needs your ID for verification, it is part of theKnow Your Customer (KYC) regulations that verifying your identity helps CoinHako to prevent fraud from occurring on their exchange platform. This helps them to flag out suspicious activities and help law enforcers track down criminals. Hence, Bitcoin is not anonymous, but, rather, pseudo-anonymous.
In order to sign up your account at Coinhako, do prepare:-
- Full color, high resolution of the front and back of your ID (e.g. passport, employment pass, IC)
- Proof of address (e.g. a scan of your telephone or utility bill)
Does Coinhako Have Promotion Code?
At the moment, Coinhako does not give any promotion code. However, you will get extra SGD5 when you buy Bitcoin or Ethereum more than $100 through their affiliate link.
Is It Still the Best Time to Buy Bitcoin?
This is not a new information anymore and everyone is still wondering how long it will stay in the market. No one knows for sure (with any degree of certainty). Having said that, most agree the future is bright. My personal estimation on the price of Bitcoin is that it will hover between $5,000 to $10,000 (for the next 24 months at least). The market capitalization indicates in some manner that the currency is now too big to collapse (not that it cannot happen), by a measure of its own self, it will most likely survive.
Although the exchange value fluctuates, it reduces transaction costs to nearly zero. This characteristic, alone, is a dramatic breakthrough. It was achieved by virtue of its designer overcoming the “double-spend problem”. So we believe that Bitcoin is the future of money and not just a replacement for credit cards.
Like Gold, Bitcoin can be thought to have intrinsic value, without being actually useful. It’s high volatility and the fact that it can be exchanged for fiat money makes it a good trading asset. However, like any other trading, be it in gold, Forex or Bitcoin, one needs to do thorough research, and understand the pros and cons before venturing into it.
It’s hard to get your head around the word “bitcoin” in one sitting. The true value of this network lies in the immutable distributed ledger system that has the potential to disrupt any industry that involves trust. People are often bombarded with negative narratives of the currency on mainstream media, yet Bitcoin’s use as digital cash is only the tip of the iceberg. With top talents and academia behind this open source technology, it’ll be exciting to see how it unfolds.
What I think we’ll see in another couple years is Bitcoin as another payment method alongside options like credit cards, PayPal, Pay with Amazon, Google Wallet, Dwolla, ACH, etc.
In my opinion, it is still going big and it is still the best time to buy Bitcoin.
If you are wondering if there are any other exchanges that allow you to buy Bitcoin, you can check out this comparison table below.
Read the full post – How to Buy Bitcoin in Singapore? How About Coinbase and Coinhako?