Summary: Coinhako and Coinbase are well-known cryptocurrency exchanges, but they cater to different markets. Coinhako, founded in Singapore, is an excellent option for investors in the region. It offers a user-friendly interface and a variety of digital currencies, making it a top for Singaporean traders. Coinbase is a global platform headquartered in the United States. It operates in over 100 countries and offers a wide range of services beyond just crypto trading.
- Free and Instant SGD deposits from Singaporean banks.
- Buy, Sell and Trade 67 Cryptocurrency, such as Bitcoin and Ethereum.
- OTC and Institutional Desk for high-net worth investors.
Coinhako vs Coinbase Overview
Established in 2014, Coinhako has become the top digital asset exchange for Singaporean investors. It offers a broad selection of cryptocurrencies and is lauded for its user-friendly design, robust security measures, competitive transaction fees, and multiple Singapore Dollar payment options. The platform is specifically tailored to meet the needs of the Singaporean market.
Coinbase, founded in 2012, is a global leader in the cryptocurrency space. It's known for its high liquidity, extensive range of cryptocurrencies, and various trading options, including spot and futures markets. In addition to trading, Coinbase offers extra features like staking and a dedicated wallet service. While it serves a global customer base, it doesn't have the same localized focus on Singapore as Coinhako does.
Products and Services
Coinhako is finely tuned to meet the specific needs of Singaporean traders. With a selection of over 67 cryptocurrencies, it provides multiple trading options such as limit and market orders. It also offers the convenience of converting cryptocurrencies to fiat, supports 10 different Singapore Dollar deposit methods, and has a mobile app.
Coinbase, in contrast, aims to serve a global audience with a plethora of features. It boasts an extensive catalog of more than 100 cryptocurrencies and allows for various types of trading, including spot and futures. Additional services like staking, Bitcoin-backed loans, a crypto debit card, and even an NFT marketplace make it a comprehensive platform.
Winner: For Singapore-based investors, Coinhako is the preferred platform. For traders outside of Singapore, Coinbase offers a more diverse set of features and is the recommended choice.
Coinhako is specifically tailored for the Singaporean audience, primarily offering its services to those residing in Singapore.
Coinbase however, has a global footprint, serving users in over 100 countries. It's important to note that the availability of certain features may differ depending on local regulations, adding a layer of complexity for some users.
Winner: In terms of international reach, Coinbase has the upper hand, making it more accessible to a diverse global audience.
SGD Payment Methods
Coinhako offers a variety of payment options specifically designed for the Singaporean user, including Xfers, Fast, PayNow, and bank transfers. It also supports MyInfo for streamlined account verification.
Coinbase, although serving a global market, focuses on universally accepted payment methods such as debit and credit cards and bank transfers in multiple currencies but needs more localized payment options for Singaporeans.
Winner: For transactions in Singapore Dollars, Coinhako is the clear choice due to its range of localized payment methods. Conversely, Coinbase's support for multiple currencies makes it a more flexible option for a global user base.
Coinhako vs Coinbase Fees
Coinhako employs a tiered fee system that starts at 0.6% and can go as low as 0.03% for cryptocurrency transactions. Deposits in Singapore Dollars are entirely free, and withdrawals to local banks cost just 2 Singapore Dollars. However, withdrawing cryptocurrencies incurs a small fee to cover network expenses.
Coinbase also uses a tiered fee structure, with spot trading fees beginning at 0.5%. Additionally, it offers discounts for high-volume traders. The fees for deposits and withdrawals can vary, depending on the method and currency, and can range from 1.49% to 3.99%. A nominal fee is also charged for cryptocurrency withdrawals.
Winner: Coinhako stands out for offering free SGD deposits, and its lowest trading fee is notably less than that of Coinbase.
Security and Regulation
Coinhako adheres to Singapore's regulatory guidelines and is officially registered with the Monetary Authority of Singapore (MAS) under the Payment Services Act. Coinhako has a policy of maintaining a significant chunk of users' assets in a cold wallet and only a small quantity of tokens for trading purposes in a hot wallet. This way, if a cyber attack were to happen, the hackers would only have access to a tiny portion of the user's cryptocurrency, and any assets lost are fully insured.
Coinbase is not registered with Singapore's MAS to provide DPT (Digital Payment Token) services. Users will not be able to recover all the money or DPTs they paid to Coinbase if its business fails. In the event of a cyber attack, there is a risk that users may not get back all of their digital assets.
Winner: For those based in Singapore, Coinhako provides a more secure and regulated trading environment, being directly supervised by the nation's main financial regulatory authority.
To conclude, both Coinhako and Coinbase are robust platforms in the cryptocurrency trading landscape, but they serve different markets with distinct advantages. For Singapore-based investors, Coinhako is the better platform, offering a simple interface, a wide range of cryptocurrencies, and multiple local payment options. It also excels in security, being registered with Singapore's Monetary Authority, and offers competitive fees.
On the other hand, Coinbase shines as a global platform, offering an extensive range of services beyond just trading, such as staking and a crypto debit card. It serves a broader international audience but lacks the localized focus that Coinhako provides for Singaporean users.