Summary: Coinhako is the better exchange compared to Binance because they are fully licensed and regulated by the Monetary Authority of Singapore (MAS).
This means they are a safer platfrom deposit Singapore Dollars (SGD) to trade digital assets.
Coinhako vs Binance
Coinhako is the largest and most secure cryptocurrency exchange in Singapore, it offers over 50 digital assets to trade, buy and sell. The platform has been in operation since 2014 and has amassed the most users out of any crypto exchange in Singapore.
On the other hand, Binance is the largest and most trusted cryptocurrency exchange in the world and offers over 1400 digital assets to trade. In this article we will compare fees, security, deposit methods, supported cryptocurrencies and more.
The below table provides a side-by-side comparison of the two cryptocurrency exchanges.
Binance vs Coinhako Fees
Coinhako may be the most popular exchange for Singaporean investors, however, it is definitely one of the more expensive trading platforms in the country. It currently charges a flat fee of 1% to buy, sell and trade your crypto, this is much higher than the industry standard.
Binance has competitively low fees, charging their users only 0.5% to trade and they have a detailed fee rate table available on their website.
Security: Where are my funds the safest?
Unfortunately Binance's position in Singapore is currently unclear due to regulatory issues they were facing. Whereas Coinhako has regulatory clarity provided by the Monetary Authority of Singapore. Coinhako has a policy of maintaining a significant chunk of crypto in a cold wallet and only a small quantity of crypto for trade purposes in a hot wallet.
Deposit Methods: Best for SDG
For depositing SDG we recommend using Coinhako as it offers direct deposit from several banks including DBS, OCBC Bank, Standard Chartered and many others. They have a very in-depth article on what deposit methods they provide and how to link your banking app to your Coinhako account.
However, if you are not based in Singapore we recommend using Binance as they have far more diverse deposit methods such as using your credit or debit card.
It's hard to compete with Binance as it has the largest selection of cryptocurrencies on any centralised cryptocurrency exchange in the world. Binance has a total of 1440 supported cryptocurrencies available to trade.
Coinhako is also quite quick to list new and popular coins to keep their customers engaged on the platform. However, they only have a selection of 60 cryptocurrencies to choose from.
Binance is by far Coinhako’s largest competitor for investors based in Singapore. Most compare both platforms based on different features, but we believe there is one key feature that distinguishes Coinhako from Binance - and that is security.
With the uncertainty surrounding Binance's relationship with Singapore, it is safest for Singaporean traders to use Coinhako.
Outside of an award winning user experience and security measures, Coinhako also offers a wide variety of SGD deposit options, secure crypto wallets and an iOS & Android app.