Summary: Coinhako and Binance are popular cryptocurrency exchanges that were founded in Singapore. After thorough analysis by our experts, we've determined that Coinhako is an ideal choice for Singaporean investors. On the other hand, Binance excels as a global platform, offering its services in more than 100 countries worldwide, but it is not available in the country as it lost it’s MAS licenses in 2021. If you're not based in Singapore, it is a better option.
- 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 Binance Overview
Founded in 2014, Coinhako is the most widely used cryptocurrency exchange in Singapore, boasting a strong user base in the region. It provides a wide range of cryptocurrencies and is known for its straightforward interface, solid security protocols, competitive fees, multiple SDG payment methods, and diverse trading features tailored for the Singaporean market.
Binance, on the other hand, came onto the scene in 2017 and quickly rose to prominence on the global stage. It distinguishes itself with high trading volumes, a broad spectrum of cryptocurrencies, and multiple trading avenues such as spot, futures, and options. Moreover, it offers additional services like staking, DeFi pools, and its proprietary Binance Coin (BNB). Unfortunately, it no longer services customers based in Singapore due to regulatory constraints.
Products and Services
Coinhako is designed to cater to the unique demands of the Singaporean market. It offers an impressive lineup of more than 67 cryptocurrencies and supports a variety of trading methods, including limit and market orders. Additional perks like crypto-to-fiat conversions, 10 different types of SGD deposit methods, and a mobile app enhance its appeal to local users.
Binance offers an extensive range of features aimed at a wide-ranging audience. At the core of its offerings is an expansive list of over 350 cryptocurrencies, available for spot, futures, and options trading. The platform also adds value by providing specialized services such as staking, lending and borrowing, a crypto debit card, an NFT marketplace and copy trading.
Winner: For investors in Singapore, Coinhako is the recommended choice. For those outside this area, Binance is the better option.
Supported Countries
Coinhako is engineered to serve the Singaporean market and extends its services primarily to residents in Singapore.
Binance operates on a global scale, catering to users in more than 100 countries. It's worth noting that the platform's features can vary based on local laws, which may require some users to navigate a more complex landscape.
Winner: Binance takes the lead in this category due to its extensive international reach, making it accessible to a broader range of users.
SDG Payment Methods
Coinhako provides multiple payment avenues tailored for the Singaporean market, such as Xfers, Fast, PayNow, bank transfers, and even MyInfo for quick account verification.
Binance, while global in scope, primarily concentrates on universally accepted payment methods like debit and credit cards, as well as bank transfers for multiple currencies, but doesn't offer the localized options that Coinhako does for Singaporean users.
Winner: For those dealing in Singapore Dollars, Coinhako offers a more diverse set of payment methods. However, Binance's broader range of supported currencies makes it more versatile for an international audience.
Coinhako vs Binance Fees
Coinhako imposes a tiered fee structure starting from 0.6% and getting as low as 0.03% for buying and selling cryptocurrencies. Deposits in SGD are all completely free and withdrawals to Singaporean banks are 2 Singapore Dollars, but cryptocurrency withdrawals come with a nominal fee to cover network costs.
Binance operates on a tiered fee structure, with spot trading fees starting at 0.1%. The platform also offers maker/taker rebates of 0.02%/0.06%. Fees for deposits and withdrawals vary based on the chosen method, currency, and token and range between 2% - 8%. Cryptocurrency withdrawals are subject to a minor fee as well.
Winner: Coinhako provides free deposits in Singapore Dollars and the lowest trading fee is significantly lower than Binance.
Security and Regulation
Coinhako is compliant with Singapore's regulatory framework and is registered with the Monetary Authority of Singapore (MAS) under the Payment Services Act. Its track record of security, without any major breaches, underscores its robust security measures.
Binance, while implementing strong security protocols, doesn't have a specific registration with Singapore's MAS. However, it is regulated in various other jurisdictions around the globe. Its security features are robust, but its regulatory status in Singapore is not as clear-cut as Coinhako's.
Winner: For Singaporean users, Coinhako offers a more secure and regulated environment, as it is directly overseen by the country's primary financial regulatory body.
Final Thoughts
To summarize, both Coinhako and Binance offer robust platforms for cryptocurrency trading, but they cater to different markets. Coinhako is the top choice for Singaporean investors, offering a wide range of assets, multiple SGD payment methods, and a strong regulatory framework under the Monetary Authority of Singapore.
Binance, while not available in Singapore, excels as a global platform with an extensive list of cryptocurrencies and specialized services like staking and lending. For those in Singapore, Coinhako's localized features and regulatory compliance make it the recommended choice. For international users, Binance's broad reach and diverse offerings make it a more suitable option. Choose the platform that aligns best with your geographical location and trading needs.
Co-Founder & former Investment Banker (Finance MBA) turned Full-Time analyst and Head of Research at Buy Bitcoin Bank. Left traditional finance to pursue my interest in digital assets and decentralized finance.
